Moody's Investors Service has downgraded two certificates from a subprime mortgage transaction issued by Structured Asset Securities Corp., series 2005-AR1.Class B1 has been downgraded from Baa3 to Ba1 and class B2 has been downgraded from Ba1 to B1. "The two most subordinate certificates from the transaction have been downgraded because existing credit enhancement levels are low given the current projected losses on the underlying pools. The pools of mortgages have built up a large delinquency pipeline and future loss could cause a significant erosion of the overcollateralization," Moody's said. The transaction consists of first-lien adjustable- and fixed-rate loans originated primarily by wholesaler Argent Mortgage Co. LLC, according to the rating agency. In addition, Argent's retail affiliate Ameriquest Mortgage Co. originated loans comprising 4% of the pool.

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