Four certificates from three transactions issued by Aames Mortgage Trust in 2001 have been placed under review for possible downgrade by Moody's Investors Service.The affected certificates are as follows: series 2001-1, class b; series 2001-2, class m-2; series 2001-2, class b; series 2001-3, class b. In addition, Moody's has placed under review for possible upgrade three certificates from one Aames deal. The transactions are backed mostly by first-lien fixed-rate mortgage loans originated by Aames Financial Corp. and serviced by Countywide Home Loans Inc. The certificates were placed under review for possible downgrade "because existing credit enhancement levels may be low given the current projected losses on the underlying pools," Moody's said. "The transactions have taken significant losses, causing gradual erosion of the overcollateralization."

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