Three subordinate certificates from Amresco Residential Securities Corp. Mortgage Loan Trust, series 1997-3, have been placed under review for possible downgrade by Moody's Investors Service.The affected certificates are classes M-2F, B-1F, and B-2F. The certificates are backed by 30-year fixed-rate and adjustable-rate home equity loans. The three most subordinate classes of the fixed-rate certificates have been placed on the watchlist because credit enhancement levels may not be sufficient to support the current ratings, Moody's said. "The B-2F certificates are almost completely written down, and future pipeline losses are still significant," the rating agency said.
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