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Rating Action:

Moody's Downgrades Seasoned Alt-A Deals from SAMI

29 May 2009

New York, May 29, 2009 -- Moody's Investors Service has downgraded the ratings of 133 tranches from 18 Alt-A RMBS transactions issued by Structured Asset Mortgage Investments Trust. The collateral backing these transactions consists primarily of first-lien, adjustable-rate, Alt-A residential mortgage loans. Group II certificates from Structured Asset Mortgage Investments II Trust 2004-AR5 are backed by pools of negative amortization, Alt-A mortgage loans.

Moody's methodology for rating securities for more seasoned Alt-A pools, takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over 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 in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions ranging from 40% to 55%. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection. Additionally, Moody's further stresses the default rate assumptions for deals with extremely low pool factors to account for volatility arising from the small number of loans backing these transactions.

Once expected losses have been determined, Moody's assesses available credit enhancement from subordination, overcollateralization, excess spread and any external support (mortgage insurance, pool policy, etc.). The available enhancement is weighed against projected future losses to ultimately arrive at an updated rating.

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 and Methodologies directory.

Complete rating actions as follows:

Structured Asset Mortgage Investments Tr 2002-AR3

Cl. A-1, Downgraded to Aa2; previously on 9/15/2002 Assigned Aaa

Cl. A-2, Downgraded to Baa1; previously on 11/21/2008 Downgraded to Aa3

Cl. X, Downgraded to Aa2; previously on 9/15/2002 Assigned Aaa

Cl. B-1, Downgraded to B1; previously on 11/21/2008 Downgraded to Baa1

Cl. B-2, Downgraded to Ca; previously on 11/21/2008 Downgraded to Caa2

Structured Asset Mtge Invest II Tr 2004-AR3

Cl. I-A-1, Downgraded to Aa1; previously on 6/1/2004 Assigned Aaa

Cl. I-A-3, Downgraded to Aa1; previously on 6/1/2004 Assigned Aaa

Cl. II-A-1, Downgraded to Aa1; previously on 6/1/2004 Assigned Aaa

Cl. M, Downgraded to A1; previously on 11/21/2008 Downgraded to Aa1

Cl. B-1, Downgraded to Baa3; previously on 11/21/2008 Downgraded to A1

Cl. B-2, Downgraded to Caa1; previously on 11/21/2008 Downgraded to Baa3

Cl. B-3, Downgraded to Ca; previously on 11/21/2008 Downgraded to Caa3

Cl. B-4, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Invest II Tr 2004-AR4

Cl. M, Downgraded to Aa3; previously on 8/16/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa1; previously on 11/21/2008 Downgraded to Aa3

Cl. B-2, Downgraded to Ba3; previously on 11/21/2008 Downgraded to Baa1

Cl. B-3, Downgraded to Ca; previously on 11/21/2008 Downgraded to B3

Cl. B-4, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Invest II Tr 2004-AR5

Cl. I-A-1, Downgraded to Aa1; previously on 9/8/2004 Assigned Aaa

Cl. I-A-2, Downgraded to Aa1; previously on 9/8/2004 Assigned Aaa

Cl. I-X, Downgraded to Aa1; previously on 9/8/2004 Assigned Aaa

Cl. II-A-1, Downgraded to B3; previously on 11/21/2008 Downgraded to A1

Cl. II-A-2, Downgraded to Ba2; previously on 11/21/2008 Downgraded to A1

Cl. II-A-3, Downgraded to Ba1; previously on 11/21/2008 Downgraded to A1

Cl. I-M, Downgraded to A2; previously on 9/8/2004 Assigned Aaa

Cl. I-B-1, Downgraded to Ba1; previously on 10/6/2008 Downgraded to A1

Cl. I-B-2, Downgraded to Caa3; previously on 10/6/2008 Downgraded to Ba2

Cl. I-B-3, Downgraded to C; previously on 10/6/2008 Downgraded to Ca

Cl. II-B-1, Downgraded to Caa1; previously on 10/6/2008 Downgraded to Baa1

Cl. II-B-2, Downgraded to Ca; previously on 10/6/2008 Downgraded to B3

Structured Asset Mtge Invest II Tr 2004-AR6

Cl. M, Downgraded to Aa3; previously on 10/8/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa1; previously on 10/8/2004 Assigned Aa2

Cl. B-2, Downgraded to Ba3; previously on 10/8/2004 Assigned A2

Cl. B-3, Downgraded to Caa3; previously on 10/8/2004 Assigned Baa2

Cl. B-4, Downgraded to Ca; previously on 11/21/2008 Downgraded to B2

Cl. B-5, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Invest II Tr 2004-AR7

Cl. A-1A, Downgraded to Aa2; previously on 12/3/2004 Assigned Aaa

Cl. Grantor Trust A-1B, Downgraded to Aa2; previously on 12/3/2004 Assigned Aaa

Cl. X, Downgraded to Aa2; previously on 12/3/2004 Assigned Aaa

Cl. M, Downgraded to A1; previously on 11/21/2008 Downgraded to Aa1

Cl. B-1, Downgraded to Baa3; previously on 11/21/2008 Downgraded to A1

Cl. B-2, Downgraded to Caa1; previously on 11/21/2008 Downgraded to Baa3

Structured Asset Mtge Invest II Tr 2004-AR8

Cl. A-1, Downgraded to Aa2; previously on 1/26/2005 Assigned Aaa

Cl. A-2A, Downgraded to Aa2; previously on 1/26/2005 Assigned Aaa

Cl. A-2B, Downgraded to Aa2; previously on 1/26/2005 Assigned Aaa

Cl. X-1, Downgraded to Aa2; previously on 1/26/2005 Assigned Aaa

Cl. X-2, Downgraded to Aa2; previously on 1/26/2005 Assigned Aaa

Cl. M, Downgraded to A1; previously on 1/26/2005 Assigned Aaa

Cl. B-1, Downgraded to Baa2; previously on 11/21/2008 Downgraded to Aa3

Cl. B-2, Downgraded to B3; previously on 11/21/2008 Downgraded to Baa1

Cl. B-3, Downgraded to Ca; previously on 11/21/2008 Downgraded to B3

Cl. B-4, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Invest II. Tr 2004-AR2

Cl. II-A, Downgraded to Aa1; previously on 5/3/2004 Assigned Aaa

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

Cl. M, Downgraded to Baa2; previously on 11/21/2008 Downgraded to Aa1

Cl. B-1, Downgraded to B3; previously on 11/21/2008 Downgraded to A1

Cl. B-2, Downgraded to Ca; previously on 11/21/2008 Downgraded to Baa3

Cl. B-3, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Invest. II Tr 2003-AR4

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

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

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

Cl. M, Downgraded to Baa1; previously on 11/21/2008 Downgraded to Aa1

Cl. B-1, Downgraded to Ba3; previously on 11/21/2008 Downgraded to A1

Cl. B-2, Downgraded to Caa2; previously on 11/21/2008 Downgraded to Baa3

Cl. B-3, Downgraded to C; previously on 11/21/2008 Downgraded to Caa2

Cl. B-4, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Invest. II Tr 2004-AR1

Cl. I-A-1, Downgraded to Aa1; previously on 3/20/2004 Assigned Aaa

Cl. I-A-3, Downgraded to Aa1; previously on 3/20/2004 Assigned Aaa

Cl. II-A-1, Downgraded to Aa1; previously on 3/20/2004 Assigned Aaa

Cl. M, Downgraded to Baa1; previously on 11/21/2008 Downgraded to Aa2

Cl. B-1, Downgraded to Ba2; previously on 11/21/2008 Downgraded to A3

Cl. B-2, Downgraded to Caa2; previously on 11/21/2008 Downgraded to Ba3

Cl. B-3, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Investments Tr 2002-AR2

Cl. A-1, Downgraded to Aa2; previously on 5/31/2002 Assigned Aaa

Cl. A-2, Downgraded to Aa1; previously on 5/31/2002 Assigned Aaa

Cl. A-3, Downgraded to Baa2; previously on 5/31/2002 Assigned Aaa

Cl. X, Downgraded to Aa2; previously on 5/31/2002 Assigned Aaa

Cl. B-1, Downgraded to B1; previously on 11/21/2008 Downgraded to A2

Cl. B-2, Downgraded to Caa3; previously on 11/21/2008 Downgraded to Ba3

Cl. B-3, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Investments Tr 2002-AR4

Cl. A-1, Downgraded to A1; previously on 11/5/2002 Assigned Aaa

Cl. A-2, Downgraded to Ba3; previously on 11/21/2008 Downgraded to A1

Cl. X, Downgraded to A1; previously on 11/5/2002 Assigned Aaa

Cl. B-1, Downgraded to Caa1; previously on 11/21/2008 Downgraded to Baa2

Cl. B-2, Downgraded to Ca; previously on 11/21/2008 Downgraded to B3

Cl. B-3, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Investments Tr 2002-AR5

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

Cl. A-2, Downgraded to Baa1; previously on 11/21/2008 Downgraded to A1

Cl. X, Downgraded to Aa2; previously on 1/6/2003 Assigned Aaa

Cl. B-1, Downgraded to B1; previously on 10/6/2008 Downgraded to Baa2

Cl. B-2, Downgraded to Ca; previously on 10/6/2008 Downgraded to Caa1

Cl. B-3, Downgraded to C; previously on 10/6/2008 Downgraded to Ca

Structured Asset Mtge Investments Tr 2003-AR1

Cl. A-1, Downgraded to Aa3; previously on 6/14/2003 Assigned Aaa

Cl. A-2, Downgraded to A1; previously on 6/14/2003 Assigned Aaa

Cl. A-3, Downgraded to Aa2; previously on 6/14/2003 Assigned Aaa

Cl. A-3M, Downgraded to Aa2; previously on 6/14/2003 Assigned Aaa

Cl. A-4, Downgraded to A1; previously on 6/14/2003 Assigned Aaa

Cl. A-5, Downgraded to Aa2; previously on 6/14/2003 Assigned Aaa

Cl. X-1, Downgraded to Aa2; previously on 6/14/2003 Assigned Aaa

Cl. M, Downgraded to Baa3; previously on 11/21/2008 Downgraded to Aa2

Cl. B-1, Downgraded to B3; previously on 11/21/2008 Downgraded to A3

Cl. B-2, Downgraded to Ca; previously on 11/21/2008 Downgraded to Ba3

Cl. B-3, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Cl. B-4, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Investments Tr 2003-AR2

Cl. A-1, Downgraded to Aa3; previously on 8/22/2003 Assigned Aaa

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

Cl. M, Downgraded to Baa2; previously on 11/21/2008 Downgraded to Aa3

Cl. B-1, Downgraded to Ba3; previously on 11/21/2008 Downgraded to A3

Cl. B-2, Downgraded to Caa2; previously on 11/21/2008 Downgraded to Ba2

Cl. B-3, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Cl. B-4, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Structured Asset Mtge Investments Tr 2003-AR3

Cl. A-1, Downgraded to Aa2; previously on 11/17/2003 Assigned Aaa

Cl. A-2, Downgraded to Aa3; previously on 11/17/2003 Assigned Aaa

Cl. X, Downgraded to Aa2; previously on 11/17/2003 Assigned Aaa

Cl. M, Downgraded to Baa2; previously on 10/6/2008 Downgraded to Aa3

Cl. B-1, Downgraded to B3; previously on 10/6/2008 Downgraded to Baa1

Cl. B-2, Downgraded to Ca; previously on 10/6/2008 Downgraded to B3

Structured Asset Mtge Investments Tr 2003-CL1

Cl. I-F1, Downgraded to Aa2; previously on 7/30/2003 Assigned Aaa

Cl. I-I2, Downgraded to A2; previously on 7/30/2003 Assigned Aaa

Cl. I-S1, Downgraded to Aa2; previously on 7/30/2003 Assigned Aaa

Cl. I-PO, Downgraded to Aa2; previously on 7/30/2003 Assigned Aaa

Cl. II-A1, Downgraded to A1; previously on 7/30/2003 Assigned Aaa

Cl. I-B1, Downgraded to A2; previously on 7/30/2003 Assigned Aa2

Cl. I-B2, Downgraded to Baa3; previously on 7/30/2003 Assigned A2

Cl. I-B3, Downgraded to Caa2; previously on 11/21/2008 Downgraded to Ba2

Cl. II-B1, Downgraded to Baa1; previously on 7/30/2003 Assigned Aa2

Cl. II-B2, Downgraded to Ba1; previously on 7/30/2003 Assigned A2

Cl. II-B3, Downgraded to B3; previously on 7/30/2003 Assigned Baa2

Cl. II-B4, Downgraded to Caa2; previously on 7/30/2003 Assigned Ba2

Cl. II-B5, Downgraded to Ca; previously on 7/30/2003 Assigned B2

Structured Asset Mtge. Investment Tr. 2001-4

Cl. A-1, Downgraded to A3; previously on 11/21/2008 Downgraded to A1

Currentl Underlying Rating: Downgraded to A3; previously on 11/21/2008 Downgraded to A1

Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3, Outlook Developing on 2/18/2009)

Cl. B-1, Downgraded to Ba1; previously on 11/21/2008 Downgraded to Baa1

Cl. B-2, Downgraded to Ca; previously on 11/21/2008 Downgraded to Caa3

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF168280

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Karandeep Bains
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Downgrades Seasoned Alt-A Deals from SAMI
No Related Data.
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