Thirty-one certificates from transactions issued in 2004 and backed by Fremont-originated subprime mortgage and home equity loans have been downgraded by Moody's Investors Service.In addition, Moody's upgraded 17 certificates and confirmed the ratings of five certificates from the numerous transactions. The certificates were downgraded "because the reduction in overcollateralization due to stepdown and higher loss severity at the tail end of the deals' life have made the bottom tranches more vulnerable to further pool deterioration," the rating agency said. Moody's can be found on the Web at http://www.moodys.com.

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