New York, July 03, 2013 -- Moody's Investors Service ("Moody's") stated today that the transfer of
servicing from Bank of America, N.A. ("BOA") of approximately
39,905 loans from 39 RMBS transactions to Nationstar Mortgage LLC
("Nationstar") will not, in and of itself and at this
time, result in a reduction or withdrawal of the current ratings
on the securities issued by these transactions.
BOA requested that Moody's provide its opinion on whether the ratings
on the securities issued by the affected transactions would be downgraded
or withdrawn as a result of each of the transactions having its loan servicing
transferred to Nationstar from BOA by way of the mortgage servicing right
("MSR") sale. After the MSR sale, Nationstar
will service and own the servicing rights to these approximately 39,905
loans. The transfer of these loans is scheduled for September 1,
2013 and September 16, 2013.
Moody's view is based primarily on its opinion that the ratings of each
of the securities in the transactions will not have material negative
implication following changes in servicing strategy due to either the
securities already in default currently or rated with the expectation
of 5% to 10% of lifetime loss.
Moody's opinion addresses only the current impact on Moody's ratings,
and we do not express an opinion as to whether the transfer of servicing
rights has or could have any other effects that investors may or may not
view positively. The determination was made without regard to any
applicable Certificate Insurance Policy, with respect to Insured
Certificates.
The methodology used in assessing the credit impact of the servicing transfer
was "US RMBS Surveillance Methodology" published in June 2013.
Other methodology includes "Moody's Methodology For Assessing RMBS Servicer
Quality (SQ)" published in January 2013. Please see the Credit
Policy page on www.moodys.com for a copy of these methodologies.
Affected Transactions:
Subprime Collateral
Structured Asset Investment Loan Trust 2003-BC2
Structured Asset Investment Loan Trust 2003-BC6
Alt-A Collateral
Banc of America Alternative Loan Trust 2005-11
Banc of America Alternative Loan Trust 2005-12
Banc of America Alternative Loan Trust 2006-1
Banc of America Alternative Loan Trust 2006-4
Banc of America Alternative Loan Trust 2006-6
Banc of America Alternative Loan Trust 2006-7
Banc of America Alternative Loan Trust 2006-8
Banc of America Alternative Loan Trust 2006-9
Banc of America Funding 2007-B Trust
Banc of America Funding Corporation 2007-6
HarborView Mortgage Loan Trust 2005-14
HarborView Mortgage Loan Trust 2005-4
HarborView Mortgage Loan Trust 2006-11
HarborView Mortgage Loan Trust 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 Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2007-3
Option-ARM Collateral
HarborView Mortgage Loan Trust 2004-11
HarborView Mortgage Loan Trust 2004-2
HarborView Mortgage Loan Trust 2004-8
HarborView Mortgage Loan Trust 2005-1
HarborView Mortgage Loan Trust 2005-10
HarborView Mortgage Loan Trust 2005-13
HarborView Mortgage Loan Trust 2005-16
HarborView Mortgage Loan Trust 2005-2
HarborView Mortgage Loan Trust 2005-3
HarborView Mortgage Loan Trust 2005-7
HarborView Mortgage Loan Trust 2005-8
HarborView Mortgage Loan Trust 2006-4
HarborView Mortgage Loan Trust 2006-5
HarborView Mortgage Loan Trust 2006-9
HarborView Mortgage Loan Trust 2006-CB1
Jumbo Collateral
Banc of America Funding 2007-C Trust
Banc of America Mortgage 2006-1 Trust
Banc of America Mortgage 2006-2 Trust
Banc of America Mortgage 2006-3 Trust
Banc of America Mortgage 2007-2 Trust
Max Erick Sauray
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
VP - Sr Credit Officer/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
Moody's: Servicing transfer to Nationstar Mortgage LLC from Bank of America has no negative ratings impact on 39 US RMBS transactions