The ratings on 12 tranches of mortgage-backed securities issued by Structured Asset Investment Loan Trust in 2004 have been placed on review for possible downgrade by Moody's Investors Service.The affected securities are as follows: series 2004-1, classes M5 and M6; series 2004-3, class M5; series 2004-4, classes M7 and M8; series 2004-5, class B; series 2004-7, class M7; series 2004-8, class M9; and series 2004-BNC1, classes M5, M6, M7, and B1. "The tranches being reviewed have experienced a decrease in available credit enhancement, and the recent pace of losses in each deal has eroded overcollateralization below its targeted level," Moody's said. The collateral backing each deal consists primarily of first-lien, subprime fixed- and adjustable-rate mortgage loans. Moody's can be found online at http://www.moodys.com.
