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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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Related Issuers
ABFC Asset-Backed Certificates, Series 2006-HE1
ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE4
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE5
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE7
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE10
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE4
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SC1
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-MX1
CWABS Asset-Backed Certificates Trust 2005-10
CWABS Asset-Backed Certificates Trust 2005-15
CWABS Asset-Backed Certificates Trust 2005-8
CWABS, Inc. Asset-Backed Certificates, Series 2002-5
Equity One Mortgage Pass-Through Trust 2002-4
Equity One Mortgage Pass-Through Trust 2002-5
Finance America Mortgage Loan Trust 2003-1
Finance America Mortgage Loan Trust 2004-3
Fremont Home Loan Trust 2002-1
Fremont Home Loan Trust 2002-2
Fremont Home Loan Trust 2003-1
Fremont Home Loan Trust 2003-A
Fremont Home Loan Trust 2003-B
Fremont Home Loan Trust 2004-1
Fremont Home Loan Trust 2004-2
Fremont Home Loan Trust 2004-4
Fremont Home Loan Trust 2004-B
Fremont Home Loan Trust 2005-1
Fremont Home Loan Trust 2005-2
GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-1
GE-WMC Asset-Backed Pass-Through Certificates, Series 2006-1
GSAMP Trust 2006-FM3
GSAMP Trust 2007-FM1
GSAMP Trust 2007-FM2
HomeGold Home Equity Loan Trust 1999-1
Long Beach Mortgage Loan Trust 2004-3
Meritage Mortgage Loan Trust 2003-1
New Century Home Equity Loan Trust, Series 2003-A
Option One Mortgage Loan Trust 2002-5
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WLL1
Provident Bank Home Equity Loan Trust 1998-4
Provident Bank Home Equity Loan Trust 1999-3
Provident Bank Home Equity Loan Trust 2000-1
Provident Bank Home Equity Loan Trust 2000-2
RAAC Series 2005-RP1 Trust
RAAC Series 2005-RP2 Trust
RAAC Series 2005-RP3 Trust
RAAC Series 2005-SP2 Trust
RAAC Series 2006-RP3 Trust
RAAC Series 2006-SP4 Trust
RAAC Series 2007-RP1 Trust
RAAC Series 2007-RP2 Trust
RAAC Series 2007-RP3 Trust
RAAC Series 2007-RP4 Trust
RAAC Series 2007-SP1 Trust
RAAC Series 2007-SP2 Trust
RALI Series 2002-QS1 Trust
RALI Series 2004-QA6 Trust
RALI Series 2005-QA3 Trust
RALI Series 2005-QS12 Trust
RALI Series 2005-QS16 Trust
RALI Series 2005-QS17 Trust
RALI Series 2005-QS6 Trust
RALI Series 2006-QS17 Trust
RALI Series 2006-QS2 Trust
RALI Series 2006-QS7 Trust
RAMP Series 2001-RS3 Trust
RFMSI Series 2005-S8 Trust
RFSC Series 2002-RP1 Trust
RFSC Series 2002-RP2 Trust
RFSC Series 2003-RP1 Trust
RFSC Series 2003-RP2 Trust
RFSC Series 2004-RP1 Trust
Salomon Brothers Mortgage Trust 2001-2
Soundview Home Equity Loan Trust 2001-2
Soundview Home Loan Trust 2003-1
Soundview Home Loan Trust 2005-3
Soundview Home Loan Trust 2006-A
Announcement:

Moody's: No negative ratings impact on various US RMBS from transfer of servicing to Ocwen from Litton

21 Oct 2011

New York, October 21, 2011 -- Moody's Investors Service stated today that the ratings on tranches issued by 77 transactions serviced by Litton Loan Servicing, LP were not being downgraded, withdrawn or placed on review for possible downgrade, solely as a result of Ocwen Loan Servicing, LLC's proposal to transfer servicing to Ocwen's own servicing platform (SQ2, on review for possible downgrade) from Litton Loan Servicing, LP's platform (SQ2+, on review for possible downgrade). On June 5, 2011, Ocwen Financial and The Goldman Sachs Group, Inc. entered into a Purchase Agreement in which Ocwen agreed to acquire the loans and servicing platform of Litton Loan Servicing LP. The transaction closed on September 1, 2011.

Ocwen Loan Servicing, LLC requested that Moody's provide its opinion to it as to whether the ratings on the Moody's-rated securities issued in the affected transactions would be downgraded, withdrawn or placed on review for possible downgrade as a result of its proposal to transfer servicing from Litton.

Moody's believed, as of the above date, that the proposed transfer of servicing to Ocwen Loan Servicing, LLC in and of itself would not have an adverse credit effect on the current outstanding Moody's ratings of securities issued by the below transactions. Moody's did not express an opinion as to whether this action had, or could have, other non credit-related effects that investors may or may not view positively.

In assessing the credit impact of the transfer, Moody's compared the differences in servicing practices between Litton and Ocwen, and evaluated the effect on short term cash flows to the trust as well as ultimate pool losses.

The methodologies used in this rating were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, and "Moody's Approach to Rating Residential Mortgage Servicers" published in January 2001. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Other factors used in this rating are described in "Moody's Approach to Rating Structured Finance Securities in Default" published in November 2009, and "Updated Moody's Servicer Quality Rating Scale and Definitions" published in May 2005.

List of affected transactions:

ABFC Asset-Backed Certificates, Series 2006-HE1

ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1

Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE4

Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE5

Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE7

Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE10

Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE4

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SC1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-MX1

CWABS Asset-Backed Certificates Trust 2005-10

CWABS Asset-Backed Certificates Trust 2005-15

CWABS Asset-Backed Certificates Trust 2005-8

CWABS, Inc. Asset-Backed Certificates, Series 2002-5

Equity One Mortgage Pass-Through Trust 2002-4

Equity One Mortgage Pass-Through Trust 2002-5

Finance America Mortgage Loan Trust 2003-1

Finance America Mortgage Loan Trust 2004-3

Fremont Home Loan Trust 2002-1

Fremont Home Loan Trust 2002-2

Fremont Home Loan Trust 2003-1

Fremont Home Loan Trust 2003-A

Fremont Home Loan Trust 2003-B

Fremont Home Loan Trust 2004-1

Fremont Home Loan Trust 2004-2

Fremont Home Loan Trust 2004-4

Fremont Home Loan Trust 2004-B

Fremont Home Loan Trust 2005-1

Fremont Home Loan Trust 2005-2

GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-1

GE-WMC Asset-Backed Pass-Through Certificates, Series 2006-1

GSAMP Trust 2006-FM3

GSAMP Trust 2007-FM1

GSAMP Trust 2007-FM2

HomeGold Home Equity Loan Trust 1999-1

Long Beach Mortgage Loan Trust 2004-3

Meritage Mortgage Loan Trust 2003-1

New Century Home Equity Loan Trust, Series 2003-A

Option One Mortgage Loan Trust 2002-5

Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WLL1

Provident Bank Home Equity Loan Trust 1998-4

Provident Bank Home Equity Loan Trust 1999-3

Provident Bank Home Equity Loan Trust 2000-1

Provident Bank Home Equity Loan Trust 2000-2

RAAC Series 2005-RP1 Trust

RAAC Series 2005-RP2 Trust

RAAC Series 2005-RP3 Trust

RAAC Series 2005-SP2 Trust

RAAC Series 2006-RP3 Trust

RAAC Series 2006-SP4 Trust

RAAC Series 2007-RP1 Trust

RAAC Series 2007-RP2 Trust

RAAC Series 2007-RP3 Trust

RAAC Series 2007-RP4 Trust

RAAC Series 2007-SP1 Trust

RAAC Series 2007-SP2 Trust

RALI Series 2002-QS1 Trust

RALI Series 2004-QA6 Trust

RALI Series 2005-QA3 Trust

RALI Series 2005-QS12 Trust

RALI Series 2005-QS16 Trust

RALI Series 2005-QS17 Trust

RALI Series 2005-QS6 Trust

RALI Series 2006-QS17 Trust

RALI Series 2006-QS2 Trust

RALI Series 2006-QS7 Trust

RAMP Series 2001-RS3 Trust

RFMSI Series 2005-S8 Trust

RFSC Series 2002-RP1 Trust

RFSC Series 2002-RP2 Trust

RFSC Series 2003-RP1 Trust

RFSC Series 2003-RP2 Trust

RFSC Series 2004-RP1 Trust

Salomon Brothers Mortgage Trust 2001-2

Soundview Home Equity Loan Trust 2001-2

Soundview Home Loan Trust 2003-1

Soundview Home Loan Trust 2005-3

Soundview Home Loan Trust 2006-A

Mark Branton
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

Linda Stesney
MD - Structured Finance
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

Moody's: No negative ratings impact on various US RMBS from transfer of servicing to Ocwen from Litton
No Related Data.
© 2019 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 OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. 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.

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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.

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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 ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. 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.

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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 ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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

​​​​​​
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