Fifteen tranches from five alternative-A mortgage deals issued by Terwin Mortgage Trust in 2006 have been downgraded by Moody's Investors Service, and three tranches have been placed under review for possible downgrade.Moody's said the negative rating actions were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists primarily of first-lien, fixed- and adjustable-rate alt-A mortgage loans. Moody's can be found on the Web at http://www.moodys.com.

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