Two classes of mortgage pass-through certificates issued by Impac Secured Assets Corp. in 2004 have been placed under review for possible downgrade by Moody's Investors Service.The affected securities were class B of series 2004-3 and class B of series 2004-4. Moody's also placed two classes from series 2004-1 on review for possible upgrade. The negative rating actions were based on an analysis of credit enhancement provided by subordination, overcollateralization, excess spread, and mortgage insurance relative to expected losses, Moody's said. Series 2004-3 and 2004-4 are backed by alternative-A adjustable-rate mortgage loans.
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