Three subordinate tranches from two subprime mortgage transactions issued by Metropolitan Asset Funding Inc. in 1999 and 2000 have been downgraded by Moody's Investors Service.The downgrades were as follows: series 1999-B, class B-2, from Ba2 to B2, and class B-3, from B2 to Caa2; and series 2000-A, class M-2, from B3 to Caa2. The downgrades were attributed to the weaker-than-expected performance of the mortgage pools and the resulting erosion of credit support. "Specifically, the overcollateralization in the 1999-B deal is almost completely depleted and the class B-3 certificates are likely to experience losses in the near future," Moody's said. "In addition, the overcollateralization in the 2000-A deal has been fully exhausted, the class B-1 certificates have been fully written down, and the class M-2 certificates have realized losses." The pools are backed by first-lien fixed-rate subprime mortgage loans, and they include "a significant amount" of seller-financed loans and loans with small average balances, the rating agency reported. Moody's can be found online at http://www.moodys.com.
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