The rating of class B-1 of Terwin Mortgage Trust series 2004-EQR1 has been placed under review for possible downgrade by Moody's Investors Service.The rating action was based on the worse-than-expected performance of the underlying mortgage pool as well as the deterioration of credit enhancement in relation to expected losses, Moody's said. The collateral for the transaction is nonperforming mortgage loans, which are typically defined as loans that are delinquent by 90 days or more, are subject to bankruptcy or foreclosure proceedings, or are held as real-estate-owned properties.

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