Investors in the equity tranches of two of the mortgage securitisation trusts managed by Allco Finance Group may be facing losses.Tranches in two of Mobius mortgage securitisation pools were placed on ratings watch negative because of the level of foreclosures in the mortgage pools.The securities affected are the Class E Notes (rated B) in Mobius NCM-03 Trust and the Class F notes (also rated B) in Mobius NCM-04 Trust.At November 30 NCM-03 had 21 per cent of its portfolio 30 days in arrears and 16 per cent 90 days in arrears. More then seven per cent of the loans in the portfolio have been foreclosed and Fitch expects more.Fitch said the problem loans were originated by HLP Mortgage Company (which is no longer in business).At November 30 NCM-04 had 28 per cent of its portfolio 30 days in arrears and 22 per cent 90 days in arrears. HLP and Lawteal were key originators into this second trust. More than 10 per cent of the loans in the portfolio have been foreclosed.Fitch Ratings Ben McCarthy said excess income was not covering the losses. Losses may be crystallised for investors in the equity tranches of the portfolios.McCarthy said this was not the first time such an event had occurred with an Australian mortgage backed security. McCarthy said: "We have asked for more information so we can get a better picture of the pipeline of defaults."