Seven certificates from two Countrywide securitizations of reperforming loans have been placed under review for possible downgrade by Moody's Investors Service.The affected classes from CWMBS Reperforming Loan REMIC Trust issues are as follows: series 2004-R1, classes 1B-3, 1B-4, 2B-3, and 2B-4; and series 2004-R2, classes B-2, B-3, and B-4. The review action was attributed to underperforming collateral and higher-than-expected losses. "Some of the unrated tranches have already experienced writedowns, which in turn have reduced the credit enhancement levels for the rated tranches that have a higher seniority," the rating agency said. The underlying collateral consists of reperforming loans insured by the Federal Housing Administration or guaranteed by the department of Veterans Affairs, virtually all of which were repurchased from Ginnie Mae pools.

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