Eleven certificates issued by Terwin Mortgage Trust have been placed on review for possible downgrade by Moody's Investors Service.The affected securities are as follows: series 2004-1HE, class B-3; series 2004-3HE, classes M-2, M-2-X, M-3, M-3-X, B-1, B-2, and B-3; series 2004-5HE, classes B-2 and B-3; and series 2004-13ALT, class M-3. "The actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to expected losses," Moody's said. Ten of the classes are backed by subprime fixed- and adjustable-rate mortgage loans. One class, from 2004-13ALT, is backed by alternative-A adjustable-rate mortgages.

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