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By clicking “I AGREE” [at the end of this document], 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 inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

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Related Issuers
WaMu Mortgage Pass-Through Certificates Series 2003-AR10 Trust
WaMu Mortgage Pass-Through Certificates Series 2003-AR11 Trust
WaMu Mortgage Pass-Through Certificates Series 2003-AR12 Trust
WaMu Mortgage Pass-Through Certificates Series 2003-AR6 Trust
WaMu Mortgage Pass-Through Certificates Series 2003-AR7 Trust
WaMu Mortgage Pass-Through Certificates Series 2003-AR8 Trust
WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR1 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR11 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR3 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR4 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR5 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR7 Trust
WaMu Mortgage Pass-Through Certificates Series 2004-AR9 Trust
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18
WaMu Mortgage Pass-Through Certificates, Series 2002-AR19
WaMu Mortgage Pass-Through Certificates, Series 2002-AR2
WaMu Mortgage Pass-Through Certificates, Series 2002-S5
WaMu Mortgage Pass-Through Certificates, Series 2003-AR1
WaMu Mortgage Pass-Through Certificates, Series 2003-AR3
WaMu Mortgage Pass-Through Certificates, Series 2003-AR4
WaMu Mortgage Pass-Through Certificates, Series 2003-AR5
WaMu Mortgage Pass-Through Certificates, Series 2004-S1
WaMu Mortgage Pass-Through Certificates, Series 2004-S2
WaMu Mortgage Pass-Through Certificates, Series 2004-S3
WaMu Mortgage-Backed Pass-Through Certificates, Series 2001-AR5
Washington Mutual MSC 2002-MS4 Trust
Washington Mutual MSC 2002-MS5 Trust
Washington Mutual MSC 2003-MS6 Trust
Washington Mutual MSC 2003-MS8 Trust
Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2002-MS2
Rating Action:

Moody's Downgrades $2 Billion of Jumbo RMBS issued by WaMu Mortgage Trust in 2001 through 2004

27 Jul 2009

New York, July 27, 2009 -- Moody's Investors Service has downgraded the ratings of 115 tranches from 21 RMBS transactions, backed by prime Jumbo loans, issued by WaMu Mortgage-Backed Pass-Through Certificates Trusts.

The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, jumbo residential mortgage loans. These actions are a result of Moody's updated loss expectations on the underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities backed by pools of jumbo mortgages originated prior to 2005 takes into account the annualized loss rate from the last 12 months ("Recent Losses") and the projected loss rate over the next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life.

Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor for the previous year. Pipeline Losses are calculated by using annualized roll rates of 15%, 30%, 65% and 90% for loans that are 60-89 days delinquent, 90 or more days delinquent, in foreclosure, and properties that are held for sale (REO) respectively. Moody's then applies loss upon default (severity) assumptions ranging from 25% to 35% on the loans that are projected to default,. The roll-rates and severity assumptions mentioned above can vary from deal-to-deal, depending on a deal's specific characteristics.

Weights are then applied to Recent Losses and Pipeline Losses. The weights applied depend on the year of loan and RMBS origination -- deals from earlier vintages typically experience higher Recent Losses and, as a result, have higher weights on Recent Losses. The weighted loss is then translated to lifetime projected loss depending on the deal's expected remaining life by which is estimated based the deal's pool factor and prepayment speeds.

Moody's final rating actions are based on i) the level of credit enhancement available relative to the updated pool-level loss expectations and ii) current ratings. In addition, Moody's takes into account credit enhancement provided by seniority, cross-collateralization, time tranching, and other structural features within the priority of payments.

List of actions:

WaMu Mortgage Pass-Through Ctfs 2003-AR10 Tr

Cl. A-6, Downgraded to Aa1; previously on 11/7/2003 Assigned Aaa

Cl. A-7, Downgraded to Aa1; previously on 11/7/2003 Assigned Aaa

Cl. B-1, Downgraded to A2; previously on 11/7/2003 Assigned Aa2

Cl. B-2, Downgraded to Ba1; previously on 11/7/2003 Assigned A2

Cl. B-3, Downgraded to B3; previously on 11/7/2003 Assigned Baa2

Cl. B-4, Downgraded to Ca; previously on 11/7/2003 Assigned Ba2

Cl. B-5, Downgraded to Ca; previously on 11/7/2003 Assigned B2

WaMu Mortgage Pass-Through Ctfs 2003-AR11 Tr

Cl. B-1, Downgraded to Aa3; previously on 12/1/2003 Assigned Aa2

Cl. B-2, Downgraded to Baa1; previously on 12/1/2003 Assigned A2

Cl. B-3, Downgraded to Ba2; previously on 12/1/2003 Assigned Baa2

Cl. B-4, Downgraded to B2; previously on 12/1/2003 Assigned Ba2

Cl. B-5, Downgraded to Ca; previously on 12/1/2003 Assigned B2

WaMu Mortgage Pass-Through Ctfs 2004-AR7 Tr

Cl. B-1, Downgraded to Aa3; previously on 8/23/2004 Assigned Aa2

Cl. B-2, Downgraded to Baa1; previously on 8/23/2004 Assigned A2

Cl. B-3, Downgraded to Ba3; previously on 8/23/2004 Assigned Baa2

Cl. B-4, Downgraded to Caa2; previously on 8/23/2004 Assigned Ba2

WAMU Mortgage Pass-Through Ctfs, 2002-AR18 Trust

Cl. B-2, Downgraded to A1; previously on 7/27/2005 Upgraded to Aaa

Cl. B-3, Downgraded to Baa3; previously on 7/27/2005 Upgraded to Aa3

Cl. B-4, Downgraded to B2; previously on 7/17/2006 Upgraded to A2

Cl. B-5, Downgraded to Ca; previously on 7/27/2005 Upgraded to Ba1

WaMu Mortgage Pass-Through Ctfs, 2002-AR19 Trust

Cl. A-6, Downgraded to Aa2; previously on 1/24/2003 Assigned Aaa

Cl. A-7, Downgraded to Aa2; previously on 1/24/2003 Assigned Aaa

Cl. A-8, Downgraded to Aa2; previously on 1/24/2003 Assigned Aaa

Cl. B-1, Downgraded to A2; previously on 9/1/2004 Upgraded to Aaa

Cl. B-2, Downgraded to Ba1; previously on 7/27/2005 Upgraded to Aaa

Cl. B-3, Downgraded to B3; previously on 7/27/2005 Upgraded to Aa2

Cl. B-4, Downgraded to Ca; previously on 7/17/2006 Upgraded to A2

Cl. B-5, Downgraded to Ca; previously on 7/27/2005 Upgraded to Ba1

WaMu Mortgage Pass-Through Ctfs, 2003-AR1 Tr.

Cl. B-1, Downgraded to Aa2; previously on 9/1/2004 Upgraded to Aaa

Cl. B-2, Downgraded to Baa1; previously on 9/1/2004 Upgraded to Aa2

Cl. B-3, Downgraded to B1; previously on 7/27/2005 Upgraded to A2

Cl. B-4, Downgraded to Ca; previously on 7/27/2005 Upgraded to Baa1

Cl. B-5, Downgraded to Ca; previously on 7/27/2005 Upgraded to Ba2

WaMu Mortgage Pass-Through Ctfs, 2003-AR5

Cl. B-1, Downgraded to Aa1; previously on 7/27/2005 Upgraded to Aaa

Cl. B-2, Downgraded to A2; previously on 7/27/2005 Upgraded to Aa2

Cl. B-3, Downgraded to Ba1; previously on 7/27/2005 Upgraded to A2

Cl. B-4, Downgraded to B1; previously on 7/27/2005 Upgraded to Baa2

Cl. B-5, Downgraded to Ca; previously on 7/17/2007 Upgraded to Ba2

WaMu Mortgage Pass-Through Ctfs. 2004-AR5 Tr

Cl. A-5, Downgraded to Aa2; previously on 6/17/2004 Assigned Aaa

Cl. A-6, Downgraded to Aa3; previously on 6/17/2004 Assigned Aaa

Cl. B-1, Downgraded to A3; previously on 6/17/2004 Assigned Aa2

Cl. B-2, Downgraded to Ba2; previously on 6/17/2004 Assigned A2

Cl. B-3, Downgraded to Caa2; previously on 6/17/2004 Assigned Baa2

Cl. B-4, Downgraded to Ca; previously on 6/17/2004 Assigned Ba2

Cl. B-5, Downgraded to Ca; previously on 6/17/2004 Assigned B2

WaMu Mortgage Pass-Through Ctfs. 2003-AR12 Tr

Cl. B-1, Downgraded to Aa2; previously on 7/17/2007 Upgraded to Aaa

Cl. B-2, Downgraded to A3; previously on 7/17/2007 Upgraded to Aa3

Cl. B-3, Downgraded to Ba3; previously on 7/17/2007 Upgraded to A3

Cl. B-4, Downgraded to Caa1; previously on 7/17/2007 Upgraded to Baa3

Cl. B-5, Downgraded to Ca; previously on 7/17/2007 Upgraded to B1

WaMu Mortgage Pass-Through Ctfs. 2003-AR3 Tr

Cl. B-1, Downgraded to Aa3; previously on 9/1/2004 Upgraded to Aaa

Cl. B-2, Downgraded to Baa1; previously on 7/27/2005 Upgraded to Aaa

Cl. B-3, Downgraded to Ba3; previously on 7/27/2005 Upgraded to A1

Cl. B-4, Downgraded to Caa2; previously on 7/17/2007 Upgraded to A3

Cl. B-5, Downgraded to Ca; previously on 7/17/2007 Upgraded to Baa3

WaMu Mortgage Pass-Through Ctfs. 2003-AR4 Tr

Cl. B-1, Downgraded to Aa1; previously on 9/1/2004 Upgraded to Aaa

Cl. B-2, Downgraded to A1; previously on 9/1/2004 Upgraded to Aa2

Cl. B-3, Downgraded to Ba1; previously on 7/27/2005 Upgraded to A2

Cl. B-4, Downgraded to B3; previously on 7/27/2005 Upgraded to Baa2

Cl. B-5, Downgraded to Ca; previously on 7/27/2005 Upgraded to Ba3

WaMu Mortgage Pass-Through Ctfs. 2003-AR6 Tr

Cl. B-2, Downgraded to A1; previously on 7/27/2005 Upgraded to Aa2

Cl. B-3, Downgraded to Baa1; previously on 7/27/2005 Upgraded to A2

Cl. B-4, Downgraded to Ba1; previously on 7/17/2007 Upgraded to Baa1

Cl. B-5, Downgraded to B2; previously on 7/27/2005 Upgraded to Ba2

WaMu Mortgage Pass-Through Ctfs. 2003-AR7 Tr

Cl. B-1, Downgraded to Aa1; previously on 7/27/2005 Upgraded to Aaa

Cl. B-2, Downgraded to A2; previously on 7/27/2005 Upgraded to Aa2

Cl. B-3, Downgraded to Ba1; previously on 7/27/2005 Upgraded to A2

Cl. B-4, Downgraded to B1; previously on 7/27/2005 Upgraded to Baa2

Cl. B-5, Downgraded to Caa3; previously on 7/27/2005 Upgraded to Ba2

WaMu Mortgage Pass-Through Ctfs. 2003-AR8 Tr

Cl. B-1, Downgraded to Aa1; previously on 7/17/2007 Upgraded to Aaa

Cl. B-2, Downgraded to A2; previously on 7/17/2007 Upgraded to Aa3

Cl. B-3, Downgraded to Baa3; previously on 7/17/2007 Upgraded to Baa1

Cl. B-4, Downgraded to B1; previously on 7/17/2007 Upgraded to Baa3

Cl. B-5, Downgraded to Caa3; previously on 8/28/2003 Assigned B2

WaMu Mortgage Pass-Through Ctfs. 2003-AR9 Tr

Cl. I-A-6, Downgraded to A1; previously on 9/26/2003 Assigned Aaa

Cl. I-A-7, Downgraded to A1; previously on 9/26/2003 Assigned Aaa

Cl. I-B-1, Downgraded to Baa1; previously on 9/26/2003 Assigned Aa2

Cl. I-B-2, Downgraded to B1; previously on 9/26/2003 Assigned A2

Cl. I-B-3, Downgraded to Caa3; previously on 9/26/2003 Assigned Baa2

Cl. I-B-4, Downgraded to Ca; previously on 9/26/2003 Assigned Ba2

Cl. I-B-5, Downgraded to Ca; previously on 9/26/2003 Assigned B2

Cl. II-B-2, Downgraded to A3; previously on 9/26/2003 Assigned A2

Cl. II-B-3, Downgraded to Ba1; previously on 9/26/2003 Assigned Baa2

Cl. II-B-4, Downgraded to B1; previously on 9/26/2003 Assigned Ba2

Cl. II-B-5, Downgraded to Ca; previously on 9/26/2003 Assigned B2

WaMu Mortgage Pass-Through Ctfs. 2004-AR1 Tr

Cl. A, Downgraded to A3; previously on 2/26/2004 Assigned Aaa

Cl. B-1, Downgraded to Ba2; previously on 7/17/2007 Upgraded to Aaa

Cl. B-2, Downgraded to Caa2; previously on 7/17/2007 Upgraded to Aa3

Cl. B-3, Downgraded to Ca; previously on 7/17/2007 Upgraded to A3

Cl. B-4, Downgraded to Ca; previously on 7/17/2007 Upgraded to Baa3

Cl. B-5, Downgraded to Ca; previously on 7/17/2007 Upgraded to B1

WaMu Mortgage Pass-Through Ctfs. 2004-AR11 Tr

Cl. A, Downgraded to A2; previously on 9/30/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa3; previously on 9/30/2004 Assigned Aa2

Cl. B-2, Downgraded to B3; previously on 9/30/2004 Assigned A2

Cl. B-3, Downgraded to Ca; previously on 9/30/2004 Assigned Baa2

WaMu Mortgage Pass-Through Ctfs. 2004-AR3 Tr

Cl. B-2, Downgraded to A3; previously on 6/11/2004 Assigned A2

Cl. B-3, Downgraded to Ba2; previously on 6/11/2004 Assigned Baa2

Cl. B-4, Downgraded to B3; previously on 6/11/2004 Assigned Ba2

Cl. B-5, Downgraded to Ca; previously on 6/11/2004 Assigned B2

WaMu Mortgage Pass-Through Ctfs. 2004-AR4 Tr

Cl. B-1, Downgraded to A1; previously on 6/17/2004 Assigned Aa2

Cl. B-2, Downgraded to Baa1; previously on 6/17/2004 Assigned A2

Cl. B-3, Downgraded to Ba3; previously on 6/17/2004 Assigned Baa2

Cl. B-4, Downgraded to Caa1; previously on 6/17/2004 Assigned Ba2

Cl. B-5, Downgraded to Ca; previously on 6/17/2004 Assigned B2

WaMu Mortgage Pass-Through Ctfs. 2004-AR9 Tr

Cl. A-1, Downgraded to Aa2; previously on 8/30/2004 Assigned Aaa

Cl. A-6, Downgraded to Aa1; previously on 8/30/2004 Assigned Aaa

Cl. A-7, Downgraded to Aa2; previously on 8/30/2004 Assigned Aaa

Cl. B-1, Downgraded to A2; previously on 8/30/2004 Assigned Aa2

Cl. B-2, Downgraded to Baa3; previously on 8/30/2004 Assigned A2

Cl. B-3, Downgraded to B3; previously on 8/30/2004 Assigned Baa2

WaMu Mortgage Securities Corp. 2001-AR5 Trust

Cl. B-1, Downgraded to A1; previously on 7/27/2005 Upgraded to Aaa

Cl. B-2, Downgraded to Ba1; previously on 7/27/2005 Upgraded to Aaa

Cl. B-3, Downgraded to Caa1; previously on 7/17/2006 Upgraded to Aa2

Cl. B-4, Downgraded to Ca; previously on 7/27/2005 Upgraded to A2

Cl. B-5, Downgraded to Ca; previously on 7/27/2005 Upgraded to Ba1

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF173204

A list of updated estimated pool losses is being updated on an ongoing basis for the duration of this review period and may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF170400

For more information please see www.moodys.com.

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

New York
Juan Lopez
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Downgrades $2 Billion of Jumbo RMBS issued by WaMu Mortgage Trust in 2001 through 2004
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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