Two certificates previously issued by Chase Funding Loan Acquisition Trust, series 2001-C1, have been placed under review for possible downgrade by Moody's Investors Service.The affected securities are classes IM-1 and IM-2. The rating actions were taken because credit enhancement levels may be low given the projected losses on the underlying pools, Moody's said. The collateral has taken losses that have caused a gradual erosion of the overcollateralization. The securitization is backed by fixed-rate and adjustable-rate subprime mortgage loans that have multiple originators.
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