New York, July 29, 2010 -- Moody's Investors Service stated today that the proposed transfer
of servicing from Barclays Capital Real Estate Inc. d/b/a HomEq
Servicing to Ocwen Loan Servicing, LLC, scheduled to occur
on or about September 1, 2010, would not, in and of
itself and as of this time, result in the reduction or withdrawal
of the ratings on the Moody's-rated securities related to the transactions
listed below. The proposed servicing transfer is in connection
with the expected acquisition of HomEq's servicing business by Ocwen.
Moody's opinion addresses only the credit impact associated with the proposed
servicing transfer, and Moody's is not expressing any opinion as
to whether these actions have, or could have, other non-credit
related effects that may have a detrimental impact on the interests of
note holders or counterparties.
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). All can be found on www.moodys.com in
the Rating Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of this opinion can also be found in the Rating
Methodologies sub-directory on Moody's website. In addition,
Moody's publishes a weekly summary of structured finance credit,
ratings and methodologies, available to all registered users of
our website, at www.moodys.com/SFQuickCheck
Affected Transactions:
ABFC Asset-Backed Certificates, Series 2003-WMC1
ABFC Asset-Backed Certificates, Series 2005-WMC1
Asset Backed Securities Corporation Home Equity Loan Trust 2006-HE2
Citigroup Mortgage Loan Trust, Series 2005-HE1
Citigroup Mortgage Loan Trust, Series 2005-HE3
Equifirst Mortgage Loan Trust 2004-1
Finance America Mortgage Loan Trust 2004-2
First Franklin Mortgage Loan Trust 2004-FFH1
GSAMP Trust 2004-FM1
GSAMP Trust 2004-FM2
MASTR Asset Backed Securities Trust 2004-FRE1
MASTR Asset Backed Securities Trust 2004-HE1
MASTR Asset Backed Securities Trust 2004-WMC1
MASTR Asset Backed Securities Trust 2004-WMC2
MASTR Asset Backed Securities Trust 2004-WMC3
MASTR Asset Backed Securities Trust 2005-FRE1
MASTR Asset Backed Securities Trust 2006-HE3
MASTR Asset Backed Securities Trust 2006-HE4
MASTR Asset Backed Securities Trust 2006-HE5
MASTR Asset Backed Securities Trust 2006-NC2
MASTR Asset Backed Securities Trust 2006-NC3
MASTR Asset Backed Securities Trust 2006-WMC1
MASTR Asset Backed Securities Trust 2007-HE1
MASTR Asset Backed Securities Trust 2007-HE2
Meritage Mortgage Loan Trust 2004-1
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2004-MHQ1
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2004-WHQ1
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2004-WHQ2
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WHQ1
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WHQ2
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WHQ3
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2005-WHQ4
People's Choice Home Loan Securities Trust 2004-1
SG Mortgage Securities Trust 2007-NC1
Soundview Home Loan Trust 2004-1
Soundview Home Loan Trust 2005-CTX1
London
Kruti Muni
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
New York
Yehudah Forster
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's: No negative ratings impact of servicing transfer from HomEq to Ocwen in various HomEq-serviced US RMBS