Classes M-I-1, M-I-2, and M-I-3 of Residential Asset Securities Corp. series 2002-KS2 have been placed under review for possible downgrade by Moody's Investors Service.Moody's said the reason for the rating actions was that credit enhancement levels may be low given the projected losses on the underlying pools. The pool has seen losses in recent months, and future losses "could cause a more significant erosion of the overcollateralization," the rating agency said. The transaction is backed by fixed- and adjustable-rate subprime mortgage loans originated by Residential Funding Corp., which is also the master servicer on the deal.
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