Corrections to Text, June 26, 2008 Release: Moody's Downgrades Certain Harborview Option ARM deals
New York, July 16, 2008 -- Rating action for HarborView Mortgage Loan Trust 2006-1 appears
incorrectly in the June 26 release.
The previous rating action for HarborView Mortgage Loan Trust 2006-1
on June 26, 2008 did not take into account the guarantor wrap.
After accounting for the guarantee the Class 2-A1C is not on review
for possible downgrade and its rating is as follows:
Cl. 2-A1C, currently Aaa
The updated press release is as follows:
Moody's Investors Service has downgraded the ratings of 186 tranches from
32 Option ARM transactions issued by Harborview. Forty four tranches
remain on review for possible further downgrade. Additionally,
55 tranches were placed on review for possible downgrade.
The collateral backing these transactions consists primarily of first-lien,
adjustable-rate, negatively amortizing Alt-A mortgage
loans. The ratings were downgraded, in general, based
on higher than anticipated rates of delinquency, foreclosure,
and REO in the underlying collateral relative to credit enhancement levels.
The actions described below are a result of Moody's on-going review
process.
Complete rating actions are as follows:
Issuer: HarborView Mortgage Loan Trust 2004-10
Cl. B-3, Downgraded to Baa3 from Baa2
Issuer: HarborView Mortgage Loan Trust 2004-11
Cl. X-B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-1, Downgraded to A1 from Aa2
Cl. B-2, Downgraded to Baa2 from A2
Cl. B-3, Downgraded to B1 from Baa2
Cl. B-4, Downgraded to Ca from Ba2
Issuer: HarborView Mortgage Loan Trust 2004-8
Cl. B-4, Downgraded to Ba3 from Ba2
Issuer: HarborView Mortgage Loan Trust 2005-1
X-PO-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-PO-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-IO, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-2, Downgraded to A3 from A2
Cl. B-3, Downgraded to Ba1 from Baa2
Issuer: HarborView Mortgage Loan Trust 2005-10
Cl. B-2, Downgraded to A1 from Aa2
Cl. B-3, Downgraded to A3 from Aa3
Cl. B-4, Downgraded to Baa2 from A1
Cl. B-5, Downgraded to Ba1 from A2
Cl. B-6, Downgraded to Ba3 from A3
Cl. B-7, Downgraded to B3 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-8, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. B-9, Downgraded to Caa2 from Baa3
Issuer: HarborView Mortgage Loan Trust 2005-11
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. X, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-2, Downgraded to Baa1 from A2
Cl. B-3, Downgraded to B3 from Baa2
Issuer: HarborView Mortgage Loan Trust 2005-12
Cl. X-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-B, Placed on Review for Possible Downgrade,
currently Aa2
Cl. PO-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-B, Placed on Review for Possible Downgrade,
currently Aa2
Cl. X-2A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-2B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-2A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-2B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-1, Downgraded to Baa3 from Aa2
Cl. B-2, Downgraded to B1 from A2
Cl. B-3, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Issuer: HarborView Mortgage Loan Trust 2005-13
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. X, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-1, Downgraded to Baa1 from Aa2
Cl. B-2, Downgraded to B1 from A2
Cl. B-3, Downgraded to B2 from Baa1
Cl. B-4, Downgraded to Caa2 from Baa2
Cl. B-5, Downgraded to Ca from Ba2
Issuer: HarborView Mortgage Loan Trust 2005-14
Cl. B-1, Downgraded to A3 from Aa2
Cl. B-2, Downgraded to Ba3 from A2
Cl. B-3, Downgraded to B2 from Baa2
Cl. B-4, Downgraded to Ca from Ba3
Issuer: HarborView Mortgage Loan Trust 2005-15
Cl. PO-B, Placed on Review for Possible Downgrade,
currently Aa1
Cl. X-B, Placed on Review for Possible Downgrade,
currently Aa1
Cl. B-1, Downgraded to Aa2 from Aa1
Cl. B-2, Downgraded to A2 from Aa2
Cl. B-3, Downgraded to Baa1 from Aa3
Cl. B-4, Downgraded to Baa3 from A1
Cl. B-5, Downgraded to Ba3 from A2
Cl. B-6, Downgraded to B2 from A3
Cl. B-7, Downgraded to B3 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-8, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. B-9, Downgraded to Caa1 from Baa3
Cl. B-10, Downgraded to Ca from Ba2
Issuer: HarborView Mortgage Loan Trust 2005-16
Cl. PO-B, Placed on Review for Possible Downgrade,
currently Aa1
Cl. X-B, Placed on Review for Possible Downgrade,
currently Aa1
Cl. B-1, Downgraded to A1 from Aa1
Cl. B-2, Downgraded to Baa1 from Aa2
Cl. B-3, Downgraded to Baa3 from Aa3
Cl. B-4, Downgraded to Ba3 from A1
Cl. B-5, Downgraded to B1 from A2
Cl. B-6, Downgraded to B3 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-7, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-8, Downgraded to Caa1 from Ba1; Placed
Under Review for further Possible Downgrade
Cl. B-9, Downgraded to Ca from Ba3
Cl. B-10, Downgraded to Ca from B3
Issuer: HarborView Mortgage Loan Trust 2005-2
Cl. PO, Placed on Review for Possible Downgrade, currently
Aaa
Cl. B-1, Downgraded to Aa3 from Aa2
Cl. B-2, Downgraded to Baa2 from A2
Cl. B-3, Downgraded to B1 from Baa2
Issuer: HarborView Mortgage Loan Trust 2005-5
Cl. PO-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-1, Downgraded to Aa3 from Aa2
Cl. B-2, Downgraded to Baa2 from A2
Cl. B-3, Downgraded to B1 from Baa2
Issuer: HarborView Mortgage Loan Trust 2005-7
Cl. 1-A2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A2B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-PO, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-PO, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-B1, Downgraded to Baa1 from Aa2
Cl. 1-B2, Downgraded to Ba3 from A2
Cl. 1-B3, Downgraded to Caa2 from Baa2
Cl. 2-B1, Downgraded to A3 from Aa2
Cl. 2-B2, Downgraded to Ba1 from A2
Cl. 2-B3, Downgraded to Caa1 from Baa2
Issuer: HarborView Mortgage Loan Trust 2005-8
Cl. 2-POB, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-XB, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-B1, Downgraded to Aa2 from Aa1
Cl. 1-B2, Downgraded to A1 from Aa2
Cl. 1-B3, Downgraded to A3 from Aa3
Cl. 1-B4, Downgraded to Baa2 from A1
Cl. 1-B5, Downgraded to Ba1 from A2
Cl. 1-B6, Downgraded to B1 from A3
Cl. 1-B7, Downgraded to B2 from Baa1
Cl. 1-B8, Downgraded to B3 from Baa2; Placed
Under Review for further Possible Downgrade
Cl. 1-B9, Downgraded to Caa1 from Baa3
Cl. 2-B1, Downgraded to A2 from Aa2
Cl. 2-B2, Downgraded to Ba2 from A2
Cl. 2-B3, Downgraded to B3 from Baa2; Placed
Under Review for further Possible Downgrade
l. 2-B4, Downgraded to Caa1 from Baa3
Issuer: HarborView Mortgage Loan Trust 2006-1
Cl. PO-1, Placed on Review for Possible Downgrade,
currently Aaa
.Cl. X-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-1, Downgraded to Baa3 from Aa1
Cl. B-2, Downgraded to Ba1 from Aa2
Cl. B-3, Downgraded to Ba3 from Aa3
Cl. B-4, Downgraded to B3 from A2; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. B-7, Downgraded to Ca from Ba2
Cl. B-8, Downgraded to Ca from B2
Cl. B-9, Downgraded to Ca from B3
Cl. B-10, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2006-10
Cl. B-2, Downgraded to A1 from Aa1
Cl. B-3, Downgraded to A3 from Aa1
Cl. B-4, Downgraded to Ba2 from Aa2
Cl. B-5, Downgraded to B1 from A1
Cl. B-6, Downgraded to Caa1 from A3; Placed Under
Review for further Possible Downgrade
Cl. B-7, Downgraded to Ca from Ba1
Issuer: HarborView Mortgage Loan Trust 2006-12
Cl. B-2, Downgraded to Aa3 from Aa1
Cl. B-3, Downgraded to Baa1 from Aa2
Cl. B-4, Downgraded to Ba3 from Aa3
Cl. B-5, Downgraded to B3 from A2; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Caa1 from Baa1; Placed
Under Review for further Possible Downgrade
Cl. B-7, Downgraded to Ca from Baa3
Issuer: HarborView Mortgage Loan Trust 2006-4
Cl. 1-A1B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 1-A2B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2-A1C, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A1C, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-3A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-3A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-1, Downgraded to Baa2 from Aa1
Cl. B-2, Downgraded to Ba3 from Aa2
Cl. B-3, Downgraded to B2 from Aa2
Cl. B-4, Downgraded to B3 from Aa3; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from A3; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. B-7, Downgraded to Caa1 from Baa3; Placed
Under Review for further Possible Downgrade
Cl. B-8, Downgraded to Ca from Ba2
Cl. B-9, Downgraded to Ca from B3
Cl. B-10, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2006-5
Cl. 2-A1C, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. X-B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. PO-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-1, Downgraded to Ba3 from Aa1
Cl. B-2, Downgraded to Caa1 from Aa2; Placed
Under Review for further Possible Downgrade
Cl. B-3, Downgraded to Caa1 from Aa3; Placed
Under Review for further Possible Downgrade
Cl. B-4, Downgraded to Ca from Baa2
Cl. B-5, Downgraded to Ca from Ba1
Cl. B-6, Downgraded to Ca from Ba2
Cl. B-7, Downgraded to Ca from B1
Cl. B-8, Downgraded to Ca from B2
Cl. B-9, Downgraded to Ca from B3
Issuer: HarborView Mortgage Loan Trust 2006-7
Cl. B-1, Downgraded to A2 from Aa1
Cl. B-2, Downgraded to Ba1 from Aa2
Cl. B-3, Downgraded to Ba3 from Aa3
Cl. B-4, Downgraded to B2 from A1; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from A2; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Caa1 from Baa1; Placed
Under Review for further Possible Downgrade
Cl. B-7, Downgraded to Ca from Baa3
Issuer: HarborView Mortgage Loan Trust 2006-8
Cl. B-2, Downgraded to Aa3 from Aa2
Cl. B-3, Downgraded to A1 from Aa2
Cl. B-4, Downgraded to Ba3 from A1
Cl. B-5, Downgraded to B2 from A2
Cl. B-6, Downgraded to B2 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-7, Downgraded to Caa1 from Baa2; Placed
Under Review for further Possible Downgrade
Cl. B-8, Downgraded to Ca from Ba2
Issuer: HarborView Mortgage Loan Trust 2006-9
Cl. B-2, Downgraded to Baa1 from Aa1
Cl. B-3, Downgraded to Baa3 from Aa1
Cl. B-4, Downgraded to B2 from Aa2; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from A1; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Caa1 from Baa2; Placed
Under Review for further Possible Downgrade
Cl. B-7, Downgraded to Ca from Ba2
Issuer: HarborView Mortgage Loan Trust 2006-BU1
Cl. M-7, Downgraded to Ba1 from Baa1
Cl. M-8, Downgraded to B1 from Baa2
Cl. M-9, Downgraded to Ca from Ba2
Issuer: HarborView Mortgage Loan Trust 2006-CB1
Cl. 2-PO, Placed on Review for Possible Downgrade,
currently Aa2
Cl. 2-X, Placed on Review for Possible Downgrade,
currently Aa2
Cl. 2-B1, Downgraded to Ba3 from Aa2
Cl. 2-B2, Downgraded to Ca from Ba2
Cl. 2-B3, Downgraded to Ca from Caa1
Cl. 2-B4, Downgraded to Ca from Caa2
Issuer: HarborView Mortgage Loan Trust 2006-SB1
Cl. M-1, Downgraded to Aa3 from Aa1
Cl. M-2, Downgraded to Baa2 from Aa1
Cl. M-3, Downgraded to Ba1 from Aa2
Cl. M-4, Downgraded to B1 from A1
Cl. M-5, Downgraded to Caa1 from A3; Placed Under
Review for further Possible Downgrade
Cl. M-6, Downgraded to Ca from Baa2
Cl. M-7, Downgraded to Ca from Ba1
Issuer: HarborView Mortgage Loan Trust 2007-1
Cl. B-3, Downgraded to Aa2 from Aa1
Cl. B-4, Downgraded to A1 from Aa1
Cl. B-5, Downgraded to Ba2 from Aa2
Cl. B-6, Downgraded to B1 from Aa3; Placed Under
Review for further Possible Downgrade
Cl. B-7, Downgraded to B3 from A3; Placed Under
Review for further Possible Downgrade
Cl. B-8, Downgraded to Ca from Baa3
Issuer: HarborView Mortgage Loan Trust 2007-2
Cl. 1A-1A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-1, Downgraded to Baa3 from Aa1
Cl. B-2, Downgraded to B2 from Aa2
Cl. B-3, Downgraded to B2 from Aa3; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B3 from Aa3; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from A3; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Caa1 from Baa2; Placed
Under Review for further Possible Downgrade
Cl. B-7, Downgraded to Ca from Ba3
Cl. B-8, Downgraded to Ca from B3
Issuer: HarborView Mortgage Loan Trust 2007-3
Cl. B-3, Downgraded to A1 from Aa2
Cl. B-4, Downgraded to Baa3 from Aa3
Cl. B-5, Downgraded to Ba3 from A1
Cl. B-6, Downgraded to B1 from A3; Placed Under
Review for further Possible Downgrade
Cl. B-7, Downgraded to B3 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-8, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-9, Downgraded to Ca from Ba2
Issuer: HarborView Mortgage Loan Trust 2007-4
Cl. 1A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 2A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. B-1, Downgraded to Baa3 from Aa1
Cl. B-2, Downgraded to Ba2 from Aa2
Cl. B-3, Downgraded to Ba3 from Aa3
Cl. B-4, Downgraded to B1 from A2; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B2 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Caa1 from Baa3; Placed
Under Review for further Possible Downgrade
Cl. B-7, Downgraded to Ca from Ba2
Cl. B-8, Downgraded to Ca from B1
Issuer: HarborView Mortgage Loan Trust 2007-5
Cl. B-6, Downgraded to Baa3 from Baa1
Cl. B-7, Downgraded to B2 from Baa3
Cl. B-8, Downgraded to Ca from Ba2
Issuer: HarborView Mortgage Loan Trust 2007-6
Cl. B-7, Downgraded to Baa2 from A2
Cl. B-8, Downgraded to B1 from A3
Cl. B-9, Downgraded to Ca from Baa3
For more information please see www.Moodys.com
New York
Amelia (Amy) Tobey
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Amita Shrivastava
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653