Class III-M-3 of Deutsche Mortgage Securities Inc. Mortgage Loan Trust Series 2004-1 has been placed under review for possible downgrade by Moody's Investors Service.The rating action was based on the weaker-than-expected performance of the mortgage collateral and the resulting erosion of credit support, Moody's said. Overcollateralization is below its target, and pipeline losses could cause further depletion, the rating agency said. The pool is backed by first-lien, fixed-rate, alternative-A mortgage loans originated or acquired by various lenders. Moody's can be found online at http://www.moodys.com.

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