Three certificates from two Terwin Mortgage Trust transactions have been downgraded by Moody's Investors Service, and three certificates from three other Terwin deals have been placed under review for possible downgrade.The downgrades were as follows: series 2004-10SL, class B-3, from Ba2 to Caa2; and series 2004-22SL, class B-3A, from Ba2 to Caa3, and class B-3B, from Ba2 to Caa3. The securities placed under review for possible downgrade are class B-3 of series 2004-4SL, class B-3 of series 2004-6SL, and class 1-B-4 of series 2004-18SL. Moody's also placed four certificates from series 2004-18SL under review for possible upgrade. The negative rating actions were attributed to the fact that credit enhancement levels are too low in view of projected losses. All the transactions are backed primarily by fixed-rate closed-end second-lien mortgage loans.

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