Six certificates from two Residential Asset Securities Corp. subprime deals issued in 2001 have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2001-KS2, class M-I-1, from Aa2 to A2, class M-I-2, from A2 to Baa2, and class M-I-3, from Baa2 to Ba3; and series 2001-KS3, class M-I-1, from Aa2 to A2, class M-I-2, from A2 to Baa2, and class M-I-3, from Baa2 to Ba3. The downgrades were attributed to a belief that credit enhancement levels may be low given projected losses on the underlying pools. The transactions are backed by fixed-rate and adjustable-rate subprime mortgage loans originated by various originators. The master servicer is Residential Funding Corp.
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