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Rating Action:

MOODY'S REVIEWS FOR POSSIBLE DOWNGRADE FIFTY-FOUR DLJMAC PASS-THROUGHS BACKED BY QUALITY MORTGAGE USA, INC. LOANS

14 Nov 1996
MOODY'S REVIEWS FOR POSSIBLE DOWNGRADE FIFTY-FOUR DLJMAC PASS-THROUGHS BACKED BY QUALITY MORTGAGE USA, INC. LOANS New York, 11-14-96 -- Moody's Investors Service placed under review fifty-four classes of certificates issued by DLJ Mortgage Acceptance Corp., for possible downgrade. The majority of the transactions, issued in 1992 through 1995, were structured as senior / subordinated, residential mortgage pass-through certificates. Five of the 1995 transactions use a "SUB IO" structure, which is similar to a senior / subordinated structure, however the cash flow stream from an interest only strip represents the first loss position. The mortgage loans underlying the transactions were originated by Quality Mortgage USA, Inc. (Quality) pursuant to either their regular lending program or equity lending program. The underwriting guidelines used by Quality are intended to originate mortgage loans to borrowers who would not qualify for mortgage loans with FNMA and FHLMC as a result of weaknesses in their credit characteristics and/or repayment ability.
Moody's said this action is prompted by the performance of the mortgage loans underlying the transactions and the amount of credit enhancement available to the certificates in relation to the levels of delinquencies, foreclosures, and expected future losses on the underlying mortgage pools. Moody's noted two factors which are directly tied to the reported levels of delinquencies, foreclosures, and expected future losses for these transactions:
1) Prior to April 1995, Quality maintained a practice of purchasing mortgaged properties from the related REMIC trust funds which were acquired or about to be acquired by foreclosure by the servicer. However, in April 1995, Quality indicated it would no longer exercise its option to purchase defaulted mortgage loans.
2) The servicing of the mortgage loans in previously issued transactions was transferred from Lomas Mortgage USA, Inc. (Lomas) to Temple-Inland Mortgage Corporation (TIMC) in January 1996. Moody's recognizes that the increase in the frequency with which mortgage loans became seriously delinquent and the severities of the losses experienced on the defaulted loans may be attributable to the extended period of time for which Lomas acted as interim servicer (August 24, 1995 through January 31, 1996). During this period the mortgage loans were not serviced as aggressively as they had been in the past, which resulted in additional accrued interest and expenses on the defaulted mortgage loans.
In order to address the special servicing issues associated with the mortgage loans underlying the transactions, DLJ has entered into a special servicing agreement whereby TIMC performs basic servicing functions while Calmco, a separate B&C loss mitigation company owned by DLJ, manages collections and workouts from delinquency and default. Since March 1996, Moody's has noticed an improvement in the delinquency pipeline, particularly the percentages of 30 day and 60 day delinquencies, for transactions backed by regular program loans. However, the percentages of 90+ day delinquencies (including bankruptcies), foreclosures, and real estate owned are high and loss severities are higher than initially expected for the majority of the transactions. Moody's is working with DLJ, TIMC and Calmco to assess the frequency of default and loss severities for the mortgage loans and the ultimate risk faced by the rated certificates.

The following certificates (with current ratings and original principal balances) are under review for possible downgrade:
DLJ Mortgage Acceptance Corp., Series 1992-Q2, Class A-3; Aa3; $16.86MM
DLJ Mortgage Acceptance Corp., Series 1992-Q7, Class A-3; A3; $26.87MM
DLJ Mortgage Acceptance Corp., Series 1992-Q8, Class A-3; A3; $19.99MM
DLJ Mortgage Acceptance Corp., Series 1992-Q8, Class B-1; Ba3; $5.45MM
DLJ Mortgage Acceptance Corp., Series 1992-Q11, Class A-3; Aa3; $19.66MM
DLJ Mortgage Acceptance Corp., Series 1993-Q3, Class A-3; Aa2; $20.35MM
DLJ Mortgage Acceptance Corp., Series 1993-Q3, Class B-1; Baa2; $6.51MM
DLJ Mortgage Acceptance Corp., Series 1993-Q6, Class A-3; Aa2; $24.45MM
DLJ Mortgage Acceptance Corp., Series 1993-Q6, Class B-1; Baa2; $5.84MM
DLJ Mortgage Acceptance Corp., Series 1993-Q13, Class A-2; Aa2; $21.41MM
DLJ Mortgage Acceptance Corp., Series 1993-Q13, Class B-1; Baa3; $6.16MM
DLJ Mortgage Acceptance Corp., Series 1993-Q15, Class A-2; Aa2; $7.75MM
DLJ Mortgage Acceptance Corp., Series 1993-Q16, Class B-1; Baa3; $2.91MM
DLJ Mortgage Acceptance Corp., Series 1993-QE1, Class A-2; Baa1; $5.51MM
DLJ Mortgage Acceptance Corp., Series 1993-QE1, Class B-1; Caa; $3.94MM
DLJ Mortgage Acceptance Corp., Series 1993-QE5, Class A-3; Baa1; $4.98MM
DLJ Mortgage Acceptance Corp., Series 1993-QE5, Class B-1; Caa; $3.21MM
DLJ Mortgage Acceptance Corp., Series 1993-QE11, Class A-2; Baa1; $5.29MM
DLJ Mortgage Acceptance Corp., Series 1993-QE11, Class B-1; Caa; $3.78MM
DLJ Mortgage Acceptance Corp., Series 1994-Q13, Class IB-1; Baa3; $4.66MM
DLJ Mortgage Acceptance Corp., Series 1994-Q13, Class IIB-1; Baa3; $1.90MM
DLJ Mortgage Acceptance Corp., Series 1994-Q13, Class IIIB-1; Baa3; $2.10MM
DLJ Mortgage Acceptance Corp., Series 1994-Q13, Class IIIB-2; B3; $0.26MM
DLJ Mortgage Acceptance Corp., Series 1994-Q14, Class B-1; Baa3; $18.61MM
DLJ Mortgage Acceptance Corp., Series 1994-Q16, Class IA-2; Aa2; $21.43MM
DLJ Mortgage Acceptance Corp., Series 1994-Q16, Class IB-1; Baa3; $10.20MM
DLJ Mortgage Acceptance Corp., Series 1994-Q16, Class IIA-2; Aa2; $16.35MM
DLJ Mortgage Acceptance Corp., Series 1994-Q16, Class IIB-1; Baa3; $5.89MM
DLJ Mortgage Acceptance Corp., Series 1994-QE1, Class A-2; Aa2; $4.23MM
DLJ Mortgage Acceptance Corp., Series 1994-QE1, Class B-1; Ba3; $3.88MM
DLJ Mortgage Acceptance Corp., Series 1994-QE2, Class A-2; Aa1; $3.98MM
DLJ Mortgage Acceptance Corp., Series 1994-QE2, Class B-1; Ba2; $4.83MM
DLJ Mortgage Acceptance Corp., Series 1994-QE4, Class A-2; Aa1; $3.84MM
DLJ Mortgage Acceptance Corp., Series 1994-QE4, Class B-1; Ba3; $3.73MM
DLJ Mortgage Acceptance Corp., Series 1994-QE4, Class B-2; B3; $0.57MM
DLJ Mortgage Acceptance Corp., Series 1994-QE5, Class A-2; A2; $4.71MM
DLJ Mortgage Acceptance Corp., Series 1994-QE5, Class B-1; Ba3; $3.93MM
DLJ Mortgage Acceptance Corp., Series 1994-QE5, Class B-2; Caa; $0.79MM
DLJ Mortgage Acceptance Corp., Series 1994-QE7, Class A-2; A2; $5.23MM
DLJ Mortgage Acceptance Corp., Series 1994-QE7, Class B-1; Ba3; $3.96MM
DLJ Mortgage Acceptance Corp., Series 1994-QE7, Class B-2; B3; $0.71MM
DLJ Mortgage Acceptance Corp., Series 1995-Q1, Class B-1; Baa2; $10.46MM
DLJ Mortgage Acceptance Corp., Series 1995-Q2, Class B-1; Baa2; $3.47MM
DLJ Mortgage Acceptance Corp., Series 1995-Q2, Class B-2; B2; $0.48MM
DLJ Mortgage Acceptance Corp., Series 1995-QE1, Class A-2; Aa2; $7.57MM
DLJ Mortgage Acceptance Corp., Series 1995-QE1, Class B; Baa2; $6.52MM
DLJ Mortgage Acceptance Corp., Series 1995-QE3, Class A-2; Aa1; $8.71MM
DLJ Mortgage Acceptance Corp., Series 1995-QE3, Class B; Baa2; $7.79MM
DLJ Mortgage Acceptance Corp., Series 1995-QE8, Class A-2; Aa2; $8.94MM
DLJ Mortgage Acceptance Corp., Series 1995-QE8, Class B; Baa3; $8.00MM
DLJ Mortgage Acceptance Corp., Series 1995-QE9, Class A-2; Aa2; $4.92MM
DLJ Mortgage Acceptance Corp., Series 1995-QE9, Class B; Baa3; $3.88MM
DLJ Mortgage Acceptance Corp., Series 1995-QE11, Class A-2; Aa2; $2.53MM
DLJ Mortgage Acceptance Corp., Series 1995-QE11, Class B; Baa3; $2.17MM
No Related Data.
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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 JPY125,000 to approximately JPY550,000,000.

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

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