Two classes of Ocwen Residential MBS Corp. series 1999-R1 mortgage-backed securities have been downgraded by Moody's Investors Service.Class B4-A was downgraded from Ba2 to B1, and class B5-A was downgraded from Ca to C. The downgrades were attributed to weak collateral performance. Moody's said recent losses on the pool and high expected loss severities on the remaining collateral contributed to the rating actions. The certificates are secured primarily by first-lien, seasoned reperforming collateral, as well as loans with high loan-to-value ratios.
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