New York, March 04, 2014 -- Moody's Investors Service stated today that proposed amendments to servicing
agreements of the affected transactions listed below will not, in
and of themselves and at this time, result in a reduction or withdrawal
of Moody's current ratings of the securities issued by the affected transactions.
Nationstar Mortgage LLC, a servicer for the affected transactions,
requested that Moody's provide its opinion on whether the ratings of the
securities issued by the affected transactions, would be downgraded
or withdrawn as a result of two amendments that are being made to the
servicing agreements for the affected transactions.
The first amendment will allow for Nationstar's servicing advances
in the affected transactions to be funded by an advance facility.
The second amendment will require that the account used by any servicer
in the affected transactions to hold monthly collections from borrowers
be held at a depository institution whose long-term unsecured debt
obligations are rated at least A2 by Moody's and whose commercial paper,
short-term debt obligations, demand deposits or other short-term
deposits are rated at least P-1 by Moody's. If the depository
institution has only long-term debt obligations than the amended
document requires them to have at least A1 ratings from Moody's.
Moody's view is based primarily on its opinion that a) the first amendment
does not alter the servicer's advancing obligations, does
not expand the servicer's right to be reimbursed for advances,
and requires the servicer to indemnify the transaction parties for any
costs resulting from claims arising out of any advance financing facility,
and b) the new ratings requirements for depository institutions in connection
with the second amendment are consistent with Moody's guidelines "The
Temporary Use of Cash in Structured Finance Transactions: Eligible
Investment and Bank Guidelines" published 18, March 2013.
Moody's believed that the amendments did not have an adverse effect on
the credit quality of the securities such that the Moody's ratings were
impacted. Moody's did not express an opinion as to whether the
amendments could have other, non credit-related effects.
Affected transactions
Bear Stearns Asset-Backed Securities Trust 2003-AC6
Bear Stearns Alt-A Trust 2006-3
CSFB Mortgage-Backed Pass-Through Securities, Series
2005-12
CSMC Mortgage-Backed Trust Series 2006-1
CSMC Mortgage-Backed Trust Series 2006-4
CSMC Mortgage-Backed Trust Series 2006-9
CSMC Mortgage-Backed Trust Series 2007-1
GSAA Home Equity Trust 2006-16, Asset-Backed Certificates,
Series 2006-16
GSMPS Mortgage Loan Trust 2004-4
GSMPS Mortgage Loan Trust 2005-LT1
GSMPS Mortgage Loan Trust 2005-RP2
GSMPS Mortgage Loan Trust 2005-RP3
MASTR Alternative Loan Trust 2002-2
MASTR Alternative Loan Trust 2004-4
MASTR Alternative Loan Trust 2004-5
MASTR Adjustable Rate Mortgages Trust 2005-8
MASTR Reperforming Loan Trust 2006-1
MASTR Reperforming Loan Trust 2006-2
SACO I Trust 2005-7
SACO I Trust 2005-8
SACO I Trust 2005-10
Saco I Trust 2006-2
SACO I Trust 2006-5
Structured Asset Mortgage Investments II Trust 2004-AR4
Structured Asset Mortgage Investments II Trust 2004-AR5
Structured Asset Mortgage Investments II Trust 2004-AR6
Structured Asset Mortgage Investments II Trust 2004-AR7
Structured Asset Mortgage Investments II Trust 2005-AR1
Structured Asset Mortgage Investments II Trust 2006-AR3
Structured Asset Securities Corp 2002-23XS
Structured Asset Securities Corp 2005-RF1
Structured Asset Securities Corp 2006-RF1
Structured Asset Securities Corp 2006-RF2
Structured Asset Securities Corp 2006-RF3
Structured Asset Securities Corp 2007-RF1
Thornburg Mortgage Securities Trust 2006-3
Thornburg Mortgage Securities Trust 2006-5
Thornburg Mortgage Securities Trust 2006-6
Thornburg Mortgage Securities Trust 2007-1
Thornburg Mortgage Securities Trust 2007-2
Thornburg Mortgage Securities Trust 2007-3
Thornburg Mortgage Securities Trust 2007-4
Hassan Shamji
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Yehudah Forster
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Determines No negative ratings impact from amendments to 42 Nationstar Mortgage-serviced RMBS deals