Four classes of Ocwen Residential MBS Corp. mortgage-backed securities have been downgraded by Fitch Ratings.The downgrades were as follows: Ocwen 1998-R1, class B-3, from BBB to BBB-minus; Ocwen 1998-OFS1, class B, from BBB to BBB-minus (and removed from Rating Watch Negative); and Ocwen 1999-R2, class B-2, from A to BBB, and class B-3, from B to CCC. Fitch also affirmed the ratings on 10 classes from the aforementioned Ocwen deals plus two others. The downgrades were attributed to "poor collateral performance and the deterioration of asset quality beyond original expectations."
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