NOTE: On February 28, 2017, the press release was corrected as follows: The following transactions were removed from the list of affected transactions: Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2002-2; Impac CMB Trust Series 2004-3 Collateralized Asset-Backed Bonds, Series 2004-3; Impac Secured Assets Corp. Series 2000-3; and Impac Secured Assets Corps. Mortgage Pass-Through Certificates, Series 2001-8. Revised release follows.
New York, February 01, 2017 -- Moody's Investors Service, ("Moody's") announced
today that an amendment to each of the servicing agreements related to
the transactions referred to below proposed by Select Portfolio Servicing,
Inc. acting as master servicer would not, in and of itself
and as of this time, result in the downgrade or withdrawal of the
securities issued in the affected transactions listed in this announcement.
The amendment would allow a servicer advance financing facility to provide
funding for Select Portfolio Servicing, Inc. advances.
As a master servicer for the affected transactions, Select Portfolio
Servicing Inc. 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would be downgraded or withdrawn as a result of its proposal.
Moody's has determined that the amendment, in and of itself and
at this time, will not result in the downgrade or withdrawal of
the notes rating currently assigned to the below mentioned transactions
serviced by Select Portfolio Servicing Inc. Moody's opinion addresses
only the credit impact associated with the proposed amendment, and
Moody's is not expressing any opinion as to whether the amendment has,
or could have, other non-credit related effects that may
have a detrimental impact on the interests of any certificateholders and/or
counterparties.
Moody's view is based primarily on its opinion that the amendment does
not modify the calculation of amounts to be distributed to certificateholders
or the order of priority of distribution, does not alter the servicer's
advancing obligations and does not expand the servicer's right to be reimbursed
for advances. In addition, the servicer agrees to indemnify
the transaction parties for any costs resulting from claims arising out
of any advance financing facility.
Affected transactions:
Impac CMB Trust Series 2003-1
Impac CMB Trust Series 2003-11
Impac CMB Trust Series 2003-4
IMPAC CMB Trust Series 2003-8
Impac CMB Trust Series 2004-4 Collateralized Asset-Backed
Bonds, Series 2004-4
Impac CMB Trust Series 2004-5 Collateralized Asset-Backed
Bonds, Series 2004-5
Impac CMB Trust Series 2004-6 Collateralized Asset-Backed
Bonds, Series 2004-6
Impac CMB Trust Series 2004-7 Collateralized Asset-Backed
Bonds, Series 2004-7
Impac CMB Trust Series 2004-8 Collateralized Asset-Backed
Bonds, Series 2004-8
Impac CMB Trust Series 2004-9 Collateralized Asset-Backed
Bonds, Series 2004-9
Impac CMB Trust Series 2005-1 Collateralized Asset-Backed
Bonds, Series 2005-1
Impac CMB Trust Series 2005-3 Collateralized Asset-Backed
Bonds, Series 2005-3
Impac CMB Trust Series 2005-4 Collateralized Asset-Backed
Bonds, Series 2005-4
Impac CMB Trust Series 2005-5 Collateralized Asset-Backed
Bonds, Series 2005-5
Impac CMB Trust Series 2005-6 Collateralized Asset-Backed
Bonds, Series 2005-6
Impac CMB Trust Series 2005-7
Impac CMB Trust Series 2007-A
Impac Secured Assets Corp., Series 2000-3
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2003-2
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2005-1
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2006-3
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2006-4
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2006-5
Impac Real Estate Asset Trust 2006-SD1
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2007-1
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2007-3
This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com
for the most updated credit rating action information and rating history.
Diana Moreno
Asst Vice President - 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
Yehudah Forster
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