Three classes of Ocwen Residential MBS Corp. mortgage-backed securities have been downgraded by have Fitch Ratings.The downgrades were as follows: Ocwen 1998-R3, class B-2, from BBB to BB; Ocwen 1999-R1 Group A, class B-5A, from B to CCC; and Ocwen 1999-R1 Group F, class B-4, from BB to B. Fitch also placed class B-1 of Ocwen 1998-R3 on Rating Watch Negative and affirmed the ratings on 26 classes from the aforementioned deals plus Ocwen 1998-R1 and Ocwen 1998-R2. The downgrades were attributed to loss levels and high delinquencies relative to applicable credit support as of the May 25 distribution date. Fitch can be found online at http://www.fitchratings.com.
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