Class M4 (the most subordinate class) of Ameriquest Mortgage Securities Inc., series 2002-3, has been placed under review for possible downgrade by Moody's Investors Service.The review was prompted by credit enhancement levels that were deemed low in view of projected losses on the underlying pool, Moody's said. "The transaction has taken losses, and pipeline loss could cause eventual erosion of the overcollateralization," the rating agency said. Moody's also placed under review for possible upgrade 27 certificates from 11 Ameriquest deals originated by backed by first lien adjustable- and fixed-rate subprime mortgage loans. Moody's can be found online at http://www.moodys.com.

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