New York, August 15, 2014 -- Moody's Investors Service ("Moody's") stated today that the transfer of
servicing from Bank of America, N.A. ("BOA") of 16,636
loans from 30 transactions to Specialized Loan Servicing, LLC ("SLS")
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.
SLS 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or withdrawn as a result of the transactions having their loan servicing
transferred to SLS from Bank of America by way of MSR sale. After
the MSR sale, SLS will service and own the servicing rights to these
16,636 loans. The transfer of these loans is scheduled between
October 1, 2014 and October 15, 2014.
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 November 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
CWMBS, Inc. Mortgage Pass-Through Certificates,
Series 2003-33
CWMBS, Inc. Mortgage Pass-Through Certificates,
Series 2003-38
CWMBS, Inc. Mortgage Pass Through Certificates, Series
2003-13
CWMBS, Inc. Mortgage Pass-Through Certificates,
Series 2003-16
CWMBS, Inc. Mortgage Pass-Through Certificates,
Series 2003-J11
HSI Asset Loan Obligation Trust 2006-2
Lehman XS Trust 2006-17
Prime Jumbo Collateral
CHL Mortgage Pass-Through Trust 2002-39
CHL Mortgage Pass-Through Trust, Series 2002-J5
CHL Mortgage Pass-Through Trust 2003-1
CHL Mortgage Pass-Through Trust 2003-11
CHL Mortgage Pass-Through Trust 2003-3
CHL Mortgage Pass-Through Trust 2003-34
CHL Mortgage Pass-Through Trust 2003-39
CHL Mortgage Pass-Through Trust 2003-44
CHL Mortgage Pass-Through Trust 2003-HYB3
CHL Mortgage Pass-Through Trust 2003-J5
CHL Mortgage Pass-Through Trust 2004-J1
Second Lien Collateral
CWABS, Inc., Asset-Backed Certificates,
Series 2003-SC1
CWHEQ Home Equity Loan Trust, Series 2006-S10
First Franklin Mortgage Loan Trust 2005-FFA
FFMLT 2007-FFB-SS, Mortgage Pass-Through Certificates,
Series 2007-FFB-SS
First Franklin Mortgage Loan Trust 2007-FFC
Subprime Collateral
CWABS, Inc. Asset-Backed Certificates, Series
2002-2
CWABS Inc., Asset-Backed Certificates, Series
2002-BC1
CWABS, Inc., Asset-Backed Certificates,
Series 2002-BC2
Merrill Lynch Mortgage Investors, Inc. 2005-NC1
Morgan Stanley Home Equity Loan Trust 2006-1
Morgan Stanley Home Equity Loan Trust 2006-2
Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
Series 2006-BC4
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 J Fried
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
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 Specialized Loan Servicing, LLC from Bank of America, N.A has no negative ratings impact on 30 US RMBS transactions