Moody's Eyes Franklin MBS Classes

Three classes from First Franklin Mortgage Loan Trust, series 2002-FF2, have been placed under review for possible downgrade by Moody's Investors Service.The actions were taken on classes M-1, M-2, and M-3 because credit enhancement is low given the projected losses on the underlying pools, the rating agency said. The pools were "below the 25 bps overcollateralization floor as of the March reporting date because loss severities on liquidated loans were on the rise," Moody's said. The transaction consists of subprime mortgage loans originated by First Franklin Financial Corp. Moody's can be found online at http://www.moodys.com.