Six tranches from MortgageIT Securities Corp. Mortgage Loan Trust series 2007-1 has been downgraded by Moody's Investors Service, and three tranches have been placed under review for possible downgrade. One downgraded tranche remains on review for possible further downgrade. The negative rating actions were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels, Moody's said. The collateral consists primarily of first-lien, fixed- and adjustable-rate alternative-A mortgage loans.
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