Moody's Investors Service has downgraded 190 classes of second-lien mortgage-backed securities from eight issuers.In addition, Moody's placed 43 classes of certificates on review for possible downgrade. Among the downgraded securities were 65 classes from nine deals issued by SACO I Trust; 41 classes from seven deals issued by Terwin Mortgage Trust; 36 classes from five deals issued by CSFB Home Equity Mortgage Trust; 16 classes from two deals issued by First Franklin Mortgage Loan Trust; and 11 classes from two deals issued by Merrill Lynch Mortgage Investors Trust. Moody's said the negative rating actions were taken because credit enhancement levels were too low in view of projected losses. The rating agency can be found online at http://www.moodys.com.

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