Three classes from two Residential Accredit Loans Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-QS23, class B-1, from BB to B and placed on Rating Watch Negative, and class B-2, from B to CC/DR4; and series 2005-QS12, class B-2, from B to C/DR4. Fitch also placed class B-1 of series 2005-QS12, class B-2 of series 2006-QS11, and classes B-1 and B-2 of series 2006-QS15 on Rating Watch Negative. In addition, Fitch affirmed the ratings on 17 classes in the four deals. The negative rating actions were attributed to a deteriorating relationship between credit enhancement and expected losses. The underlying collateral consists primarily of alternative-A, first-lien residential mortgage loans. Fitch can be found online at http://www.fitchratings.com.

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