Classes B-1 and B-2 of First Franklin Mortgage Loan Trust, series 2003-FFB, have been placed under review for possible downgrade by Moody's Investors Service.The rating actions were based on low credit enhancement levels in comparison with loss projections, Moody's said. The overcollateralization amount has declined below the required level, and mortgage insurance does not cover all the losses, "leaving the subordinate tranches with eroding credit protection," the rating agency said. The subprime deal consists of closed-end, fixed-rate, second-lien residential mortgage loans. Moody's can be found online at http://www.moodys.com.
Processing Content
