SARM Alt-A Classes Downgraded

Four tranches from Structured Adjustable Rate Mortgage Loan Trust 2005-21 have been downgraded by Moody's Investors Service.The downgrades were as follows: class B3-I, from A2 to A3; class B4-I, from A3 to Baa2; class B5-I, from Baa2 to Ba1; and class B6-I, from Baa3 to B1. The downgrades were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels, Moody's said. The collateral consists primarily of first-lien, adjustable-rate, alternative-A mortgage loans. Moody's can be found online at http://www.moodys.com.