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PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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I AGREE
Related Issuers
Announcement:

Moody's: No Negative Ratings Impact on the Transfer of Servicing Obligations from EMC Mortgage to JPMorgan Chase Bank

31 Mar 2011

New York, March 31, 2011 -- Moody's Investors Service stated that the ratings on the Moody's rated securities issued in the below transactions were not being downgraded or withdrawn, solely as a result of the transfer of servicing from EMC Mortgage LLC, formerly known as EMC Mortgage Corporation ('EMC') (not rated) to JPMorgan Chase Bank, N.A. ('JPMorgan') (rated Aa1, negative outlook /SQ1, review for possible downgrade) scheduled to occur on April 1, 2011.

EMC informed us that it plans to transfer the servicing and/or master servicing, as the case may be, to JPMorgan in connection with JPMorgan's purchase of the servicing rights and assumption of servicing duties for the affected transactions from its affiliate, EMC, which it expects to close on April 1, 2011.

JPMorgan Chase requested that Moody's provide its opinion as to whether the ratings on the Moody's-rated securities issued in the affected transactions would be downgraded or withdrawn as a result of the servicing transfer.

Moody's believed, as of the above date, that the appointment of the servicer did not have an adverse effect on the ratings. Moody's opinion is limited to the credit-related effects of this action and does not address other non credit-related effects that investors may or may not view positively.

The principal methodologies used in assessing the credit impact of the servicing transfer were the rating methodologies described in "Moody's Approach to Rating Residential Mortgage Servicers" (January 2001) and "Updated Moody's Servicer Quality Rating Scale and Definitions" (May 2005).

Affected Transactions:

Bear Stearns Asset Backed Securities Trust 2003-ABF1

Bear Stearns Asset Backed Securities Trust 2003-HE1

Bear Stearns Asset Backed Securities Trust 2004-HE2

Bear Stearns Asset Backed Securities Trust 2004-FR1

Bear Stearns Asset Securities l Trust 2004-FR2

Bear Stearns Asset Backed Securities I Trust 2004-FR3

Bear Stearns Asset Backed Securities l Trust 2004-HE10

Bear Stearns Asset Backed Securities l Trust 2004-HE11

Bear Stearns Asset Backed Securities Trust 2004-HE3

Bear Stearns Asset Backed Securities Trust 2004-HE4

Bear Stearns Asset Backed Securities l Trust 2004-HE5

Bear Stearns Asset Backed Securities Trust 2004-HE6

Bear Stearns Asset Backed Securities l Trust 2004-HE7

Bear Stearns Asset Backed Securities l Trust 2004-HE8

Bear Stearns Asset Backed Securities l Trust 2004-HE9

Bear Stearns Asset Backed Securities l Trust 2005-AQ1

Bear Stearns Asset Backed Securities l Trust 2005-AQ2

Bear Stearns Asset Backed Securities l Trust 2005-EC1

Bear Stearns Asset Backed Securities l Trust 2005-FR1

Bear Stearns Asset Backed Securities l Trust 2005-HE1

Bear Stearns Asset Backed Securities l Trust 2005-HE10

Bear Stearns Asset Backed Securities l Trust 2005-HE11

Bear Stearns Asset Backed Securities l Trust 2005-HE12

Bear Stearns Asset Backed Securities l Trust 2005-HE2

Bear Stearns Asset Backed Securities l Trust 2005-HE3

Bear Stearns Asset Backed Securities l Trust 2005-HE4

Bear Stearns Asset Backed Securities l Trust 2005-HE5

Bear Stearns Asset Backed Securities l Trust 2005-HE6

Bear Stearns Asset Backed Securities l Trust 2005-HE8

Bear Stearns Asset Backed Securities l Trust 2005-HE9

Bear Stearns Asset Backed Securities l Trust 2005-TC1

Bear Stearns Asset Backed Securities l Trust 2005-TC2

Bear Stearns Asset Backed Securities l Trust 2006-AQ1

Bear Stearns Asset Backed Securities l Trust 2006-EC1

Bear Stearns Asset Backed Securities l Trust 2006-EC2

Bear Stearns Asset Backed Securities l Trust 2006-HE1

Bear Stearns Asset Backed Securities l Trust 2006-HE10

Bear Stearns Asset Backed Securities l Trust 2006-HE2

Bear Stearns Asset Backed Securities l Trust 2006-HE5

Bear Stearns Asset Backed Securities l Trust 2006-HE6

Bear Stearns Asset Backed Securities l Trust 2006-HE7

Bear Stearns Asset Backed Securities l Trust 2006-HE8

Bear Stearns Asset Backed Securities l Trust 2006-HE9

Bear Stearns Asset Backed Securities l Trust 2006-PC1

Bear Stearns Asset Backed Securities l Trust 2007-AC1

Bear Stearns Asset Backed Securities l Trust 2007-AC2

Bear Stearns Asset Backed Securities l Trust 2007-AC3

Bear Stearns Asset Backed Securities l Trust 2007-AC4

Bear Stearns Asset Backed Securities l Trust 2007-AC5

Bear Stearns Asset Backed Securities l Trust 2007-AQ1

Bear Stearns Asset Backed Securities l Trust 2007-AQ2

Bear Stearns Asset Backed Securities l Trust 2007-FS1

Bear Stearns Asset Backed Securities l Trust 2007-HE1

Bear Stearns Asset Backed Securities l Trust 2007-HE2

Bear Stearns Asset Backed Securities l Trust 2007-HE3

Bear Stearns Asset Backed Securities l Trust 2007-HE5

Bear Stearns Asset Backed Securities l Trust 2007-HE6

Bear Stearns Asset Backed Securities l Trust 2007-HE7

Bear Stearns ARM Trust 2007-4

Bear Stearns Mortgage Funding Trust 2006-AC1

Bear Stearns Mortgage Funding Trust 2006-AR1

Bear Stearns Mortgage Funding Trust 2006-AR2

Bear Stearns Mortgage Funding Trust 2006-AR3

Bear Stearns Mortgage Funding Trust 2006-AR4

Bear Stearns Mortgage Funding Trust 2006-AR5

Bear Stearns Mortgage Funding Trust 2006-SL1

Bear Stearns Mortgage Funding Trust 2006-SL2

Bear Stearns Mortgage Funding Trust 2006-SL3

Bear Stearns Mortgage Funding Trust 2006-SL4

Bear Stearns Mortgage Funding Trust 2006-SL5

Bear Stearns Mortgage Funding Trust 2006-SL6

Bear Stearns Mortgage Funding Trust 2007-AR1

Bear Stearns Mortgage Funding Trust 2007-AR2

Bear Stearns Mortgage Funding Trust 2007-AR3

Bear Stearns Mortgage Funding Trust 2007-AR4

Bear Stearns Mortgage Funding Trust 2007-AR5

Bear Stearns Mortgage Funding Trust 2007-SL1

Bear Stearns Mortgage Funding Trust 2007-SL2

Bear Stearns Mortgage Securities Inc 1996-06

Bear Stearns Structured Securities 1997-2

Carrington Mortgage Loan Trust, Series 2007-FRE1

EMC Mortgage Loan Trust, Series 2001-A

EMC Mortgage Loan Trust 2002-A

EMC Mortgage Loan Trust 2003-A

EMC Mortgage Loan Trust 2003-B

EMC Mortgage Loan Trust 2004-A

Greenpoint MTA Trust 2005-AR2

Greenpoint MTA Trust 2005-AR3

Greenpoint Mortgage Funding Trust 2005-AR4

Greenpoint Mortgage Funding Trust 2005-AR5

Greenpoint Mortgage Funding Trust 2006-AR1

Greenpoint Mortgage Funding Trust 2006-AR2

Greenpoint Mortgage Funding Trust 2006-AR3

Impac Real Estate Asset Trust 2006-SD1

Prime Mortgage Trust 2006-2

Prime Mortgage Trust 2007-1

SACO l Inc. Series 1999-3

SACO l Inc., Series 2000-1

SACO l Inc., Series 2000-3

SACO l Trust 2004-2

SACO I Trust 2004-3

SACO l Trust 2005-1

SACO l Trust 2005-2

SACO l Trust 2005-3

SACO l Trust 2005-4

SACO l Trust 2005-5

SACO l Trust 2005-6

SACO l Trust 2005-7

SACO l Trust 2005-8

SACO l Trust 2005-9

SACO l Trust 2005-10

SACO l Trust 2005-WM1

SACO l Trust 2005-WM2

SACO l Trust 2005-WM3

SACO l Trust 2006-2

SACO l Trust 2006-3

SACO l Trust 2006-4

SACO l Trust 2006-5

SACO l Trust 2006-6

SACO l Trust 2006-7

SACO l Trust 2006-9

SACO l Trust 2006-10

SACO l Trust 2007-1

SACO l Trust, Series 2007-2

Structured Asset Mortgage Investments Trust 2001-4

Bear Stearns ARM 2002-1

Bear Stearns Asset Backed Securities, Inc., 1999-2

Bear Stearns Asset Backed Securities, Inc., Series 2000-2

Bear Stearns ABS Trust Certificates, Series 2001-3

Bear Stearns Asset Backed Securities Trust 2002-2

Bear Stearns Asset Backed Securities Trust 2005-4

Bear Stearns Asset Backed Securities Trust 2006-1

Bear Stearns Asset-Backed Securities Trust 2002-AC1

Bear Stearns Asset-Backed Securities Trust 2003-AC4

Bear Stearns Asset-Backed Securities l Trust 2003-AC6

Bear Stearns Asset-Backed Securities l Trust 2004-AC2

Bear Stearns Asset-Backed Securities l Trust 2004-AC3

Bear Stearns Asset Backed Securities l Trust 2004-AC4

Bear Stearns Asset Backed Securities l Trust 2004-AC5

Bear Stearns Asset Backed Securities l Trust 2004-AC6

Bear Stearns Asset Backed Securities l Trust 2004-AC7

Bear Stearns Asset Backed Securities l Trust 2006-HE4

Bear Stearns Asset Backed Securities l Trust 2005-AC1

Bear Stearns Asset Backed Securities l Trust 2005-AC2

Bear Stearns Asset Backed Securities l Trust 2005-AC3

Bear Stearns Asset Backed Securities l Trust 2005-AC4

Bear Stearns Asset Backed Securities l Trust 2005-AC5

Bear Stearns Asset Backed Securities l Trust 2005-AC6

Bear Stearns Asset Backed Securities l Trust, Series 2005-AC7

Bear Stearns Asset Backed Securities l Trust 2005-AC8

Bear Stearns Asset Backed Securities l Trust 2005-AC9

Bear Stearns Asset Backed Securities l Trust 2006-AC1

Bear Stearns Asset Backed Securities l Trust 2006-AC2

Bear Stearns Asset Backed Securities l Trust 2006-AC3

Bear Stearns Asset Backed Securities l Trust 2006-AC4

Bear Stearns Asset Backed Securities l Trust 2006-AC5

Bear Stearns Asset Backed Securities l Trust 2007-HE4

Bear Stearns Asset Backed Securities Trust 2004-HE1

Structured Asset Mortgage Investments II Trust 2007-AR4

UCFC Home Equity Loan Trust 1998-C

UCFC Home Equity Loan Trust 1998-D

New York
Robert Maroney
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Kruti Muni
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's: No Negative Ratings Impact on the Transfer of Servicing Obligations from EMC Mortgage to JPMorgan Chase Bank
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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