Moody's downgrades several certificates issued by First Franklin Mortgage Loan Trust
New York, August 23, 2007 -- Moody's Investors Service downgraded 47 certificates issued by First Franklin
Mortgage Loan Trust. These certificates are being downgraded based
on the current credit enhancement levels. Some of these deals have
already stepped down or will step down within the next four months if
they pass the triggers. In the majority of these deals, losses
have already begun to erode the overcollateralization, leaving the
rated bonds less protected.
The actions on the FFH deals, which contain high LTV loan pools,
are driven by a higher expected severity combined with a large dollar
amount for loans in foreclosure and REO.
The collateral backing each deal consists primarily of first-lien,
subprime fixed and adjustable rate mortgage loans, except for the
2002-FFA transaction which is backed by closed-end second
lien mortgage loans.
Complete rating actions are as follows:
Issuer: First Franklin Mortgage Loan Trust 2001-FF2,
Asset-Backed Certificates, Series 2001-FF2
Cl. M-3, Downgraded to C from Ca
Cl. M-1, Downgraded to A2 from Aa2
Cl. M-2, Downgraded to Caa2 from Ba3
Issuer: First Franklin Mortgage Loan Trust 2002-FF3
Cl. M3, Downgraded to B1 from A3
Cl. M2, Downgraded to Baa3 from A2
Issuer: First Franklin Mortgage Loan Trust 2002-FFA
Cl. M-1, Downgraded to A2 from Aa1
Cl. M-2, Downgraded to Baa2 from A2
Cl. M-3, Downgraded to B1 from Baa2
Issuer: First Franklin Mortgage Loan Trust 2003-FF4
Cl. M-4, Downgraded to B2 from Ba1
Cl. M-2, Downgraded to Baa1 from A2
Cl. M-3, Downgraded to Baa3 from A3
Cl. M-5, Downgraded to Caa1 from Ba2
Cl. M-6, Downgraded to Caa3 from Ba3
Issuer: First Franklin Mortgage Loan Trust 2003-FF5
Cl. M-6, Downgraded to B2 from Baa3
Cl. M-5, Downgraded to Ba3 from Baa2
Issuer: First Franklin Mortgage Loan Trust 2003-FFH2
Cl. M-5, Downgraded to Ca from B2
Cl. M-3, Downgraded to Ba2 from A3
Cl. M-2, Downgraded to Baa1 from A2
Cl. M-4, Downgraded to Caa1 from Baa3
Cl. M-6, Downgraded to C from Caa3
Issuer: First Franklin Mortgage Loan Trust 2004-FF3
Cl. B-3, Downgraded to B3 from Ba1
Cl. B-2, Downgraded to B1 from Baa3
Cl. B-1, Downgraded to Ba1 from Baa2
Issuer: First Franklin Mortgage Loan Trust 2004-FF4
Cl. B-3, Downgraded to Ba3 from Baa3
Issuer: First Franklin Mortgage Loan Trust 2004-FF6
Cl. B-4, Downgraded to B3 from Ba1
Cl. B-3, Downgraded to Ba3 from Baa3
Issuer: First Franklin Mortgage Loan Trust 2004-FFH1
Cl. M-6, Downgraded to Ba1 from A3
Cl. M-5, Downgraded to Baa3 from A2
Cl. M-8, Downgraded to Caa3 from B2
Cl. M-7, Downgraded to Caa1 from Ba1
Cl. M-9, Downgraded to C from Caa1
Issuer: First Franklin Mortgage Loan Trust 2004-FFH2
Cl. B-1, Downgraded to Ca from B2
Cl. B-2, Downgraded to C from Caa1
Cl. M-8, Downgraded to Ba2 from Baa2
Cl. M-7, Downgraded to Baa3 from Baa1
Cl. M-9, Downgraded to Caa1 from Baa3
Issuer: First Franklin Mortgage Loan Trust 2004-FFH3
Cl. B-2, Downgraded to Caa3 from B3
Cl. M-9, Downgraded to B3 from Baa3
Cl. B-1, Downgraded to Caa1 from Ba1
Cl. M-8, Downgraded to Ba2 from Baa2
Cl. M-7, Downgraded to Baa3 from Baa1
Issuer: First Franklin Mortgage Loan Trust 2004-FFH4
Cl. B-2, Downgraded to Caa3 from B1
Cl. M-8, Downgraded to Baa3 from A3
Cl. B-1, Downgraded to Caa1 from Ba1
Cl. M-10, Downgraded to B2 from Baa2
Cl. M-9, Downgraded to Ba3 from Baa1
Cl. M-11, Downgraded to B3 from Baa3
For more information see www.Moodys.com
New York
Nicolas S. Weill
Managing Director - Chief Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Ola Hannoun-Costa
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Nicolas S. Weill
Managing Director - Chief Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Ola Hannoun-Costa
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653