Moody's Eyes 1st Franklin Subprime Classes

Forty-one certificates from 13 securitizations issued by First Franklin Mortgage Loan Trust have been placed on review for possible downgrade by Moody's Investors Service.In addition, three classes were placed on review for possible upgrade. "The actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss," Moody's said. The collateral consists primarily of first-lien, subprime fixed- and adjustable-rate mortgage loans (except for one transaction backed by closed-end second-lien mortgage loans).