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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Related Issuers
ABN AMRO Mortgage Corporation, Series 2002-1A
ABN AMRO Mortgage Corporation, Series 2002-5
Bank of America Mortgage 2002-H Trust
Bear Stearns ARM Trust 2001-7
Bear Stearns ARM Trust 2002-10
Bear Stearns ARM Trust 2002-5
Bear Stearns ARM Trust 2002-7
Bear Stearns ARM Trust 2002-8
Bear Stearns ARM Trust 2002-9
Bear Stearns ARM Trust 2003-1
Bear Stearns ARM Trust 2003-3
Bear Stearns ARM Trust, Series 2001-4
Chase Mortgage Finance Trust, Series 2002-S6
CHL Mortgage Pass-Through Trust 2001-HYB1
CHL Mortgage Pass-Through Trust 2002-1
CHL Mortgage Pass-Through Trust 2002-7
CHL Mortgage Pass-Through Trust 2003-HYB1
CHL Mortgage Pass-Through Trust 2003-HYB2
Citicorp Mtg Sec Inc 2003-2
CWMBS Mortgage Pass-Through Trust 2001-HYB2
Fifth Third Mortgage Loan Trust 2002-FTB1
FNT Mortgage-Backed Pass-Through Certificates, Series 2001-1
GSR Mortgage Loan Trust 2003-1
MASTR Adjustable Rate Mortgages Trust 2002-3
MASTR Adjustable Rate Mortgages Trust 2002-4
MASTR Asset Securitization Trust 2002-3
MASTR Asset Securitization Trust 2002-6
MASTR Asset Securitization Trust 2002-7
Merrill Lynch Mortgage Investors, Inc. Mortgage Pass-Through Certificates, Series 2001-S1
Mortgage Pass-Through Certificates, MLMI Series 2002-A2
Salomon Mortgage Loan Trust, Series 2002-HYB1
Wachovia Asset Securitization, Inc. 2002-1 Trust
WaMu Mortgage Pass-Through Certificates Series 2002-AR5 Trust
WaMu MSC Mortgage Pass-Through Certificates, Series 2001-MS14
Washington Mutual MSC 2002-MS3 Trust
Washington Mutual MSC 2002-MS4 Trust
Washington Mutual MSC 2002-MS5 Trust
Washington Mutual MSC 2002-MS6 Trust
Washington Mutual MSC Mortgage 2003-AR1 Trust
Washington Mutual MSC Mortgage 2003-AR2 Trust
Washington Mutual MSC Mortgage Pass-Through Certificates Series 2002-AR2 Trust
Washington Mutual MSC Mortgage Pass-Through Certificates Series 2002-AR3 Trust
Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2002-MS2
Rating Action:

MOODY'S PLACES 148 JUMBO RESIDENTIAL MBS TRANCHES UNDER REVIEW FOR POSSIBLE UPGRADE

20 Aug 2004
MOODY'S PLACES 148 JUMBO RESIDENTIAL MBS TRANCHES UNDER REVIEW FOR POSSIBLE UPGRADE

New York, August 20, 2004 -- Moody's has placed 148 tranches from 43 Y-structure securitizations on review for possible upgrade. The rating actions follow Moody's comprehensive examination of "jumbo" securitizations issued and rated from 2001 through 2003. The examination was prompted by the unusually strong mortgage credit environment of the past few years, which includes rapid industry-wide prepayment speeds and generally rising home prices.

Over the last several years the jumbo RMBS securitization market has experienced very strong performance. Many securitization pools have experienced no losses or very low levels of losses. High prepayment rates, combined with the virtually standard jumbo RMBS shifting interest structure, have resulted in a significant increase in tranche credit enhancement levels. In the standard shifting interest structure, 100% of prepayment principal is allocated to the senior most tranche, typically for at least the first five years. High prepayment rates have also reduced loss rates, as some loans that may have defaulted in later years have prepaid prior to the borrower experiencing a "life event." While the economic environment of the recent past has caused some financial strain on borrowers, the strong housing market has enabled many borrowers to avoid foreclosure by selling their properties prior to incurring any loss on the mortgage loan. In addition, the continued strong housing market has decreased the amount of the loss realized on the low percentage of loans that have experienced a loss.

Among the 148 tranches on review for possible upgrade were 5 super senior support tranches. Super senior support tranches carry more risk than a senior tranche that is not divided into super senior and support tranches. This risk is due to the potentially higher severity of loss on the support tranche, should a loss be realized. The 5 senior support tranches have been placed under review for upgrade due to the substantial increase in credit enhancement percentages since issuance.

The complete rating action is as follows:

The following classes are on review for upgrade:

ABN AMRO 2002-1A, Class B-1, Current Rating Aa2

ABN AMRO 2002-1A, Class B-2, Current Rating A2

ABN AMRO 2002-1A, Class B-3, Current Rating Baa2

ABN AMRO 2002-1A, Class B-4, Current Rating Ba2

ABN AMRO 2002-5, Class B-1, Current Rating Aa2

ABN AMRO 2002-5, Class B-2, Current Rating A2

ABN AMRO 2002-5, Class B-3, Current Rating Baa2

ABN AMRO 2002-5, Class B-4, Current Rating B2

Bank of America 2002-H, Class B-2, Current Rating Aa2

Bank of America 2002-H, Class B-3, Current Rating A2

Bank of America 2002-H, Class B-4, Current Rating Baa2

Bank of America 2002-H, Class B-5, Current Rating Ba2

Bear Stearns ARM Trust 2001-4, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2001-4, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2001-4, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2001-7, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2001-7, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2001-7, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2001-7, Class B-4, Current Rating Ba2

Bear Stearns ARM Trust 2002-5, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-5, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-5, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-7, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-7, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-7, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-8, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-8, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-8, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-8, Class B-4, Current Rating Ba2

Bear Stearns ARM Trust 2002-8, Class B-5, Current Rating B2

Bear Stearns ARM Trust 2002-9, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-9, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-9, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-10, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2002-10, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2002-10, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2002-10, Class B-4, Current Rating Ba2

Bear Stearns ARM Trust 2003-1, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2003-1, Class B-2, Current Rating A2

Bear Stearns ARM Trust 2003-1, Class B-3, Current Rating Baa2

Bear Stearns ARM Trust 2003-3, Class B-1, Current Rating Aa2

Bear Stearns ARM Trust 2003-3, Class B-2, Current Rating A2

Chase Mortgage 2002-S6, Class M, Current Rating Aa1

Chase Mortgage 2002-S6, Class B-1, Current Rating A1

Chase Mortgage 2002-S6, Class B-2, Current Rating Baa1

Chase Mortgage 2002-S6, Class B-3, Current Rating Ba2

CHL Mortgage 2001-HYB1, Class B-1, Current Rating Aa2

CHL Mortgage 2001-HYB1, Class B-2, Current Rating A3

CHL Mortgage 2001-HYB1, Class B-3, Current Rating Baa2

CHL Mortgage 2001-HYB1, Class B-4, Current Rating Ba3

CHL Mortgage 2002-1, Class B-1, Current Rating Aa2

CHL Mortgage 2002-1, Class B-2, Current Rating A2

CHL Mortgage 2002-7, Class B-1, Current Rating Aa2

CHL Mortgage 2002-7, Class B-2, Current Rating A2

CHL Mortgage 2002-7, Class B-3, Current Rating Baa2

CHL Mortgage 2001-HYB2, Class M, Current Rating Aa2

CHL Mortgage 2001-HYB2, Class B-1, Current Rating A2

CHL Mortgage 2003-HYB1, Class M, Current Rating Aa2

CHL Mortgage 2003-HYB1, Class B-1, Current Rating A2

CHL Mortgage 2003-HYB1, Class B-2, Current Rating Baa2

CHL Mortgage 2003-HYB2, Class M, Current Rating Aa2

CHL Mortgage 2003-HYB2, Class B-1, Current Rating A2

CHL Mortgage 2003-HYB2, Class B-2, Current Rating Baa2

Citicorp Mortgage 2003-2, Class IA-14, Current Rating Aa1

Citicorp Mortgage 2003-2, Class B-2, Current Rating A2

Citicorp Mortgage 2003-2, Class B-3, Current Rating Baa2

Fifth Third Mortgage 2002-FTB1, Class C-B-1, Current Rating Aa3

FNT Mortgage 2001-1, Class M-3, Current Rating A2

GSR Mortgage 2003-1, Class B-1, Current Rating Aa2

GSR Mortgage 2003-1, Class B-2, Current Rating A2

GSR Mortgage 2003-1, Class B-3, Current Rating Baa2

MASTR Adjustable Rate Mortgages 2002-3, Class B-1, Current Rating Aa3

MASTR Adjustable Rate Mortgages 2002-3, Class B-2, Current Rating A2

MASTR Adjustable Rate Mortgages 2002-3, Class B-3, Current Rating Baa2

MASTR Adjustable Rate Mortgages 2002-3, Class B-4, Current Rating Ba2

MASTR Adjustable Rate Mortgages 2002-4, Class B-1, Current Rating Aa2

MASTR Adjustable Rate Mortgages 2002-4, Class B-2, Current Rating A2

MASTR Adjustable Rate Mortgages 2002-4, Class B-3, Current Rating Baa2

MASTR Adjustable Rate Mortgages 2002-4, Class B-4, Current Rating Ba2

MASTR Adjustable Rate Mortgages 2002-4, Class B-5, Current Rating B3

MASTR Asset Securitization 2002-3, Class B-1, Current Rating Aa1

MASTR Asset Securitization 2002-3, Class B-2, Current Rating Aa3

MASTR Asset Securitization 2002-3, Class B-3, Current Rating A3

MASTR Asset Securitization 2002-3, Class B-4, Current Rating Baa3

MASTR Asset Securitization 2002-6, Class 3-A-2, Current Rating Aa1

MASTR Asset Securitization 2002-6, Class B-2, Current Rating A3

MASTR Asset Securitization 2002-7, Class 1-A-5, Current Rating Aa1

MASTR Asset Securitization 2002-7, Class 2-A-14, Current Rating Aa1

MASTR Asset Securitization 2002-7, Class 2-A-15, Current Rating Aa1

MASTR Asset Securitization 2002-7, Class B-1, Current Rating Aa3

MASTR Asset Securitization 2002-7, Class B-2, Current Rating A3

MASTR Asset Securitization 2002-7, Class B-3, Current Rating Baa3

MASTR Asset Securitization 2002-7, Class B-4, Current Rating Ba3

Merrill Lynch Mortgage 2001-S1, Class M-2, Current Rating Aa2

Merrill Lynch Mortgage 2001-S1, Class M-3, Current Rating A2

MLMI 2002-A2, Class M-1, Current Rating Aa1

MLMI 2002-A2, Class M-2, Current Rating A1

MLMI 2002-A2, Class M-3, Current Rating Baa1

MLMI 2002-A2, Class B-1, Current Rating Ba1

MLMI 2002-A2, Class B-2, Current Rating B2

Salomon 2002-HYB1, Class M-2, Current Rating Aa2

Salomon 2002-HYB1, Class M-3, Current Rating A2

Salomon 2002-HYB1, Class B-1, Current Rating Baa2

Salomon 2002-HYB1, Class B-2, Current Rating Ba2

Wachovia Asset 2002-1, Class B-1, Current Rating Aa2

Wachovia Asset 2002-1, Class B-2, Current Rating A2

Wachovia Asset 2002-1, Class B-3, Current Rating Baa2

Wachovia Asset 2002-1, Class B-4, Current Rating Ba2

Wachovia Asset 2002-1, Class B-5, Current Rating B2

WaMu 2002-AR5, Class B-1, Current Rating Aa2

WaMu 2002-AR5, Class B-2, Current Rating A2

WaMu 2002-AR5, Class B-3, Current Rating Baa2

WaMu 2002-AR5, Class B-4, Current Rating Ba2

WaMu 2002-AR5, Class B-5, Current Rating B2

WaMu MSC 2001-MS14, Class C-B-2, Current Rating Aa2

WaMu MSC 2001-MS14, Class C-B-3, Current Rating Baa2

WaMu MSC 2001-MS14, Class C-B-4, Current Rating Ba2

Washington Mutual MSC 2002-MS3, Class C-B-1, Current Rating Aa1

Washington Mutual MSC 2002-MS3, Class C-B-2, Current Rating Aa3

Washington Mutual MSC 2002-MS3, Class C-B-3, Current Rating A3

Washington Mutual MSC 2002-MS3, Class C-B-4, Current Rating Baa3

Washington Mutual MSC 2002-MS4, Class C-B-1, Current Rating Aa1

Washington Mutual MSC 2002-MS4, Class C-B-2, Current Rating Aa3

Washington Mutual MSC 2002-MS4, Class C-B-3, Current Rating A3

Washington Mutual MSC 2002-MS4, Class C-B-4, Current Rating Ba1

Washington Mutual MSC 2002-MS5, Class C-B-1, Current Rating Aa1

Washington Mutual MSC 2002-MS5, Class C-B-2, Current Rating Aa3

Washington Mutual MSC 2002-MS5, Class C-B-3, Current Rating A3

Washington Mutual MSC 2002-MS5, Class C-B-4, Current Rating Baa3

Washington Mutual MSC 2002-MS6, Class C-B-2, Current Rating Aa3

Washington Mutual MSC 2002-MS6, Class C-B-3, Current Rating A3

Washington Mutual MSC 2002-MS6, Class C-B-4, Current Rating Baa3

Washington Mutual MSC Mortgage 2002-AR2, Class B-1, Current Rating Aa2

Washington Mutual MSC Mortgage 2002-AR2, Class B-2, Current Rating A2

Washington Mutual MSC Mortgage 2002-AR2, Class B-3, Current Rating Baa2

Washington Mutual MSC Mortgage 2002-AR3, Class B-1, Current Rating Aa2

Washington Mutual MSC Mortgage 2002-AR3, Class B-2, Current Rating A2

Washington Mutual MSC Mortgage 2002-AR3, Class B-3, Current Rating Baa2

Washington Mutual MSC Mortgage 2003-AR1, Class B-1, Current Rating Aa2

Washington Mutual MSC Mortgage 2003-AR1, Class B-2, Current Rating A2

Washington Mutual MSC Mortgage 2003-AR1, Class B-3, Current Rating Baa2

Washington Mutual MSC Mortgage 2003-AR2, Class B-1, Current Rating Aa2

Washington Mutual MSC Mortgage 2003-AR2, Class B-2, Current Rating A2

Washington Mutual MSC Mortgage 2003-AR2, Class B-3, Current Rating Baa2

Washington Mutual MSC Mortgage 2002-MS2, Class C-B-2, Current Rating Aa3

Washington Mutual MSC Mortgage 2002-MS2, Class C-B-3, Current Rating A2

Washington Mutual MSC Mortgage 2002-MS2, Class C-B-4, Current Rating Baa2

Washington Mutual MSC Mortgage 2002-MS2, Class C-B-5,Current Rating Ba3

New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Warren Kornfeld
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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