Class M-I-3 of Residential Asset Securities Corp.'s home equity mortgage asset-backed pass-through certificates, series 2001-KS2, has been downgraded from B3 to Caa2 by Moody's Investors Service.The downgrade was based on "the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss," Moody's said. The transaction is backed by first- and second-lien fixed-rate, and first-lien adjustable-rate, subprime mortgage loans. Moody's can be found on the Web at http://www.moodys.com.
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