Class B-1 of Terwin Mortgage Trust 2004-EQR1 has been downgraded from Baa2 to B3 by Moody's Investors Service.The transaction is collateralized by nonperforming mortgage loans, which are typically defined as loans that are delinquent by 90 days or more, are subject to bankruptcy or foreclosure proceedings, or are held as real estate owned. The downgrade was attributed to the rapid deterioration of overcollateralization, which declined from $1.5 million to just under $600,000 from November 2005 to June 2006.
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