Forty-seven tranches from seven deals issued by Goldman Sachs in 2007 have been downgraded by Moody's Investors Service, and 20 tranches have been placed under review for possible downgrade. One downgraded tranche remains on review for possible further downgrade. The negative rating actions were attributed to higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists primarily of first-lien, fixed- and adjustable-rate alternative-A mortgage loans. Moody's can be found online at http://www.moodys.com.

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