Corrections to Text, September 8, 2008 Release: Moody's Downgrades Certain Harborview Option ARM deals
New York, September 18, 2008 -- Rating action for HarborView Mortgage Loan Trust 2006-14 appears
incorrectly in the September 8, 2008 release.
The previous rating action for HarborView Mortgage Loan Trust 2006-14
on September 8, 2008 did not take into account the guarantor wrap.
After accounting for the financial guaranty, the correct rating
for the Class 2A-1C is as follows:
Cl. 2A-1C, Downgraded to Aa3 from Aaa
Financial Guarantor: Ambac Assurance Corporation (Aa3, negative
outlook)
Underlying Rating: A3
In addition, Moody's is also publishing the underlying rating
of Class 2-A-1C from the HarborView Mortgage Loan Trust
2005-2 transaction.
The updated press release is as follows:
Moody's Investors Service has downgraded the ratings of 240 tranches from
31 Alt-A transactions issued by Harborview. Of these,
43 remain on review for further possible downgrade. Additionally,
28 senior tranches were confirmed at Aaa. The collateral backing
these transactions consists primarily of first-lien, adjustable-rate,
negatively amortizing Alt-A mortgage loans.
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.
Moody's Investors Service also takes action on certain insured notes as
identified below. The ratings on securities that are guaranteed
or "wrapped" by a financial guarantor is the higher of a) the rating of
the guarantor or b) the published underlying rating. The underlying
ratings reflect the intrinsic credit quality of the notes in the absence
of the guarantee. The current ratings on the below notes are consistent
with
Moody's practice of rating insured securities at the higher of the guarantor's
insurance financial strength rating and any underlying rating that is
public.
Complete rating actions are as follows:
Issuer: HarborView Mortgage Loan Trust 2004-11
Cl. 2-A1B, Downgraded to Aa3 from Aaa
Cl. 2-A2B, Downgraded to Aa3 from Aaa
Cl. 2-A3, Downgraded to Aa3 from Aaa
Cl. 3-A1B, Downgraded to Aa3 from Aaa
Cl. 3-A2B, Downgraded to Aa3 from Aaa
Cl. 3-A3, Downgraded to Aa2 from Aaa
Cl. 3-A4, Downgraded to Aa3 from Aaa
Cl. X-B, Downgraded to A3 from Aaa
Cl. B-1, Downgraded to A3 from A1
Cl. B-2, Downgraded to Ba3 from Baa2
Cl. B-3, Downgraded to Caa1 from B1
Issuer: HarborView Mortgage Loan Trust 2005-1
X-PO-1, Confirmed at Aaa
Cl. X-PO-2, Confirmed at Aaa
Cl. X-IO, Confirmed at Aaa
Issuer: HarborView Mortgage Loan Trust 2005-10
Cl. 2-A1C2, Downgraded to Aa3 from Aaa
Cl. B-1, Downgraded to A3 from Aa1
Cl. B-2, Downgraded to Baa2 from A1
Cl. B-3, Downgraded to Ba2 from A3
Cl. B-4, Downgraded to B3 from Baa2
Cl. B-5, Downgraded to Caa1 from Ba1
Cl. B-6, Downgraded to Caa3 from Ba3
Cl. B-7, Downgraded to Ca from B3
Cl. B-8, Downgraded to Ca from B3
Cl. B-9, Downgraded to Ca from Caa2
Issuer: HarborView Mortgage Loan Trust 2005-11
Cl. X, Confirmed at Aaa
Cl. PO, Confirmed at Aaa
Cl. B-1, Downgraded to Baa1 from Aa2
Cl. B-2, Downgraded to B3 from Baa1
Cl. B-3, Downgraded to Ca from B3
Issuer: HarborView Mortgage Loan Trust 2005-12
Cl. 1-A-1A, Downgraded to Aa2 from Aaa
Cl. 1-A-1B, Downgraded to Aa3 from Aaa
Financial Guarantor: Ambac Assurance Corporation (Aa3, negative
outlook)
Underlying Rating: A3
Cl. 2-A1B, Downgraded to Aa3 from Aaa
Financial Guarantor: Ambac Assurance Corporation (Aa3, negative
outlook)
Underlying Rating: A3
Cl. X-1, Downgraded to Aa2 from Aaa
Cl. X-B, Downgraded to B3 from Aa2
Cl. X-2A, Confirmed at Aaa
Cl. X-2B, Confirmed at Aaa
Cl. PO-1, Downgraded to Aa2 from Aaa
Cl. PO-B, Downgraded to B3 from Aa2
Cl. PO-2A, Confirmed at Aaa
Cl. PO-2B, Confirmed at Aaa
Cl. B-1, Downgraded to B3 from Baa3
Cl. B-2, Downgraded to Caa2 from B1
Cl. B-3, Downgraded to Ca from B3
Cl. B-4, Downgraded to Ca from B3
Issuer: HarborView Mortgage Loan Trust 2005-13
Cl. X, Confirmed at Aaa
Cl. PO, Confirmed at Aaa
Cl. B-1, Downgraded to B2 from Baa1
Cl. B-2, Downgraded to Caa2 from B1
Cl. B-3, Downgraded to Ca from B2
Cl. B-4, Downgraded to Ca from Caa2
Issuer: HarborView Mortgage Loan Trust 2005-15
Cl. 2-A1C, Downgraded to A1 from Aaa
Cl. 3-A1C, Downgraded to A1 from Aaa
Cl. X-B, Downgraded to Baa1 from Aa1
Cl. PO-B, Downgraded to Baa1 from Aa1
Cl. B-1, Downgraded to Baa1 from Aa2
Cl. B-2, Downgraded to Ba2 from A2
Cl. B-3, Downgraded to B2 from Baa1
Cl. B-4, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to Caa2 from Ba3
Cl. B-6, Downgraded to Ca from B2
Cl. B-7, Downgraded to Ca from B3
Cl. B-8, Downgraded to Ca from B3
Cl. B-9, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2005-16
Cl. X-B, Downgraded to Ba2 from Aa1
Cl. PO-B, Downgraded to Ba2 from Aa1
Cl. B-1, Downgraded to Ba2 from A1
Cl. B-2, Downgraded to B2 from Baa1
Cl. B-3, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to Caa2 from Ba3
Cl. B-5, Downgraded to Ca from B1
Cl. B-6, Downgraded to Ca from B3
Cl. B-7, Downgraded to Ca from B3
Cl. B-8, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2005-2
Cl. PO, Confirmed at Aaa
Cl. 2-A-2, Downgraded to Aa2 from Aaa
Cl. 2-A-1B, Downgraded to Aa2 from Aaa
Cl. 2-A-1C, Downgraded to Aa2 from Aaa
Financial Guarantor: Ambac Assurance Corporation (Aa3, negative
outlook)
Underlying Rating: Aa2
Cl. B-3, Downgraded to Caa2 from B1
Issuer: HarborView Mortgage Loan Trust 2005-5
Cl. X-2, Confirmed at Aaa
Cl. PO-2, Confirmed at Aaa
Cl. B-3, Downgraded to Caa1 from B1
Issuer: HarborView Mortgage Loan Trust 2005-7
Cl. 1-X, Confirmed at Aaa
Cl. 1-PO, Confirmed at Aaa
Cl. 1-A2, Downgraded to Aa3 from Aaa
Cl. 2-X, Confirmed at Aaa
Cl. 2-PO, Confirmed at Aaa
Cl. 2-A2B, Downgraded to Aa3 from Aaa
Cl. 1-B2, Downgraded to B2 from Ba3
Cl. 2-B2, Downgraded to B3 from Ba1
Cl. 2-B3, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2005-8
Cl. 1-B1, Downgraded to Baa1 from Aa2
Cl. 1-B2, Downgraded to Ba2 from A1
Cl. 1-B3, Downgraded to B2 from A3
Cl. 1-B4, Downgraded to B3 from Baa2; Placed
Under Review for further Possible Downgrade
Cl. 1-B5, Downgraded to Caa1 from Ba1
Cl. 1-B6, Downgraded to Caa3 from B1
Cl. 1-B7, Downgraded to Ca from B2
Cl. 1-B8, Downgraded to Ca from B3
Cl. 1-B9, Downgraded to Ca from Caa1
Cl. 2-A2, Downgraded to Aa2 from Aaa
Cl. 2-A3, Downgraded to Aa2 from Aaa
Cl. 2-XB, Downgraded to Baa1 from Aaa
Cl. 2-POB, Downgraded to Baa1 from Aaa
Cl. 2-B1, Downgraded to Baa1 from A2
Cl. 2-B2, Downgraded to B3 from Ba2
Cl. 2-B3, Downgraded to Ca from B3
Cl. 2-B4, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2006-1
Cl. 1-A1B, Currently Aaa, Under Review for Possible
Downgrade
Financial Guarantor: Financial Security Assurance Inc. (Aaa,
Under Review for Possible Downgrade)
Underlying Rating: Ba3
Cl. 2-A1C, Currently Aaa, Under Review for Possible
Downgrade
Financial Guarantor: Financial Security Assurance Inc. (Aaa,
Under Review for Possible Downgrade)
Underlying Rating: Ba3
Cl. X-1, Confirmed at Aaa
Cl. PO-1, Confirmed at Aaa
Cl. B-1, Downgraded to B1 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-2, Downgraded to B2 from Ba1; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to Caa3 from Ba3
Cl. B-4, Downgraded to Ca from B3
Cl. B-5, Downgraded to Ca from B3
Cl. B-6, Downgraded to Ca from B3
Cl. B-10, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2006-10
Cl. B-1, Downgraded to Baa1 from Aa1
Cl. B-2, Downgraded to Ba3 from A1
Cl. B-3, Downgraded to B1 from A3; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B2 from Ba2; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from B1; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Caa3 from Caa1
Issuer: HarborView Mortgage Loan Trust 2006-12
Cl. 1A-1A, Downgraded to Aa2 from Aaa
Cl. B-1, Downgraded to Baa3 from Aa1
Cl. B-2, Downgraded to B1 from Aa3
Cl. B-3, Downgraded to B2 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B3 from Ba3; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to Caa2 from B3
Cl. B-6, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2006-14
Cl. 1A-1A, Downgraded to A2 from Aaa
Cl. 2A-1C, Downgraded to Aa3 from Aaa
Financial Guarantor: Ambac Assurance Corporation (Aa3, negative
outlook)
Underlying Rating: A3
Cl. 2A-2C, Downgraded to A3 from Aaa
Cl. B-1, Downgraded to Ba1 from Aaa
Cl. B-2, Downgraded to B1 from Aaa
Cl. B-3, Downgraded to B2 from Aa1; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B3 from A2; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to Caa2 from Ba3
Cl. B-6, Downgraded to Ca from B3
Issuer: HarborView Mortgage Loan Trust 2006-4
Cl. 1-A1B, Downgraded to Baa2 from Aaa
Financial Guarantor: Syncora Guarantee Inc. (B2, Under
Review for Possible Upgrade)
Underlying Rating: Baa2
Cl. 1-A2B, Downgraded to Baa2 from Aaa
Financial Guarantor: Syncora Guarantee Inc. (B2, Under
Review for Possible Upgrade)
Underlying Rating: Baa2
Cl. 2-A1C, Downgraded to Baa2 from Aaa
Financial Guarantor: Syncora Guarantee Inc. (B2, Under
Review for Possible Upgrade)
Underlying Rating: Baa2
Cl. 3-A1C, Downgraded to Baa2 from Aaa
Financial Guarantor: Syncora Guarantee Inc. (B2, Under
Review for Possible Upgrade)
Underlying Rating: Baa2
Cl. X-1, Confirmed at Aaa
Cl. X-3A, Confirmed at Aaa
Cl. X-B, Downgraded to B1 from Aaa
Cl. PO-1, Confirmed at Aaa
Cl. PO-3A, Confirmed at Aaa
Cl. PO-B, Downgraded to B1 from Aaa
Cl. B-1, Downgraded to B1 from Baa2
Cl. B-2, Downgraded to B3 from Ba3; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to Caa3 from B2
Cl. B-4, Downgraded to Ca from B3
Cl. B-5, Downgraded to Ca from B3
Cl. B-6, Downgraded to Ca from B3
Cl. B-7, Downgraded to Ca from Caa1
Cl. B-10, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2006-5
Cl. 1-A1B, Downgraded to B2 from Aaa
Financial Guarantor: Syncora Guarantee Inc. (B2, Under
Review for Possible Upgrade)
Underlying Rating: B3
Cl. 2-A1C, Downgraded to B3 from Aaa
Cl. X-1, Confirmed at Aaa
Cl. X-2, Confirmed at Aaa
Cl. X-B, Downgraded to Caa1 from Aaa
Cl. PO-1, Confirmed at Aaa
Cl. PO-2, Confirmed at Aaa
Cl. PO-B, Downgraded to Caa1 from Aaa
Cl. B-1, Downgraded to Caa1 from Ba3
Cl. B-2, Downgraded to Ca from Caa1
Cl. B-3, Downgraded to Ca from Caa1
Cl. B-8, Downgraded to C from Ca
Cl. B-9, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2006-7
Cl. 1A, Downgraded to A1 from Aaa
Cl. B-1, Downgraded to Ba3 from A2
Cl. B-2, Downgraded to B2 from Ba1; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to B3 from Ba3; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B3 from B2; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to Caa1 from B3
Cl. B-6, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2006-8
Cl. B-1, Downgraded to Aa3 from Aa1
Cl. B-2, Downgraded to Ba1 from Aa3
Cl. B-3, Downgraded to Ba3 from A1
Cl. B-4, Downgraded to B2 from Ba3; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from B2; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Caa1 from B2
Cl. B-7, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2006-9
Cl. 1A-1A, Downgraded to Aa3 from Aaa
Cl. 2A-1C1, Downgraded to A1 from Aaa
Cl. B-1, Downgraded to Ba2 from Aa1
Cl. B-2, Downgraded to B1 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to B2 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B3 from B2; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to Ca from B3
Cl. B-6, Downgraded to Ca from Caa1
Cl. B-7, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2006-BU1
Cl. M-2, Downgraded to Aa2 from Aa1
Cl. M-3, Downgraded to Aa3 from Aa1
Cl. M-4, Downgraded to Ba2 from Aa3
Cl. M-5, Downgraded to B2 from A1
Cl. M-6, Downgraded to B3 from A2; Placed Under
Review for further Possible Downgrade
Cl. M-7, Downgraded to B3 from Ba1; Placed Under
Review for further Possible Downgrade
Cl. M-8, Downgraded to B3 from B1; Placed Under
Review for further Possible Downgrade
Issuer: HarborView Mortgage Loan Trust 2006-CB1
Cl. 2-A2, Downgraded to Baa2 from Aa2
Financial Guarantor: Syncora Guarantee Inc. (B2, Under
Review for Possible Upgrade)
Underlying Rating: Baa2
Cl. 2-X, Downgraded to B2 from Aa2
Cl. 2-PO, Downgraded to B2 from Aa2
Cl. 2-B1, Downgraded to B2 from Ba3
Cl. 2-B4, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2006-SB1
Cl. A-1B, Downgraded to Baa3 from Aaa
Cl. M-1, Downgraded to B3 from Aa3
Cl. M-2, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. M-3, Downgraded to Caa2 from Ba1
Cl. M-4, Downgraded to Ca from B1
Cl. M-5, Downgraded to C from Caa1
Cl. M-6, Downgraded to C from Ca
Cl. M-7, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2007-1
Cl. 1A-1B, Currently Aaa, Under Review for Possible
Downgrade
Financial Guarantor: Financial Security Assurance Inc. (Aaa,
Under Review for Possible Downgrade)
Underlying Rating: Aa1
Cl. 2A-1C1, Currently Aaa, Under Review for
Possible Downgrade
Financial Guarantor: Financial Security Assurance Inc. (Aaa,
Under Review for Possible Downgrade)
Underlying Rating: Aa1
Cl. 2A-1C2, Downgraded to Aa1 from Aaa
Cl. B-1, Downgraded to A3 from Aaa
Cl. B-2, Downgraded to B1 from Aaa
Cl. B-3, Downgraded to B2 from Aa2; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B3 from A1; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from Ba2; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Ca from B1
Cl. B-7, Downgraded to Ca from B3
Cl. B-8, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2007-2
Cl. 1A-1A, Downgraded to Baa3 from Aaa
Cl. 2-A1C, Downgraded to Aa3 from Aaa
Financial Guarantor: Ambac Assurance Corporation (Aa3, negative
outlook)
Underlying Rating: Ba1
Cl. B-1, Downgraded to B1 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-2, Downgraded to B3 from B2; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to B3 from B2; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to Caa1 from B3
Cl. B-5, Downgraded to Caa2 from B3
Cl. B-6, Downgraded to Ca from Caa1
Issuer: HarborView Mortgage Loan Trust 2007-3
Cl. 2A-1C, Downgraded to Aa1 from Aaa
Cl. B-1, Downgraded to Ba2 from Aaa
Cl. B-2, Downgraded to B1 from Aa1; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to B2 from A1; Placed Under
Review for further Possible Downgrade
Cl. B-4, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B3 from Ba3; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to Caa1 from B1
Cl. B-7, Downgraded to Caa3 from B3
Cl. B-8, Downgraded to Ca from B3
Cl. B-9, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2007-4
Cl. 1A-1, Downgraded to Baa3 from Aaa
Cl. 2A-3, Downgraded to Ba1 from Aaa
Cl. B-1, Downgraded to B2 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. B-2, Downgraded to B3 from Ba2; Placed Under
Review for further Possible Downgrade
Cl. B-3, Downgraded to Caa1 from Ba3
Cl. B-4, Downgraded to Ca from B1
Cl. B-5, Downgraded to Ca from B2
Cl. B-6, Downgraded to Ca from Caa1
Cl. B-7, Downgraded to C from Ca
Cl. B-8, Downgraded to C from Ca
Issuer: HarborView Mortgage Loan Trust 2007-5
Cl. A-1C, Downgraded to Baa3 from Aaa
Cl. B-1, Downgraded to B2 from Aa1
Cl. B-2, Downgraded to B3 from Aa2
Cl. B-3, Downgraded to B3 from Aa2; 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 Caa1 from A2
Cl. B-6, Downgraded to Caa2 from Baa3
Cl. B-7, Downgraded to Ca from B2
Issuer: HarborView Mortgage Loan Trust 2007-6
Cl. 1A-1B, Downgraded to Aa1 from Aaa
Cl. 2A-1C, Downgraded to Aa1 from Aaa
Cl. B-1, Downgraded to Aa3 from Aaa
Cl. B-2, Downgraded to Baa3 from Aa1
Cl. B-3, Downgraded to Ba3 from Aa1
Cl. B-4, Downgraded to B1 from Aa2; Placed Under
Review for further Possible Downgrade
Cl. B-5, Downgraded to B2 from Aa3; Placed Under
Review for further Possible Downgrade
Cl. B-6, Downgraded to B3 from A1; Placed Under
Review for further Possible Downgrade
Cl. B-7, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. B-8, Downgraded to Ca from B1
Issuer: HarborView Mortgage Loan Trust 2007-7
Cl. B-8, Downgraded to B2 from Baa3
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF142849
For more information please see www.moodys.com.
New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Karandeep Bains
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653