Nine tranches from Meritage Mortgage Loan Trust 2005-3, a subprime residential mortgage-backed securities deal, have been downgraded by Moody's Investors Service. One downgraded tranche remains on review for possible further downgrade. The ratings were downgraded, in general, 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 subprime residential mortgage loans. Moody's can be found online at http://www.moodys.com.
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