Moody's Eyes First Franklin MBS Classes

Six certificates from two First Franklin Mortgage Loan Trust deals issued in 2002 and 2004 have been placed under review for possible downgrade by Moody's Investors Service.The affected classes were as follows: classes M2 and M3 of series 2002-FF3, and classes M-6, M-7, M-8, and M-9 of series 2004-FFH1. The negative rating actions stemmed from credit enhancement levels that were deemed to be low given the projected losses on the underlying pools, Moody's said. The transaction consists of adjustable- and fixed-rate subprime first-lien mortgage loans originated by First Franklin Financial Corp. Moody's can be found online at http://www.moodys.com.