Soundview Classes Downgraded

The ratings on two classes of Soundview Home Equity Loan Trust, series 2001-1, have been lowered by Standard & Poor's Ratings Services.The downgrades were as follows: class M-2, from A to BBB-plus; and class B, from BBB to D. In addition, the ratings on 13 other classes issued by Financial Asset Securities Corp. (Soundview) and Soundview Home Equity Loan Trust were affirmed, S&P said. The downgrades were based on declining credit support percentages for the subordinate classes due to net losses that are "consistently and significantly" greater than excess interest, eroding overcollateralization over the past 10 months, the rating agency said. "Based on the current performance, it is not likely that the principal loss will be recoverable," S&P said.