Moody's Downgrades Countrywide MBS Classes

Moody's Investors Service has downgraded 60 tranches from 11 deals issued by Countrywide in 2006 and placed 39 tranches under review for possible downgrade.Three downgraded tranches from the CWALT Inc. issues of mortgage pass-through certificates remain on review for possible downgrade. The negative rating actions were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned relative to credit enhancement levels, Moody's said. The collateral backing the affected classes consists chiefly of first-lien, fixed- and adjustable-rate, alternative-A mortgage loans.