Ocwen MBS Class Downgraded

Class B4-F of Ocwen Residential MBS series 1999-R1 has been downgraded from B3 to Caa2 by Moody's Investors Service.Moody's also confirmed the Aa2 rating on class B1-F in the transaction. The downgrade was attributed to greater-than-expected cumulative losses. "As a result, the credit enhancement levels relative to expected future losses in the underlying pool appear to be low for their respective current rating level," the rating agency said.