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Rating Action:

Moody's Downgrades Bear Stearns Alt-A Deals

10 Mar 2008
Moody's Downgrades Bear Stearns Alt-A Deals

New York, March 10, 2008 -- Moody's Investors Service has downgraded the ratings of 163 tranches from 15 transactions issued by Bear Stearns ALT-A Trust. Seventy eight downgraded tranches remain on review for possible further downgrade. Additionally, 155 tranches were placed on review for possible downgrade. The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, Alt-A mortgage loans.

The ratings were downgraded, in general, based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels.

Complete rating actions are as follows:

Issuer: Bear Stearns ALT-A Trust 2005-7

Cl. I-M-1, Downgraded to A1 from Aa2,

Cl. I-M-2, Downgraded to Ba1 from A2,

Cl. I-B-1, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. I-B-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. I-B-3, Downgraded to Ca from Ba2,

Cl. II-B-2, Downgraded to A2 from Aa2,

Cl. II-B-3, Downgraded to A3 from Aa3,

Cl. II-B-5, Downgraded to Ba1 from A2,

Cl. II-B-6, Downgraded to Ba3 from A3,

Cl. II-B-4, Downgraded to Baa2 from A1,

Cl. II-B-7, Downgraded to B3 from Baa1,

Cl. II-B-8, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-9, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade,

Issuer: Bear Stearns ALT-A Trust 2005-8

Cl. I-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-2A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to Ba3 from Aa2,

Cl. I-M-2, Downgraded to B3 from A2; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. I-B-2, Downgraded to Caa2 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. I-B-3, Downgraded to Ca from Ba2,

Cl. II-B-1, Downgraded to Aa3 from Aa1,

Cl. II-B-2, Downgraded to Baa1 from Aa2,

Cl. II-B-3, Downgraded to B1 from A2,

Cl. II-B-4, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade,

Cl. II-B-5, Downgraded to Ca from Ba2,

Issuer: Bear Stearns ALT-A Trust 2005-9

Cl. I-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa1 from A2; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Caa2 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. I-B-2, Downgraded to Caa2 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. I-B-3, Downgraded to Ca from Ba2,

Cl. II-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-4A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-5A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-5A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-6A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-6A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-M-1, Downgraded to A2 from Aa1,

Cl. II-M-2, Downgraded to Baa1 from Aa2,

Cl. II-M-3, Downgraded to Baa3 from Aa3,

Cl. II-M-4, Downgraded to Ba3 from A1,

Cl. II-M-5, Downgraded to B3 from A2,

Cl. II-B-1, Downgraded to B2 from A3; Placed Under Review for further Possible Downgrade,

Cl. II-B-2, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Issuer: Bear Stearns Alt-A Trust 2005-10

Cl. I-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from B1,

Cl. I-B-2, Downgraded to Ca from B3,

Cl. II-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-4A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-4A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-4X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-5A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-5X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to Baa3 from Aa1,

Cl. II-B-2, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to B2 from Aa3; Placed Under Review for further Possible Downgrade,

Cl. II-B-4, Downgraded to B3 from A3; Placed Under Review for further Possible Downgrade,

Cl. II-B-5, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-6, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. II-B-7, Downgraded to Ca from Ba3,

Cl. II-B-8, Downgraded to Ca from B3,

Cl. II-B-9, Downgraded to Ca from B3,

Issuer: Bear Stearns Alt-A 2006-1

Cl. I-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to B1 from Aa2,

Cl. I-M-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from B1,

Cl. I-B-2, Downgraded to Ca from Caa1,

Cl. II-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1X-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1A-3, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-2X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-3X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-X-B1, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. II-X-B2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to Ca from B1,

Cl. II-X-B3, Downgraded to Ca from B1,

Issuer: Bear Stearns Alt-A Trust 2006-2

Cl. I-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from B2,

Cl. I-B-2, Downgraded to Ca from Caa1,

Cl. II-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-4A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-4A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-4X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-X-B1, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-2, Downgraded to Ca from Ba1,

Cl. II-X-B2, Downgraded to Ca from Ba1,

Cl. II-B-3, Downgraded to Ca from B3,

Issuer: Bear Stearns Alt-A Trust 2006-3

Cl. I-A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to Caa1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa2 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from Ba3,

Cl. I-B-2, Downgraded to Ca from B3,

Cl. I-B-3, Downgraded to Ca from Caa3,

Cl. II-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-4A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-4A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-X-B1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. II-X-B2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to Ca from B3,

Cl. III-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-1A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. III-1X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. III-2X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-3A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. III-4A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-4A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. III-4X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-5A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-5A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. III-6A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-6A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-B-1, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. III-B-2, Downgraded to B3 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. III-B-3, Downgraded to Ca from B2,

Issuer: Bear Stearns Alt-A Trust 2006-4

Cl. I-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-2A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-3A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to Caa1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa2 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from B2,

Cl. I-B-2, Downgraded to Ca from Caa2,

Cl. II-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2X-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-3, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-4, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3A-5, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3X-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to B1 from Aa1; Placed Under Review for further Possible Downgrade,

Cl. II-B-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to B3 from Aa3; Placed Under Review for further Possible Downgrade,

Cl. II-B-4, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-5, Downgraded to Ca from Ba1,

Cl. II-B-6, Downgraded to Ca from B1,

Cl. II-B-7, Downgraded to Ca from B3,

Cl. II-B-8, Downgraded to Ca from B3,

Cl. III-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-1A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. III-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. III-3A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-3A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-3A-3, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-3A-4, Placed on Review for Possible Downgrade, currently Aa1,

Cl. III-3X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-3X-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-B-1, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. III-B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. III-B-3, Downgraded to Ca from B1,

Issuer: Bear Stearns Alt-A Trust 2006-5

Cl. I-A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from B2,

Cl. I-B-2, Downgraded to Ca from Caa1,

Cl. I-B-3, Downgraded to Ca from Caa3,

Cl. II-A-3, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-X-3, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-2, Downgraded to B3 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to Ca from B1,

Issuer: Bear Stearns Alt-A Trust 2006-6

Cl. I-M-1, Downgraded to Caa1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa1 from Baa3; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from B2,

Cl. I-B-2, Downgraded to Ca from Caa1,

Cl. I-B-3, Downgraded to Ca from Caa2,

Cl. II-A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to B2 from Aa2,

Cl. II-BX-1, Downgraded to B2 from Aa2,

Cl. II-B-2, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade,

Cl. II-BX-2, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to B2 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. III-1X-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-1X-3, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-1X-4, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-1X-5, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-1X-6, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-1A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2X-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2X-3, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2X-4, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2X-5, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2X-6, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-2A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-B-1, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade,

Cl. III-BX-1, Downgraded to B2 from Aa1; Placed Under Review for further Possible Downgrade,

Cl. III-B-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. III-BX-2, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. III-B-3, Downgraded to Ca from Ba1,

Cl. III-BX-3, Downgraded to Ca from Ba1,

Cl. III-B-4, Downgraded to Ca from B3,

Issuer: Bear Stearns Alt-A Trust 2006-7

Cl. I-A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to Caa1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Ca from Ba1,

Cl. I-B-1, Downgraded to Ca from B3,

Cl. II-1A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-1X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-3A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-2X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-3X-1, Placed on Review for Possible Downgrade, currently Aaa,

Issuer: Bear Stearns Alt-A Trust 2006-8

Cl. I-A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from Ba3,

Cl. I-B-2, Downgraded to Ca from B2,

Cl. I-B-3, Downgraded to Ca from Caa1,

Cl. II-A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-BX-1, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-2, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade,

Cl. II-BX-2, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to Ca from Ba2,

Cl. III-A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. III-B-1, Downgraded to Ba1 from Aa2,

Cl. III-B-2, Downgraded to B1 from A2; Placed Under Review for further Possible Downgrade,

Cl. III-B-3, Downgraded to B1 from Baa2; Placed Under Review for further Possible Downgrade,

Issuer: Bear Stearns Alt-A Trust 2007-1

Cl. I-A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa1 from Baa1; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from Ba2,

Cl. I-B-2, Downgraded to Ca from Ba3,

Cl. I-B-3, Downgraded to Ca from B3,

Cl. I-B-4, Downgraded to Ca from Caa3,

Cl. II-1A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-1X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-2A-2, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-2X-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. II-B-1, Downgraded to B1 from Aa2,

Cl. II-BX-1, Downgraded to B1 from Aa2,

Cl. II-B-2, Downgraded to B1 from Baa1; Placed Under Review for further Possible Downgrade,

Cl. II-B-3, Downgraded to Ca from B1,

Issuer: Bear Stearns ALT-A Trust 2007-2

Cl. I-A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-M-1, Downgraded to B3 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. I-M-2, Downgraded to Caa1 from Baa2; Placed Under Review for further Possible Downgrade,

Cl. I-B-1, Downgraded to Ca from Ba3,

Cl. I-B-2, Downgraded to Ca from B2,

Cl. I-B-3, Downgraded to Ca from Caa2,

Cl. I-B-4, Downgraded to Ca from Caa3,

Cl. II-A-3, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-X-3, Placed on Review for Possible Downgrade, currently Aa1,

Cl. II-B-1, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-BX-1, Downgraded to B1 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. II-B-2, Downgraded to Ca from Ba1,

Cl. II-B-3, Downgraded to Ca from B3,

Issuer: Bear Stearns ALT-A Trust 2007-3

Cl. I-A-1, Placed on Review for Possible Downgrade, currently Aaa,

Cl. I-A-2, Placed on Review for Possible Downgrade, currently Aaa,

Cl. M-1, Downgraded to B2 from Aa2; Placed Under Review for further Possible Downgrade,

Cl. M-2, Downgraded to B3 from Baa1; Placed Under Review for further Possible Downgrade,

Cl. B-1, Downgraded to Ca from Ba1,

Cl. B-2, Downgraded to Ca from Ba2,

Cl. B-3, Downgraded to Ca from B2,

Cl. B-4, Downgraded to Ca from Caa2,

Cl. II-A-1, Placed on Review for Possible Downgrade, currently Aaa.

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

PDF:

http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF125882

Excel:

http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF125883

For more information please see www.moodys.com.

New York
Amelia (Amy) Tobey
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Navneet Agarwal
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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