Terwin 2nd-Lien Classes Downgraded

Nineteen classes from five subprime second-lien issues of Terwin Mortgage Trust mortgage pass-through certificates have been downgraded by Fitch Ratings. Fitch also placed five classes on Rating Watch Negative and affirmed the ratings on eight other classes. The negative rating actions were based on deterioration in the relationship between credit enhancement and loss expectations, and "reflect continued poor loan performance and home price weakness," Fitch said.