Three tranches of mortgage-backed securities from Luminent Mortgage Trust 2005-1 have been downgraded by Moody's Investors Service. The downgrades were as follows: class M-1, from Aa1 to Aa3; class M-2, from Aa2 to A3; and class B-1, from Aa3 to Baa1. The downgrades were generally based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels, Moody's said. The collateral consists primarily of first-lien, adjustable-rate, alternative-A mortgage loans.
Processing Content
