Two classes of Luminent Mortgage Loan Trust series 2006-3 have been downgraded by Fitch Ratings.Class II-B-4 was downgraded from BB to B-plus, and class II-B-5 was downgraded from B to CCC and assigned a Distressed Recovery rating of DR2. In addition, the ratings on four other classes in the transaction were affirmed. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations. The collateral consists of adjustable-rate mortgage loans.
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