Saxon MBS Downgraded

Nine classes of Saxon Mortgage Securities Corp. mortgage pass-through certificates have been downgraded by Fitch IBCA Inc. The downgrades in Series 1993-8 were as follows: Group 1, Class 1B4, downgraded from B to D; Group 1, Class 1B3, downgraded from BB to B and placed on RatingAlert Negative; and Group 2, Class 2B4, downgraded from B to CCC.In Series 1994-8, Class B3 was downgraded from CCC to D and Class B2 was downgraded from BBB-minus to BB-minus and remains on RatingAlert Negative. In Series 1994-10, Class B3 was downgraded from CCC to D and Class B2 was downgraded from BBB to BB. In Pool 1 of Series 1995-2, Class 1-B5 was downgraded from CCC to D and Class 1-B4 was downgraded from B to CCC. Fitch IBCA attributed the rating actions to loss levels and high delinquencies in relation to applicable credit support levels. Fitch IBCA's website address is http://www.fitchibca.com.