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