Class IIB-5 of Structured Asset Mortgage Investments Inc. mortgage pass-through certificates, series 1999-1 group 2, has been downgraded from B to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on five classes of SAMI securities and upgraded four. The downgrade "reflects concerns due to high levels of nonperforming assets in relation to diminished credit enhancement provided by class IIB-6 (nonrated)," the rating agency said. The group 2 certificates are collateralized by a pool of conventional first-lien, fixed-rate mortgage loans secured by one- to four-family residences and individual condominium and cooperative units, Fitch said.
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