Moody's Places 67 Second Lien RMBS Tranches Under Review For Possible Upgrade
New York, October 05, 2006 -- Moody's has placed 67 tranches from 21 closed-end second lien residential
mortgage securitizations under review for possible upgrade. The
rating review is based on an evaluation of outstanding Closed End Second
deals.
Moody's review will focus on historical performance of the deals and an
examination of the current credit support levels, which are mainly
derived from subordination, excess spread, and insurance when
applicable. The relative level of credit enhancement has increased
in these deals due to rapid prepayments and the deal's lock-out
provisions. In addition, the low interest rate environment
and significant home price appreciation in most major housing markets
over the last few years have contributed to the strong performance of
the Closed End Second deals. Going forward, Moody's
will assess the performance of the more recent vintages of Closed End
Second deals in light of the evolving housing and interest rate environment,
which might be different for these newer vintages.
The complete rating action is as follows:
Under review for possible upgrade:
CWABS, Inc., Asset-Backed Certificates,
Series 2002-SC1, Class B-1, Current rating A3
CWABS, Inc., Asset-Backed Pass-Through
Certificates, Series 2002-S4, Class B, Current
rating A3
First Franklin Mortgage Loan Trust 2002-FFA, Class M-1,
Current rating Aa2
First Franklin Mortgage Loan Trust 2002-FFA, Class M-2,
Current rating A2
First Franklin Mortgage Loan Trust 2004-FFA, Class M2-A,
Current rating A2
First Franklin Mortgage Loan Trust 2004-FFA, Class M2-F,
Current rating A2
First Franklin Mortgage Loan Trust 2004-FFA, Class M3-A,
Current rating Baa1
First Franklin Mortgage Loan Trust 2004-FFA, Class M3-F,
Current rating Baa1
First Franklin Mortgage Loan Trust 2004-FFA, Class M4,
Current rating Baa2
First Franklin Mortgage Loan Trust 2004-FFA, Class M5,
Current rating Baa3
First Franklin Mortgage Loan Trust 2004-FFB, Class M-2,
Current rating Aa2
First Franklin Mortgage Loan Trust 2004-FFB, Class M-3,
Current rating A1
First Franklin Mortgage Loan Trust 2004-FFB, Class M-4,
Current rating A2
First Franklin Mortgage Loan Trust 2004-FFB, Class M-5,
Current rating Baa1
First Franklin Mortgage Loan Trust 2004-FFB, Class B,
Current rating Baa2
GMACM Home Equity Loan Trust 2004-HE2, Class M-1,
Current rating Aa1
GMACM Home Equity Loan Trust 2004-HE2, Class M-2,
Current rating Aa2
Home Equity Mortgage Trust 2003-5, Class B, Current
rating Baa2
Home Equity Mortgage Trust 2003-6, Class M-2,
Current rating A2
Home Equity Mortgage Trust 2003-6, Class B-1,
Current rating Baa2
Home Equity Mortgage Trust 2003-6, Class B-2,
Current rating Baa2
Home Equity Mortgage Trust 2003-7, Class M-2,
Current rating A2
Home Equity Mortgage Trust 2003-7, Class B, Current
rating Baa2
Home Equity Mortgage Trust 2004-1, Class M-2,
Current rating A2
Home Equity Mortgage Trust 2004-1, Class B, Current
rating Baa2
Home Equity Mortgage Trust 2004-2, Class M-2,
Current rating A2
Home Equity Mortgage Trust 2004-2, Class B-1,
Current rating Baa1
Home Equity Mortgage Trust 2004-2, Class B-2,
Current rating Baa2
Home Equity Mortgage Trust 2004-2, Class B-3A,
Current rating Baa3
Home Equity Mortgage Trust 2004-2, Class B-3F,
Current rating Baa3
Home Equity Mortgage-Backed Pass-Through Certificates,
Series 2004-3, Class M-1, Current rating Aa2
Home Equity Mortgage-Backed Pass-Through Certificates,
Series 2004-3, Class M-2, Current rating A1
Home Equity Mortgage-Backed Pass-Through Certificates,
Series 2004-3, Class M-3, Current rating A2
Home Equity Mortgage-Backed Pass-Through Certificates,
Series 2004-3, Class M-4, Current rating A3
Home Equity Mortgage-Backed Pass-Through Certificates,
Series 2004-3, Class M-5, Current rating Baa1
Home Equity Mortgage-Backed Pass-Through Certificates,
Series 2004-3, B-1, Current rating Baa2
Home Equity Mortgage-Backed Pass-Through Certificates,
Series 2004-3, B-2A, Current rating Baa3
Home Equity Mortgage-Backed Pass-Through Certificates,
Series 2004-3, B-2F, Current rating Baa3
Long Beach Mortgage Loan Trust 2004-A, Class M-1,
Current rating Aa2
Long Beach Mortgage Loan Trust 2004-A, Class M-2,
Current rating Aa3
Long Beach Mortgage Loan Trust 2004-A, Class M-3,
Current rating A1
Long Beach Mortgage Loan Trust 2004-A, Class M-4,
Current rating A2
Long Beach Mortgage Loan Trust 2004-A, Class M-5,
Current rating A3
Long Beach Mortgage Loan Trust 2004-A, Class M-6,
Current rating Baa1
Long Beach Mortgage Loan Trust 2004-A, Class M-7,
Current rating Baa2
RFMSII Home Equity Loan Trust 2003-HS2, Class M-I-1,
Current rating Aa2
RFMSII Home Equity Loan Trust 2003-HS2, Class M-I-2,
Current rating A2
RFMSII Home Equity Loan Trust 2003-HS2, Class M-I-3,
Current rating Baa2
Terwin Mortgage Trust 2003-1SL, Class B-1, Current
rating Baa2
Terwin Mortgage Trust 2003-1SL, Class B-2, Current
rating Ba2
Terwin Mortgage Trust 2003-3SL, Class B-1, Current
rating Baa2
Terwin Mortgage Trust 2003-3SL, Class B-2, Current
rating Ba2
Terwin Mortgage Trust 2003-5SL, Class B-1, Current
rating Baa2
Terwin Mortgage Trust 2003-5SL, Class B-2, Current
rating Baa3
Terwin Mortgage Trust 2003-5SL, Class B-3, Current
rating Ba2
Terwin Mortgage Trust 2003-7SL, Class B-1, Current
rating Baa2
Terwin Mortgage Trust 2003-7SL, Class B-2, Current
rating Baa3
Terwin Mortgage Trust 2003-7SL, Class B-3, Current
rating Ba2
Terwin Mortgage Trust 2004-2SL, Class B-1, Current
rating Baa2
Terwin Mortgage Trust 2004-2SL, Class B-2, Current
rating Baa3
Terwin Mortgage Trust 2004-2SL, Class B-3, Current
rating Ba2
Terwin Mortgage Trust 2004-4SL, Class B-1, Current
rating Baa2
Terwin Mortgage Trust 2004-4SL, Class B-X, Current
rating Baa2
Terwin Mortgage Trust 2004-4SL, Class B-2, Current
rating Baa3
Terwin Mortgage Trust 2004-6SL, Class M-2, Current
rating A2
Terwin Mortgage Trust 2004-6SL, Class B-1, Current
rating Baa2
Terwin Mortgage Trust 2004-6SL, Class B-2, Current
rating Baa3
For more information please see www.Moodys.com
New York
Nicolas S. Weill
Managing Director - Chief Credit
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Karandeep Bains
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653