Moody's Investors Service has downgraded 64 tranches from 12 deals backed by Impac collateral in 2006 and late 2005 and placed 34 tranches 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. The collateral consists chiefly of first-lien, fixed- and adjustable-rate alternative-A mortgage loans. The 12 transactions were issued by Impac Secured Assets Corp., Impac CMB Trust, CWABS Asset Backed Certificates Trust, and Bear Stearns Asset Backed Securities I Trust.
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