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Announcement:

Moody's: No Downgrade for Bank of America, N.A. Remaining As Custodial Account Depository for 370 Various RALI/RAMP/RAAC/RASC and Other Sponsored RMBS Deals Serviced by Ocwen

07 Aug 2013

New York, August 07, 2013 -- Moody's Investors Service stated today that Ocwen Loan Servicing, LLC (for transactions formerly serviced by Residential Capital, LLC or Homeward Residential Holdings, Inc.) proposed to maintain custodial accounts for the affected transactions at Bank of America, N.A. (BANA) as long as BANA's commercial paper, short-term debt obligations, demand deposits or other short-term deposits are rated at least P-2 by Moody's and BANA's long term unsecured debt obligations are rated at least A3 by Moody's ("the Proposal").

As the servicer for the affected transactions, Ocwen Loan Servicing, LLC requested that Moody's provide its opinion on whether the ratings of the securities issued by the affected transactions would be downgraded or withdrawn as a result of the proposal to maintain the custodial accounts for the affected transactions at BANA as long as BANA's long-term unsecured debt obligations are rated at least A3 and commercial paper, short-term debt obligations, demand deposits or other short-term deposits are rated at least P-2 by Moody's.

Moody's has determined that the proposed action of Ocwen Loan Servicing, LLC will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the effected transactions. Moody's opinion addresses only the credit impact of the Proposal, and Moody's is not expressing any opinion as to whether the Proposal has, or could have, other non-credit related effects that may have a detrimental impact on the interests of security holders and/or counterparties.

Moody's believes the Proposal will not result in a downgrade or withdrawal of the current ratings of the effected transactions because of the weak to medium linkage between the ratings on the effected transactions and BANA's rating and because Ocwen Loan Servicing, LLC must pass the cash collected in the custodial account to the Trustee on a monthly basis.

A list of the affected transactions can be found at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF338711

The principal methodology used is "The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines" published in March 2013. Also relevant is Moody's methodology for rating and monitoring these transactions: "US RMBS Surveillance Methodology" published in June 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Kathryn E Kelbaugh
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Kruti Muni
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: No Downgrade for Bank of America, N.A. Remaining As Custodial Account Depository for 370 Various RALI/RAMP/RAAC/RASC and Other Sponsored RMBS Deals Serviced by Ocwen
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