New York, July 30, 2013 -- Moody's Investors Service ("Moody's") stated today that the transfer of
servicing from Bank of America, N.A. ("BOA") of approximately
15,910 loans from 26 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or withdrawn as a result of each of the transactions having its loan servicing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 15,910 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 that occur after transfer
of servicing rights.
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:
Scratch And Dent Collateral
Impac Real Estate Asset Trust 2006-SD1
Second Lien Collateral
Credit Suisse First Boston Mortgage Acceptance Corp. Series 2002-HI23
Alt-A Collateral
Banc of America Alternative Loan Trust 2005-10
Banc of America Alternative Loan Trust 2005-5
Banc of America Alternative Loan Trust 2005-6
Banc of America Alternative Loan Trust 2005-9
Banc of America Alternative Loan Trust 2006-2
Banc of America Alternative Loan Trust 2006-5
Banc of America Alternative Loan Trust 2007-1
Banc of America Alternative Loan Trust, Mortgage Pass-Through
Certificates, Series 2005-8
Banc of America Funding 2007-4 Trust
HarborView Mortgage Loan Trust 2004-5
HarborView Mortgage Loan Trust 2004-6
HarborView Mortgage Loan Trust 2004-7
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2006-3
Impac Secured Assets Corp. Mortgage Pass-Through Certificates,
Series 2007-1
Jumbo Collateral
Banc of America Mortgage 2007-1 Trust
Banc of America Mortgage 2008-A Trust
Banc of America Mortgage Securities, Inc., Mortgage
Pass-Through Certificates, Series 2005-11
Banc of America Mortgage Securities, Inc., Mortgage
Pass-Through Certificates, Series 2005-6
Banc of America Mortgage Securities, Inc., Mortgage
Pass-Through Certificates, Series 2005-8
Banc of America Mortgage Securities, Inc., Mortgage
Pass-Through Certificates, Series 2005-F
Citigroup Mortgage Loan Trust, Series 2004-HYB1
Option-Arm Collateral
HarborView Mortgage Loan Trust 2004-10
HarborView Mortgage Loan Trust 2005-12
Subprime Collateral
Salomon Brothers Mortgage Securities VII, Inc. Union Planters
Mortgage Loan Trust 2003-UP1
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 26 US RMBS transactions