Eight tranches from two deals issued by Wachovia Mortgage Loan Trust in 2006 have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2006-ALT1, class M-3, from A1 to A2, class M-4, from A2 to Baa1, class B-1, from Baa1 to Ba1, and class B-2, from Baa3 to Ba3; and series 2006-AMN1, class M-6, from A3 to Baa1, class B-1, from Baa1 to Baa2, class B-2, from Baa2 to Baa3, and class B-3, from Baa3 to Ba1. The downgrades were attributed to 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, alternative-A mortgage loans.
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