Moody's Investors Service has downgraded 121 tranches of securities from four issuers that are backed primarily by first-lien, adjustable-rate, negative amortizing, alternative-A mortgage loans.Moody's also placed under review for possible downgrade 38 tranches of mortgage-backed securities from the four issuers. The downgraded securities are: 73 tranches from 13 deals issued by WaMu Mortgage Pass-Through Certificates in 2006 and late 2005; 25 tranches from seven deals issued by Structured Asset Mortgage Investments II Trust in 2006 and late 2005; 16 tranches from five deals issued by Bear Stearns Mortgage Funding Trust in 2006; and seven tranches from two deals issued by MASTR Adjustable Rate Mortgages Trust in 2006. 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 rating agency said. Moody's can be found online at http://www.moodys.com.

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