The rating on class B-1 of the Terwin Mortgage Trust series 2004-EQR1 securitization has been placed on review for possible downgrade by Moody's Investors Service.Moody's said the rating is being reviewed "in light of rising loss severities upon liquidation and an accelerated deterioration of overcollateralization." The collateral for the transaction consists of nonperforming mortgage loans, which are typically defined as loans that are delinquent 90 days or more, subject to bankruptcy or foreclosure proceedings, or held as real estate owned.

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