New York, September 17, 2013 -- Moody's Investors Service ("Moody's") stated today that the transfer of
servicing from OneWest Bank, F.S.B ("OneWest") of
79,155 loans from 182 transactions to Ocwen Loan Servicing,
LLC ("Ocwen") 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.
OneWest 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or withdrawn as a result of each of the transactions having its loan servicing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 Ocwen from OneWest by way of the mortgage servicing right
("MSR") sale. After the MSR sale, Ocwen will
service and own the servicing rights to these 79,155 loans.
The transfer of these loans is scheduled for October 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 the
transfer of servicing rights due to either: i) the number of loans
being transferred in the affected transactions represent less than 5%
of the pool balance; or ii) the rated securities are currently in
default or rated with an expectation of at least 5% of ultimate
loss on the security. 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:
Alt-A Collateral
BCAP LLC Trust 2007-AA1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-AR1
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2006-AR6
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2007-AR1
GSAA Home Equity Trust 2006-17
GSAA Home Equity Trust 2006-20
GSAA Home Equity Trust 2007-3
GSAA Home Equity Trust 2007-4
HarborView Mortgage Loan Trust 2006-14
IndyMac IMJA Mortgage Loan Trust 2007-A4
IndyMac IMSC Mortgage Loan Trust 2007-AR1
IndyMac IMSC Mortgage Loan Trust 2007-AR2
IndyMac INDA Mortgage Loan Trust 2006-AR3
IndyMac INDA Mortgage Loan Trust 2007-AR2
IndyMac INDA Mortgage Loan Trust 2007-AR3
IndyMac INDA Mortgage Loan Trust 2007-AR4
IndyMac INDA Mortgage Loan Trust 2007-AR5
IndyMac INDA Mortgage Loan Trust 2007-AR6
IndyMac INDA Mortgage Loan Trust 2007-AR7
IndyMac INDX Mortgage Loan Trust 2004-AR11
IndyMac INDX Mortgage Loan Trust 2004-AR12
IndyMac INDX Mortgage Loan Trust 2004-AR15
IndyMac INDX Mortgage Loan Trust 2005-AR11
IndyMac INDX Mortgage Loan Trust 2005-AR13
IndyMac INDX Mortgage Loan Trust 2005-AR15
IndyMac INDX Mortgage Loan Trust 2005-AR17
IndyMac INDX Mortgage Loan Trust 2005-AR19
IndyMac INDX Mortgage Loan Trust 2005-AR21
IndyMac INDX Mortgage Loan Trust 2005-AR23
IndyMac INDX Mortgage Loan Trust 2005-AR27
IndyMac INDX Mortgage Loan Trust 2005-AR29
IndyMac INDX Mortgage Loan Trust 2005-AR3
IndyMac INDX Mortgage Loan Trust 2005-AR33
IndyMac INDX Mortgage Loan Trust 2005-AR5
IndyMac INDX Mortgage Loan Trust 2005-AR7
IndyMac INDX Mortgage Loan Trust 2005-AR9
IndyMac INDX Mortgage Loan Trust 2006-AR11
IndyMac INDX Mortgage Loan Trust 2006-AR19
IndyMac INDX Mortgage Loan Trust 2006-AR21
IndyMac INDX Mortgage Loan Trust 2006-AR23
IndyMac INDX Mortgage Loan Trust 2006-AR25
IndyMac INDX Mortgage Loan Trust 2006-AR29
IndyMac INDX Mortgage Loan Trust 2006-AR3
IndyMac INDX Mortgage Loan Trust 2006-AR31
IndyMac INDX Mortgage Loan Trust 2006-AR35
IndyMac INDX Mortgage Loan Trust 2006-AR39
IndyMac INDX Mortgage Loan Trust 2006-AR41
IndyMac INDX Mortgage Loan Trust 2006-AR5
IndyMac INDX Mortgage Loan Trust 2006-AR7
IndyMac INDX Mortgage Loan Trust 2007-AR1
IndyMac INDX Mortgage Loan Trust 2007-AR13
IndyMac INDX Mortgage Loan Trust 2007-AR15
IndyMac INDX Mortgage Loan Trust 2007-AR19
IndyMac INDX Mortgage Loan Trust 2007-AR7
IndyMac INDX Mortgage Loan Trust 2007-AR9
Lehman Mortgage Trust 2006-4
Lehman Mortgage Trust 2006-6
Lehman Mortgage Trust 2006-8
Lehman XS Trust 2006-19
Lehman XS Trust 2007-6
Lehman XS Trust Mortgage Pass-Through Certificates, Series
2007-3
Lehman XS Trust Series 2006-11
Lehman XS Trust Series 2006-13
Lehman XS Trust Series 2006-20
Lehman XS Trust Series 2007-1
Lehman XS Trust Series 2007-9
MASTR Adjustable Rate Mortgages Trust 2005-6
Merrill Lynch Alternative Note Asset Trust, Series 2007-F1
Morgan Stanley Mortgage Loan Trust 2007-2AX
Residential Asset Securitization Trust 2005-A11CB
Residential Asset Securitization Trust 2005-A13
Residential Asset Securitization Trust 2005-A6CB
Residential Asset Securitization Trust 2006-A11
Residential Asset Securitization Trust 2006-A14CB
Residential Asset Securitization Trust 2006-A15
Residential Asset Securitization Trust 2006-A2
Residential Asset Securitization Trust 2006-A4IP
Residential Asset Securitization Trust 2006-A5CB
Residential Asset Securitization Trust 2006-A6
Residential Asset Securitization Trust 2006-A7CB
Residential Asset Securitization Trust 2006-A8
Residential Asset Securitization Trust 2006-A9CB
Residential Asset Securitization Trust 2007-A1
Residential Asset Securitization Trust 2007-A5
Structured Adjustable Rate Mortgage Loan Trust 2005-11
Option ARM Collateral
Alliance Securities Corp., Mortgage Backed Pass-Through
Certificates, Series 2007-OA1
CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2007-OA9
HarborView Mortgage Loan Trust 2005-5
HarborView Mortgage Loan Trust 2006-8
IndyMac INDX Mortgage Loan Trust 2004-AR1
IndyMac INDX Mortgage Loan Trust 2004-AR14
IndyMac INDX Mortgage Loan Trust 2004-AR2
IndyMac INDX Mortgage Loan Trust 2004-AR5
IndyMac INDX Mortgage Loan Trust 2004-AR8
IndyMac INDX Mortgage Loan Trust 2005-AR12
IndyMac INDX Mortgage Loan Trust 2005-AR18
IndyMac INDX Mortgage Loan Trust 2005-AR2
IndyMac INDX Mortgage Loan Trust 2005-AR8
IndyMac INDX Mortgage Loan Trust 2006-AR12
IndyMac INDX Mortgage Loan Trust 2006-AR2
IndyMac INDX Mortgage Loan Trust 2006-AR4
IndyMac INDX Mortgage Loan Trust 2006-AR6
IndyMac INDX Mortgage Loan Trust 2006-AR8
IndyMac INDX Mortgage Loan Trust 2007-FLX3
IndyMac INDX Mortgage Loan Trust 2007-FLX4
Lehman XS Trust Series 2005-9N
Lehman XS Trust Series 2006-12N
Lehman XS Trust Series 2006-16N
Lehman XS Trust Series 2006-2N
Lehman XS Trust Series 2007-15N
Lehman XS Trust Series 2007-2N
Lehman XS Trust Series 2007-4N
Lehman XS Trust, Mortgage Pass Through Certificates, Series
2006-14N
Luminent Mortgage Trust 2006-3
Luminent Mortgage Trust 2006-7
Luminent Mortgage Trust 2007-1
Luminent Mortgage Trust 2007-2
MASTR Adjustable Rate Mortgages Trust 2006-OA2
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR4
Subprime Collateral
Home Equity Mortgage Loan Asset-Backed Trust, Series INABS
2007-B
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS
2006-A
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS
2006-B
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS
2006-C
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series
INABS 2006-D
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series
INABS 2006-E
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series
INABS 2007-A
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series
SPMD 2001-B
IndyMac INDB Mortgage Loan Trust 2006-1
Merrill Lynch Mortgage Investors Trust Series 2006-HE5
Structured Asset Securities Corp., Amortizing Residential
Collateral Trust 2001-BC1
Jumbo Collateral
IndyMac INDA Mortgage Loan Trust 2005-AR1
Second Lien Collateral
GSAMP Trust 2006-S4
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INDS
2006-1
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INDS
2006-A
IndyMac Home Equity Mortgage Loan Asset-Backed Trust 2006-H1
IndyMac Home Equity Mortgage Loan Asset-Backed Trust 2006-H2
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series
2006-H3
Lot -Construction Collateral
IndyMac Residential Mortgage-Backed Trust 2006-L2
List of transactions with less than 5% of the loan count transferred:
Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates,
Series 2002-BC1
Banc of America Funding 2006-H Trust
Bayview Financial Mortgage Pass-Through Trust 2006-A
Bear Stearns Alt-A Trust 2005-10
Bear Stearns Alt-A Trust 2006-4
Bear Stearns Alt-A Trust 2006-8
CSFB Adjustable Rate Mortgage Trust 2007-3
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-2
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-AR2
Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-AB1
GSR Mortgage Loan Trust 2005-AR3
GSR Mortgage Loan Trust 2006-9F
GSR Mortgage Loan Trust 2007-OA2
HarborView Mortgage Loan Trust 2007-7
J.P. Morgan Alternative Loan Trust 2006-S4
Lehman Mortgage Trust 2007-5
Lehman Mortgage Trust 2007-7
Lehman XS Trust Series 2006-7
Lehman XS Trust Series 2006-8
Lehman XS Trust Series 2007-11
Luminent Mortgage Trust 2006-5
MASTR Adjustable Rate Mortgages Trust 2005-8
MASTR Adjustable Rate Mortgages Trust 2007-2
MASTR Adjustable Rate Mortgages Trust 2007-3
MASTR Alternative Loan Trust 2005-6
MASTR Alternative Loan Trust 2006-3
MASTR Asset Securitization Trust 2005-2
MASTR Asset Securitization Trust 2006-1
Morgan Stanley Mortgage Loan Trust 2007-14AR
Morgan Stanley Mortgage Loan Trust 2007-1XS
Morgan Stanley Mortgage Loan Trust 2007-5AX
Structured Adjustable Rate Mortgage Loan Trust 2004-1
Structured Adjustable Rate Mortgage Loan Trust 2004-16
Structured Adjustable Rate Mortgage Loan Trust 2004-18
Structured Adjustable Rate Mortgage Loan Trust 2004-20
Structured Adjustable Rate Mortgage Loan Trust 2004-6
Structured Adjustable Rate Mortgage Loan Trust 2005-12
Structured Adjustable Rate Mortgage Loan Trust 2005-4
Structured Asset Investment Loan Trust 2004-2
Structured Asset Investment Loan Trust 2004-5
Structured Asset Securities Corp 2002-23XS
Structured Asset Securities Corp 2003-12XS
Structured Asset Securities Corp Trust 2003-40A
Structured Asset Securities Corporation 2002-6
Soumya Vasudevan
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
VP - Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Amita Shrivastava
VP - Sr Credit Officer
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 Ocwen from OneWest has no negative ratings impact on 182 US RMBS transactions