Class 3B-4 of Structured Asset Mortgage Investments Inc.'s series 1999-2 (group 3) mortgage-backed securities deal has been downgraded from CCC to CC by Fitch Ratings.In addition, Fitch upgraded two classes and affirmed the ratings on nine classes in two SAMI issues. The rating agency attributed the downgrade to a deterioration in the relationship between credit enhancement and loss expectations. Class 3B-4 currently has only 0.91% of credit enhancement, in the form of subordination, Fitch reported. The series is backed by 30-year fixed-rate mortgage loans extended to alternative-A borrowers.
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