Two classes of Terwin Mortgage Trust mortgage-backed securities have been downgraded by Moody's Investors Service, and five classes have been placed under review for possible downgrade.Class B-6 of Terwin Mortgage Trust series 2006-2HGS was downgraded from B1 to Caa3, and class B-7 was downgraded from Caa3 to C. Classes B-3, B-4, and B-5 of the same transaction were placed under review for possible downgrade, as were classes B-4 and B-5 of Terwin Mortgage Trust series 2006-4SL. The negative rating actions were attributed to losses that have eroded subordination and caused credit enhancement to fall too low to support the existing ratings. Moody's can be found online at http://www.moodys.com.

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