MH Classes Downgraded

The ratings on four classes of Manufactured Housing Contract Trust series 2000-3 and one class of Manufactured Housing Contract Trust pass-through certificates series 2001-1 have been lowered by Standard & Poor's Ratings Services.The downgrades in series 2000-3 were as follows: class I A, from AAA to A-minus; class I M-1, from AA to BBB-minus; class I M-2, from A to BB; and class I B-1, from BBB to CCC. In series 2001-1, class I M-1 was downgraded from AA to AA-minus. All five classes were removed from CreditWatch with negative implications, as were three other classes from series 2001-1 whose ratings were affirmed. In addition, the ratings were affirmed on 37 classes from 14 other deals issued by the trusts and by GreenPoint Credit Manufactured Housing Contract Trust. S&P attributed the downgrades to deteriorating performance by the underlying manufactured housing loan contracts. S&P can be found online at http://www.standardandpoors.com.