Moody's Eyes 1st Franklin MBS Classes

Classes M-5 and M-6 of First Franklin Mortgage Loan Trust 2003-FFH1 have been placed under review for possible downgrade by Moody's Investors Service.The actions were attributed to low credit enhancement levels relative to current loss projections for the deal, which consists of first-lien subprime residential mortgage loans. Due to credit defaults, excess spread is being used to cover losses and the overcollateralization is "eroding far below its target," the rating agency said.