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or withdrawn, solely as a result of the transfer of servicing from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in the affected transactions would be downgraded or withdrawn as a result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