GE Home Equity Classes Downgraded

Eleven classes of GE Home Equity mortgage pass-through certificates have been downgraded by Fitch Ratings, and one class has been placed on Rating Watch Negative.The downgrades were as follows: GE Home Equity 1996-HE4, class B-1, from CCC to D; series 1997-HE2, class B-1, from BB to CCC; series 1997-HE3, class B-1, from A to A-minus, and class B-2, from BB to B; 1997-HE4, class B-1, from A to BBB, class B-2, from BB to B, and class B-3, from CCC to D; series 1999-HE1, class B-2, from BBB to BBB-minus, class B-3, from BB to B-minus, and class B-4, from CCC to D; and series 1999-HE3, class B-4, from B to CCC. Class B-3 of series 1999-HE3 was placed on Rating Watch Negative, and class M of series 1996-HE4 remains on Rating Watch Negative. In addition, the ratings on 13 classes of the six deals were affirmed. The rating agency attributed the actions to loss levels and high delinquencies in relation to applicable credit support levels. Fitch can be found online at http://www.fitchratings.com.