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Related Issuers

First Franklin Mortgage Loan Trust 2005-FF1

First Franklin Mortgage Loan Trust 2005-FF11

First Franklin Mortgage Loan Trust 2005-FF12

First Franklin Mortgage Loan Trust 2005-FF2

First Franklin Mortgage Loan Trust 2005-FF3

First Franklin Mortgage Loan Trust 2005-FF4

First Franklin Mortgage Loan Trust 2005-FF7

First Franklin Mortgage Loan Trust 2005-FF8

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First Franklin Mortgage Loan Trust 2006-FF15

First Franklin Mortgage Loan Trust 2006-FF16

First Franklin Mortgage Loan Trust 2006-FF17

First Franklin Mortgage Loan Trust 2006-FF18

First Franklin Mortgage Loan Trust 2006-FF3

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First Franklin Mortgage Loan Trust 2006-FF5

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Related Research

	Rating Action: Moody's takes action on Class I-A-1 and Class II-A-3 from First Franklin Mortgage Loan Trust 2006-FF8
	Rating Action: Moody's takes action on 415 US RMBS bonds from 237 deals issued prior to 2009
	Rating Action: Moody's places 404 classes of legacy US RMBS on review for downgrade
	Rating Action: Moody's takes action on $141.7 Million of RMBS issued between 2004-2007
	Rating Action: Moody's takes action on $449 Million of RMBS issued between 2005-2007

Announcement:

Correction to Text, March 19, 2009 Release: Moody's takes action on certain First Franklin subprime RMBS

09 Apr 2009

New York, April 09, 2009 -- Moody's Investors Service has downgraded and confirmed the ratings of certain tranches from First Franklin Mortgage Loan Trust 2006-FF12. These actions are a correction to rating actions announced on March 19th where certain specific features of the First Franklin 2006-FF12 were not fully accounted for. In the previous release the two ratings now being confirmed had been erroneously downgraded. The two ratings being downgraded had previously been erroneously downgraded to different ratings. The corrected rating actions are as follows:

First Franklin Mortgage Loan Trust 2006-FF12

Cl. A2, Confirmed at Aaa; previously on 3/19/2009 erroneously Downgraded to Aa2

Cl. A3, Confirmed at Aaa; previously on 3/19/2009 erroneously Downgraded to Ba3

Cl. A4, Downgraded to Baa2; previously on 3/19/2009 erroneously Downgraded to Caa2

Cl. A5, Downgraded to Ca; previously on 3/19/2009 erroneously Downgraded to Caa3

The updated press release is as follows:

Moody's Investors Service has downgraded 275 ratings and confirmed 45 ratings from 39 First Franklin subprime residential mortgage-backed securities (RMBS) transactions.

The collateral backing these transactions consists primarily of first-lien, fixed- and adjustable-rate, subprime residential mortgage loans. The actions are triggered by a combination of factors that can include increased delinquencies, higher loss severities, slower prepayments and mounting losses in the underlying collateral. Additionally, the continued deterioration of the housing market has also contributed to the increased loss expectations for subprime pools. The actions listed below reflect Moody's updated loss projections for the subprime RMBS sector first announced in a press release on February 29, 2009, and are part of Moody's on-going review process.

Moody's final rating actions are based on collateral performance and updated pool-level loss expectations relative to current levels of tranche-specific credit enhancement. Moody's took into account credit enhancement provided by subordination, cross-collateralization, excess spread, time tranching, and other structural features.

The principal methodology used in rating these transactions was "Subprime RMBS Loss Projection Update: March 2009", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found on this page.

Moody's approach to analyzing more seasoned pools (prior to the 2nd half of 2005) takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses annualized roll rates of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO, respectively. Moody's then applies deal-specific severity assumptions to arrive at projected losses. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

Complete rating actions are as follows:

First Franklin Mortgage Loan Trust 2005-FF1

Cl. A-1A, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-1B, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2C, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FF11

Cl. A-1, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Aa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B2; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FF12

Cl. A-1, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Baa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba3; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FF2

Cl. A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2C, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Aa3; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Caa3; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FF3

Cl. A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A4, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M1, Confirmed at Aa1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to Aa3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to Baa1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to Ba2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M5, Downgraded to B3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M6, Downgraded to Caa3; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M7, Downgraded to Ca; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M8, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. M9, Downgraded to C; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FF4

Cl. I-A1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A4, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FF6

Cl. A-1A, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-1B, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2B, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2C, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Aa1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to A2; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B1; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B3; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FF7

Cl. A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-5, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba2; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Caa2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. M-9, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FF8

Cl. A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2C, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to A1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C; previously on 4/21/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FFH1

Cl. A-1A, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-1B, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2C, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba3; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ca; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FFH2

Cl. A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to B1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to Caa2; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to C; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M5, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M6, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FFH3

Cl. I-A1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2005-FFH4

Cl. I-A1, Downgraded to Aa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A4, Downgraded to Aa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF1

Cl. I-A, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to Ba1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to Ba2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF10

Cl. A1, Downgraded to B3; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. A2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A4, Downgraded to Ba2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A5, Downgraded to Caa2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. A6, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A7, Downgraded to Ba2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF11

Cl. I-A-1, Downgraded to B1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa3; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. II-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to Ba3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to Caa3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF12

Cl. A1, Downgraded to B3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A4, Downgraded to Baa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A5, Downgraded to Ca; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to C; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF13

Cl. A-1, Downgraded to B3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2A, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Ba3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Caa2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Caa3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF14

Cl. A1, Downgraded to B3; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. A2, Confirmed at Aa1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A4, Confirmed at Aa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A5, Downgraded to B3; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. A6, Downgraded to Ca; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF15

Cl. A1, Downgraded to Caa1; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. A2, Downgraded to B2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A4, Downgraded to A1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A5, Downgraded to B3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. A6, Downgraded to C; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to C; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF16

Cl. I-A1, Downgraded to Caa1; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. II-A1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A2, Downgraded to B3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. II-A3, Downgraded to Caa3; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. II-A4, Downgraded to Caa3; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF17

Cl. A1, Downgraded to B3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. A2, Downgraded to Caa2; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. A3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A4, Downgraded to A1; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. A5, Downgraded to Caa1; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. A6, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF18

Cl. A-1, Downgraded to Caa2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. A-2A, Downgraded to Aa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Caa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Caa3; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Caa3; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF3

Cl. A-1, Downgraded to Ba1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Ba3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to B1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF4

Cl. A-2, Downgraded to B1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to B2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa3; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF5

Cl. I-A, Downgraded to B1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to B1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to B2; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. II-A-5, Downgraded to B1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A-IO, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF6

Cl. A-2, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to B1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to B2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF7

Cl. I-A, Downgraded to B2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to B3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to Caa2; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. A-IO, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF8

Cl. I-A-1, Downgraded to Ba1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to Ba3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to B1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa2; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FF9

Cl. I-A, Downgraded to B2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to Caa2; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to Ca; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. A-IO, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2006-FFH1

Cl. A-3, Downgraded to A3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Baa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2007-FF1

Cl. A-1, Downgraded to Caa2; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. A-2A, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Caa3; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Ca; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Ca; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2007-FF2

Cl. A-1, Downgraded to Caa3; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. A-2A, Downgraded to B3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Caa3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Ca; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Ca; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Merrill Lynch First Frank Mtge Ln Tr 2007-H1

Cl. 1-A1, Downgraded to B1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to Ca; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. 1-A3, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to Caa2; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to Ca; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. 2-A3A, Downgraded to Ca; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. 2-A3B, Downgraded to Ca; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. X-A, Downgraded to B1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Merrill Lynch First Frank Mtge Loan Tr 2007-1

Cl. A-1, Downgraded to Caa2; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. A-2A, Downgraded to Ba3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Caa3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Ca; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Ca; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Merrill Lynch First Frank Mtge Loan Tr 2007-2

Cl. A-1, Downgraded to Caa2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. A-2A, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Ca; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Ca; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Merrill Lynch First Frank Mtge Loan Tr 2007-3

Cl. A-1A, Downgraded to B3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-1B, Downgraded to Caa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-1C, Downgraded to Caa3; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. A-1D, Downgraded to Caa3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. A-2A, Downgraded to A2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Caa3; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Caa3; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-1-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. M-1-2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Merrill Lynch First Frank Mtge Loan Tr 2007-4

Cl. 1-A, Downgraded to Caa2; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to Ba3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to Caa3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. 2-A3, Downgraded to Ca; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. 2-A4, Downgraded to Ca; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Merrill Lynch First Frank Mtge Loan Tr 2007-5

Cl. 1-A, Downgraded to B3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to Aa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to Caa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A3, Downgraded to Caa2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C; previously on 8/20/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF159973

A list of updated estimated pool losses is being updated regularly and may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF159460

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph Rocco
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Correction to Text, March 19, 2009 Release: Moody's takes action on certain First Franklin subprime RMBS

No Related Data.

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