New York, April 09, 2009 -- Moody's Investors Service stated that its ratings on the Moody's-rated
securities issued in connection with the transactions listed below were
not downgraded or withdrawn solely as a result of (a) the resignation
of Bank of America, National Association ("Bank of America")
as trustee and (b) the appointment of U.S. Bank National
Association ("U.S. Bank") as successor trustee.
Moody's also stated that its ratings on the Moody's-rated
securities issued in connection with MLMI Trust 2002-AFC1,
Asset Backed Certificates, Series 2002-AFC1 were not downgraded
as a result of the appointment of Bank of America as Paying Agent.
On March 31, 2009, Bank of America resigned as trustee,
and U.S. Bank was appointed as successor trustee for the
following residential mortgage backed securities transactions:
C-BASS 2007-CB4 Trust, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB4
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-3
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-4
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-5
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-6
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-7
First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-1
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-2
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-3
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-4
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-5
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-A
Mortgage Loan Asset-Backed Certificates
First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1
First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-FF2
First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-FFA
First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-FFC
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-H1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-AR1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-MLN1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-WMC2
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-OPT1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FM1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-AHL1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-HE1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-HE3
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM2
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM3
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM4
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM5
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-SL1
MLMI Trust 2002-AFC1, Asset Backed Certificates, Series
2002-AFC1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2005-SL3
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-HE2
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-HE3
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-HE4
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-HE6
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-SD1
Moody's also stated that its ratings on the Moody's-rated
securities issued in connection with the transactions listed below were
not downgraded or withdrawn solely as a result of the replacement of Bank
of America, National Association ("Bank of America")
by U.S. Bank as trustee for certain derivative contracts.
On March 31, 2009, Bank of America was replaced by U.S.
Bank as trustee for certain swap agreements, yield maintenance agreements,
cap contracts and corridor contracts for the following residential mortgage
backed securities transactions:
C-BASS 2007-CB4 Trust, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB4
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-3
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-4
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-5
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-6
Ownit Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
Series 2006-7
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-AR1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-MLN1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-WMC2
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-OPT1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FM1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-AHL1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-HE3
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-HE2
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-HE3
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-HE6
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-SD1
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM2
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM3
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM4
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-RM5
Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-HE3
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-3
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-5
First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1
First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-FF2
First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-FFA
Merrill Lynch First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2007-H1
Bank of America, U.S. Bank and the respective issuers
of the affected transactions requested that Moody's provide its
opinion to them as to whether its ratings on the Moody's-rated
securities issued by the affected transactions would be downgraded or
withdrawn as a result of the trustee resignation and appointment of the
successor trustees. Moody's believed that the trustee resignation
and appointment of the successor trustees did not have an adverse effect
on the credit quality of the rated securities. However, Moody's
did not express an opinion as to whether the trustee resignation and appointment
of the successor trustee had or could have other, non credit-related
effects that investors may or may not view positively.
New York
Linda Stesney
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Todd Swanson
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's: No Negative Ratings Impact from Resignation of Bank of America as Trustee and Appointment of US Bank as Successor