Ocwen RMBS Classes Downgraded

Four classes of Ocwen Residential MBS Corp. Home Equity Loan Trust securities have been downgraded by Fitch Ratings.The downgrades were as follows: series 1998-R1, class B-3, from BBB-minus to BB; series 1998-R3, class B-1, from A to BBB; series 1999-R1 group A, class B-4A, from BB to B; and series 1999-R1 group F, class B-4F, from CC to C. In addition, Fitch upgraded four classes from two Ocwen deals and affirmed the ratings on 19 classes from five Ocwen transactions. Fitch said the downgrades resulted from a deterioration in the relationship between credit enhancement and loss expectations. Fitch can be found online at http://www.fitchratings.com.