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Rating Action:

Moody's Downgrades $786 Million of Jumbo RMBS issued by Bear Stearns ARM Trust in 2002 - 2004

07 Jul 2009

New York, July 07, 2009 -- Moody's Investors Service has downgraded the ratings of 98 tranches from 13 RMBS transactions, backed by prime Jumbo loans, issued by Bear Stearns ARM Trust in 2002 through 2004.

The collateral backing these transactions consists primarily of first-lien, 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:

Bear Stearns ARM Trust 2002-1

Cl. B-1, Downgraded to Aa3; previously on 1/31/2002 Assigned Aa2

Cl. B-2, Downgraded to Baa1; previously on 1/31/2002 Assigned A2

Cl. B-3, Downgraded to B3; previously on 1/31/2002 Assigned Baa2

Bear Stearns ARM Trust 2002-12

Cl. I-B-2, Downgraded to Aa1; previously on 7/27/2005 Upgraded to Aaa

Bear Stearns ARM Trust 2003-1

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

Cl. B-2, Downgraded to A1; previously on 7/27/2005 Upgraded to Aa1

Cl. B-3, Downgraded to Ba1; previously on 9/1/2004 Upgraded to A2

Bear Stearns ARM Trust 2003-3

Cl. B-2, Downgraded to Aa1; previously on 7/17/2006 Upgraded to Aaa

Bear Stearns ARM Trust 2003-4

Cl. B-2, Downgraded to Aa3; previously on 7/17/2006 Upgraded to Aa2

Cl. B-3, Downgraded to Baa1; previously on 7/17/2006 Upgraded to A3

Bear Stearns ARM Trust 2003-5

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

Cl. I-B-2, Downgraded to Baa1; previously on 7/27/2005 Upgraded to Aa2

Cl. I-B-3, Downgraded to B1; previously on 7/27/2005 Upgraded to A3

Bear Stearns ARM Trust 2003-6

Cl. I-A-1, Downgraded to Aa2; previously on 8/22/2003 Assigned Aaa

Cl. I-A-2, Downgraded to Aa3; previously on 8/22/2003 Assigned Aaa

Cl. I-A-3, Downgraded to Aa3; previously on 8/22/2003 Assigned Aaa

Cl. I-X-2, Downgraded to Aa3; previously on 8/22/2003 Assigned Aaa

Cl. I-X-3, Downgraded to Aa3; previously on 8/22/2003 Assigned Aaa

Cl. I-B-1, Downgraded to A3; previously on 7/17/2007 Upgraded to Aaa

Cl. I-B-2, Downgraded to Ba2; previously on 7/17/2006 Upgraded to A1

Cl. I-B-3, Downgraded to Ca; previously on 8/22/2003 Assigned Baa2

Bear Stearns ARM Trust 2003-7

Cl. B-1, Downgraded to Aa3; previously on 10/27/2003 Assigned Aa2

Cl. B-2, Downgraded to Baa1; previously on 10/27/2003 Assigned A2

Cl. B-3, Downgraded to Ba3; previously on 10/27/2003 Assigned Baa2

Bear Stearns ARM Trust 2003-8

Cl. I-A-1, Downgraded to Aa2; previously on 12/23/2003 Assigned Aaa

Cl. I-A-2, Downgraded to Aa2; previously on 12/23/2003 Assigned Aaa

Cl. III-A, Downgraded to Aa2; previously on 12/23/2003 Assigned Aaa

Cl. IV-A-1, Downgraded to Aa2; previously on 12/23/2003 Assigned Aaa

Cl. IV-A-2, Downgraded to Aa2; previously on 12/23/2003 Assigned Aaa

Cl. V-A, Downgraded to Aa2; previously on 12/23/2003 Assigned Aaa

Cl. B-1, Downgraded to Baa1; previously on 7/17/2007 Upgraded to Aaa

Cl. B-2, Downgraded to Ba2; previously on 7/17/2007 Upgraded to Aa3

Cl. B-3, Downgraded to Caa2; previously on 7/17/2007 Upgraded to Baa1

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

Bear Stearns ARM Trust 2003-9

Cl. I-A-1, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. I-A-2, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. I-A-3, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. II-A-1, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. II-A-2, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. II-A-3, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. III-A-1, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. III-A-2, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. III-A-3, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. III-X-1, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. III-X-3, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. IV-A-1, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. IV-X-1, Downgraded to Aa3; previously on 1/6/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa1; previously on 1/6/2004 Assigned Aa2

Cl. B-2, Downgraded to Ba3; previously on 1/6/2004 Assigned A2

Cl. B-3, Downgraded to Caa3; previously on 1/6/2004 Assigned Baa2

Bear Stearns ARM Trust 2004-1

Cl. I-1-A-1, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-1-A-2, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-1-A-3, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-2-A-1, Downgraded to Aa2; previously on 3/29/2004 Assigned Aaa

Cl. I-2-A-2, Downgraded to Aa2; previously on 3/29/2004 Assigned Aaa

Cl. I-2-A-3, Downgraded to Aa2; previously on 3/29/2004 Assigned Aaa

Cl. I-2-A-4M, Downgraded to Aa3; previously on 3/29/2004 Assigned Aaa

Cl. I-2-A-5, Downgraded to Aa2; previously on 3/29/2004 Assigned Aaa

Cl. I-3-A-1, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-3-A-2, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-3-A-3, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-3-X, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-4-A-1, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-4-A-2, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-5-A-1, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-5-A-2, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-5-A-3, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-6-A-1, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-6-X, Downgraded to A2; previously on 3/29/2004 Assigned Aaa

Cl. I-7-A-1, Downgraded to Aa1; previously on 3/29/2004 Assigned Aaa

Cl. I-7-X, Downgraded to Aa1; previously on 3/29/2004 Assigned Aaa

Cl. I-B-1, Downgraded to Ba3; previously on 3/29/2004 Assigned Aa2

Cl. I-B-2, Downgraded to Ca; previously on 3/29/2004 Assigned A2

Cl. I-B-3, Downgraded to Ca; previously on 3/29/2004 Assigned Baa2

Cl. II-1-A-1, Downgraded to Aa3; previously on 3/29/2004 Assigned Aaa

Cl. II-2-A-1, Downgraded to A1; previously on 3/29/2004 Assigned Aaa

Cl. II-3-A-1, Downgraded to A1; previously on 3/29/2004 Assigned Aaa

Cl. II-B-1, Downgraded to Baa1; previously on 7/17/2007 Upgraded to Aaa

Cl. II-B-2, Downgraded to Ba3; previously on 7/17/2007 Upgraded to Aa3

Cl. II-B-3, Downgraded to Ca; previously on 3/29/2004 Assigned Baa2

Bear Stearns ARM Trust 2004-2

Cl. I-1-A, Downgraded to A2; previously on 5/3/2004 Assigned Aaa

Cl. I-2-A-1, Downgraded to A2; previously on 5/3/2004 Assigned Aaa

Cl. I-2-A-2, Downgraded to A2; previously on 5/3/2004 Assigned Aaa

Cl. I-2-A-3, Downgraded to A2; previously on 5/3/2004 Assigned Aaa

Cl. I-3-A, Downgraded to A2; previously on 5/3/2004 Assigned Aaa

Cl. I-4-A-M, Downgraded to A2; previously on 5/3/2004 Assigned Aaa

Cl. I-B-1, Downgraded to Baa2; previously on 5/3/2004 Assigned Aa2

Cl. I-B-2, Downgraded to B3; previously on 5/3/2004 Assigned A2

Cl. I-B-3, Downgraded to Ca; previously on 5/3/2004 Assigned Baa2

Cl. II-B-1, Downgraded to Aa3; previously on 7/17/2007 Upgraded to Aaa

Cl. II-B-2, Downgraded to A3; previously on 7/17/2007 Upgraded to Aa2

Cl. II-B-3, Downgraded to B1; previously on 7/17/2007 Upgraded to A2

Bear Stearns ARM Trust 2004-9

Cl. I-1-A-1, Downgraded to Aa2; previously on 11/28/2004 Assigned Aaa

Cl. I-2-A-2, Downgraded to Aa2; previously on 11/28/2004 Assigned Aa1

Cl. I-3-A-1, Downgraded to Aa1; previously on 11/28/2004 Assigned Aaa

Cl. I-B-1, Downgraded to A3; previously on 11/28/2004 Assigned Aa2

Cl. I-B-2, Downgraded to Ba3; previously on 11/28/2004 Assigned A2

Cl. I-B-3, Downgraded to Ca; previously on 11/28/2004 Assigned Baa2

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_SF171684

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 $786 Million of Jumbo RMBS issued by Bear Stearns ARM Trust in 2002 - 2004
No Related Data.
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