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Rating Action:

Moody's Downgrades $5.3 billion of Jumbo RMBS issued in 2005 - 2008

17 Jul 2009

New York, July 17, 2009 -- Moody's Investors Service has downgraded 182 tranches and confirmed 9 tranches from 10 deals issued by Banc of America, CHL Mortgage Pass-Through Trust, and J.P. Morgan Mortgage Trust.

The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, Jumbo mortgage loans. The actions are triggered by the quickly deteriorating performance -- marked by rising delinquencies and loss severities, along with concerns about the continuing drop in housing prices nationwide and the rising unemployment levels. The actions listed below reflect Moody's updated expected losses on the jumbo sector announced in a press release on March 19th, 2009, and are part of Moody's on-going review process.

Moody's final rating actions are based on current ratings, level of credit enhancement, collateral performance and updated pool-level loss expectations relative to current level of credit enhancement. Moody's took into account credit enhancement provided by seniority, cross-collateralization, time tranching, and other structural features within the senior note waterfalls.

For details regarding Moody's approach to estimating losses on Jumbo pools originated in 2005, 2006, 2007 and 2008, please refer to the methodology publication "Prime Jumbo RMBS Loss Projection Update: March 2009" available on Moodys.com.

Loss estimates are subject to variability and are sensitive to assumptions used; as a result, realized losses could ultimately turn out higher or lower than our current expectations. Moody's will continue to evaluate performance data as it becomes available and will assess the pattern of potential future defaults and adjust loss expectations accordingly as necessary.

Complete rating actions are as follows:

Banc of America Funding 2006-3 Trust

Cl. 1-A-1, Downgraded to Ba3; previously on 3/19/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to B1; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to B1; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-1, Downgraded to Ba3; previously on 3/19/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. 3-A-2, Downgraded to B1; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 4-A-1, Confirmed at A1; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-2, Confirmed at A1; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-3, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-4, Confirmed at A1; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-5, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-6, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-7, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-8, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-9, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-10, Confirmed at A1; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-11, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-12, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-13, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-14, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-15, Downgraded to Baa3; previously on 3/19/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. 4-A-16, Downgraded to Ba3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 4-A-17, Downgraded to Aa3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-18, Downgraded to Baa1; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 4-A-19, Confirmed at A1; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 4-A-20, Downgraded to A2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 5-A-1, Downgraded to Ba1; previously on 3/19/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. 5-A-2, Downgraded to B1; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 5-A-3, Downgraded to Ba3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 5-A-4, Downgraded to Ba3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 5-A-5, Downgraded to Ba3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 5-A-6, Downgraded to Ba3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 5-A-7, Downgraded to Baa2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 5-A-8, Downgraded to Ba1; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 5-A-9, Downgraded to Ba3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 6-A-1, Confirmed at Aa3; previously on 3/19/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. X-IO, Downgraded to Aa2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. X-PO, Downgraded to Ba3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 3/19/2009 Baa1 Placed Under Review for Possible Downgrade

Banc of America Funding 2006-I Trust

Cl. 1-A-1, Downgraded to A3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to A3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. S-B-1, Downgraded to Ca; previously on 3/19/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. S-B-2, Downgraded to Ca; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. S-B-3, Downgraded to Ca; previously on 3/19/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. S-B-4, Downgraded to Ca; previously on 3/19/2009 Baa2 Placed Under Review for Possible Downgrade

Banc of America Funding 2007-3 Trust

Cl. 1-A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-3, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. X-A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. X-A-2, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. X-IO, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. X-PO, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Banc of America Funding 2007-4 Trust

Cl. 4-A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-2, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A-2, Downgraded to B2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 5-A-3, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 6-A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 7-A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 8-A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. S-IO, Downgraded to B2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. S-PO, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Banc of America Funding 2007-C Trust

Cl. 1-A-1, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-3, Downgraded to B2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-4, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-5, Downgraded to Ca; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to Ca; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-1, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-2, Downgraded to Ca; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-1, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-2, Downgraded to B3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-3, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-4, Downgraded to Ca; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. X-B-1, Downgraded to C; previously on 3/19/2009 Aa2 Placed Under Review for Possible Downgrade

Banc of America Mortgage 2008-A Trust

Cl. 1-A-1, Downgraded to B1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to Ca; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-3, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-4, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-5, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-6, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-7, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to B1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to Ca; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-3, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-4, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-5, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-6, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-7, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-1, Downgraded to Ba2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-2, Downgraded to Ca; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-3, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-4, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-5, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-6, Downgraded to Caa2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-7, Downgraded to Caa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C; previously on 3/19/2009 Aa2 Placed Under Review for Possible Downgrade

Banc of America Mortgage Securities,Inc Mortgage Pass-Through Certificates, Series 2005-9

Cl. 1-A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-3, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-4, Downgraded to A2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-5, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-6, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-7, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-8, Downgraded to Baa2; previously on 3/19/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. 1-A-9, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-10, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-11, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1-A-12, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to A1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-1, Confirmed at Aaa; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3-A-2, Downgraded to Aa2; previously on 3/19/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. 3-A-3, Downgraded to Aa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-1, Confirmed at Aaa; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 4-A-2, Downgraded to Aa2; previously on 3/19/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. 4-A-3, Downgraded to Aa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 15-IO, Confirmed at Aaa; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 15-PO, Downgraded to Aa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 30-IO, Downgraded to Aa2; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 30-PO, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 3/19/2009 Baa2 Placed Under Review for Possible Downgrade

CHL Mortgage Pass-Through Trust 2005-J4

Cl. A-1, Downgraded to Baa1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ba1; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Baa3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Ba3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to Ba3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-7, Downgraded to A3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. X, Downgraded to A3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

Cl. PO, Downgraded to Ba3; previously on 3/19/2009 Aaa Placed Under Review for Possible Downgrade

CHL Mortgage Pass-Through Trust 2007-10

Cl. A-19, Downgraded to B3; previously on 3/19/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. A-20, Downgraded to Caa3; previously on 3/19/2009 B2 Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Trust 2006-A6

Cl. 1-A-1, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-1M, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-1S, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to B2; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 1-A-3, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-3M, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-3S, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-4, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-4F, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-4L, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-4M, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-4S, Downgraded to B3; previously on 3/19/2009 A3 Placed Under Review for Possible Downgrade

Cl. 1-A-5, Downgraded to Ca; previously on 3/19/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to B2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 2-A-1M, Downgraded to B2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 2-A-1S, Downgraded to B2; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to Ba1; previously on 3/19/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. 2-A-3, Downgraded to B3; previously on 3/19/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. 2-A-3F, Downgraded to B3; previously on 3/19/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. 2-A-3L, Downgraded to B3; previously on 3/19/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. 2-A-3M, Downgraded to B3; previously on 3/19/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. 2-A-3S, Downgraded to B3; previously on 3/19/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. 2-A-4, Downgraded to B3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 2-A-4F, Downgraded to B3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 2-A-4L, Downgraded to B3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 2-A-4M, Downgraded to B3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 2-A-4S, Downgraded to B3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 2-A-5, Downgraded to Ca; previously on 3/19/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. 3-A-1, Downgraded to B2; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-1M, Downgraded to B2; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-1S, Downgraded to B2; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-2, Downgraded to B2; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-2M, Downgraded to B2; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-2S, Downgraded to B2; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-3, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-3F, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-3L, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-3M, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-3S, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-4, Downgraded to Ba3; previously on 3/19/2009 A1 Placed Under Review for Possible Downgrade

Cl. 3-A-5, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-6, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-6F, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-6L, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-6M, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-6S, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-7, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-7F, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-7L, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-7M, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-7S, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-8, Downgraded to Ca; previously on 3/19/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. 3-A-L1, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 3-A-L2, Downgraded to B3; previously on 3/19/2009 A2 Placed Under Review for Possible Downgrade

Cl. 4-A-1, Downgraded to B3; previously on 3/19/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. 4-A-2, Downgraded to Ca; previously on 3/19/2009 Ba2 Placed Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors determined applicable to the credit profile of the notes, such as:

i) the nature, sufficiency, and quality of historical performance information available for the asset class as well as for the transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of interests of the key parties to the transaction, most notably the originator and the servicer,

iv) an analysis of the transaction's allocation of collateral cashflow and capital structure,

v) an analysis of the transaction's governance and legal structure, and

vi) a comparison of these attributes against those of other similar transactions.

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_SF172159

A list of updated estimated pool losses is being updated twice weekly and may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF161403

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
Ilana Fried
Senior Associate
Structured Finance Group
Moody's Investors Service
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Moody's Downgrades $5.3 billion of Jumbo RMBS issued in 2005 - 2008
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