Classes B-5 and B-6 of Structured Asset Mortgage Investments II Trust mortgage pass-through certificates, series 2004-AR1, have been placed on review for possible downgrade by Moody's Investors Service.The actions are based on an analysis of the credit enhancement provided by subordination, overcollateralization, excess spread, and mortgage insurance relative to expected losses, Moody's said. The transaction is backed by adjustable-rate alternative-A mortgage loans.

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