Moody's Eyes Ryland MBS Class

Class B-1 of Ryland Mortgage Securities Corp.'s series 1994-5 mortgage securitization has been placed under review for possible downgrade by Moody's Investors Service.In addition, 10 certificates from three transactions have placed under review for possible upgrade. The transactions are backed by first-lien adjustable-rate mortgage loans. The negative rating action was attributed to weak performance by the underlying loans. "The class B-2 and B-3 certificates are fully written down, and the B-1 class has already taken significant writedowns," Moody's said. The rating agency can be found online at http://www.moodys.com.