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Announcement:

Moody's: Servicing transfer to Nationstar Mortgage LLC from Aurora Loan Services LLC has no negative ratings impact on 160 US RMBS Transactions

27 Jun 2012

New York, June 27, 2012 -- Moody's Investors Service stated today that Nationstar Mortgage LLC's ("Nationstar") purchase of the servicing rights to the affected transactions listed below from Aurora Loan Services LLC ("Aurora") will not, in and of itself and at this time, result in a reduction or withdrawal of the current ratings of the securities issued by the affected transactions. The purchase is expected to be finalized on June 27, 2012 and the expected servicing transfer date is July 1, 2012.

On March 6, 2012, Aurora and Nationstar entered into an asset purchase agreement (which was amended and restated on June 12, 2012), in which Aurora agreed to sell the vast majority of its servicing assets to Nationstar. At this time, Aurora requested that Moody's provide its opinion as to whether the ratings of securities issued by transactions which were scheduled to have their servicing rights transferred to Nationstar would be downgraded or withdrawn after the transfer was completed. The below list of affected transactions represent a subset of that initial request.

In determining the credit impact of the transfer of servicing to Nationstar, Moody's reviewed i) Nationstar's servicing practices and compared them to Aurora's practices, ii) Nationstar's ability to handle the proposed transfer, iii) the percent of each transaction's outstanding principal balance that is being transferred to Nationstar from Aurora and iv) the impact that potential cash flow disruptions or increases in expected losses in the deals could have on the performance of the securities issued by the affected transactions. Aurora is assessed at SQ4+ as a primary servicer of prime residential mortgage loans and SQ4 as a subprime servicer of residential mortgage loans and as a special servicer, which assessments are on review for possible downgrade. The downgrade review is mainly triggered by stability concerns. While Nationstar does not have a formal servicer quality assessment, we have evaluated its ability to service this type of collateral. We consider its overall servicing to be adequate.

Moody's view is based primarily on its opinion that the securities issued by the affected transactions are not materially sensitive to potential changes in servicing strategy that may occur after the transactions' servicing rights are transferred to Nationstar from Aurora. Furthermore, Moody's also relied on the representation by Nationstar that it will, for a period of 24 months, defer the recovery of certain outstanding advances that have been made to the affected RMBS trusts if recovering those advances would cause the trust to default on its obligations to make monthly net swap payments or monthly interest distributions to holders of currently investment grade or higher rated bonds.

Moody's believed that the servicing transfer did not have an adverse effect on the credit quality of the securities such that the Moody's ratings were impacted. Moody's did not express an opinion as to whether the servicing transfer could have other, non credit-related effects.

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), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of providing this opinion can also be found on this page.

Please see the attached spreadsheet for the list of affected transactions:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF289144

Gerard Mazi
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

Deepika Kothari
Vice President - Senior Analyst
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: Servicing transfer to Nationstar Mortgage LLC from Aurora Loan Services LLC has no negative ratings impact on 160 US RMBS Transactions
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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All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

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.”

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

​​​​
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