New York, November 01, 2011 -- Moody's Investors Service stated today that the ratings on tranches issued
by 44 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being downgraded, withdrawn or placed on review for possible downgrade,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 from Litton
Loan Servicing, LP's platform. 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 is rated SQ2- as a primary servicer of Subprime residential
mortgage loans and SQ2 as a special servicer of residential mortgage loans.
Both these ratings are on review for possible downgrade. 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in the affected transactions would be downgraded, withdrawn or placed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 total pool losses.
Ocwen has acquired Litton's entire servicing platform and plans
to service Litton's entire portfolio under Ocwen's servicing
strategy.
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:
Securitized Asset Backed Receivables LLC Trust 2006-CB1
Citigroup Mortgage Loan Trust, Series 2004-NCM1
Citigroup Mortgage Loan Trust 2006-SHL1
CWABS Asset-Backed Certificates Trust 2006-1
GE-WMC Asset-Backed Pass-Through Certificates,
Series 2005-2
GSAMP Trust 2007-HSBC1
J.P. Morgan Mortgage Acquisition Corp. 2005-FRE1
RAAC Series 2004-SP1 Trust
RAAC Series 2004-SP3 Trust
RAAC Series 2005-SP3 Trust
RAAC Series 2006-SP1 Trust
RAAC 2006-SP2 Trust
RAAC Series 2006-SP3 Trust
RAAC Series 2007-SP3 Trust
RALI Series 2003-QS11 Trust
RALI Series 2003-QS13 Trust
RALI Series 2003-QS14 Trust
RALI Series 2003-QS15 Trust
RALI Series 2003-QS17 Trust
RALI Series 2003-QS18 Trust
RALI Series 2003-QS19 Trust
RALI Series 2004-QA3 Trust
RALI Series 2004-QA4 Trust
RALI Series 2004-QS1 Trust
RALI Series 2004-QS14 Trust
RALI Series 2004-QS15 Trust
RALI Series 2004-QS16 Trust
RALI Series 2004-QS3 Trust
RALI Series 2004-QS5 Trust
RALI Series 2004-QS6 Trust
RALI Series 2005-QS14 Trust
RAMP Series 2002-RS1 Trust
RAMP Series 2004-SL1 Trust
RAMP Series 2004-SL2 Trust
RAMP Series 2005-SL1 Trust
RAMP Series 2005-SL2 Trust
RAAC Series 2006-RP1 Trust
RAAC Series 2006-RP2 Trust
RAAC Series 2006-RP4 Trust
RFSC Series 2001-RM2 Trust
RFMSI Series 2005-S2 Trust
RFMSI Series 2005-S4 Trust
Soundview Home Loan Trust 2006-1
Please see Moody's Rating Symbols and Definitions on the Rating
Process page on www.moodys.com for further information on
the meaning of each rating category and the definition of default and
recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com
for the last rating action and the rating history. The date on
which some ratings were first released goes back to a time before Moody's
ratings were fully digitized and accurate data may not be available.
Consequently, Moody's provides a date that it believes is
the most reliable and accurate based on the information that is available
to it. Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has
issued the rating.
Terwin Mortgage Trust 2007-6ALT
Maxim Pertsov
Associate 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