Class B of MESA Trust asset-backed certificates, series 2001-2, has been downgraded from B-plus to CCC by Fitch Ratings.Fitch also affirmed the rating on class M of the transaction. The downgrade was attributed to a deterioration of the relationship between credit enhancement and loss expectations. All the mortgage loans were acquired or originated by Option One Mortgage Corp. and later purchased by Bear, Stearns & Co., Fitch said. "Substantially all of the mortgage loans have certain appraisal, document, fraud or misrepresentation, or other deficiencies or exceptions that exceed the scope of Option One Mortgage Corp.'s usual underwriting guidelines," the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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