Moody's Investors Service has downgraded the ratings of 55 tranches from 12 securitizations backed primarily by first-lien, adjustable-rate, negative-amortizing, alternative-A mortgage loans.Moody's also placed 15 tranches from the deals under review for possible downgrade. The downgraded securities are as follows: 32 tranches from four transactions issued by CHL Mortgage Pass-Through Trust in 2006; 17 tranches from six transactions issued by RALI Series in 2006 and late 2005; four tranches from one transaction issued by American Home Mortgage Assets Trust in 2006; and two tranches from one transaction issued by MortgageIT Trust in 2005. Moody's said 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 it also applied its published methodology updates to the nondelinquent portion of the transactions. Moody's can be found online at http://www.moodys.com.

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