Ownit Subprime MBS Classes Downgraded

Six classes from Ownit Mortgage Loan Trust series 2005-2 have been downgraded by Fitch Ratings as a result of changes in the rating agency's subprime loss forecasting assumptions.The downgrades were as follows: class M-6, from A-plus to BBB; class B-1, from A to BB-plus; class B-2, from A-minus to BB-minus; class B-3, from BBB-plus to B; class B-4, from BBB-plus to CC/DR2; and class B-5, from BBB to CC/DR3. Fitch also affirmed the ratings on six other classes in the deal. The revised assumptions in Fitch's subprime loss model "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness," the rating agency said.