New York, November 06, 2018 -- Moody's Investors Service ("Moody's") stated today that the transfer of
servicing of approximately 15,844 active residential mortgage loans
backing 69 US RMBS transactions to Specialized Loan Servicing LLC.
("SLS") from Wells Fargo Bank, N.A. ("Wells
Fargo") 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.
Wells Fargo 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downgraded or withdrawn as a result of the transfer of loan servicing
to SLS. The transfer of the servicing rights is scheduled for December
2018.
Moody's view is based primarily on its opinion that the ratings of each
of the securities in the transaction will not have material negative implication
following changes in servicing strategy that can occur after a transfer
of servicing.
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.
Affected Transactions:
ABFC Mortgage Loan Asset-Backed Certificates, Series 2002-WF1
ABFC Mortgage Loan Asset-Backed Certificates, Series 2003-WF1
ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE7
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1
ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE3
CSFB Adjustable Rate Mortgage Trust 2004-2
CSFB Adjustable Rate Mortgage Trust 2005-10
CSFB Adjustable Rate Mortgage Trust 2005-11
CSFB Adjustable Rate Mortgage Trust 2005-12
CSFB Adjustable Rate Mortgage Trust 2005-7
CSFB Adjustable Rate Mortgage Trust 2005-9
CSFB Adjustable Rate Mortgage Trust 2006-1
CSFB Adjustable Rate Mortgage Trust 2006-3
Bayview Financial Mortgage Pass-Through Certificates, Series
2004-D
Bear Stearns Asset Backed Securities I Trust 2005-AC9
Bear Stearns Asset Backed Securities I Trust 2006-AC1
Bear Stearns Asset Backed Securities I Trust 2006-AC2
Bear Stearns Asset Backed Securities I Trust 2006-AC3
Bear Stearns Mortgage Funding Trust 2006-AC1
Citigroup Mortgage Loan Trust Inc. 2006-WF1
Citigroup Mortgage Loan Trust Inc. 2006-WF2
Citigroup Mortgage Loan Trust 2007-WFHE4
CSAB Mortgage Backed Trust 2006-1
CSAB Mortgage-Backed Trust 2006-2
CSAB MORTGAGE-BACKED TRUST 2006-3
CSAB Mortgage Backed Trust 2006-4
CSAB Mortgage-Backed Trust Series 2007-1
CSFB Mortgage-Backed Pass-Through Certificates, Series
2002-26
CSFB Mortgage-Backed Pass-Through Certificates, Series
2002-29
CSFB Mortgage-Backed Pass-Through Certificates, Series
2003-17
CSFB Mortgage-Backed Pass-Through Certificates, Series
2003-AR28
CSFB Mortgage-Backed Pass-Through Certificates, Series
2005-10
CSFB Mortgage-Backed Pass-Through Securities, Series
2005-12
CSFB Mortgage-Backed Pass-Through Certificates, Series
2005-6
CSFB Mortgage-Backed Pass-Through Certificates, Series
2005-8
CSFB Mortgage-Backed Pass-Through Certificates, Series
2005-9
CSMC Mortgage-Backed Trust Series 2006-1
CSMC Mortgage-Backed Trust Series 2006-2
CSMC Mortgage-Backed Trust Series 2006-3
CSMC Mortgage-Backed Trust Series 2006-7
HSI Asset Loan Obligation Trust 2006-2
HSI Asset Loan Obligation Trust 2007-WF1
HSI Asset Securitization Corporation Trust 2006-HE2
Luminent Mortgage Trust 2007-2
MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-1
MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-2
Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2004-AP3
Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2005-AP1
Nomura Asset Acceptance Corporation Alternative Loan Trust, Series
2005-AP2
Nomura Asset Acceptance Corporation Alternative Loan Trust, Series
2005-AP3
Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2006-AF1
Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2006-AP1
Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2006-AR3
Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2006-AR4
Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2007-2
Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2007-3
Park Place Securities, Inc., Asset-Backed Pass-Through
Certificates, Series 2004-WWF1
Structured Asset Investment Loan Trust 2006-3
Structured Asset Securities Corp Trust 2006-BC2
Structured Asset Securities Corp, Mortgage Pass-Through Certificates,
Series 2006-BC3
Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
Series 2006-BC4
Structured Asset Securities Corporation Trust 2006-BC5
SG Mortgage Securities Trust 2006-FRE1
SG Mortgage Securities Trust 2006-FRE2
Thornburg Mortgage Securities Trust 2006-4
Thornburg Mortgage Securities Trust 2006-5
Towd Point Mortgage Trust 2016-4
Towd Point Mortgage Trust 2015-2
Towd Point Mortgage Trust 2015-6
This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com
for the most updated credit rating action information and rating history.
Ilana Fried
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Deepika Kothari
Senior Vice President
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653