Class B-3 of SACO I Trust 2004-3 has been downgraded from B3 to Caa2 by Moody's Investors Service, and nine other certificates from various SACO I deals have been placed on review for possible downgrade.The nine certificates are as follows: series 2004-2, class B-2; series 2005-1, class B-3; series 2005-2, classes B-3 and B-4; series 2005-4, classes B-2, B-3, and B-4; and series 2005-WM1, classes B-4 and B-5. In addition, four certificates issued by SACO I Trust 2004-1 and 2004-2 were placed on review for possible upgrade. The negative rating actions were attributed to losses that have exceeded the excess spread available, thereby depleting the overcollateralization. The transactions are backed by closed-end second loans.

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