Four tranches from two Countrywide securitizations have been placed under review for possible downgrade by Moody's Investors Service.The affected classes are as follows: Reperforming Loan REMIC Trust 2003-R2, classes B-3 and B-4, and CWMBS Series 2003-R3, classes B-3 and B-4. The review is based on the fact that the collateral has experienced higher-than-expected losses. "The effect of such losses has been that unrated subordinate tranches have experienced writedowns which have reduced the credit enhancement available to rated tranches which rely on subordination for protection," Moody's said. The underlying collateral consists of reperforming loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

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