Two subordinate certificates issued by IndyMac ARM Trust, series 2001-H1, have been placed under review for possible downgrade by Moody's Investors Service.Classes B-2 and B-3 of the transaction were placed under review because credit enhancement levels "may be low given the current projected losses on the underlying pools," the rating agency said. Higher-than-expected losses have already resulted in a complete writedown of the two most subordinate classes, leaving class B-3 protected by only an $11,282 balance from class B-4, Moody's reported. The underlying loans consist primarily of first-lien hybrid adjustable-rate mortgage loans originated by IndyMacBank FSB. Moody's can be found on the Web at http://www.moodys.com.

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