Classes B-2, B-3, and B-4 of Reperforming Loan REMIC Trust Certificates, series 2003-R4, have been placed under review for possible downgrade by Moody's Investors Service.The rating actions were attributed to credit enhancement levels that are deemed low in view of projected losses on the underlying pools, Moody's said. Loss severities "appear to be very high" for collateral insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, the rating agency said.

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