Seven classes of Sequoia Mortgage Funding Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings. The affected securities are in series 2006-1 and series 2007-1. Fitch also affirmed the ratings on five other classes in the two deals. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral consists of prime hybrid adjustable-rate mortgage loans indexed to the London interbank offered rate. Fitch can be found online at http://www.fitchratings.com.
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