Forty-six tranches from eight mortgage-backed securitizations issued by Bear Stearns in 2007 have been downgraded by Moody's Investors Service, and 11 tranches have been placed under review for possible downgrade. The negative rating actions were 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, fixed- and adjustable-rate alternative-A mortgage loans. Moody's can be found on the Web at http://www.moodys.com.

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