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Rating Action:

Moody's Takes Action on $1.9 Billion of bonds issued by Countrywide FHA - VA deals

24 Jul 2009

New York, July 24, 2009 -- Moody's Investors Service has downgraded 97 tranches and confirmed 7 tranches from 11 Countrywide FHA - VA deals issued from 2002 to 2007 due to higher expected pool losses in relation to available credit enhancement.

The collateral backing these transactions consists primarily of first-lien, fixed and adjustable rate, mortgage loans guaranteed by the FHA or the VA (typically 80% FHA and 20% VA.) As economic conditions have deteriorated; performance of these loans have worsened with serious delinquencies (that is, loans more than 60 days past due, in foreclosure or held for sale) as a percentage of current balance increasing from 33.5% 12 months ago, to 35.6% as of May 2009 for FHA -- VA pools issued in 2006. While for FHA -- VA pools issued in 2007, serious delinquencies as a percentage of current balance have risen from 41.0% 12 months ago, to 44.5% as of May 2009. Cumulative losses on FHA -- VA pools, however, are low in absolute terms due to the FHA - VA guarantee. Nevertheless, for FHA - VA pools issued in 2006, cumulative losses have risen from 0.31% in May 2008 to 0.45% one year later. For FHA - VA pools issued in 2007, cumulative losses have more than doubled from 0.16% a year earlier to 0.34% as of May 2009.

Moody's expects loss levels on FHA -- VA pools to rise further as the general level of remaining delinquencies remain elevated and loss severities increase. Due to the FHA - VA guarantee, loss severities on these pools have been historically low at 2.0% -- 4.0%. However, with recent house price depreciation, increase in foreclosure costs and timelines and change in the debenture rate applied by FHA to pay interest claims, future loss severities on these pools are expected to be higher. Moody's now expects loss severities on FHA loans originated before 2004 to average 5.0% and on FHA loans originated in 2004 and after to average 6.5% (this is due to change in debenture rate application by FHA for loans originated after 2004 which results in a lower interest expense being paid by the FHA and a higher severity to the trust). Loss severities on VA loans are expected to average 20%. As a result, Moody's now projects cumulative losses on FHA -- VA pools issued between 2002 and 2007 to average 1.42% as a percentage of original balance securitized (3.00% as a percentage of current balance) versus our original expected loss estimates of 0.40% - 0.50%. For details regarding Moody's approach to estimating losses on FHA - VA pools originated from 2002 till 2007, please refer to the methodology publication "FHA - VA RMBS Loss Projection Methodology: July 2009 "available on Moodys.com.

Loss estimates are subject to variability and are sensitive to assumptions used; as a result, realized losses could ultimately turn out higher or lower than our current expectations. Moody's will continue to evaluate performance data as it becomes available and will assess the pattern of potential future defaults and adjust loss expectations accordingly as necessary.

Moody's final rating actions are based on current ratings, level of credit enhancement, collateral performance and updated pool-level loss expectations relative to current level of credit enhancement. Moody's took into account credit enhancement provided by seniority, cross-collateralization, time tranching, and other structural features within the priority of payments.

Other methodologies and factors that may have been considered in the process of monitoring this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory in the Rating Methodologies subdirectory.

Complete rating actions are as follows:

CWMBS Re-Performing Loan REMIC Trust Certificates, Series 2002-1

Cl. 1A-4, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-IO, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3A, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3A-IO, Confirmed at Aaa; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Confirmed at Aa2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Confirmed at A2; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ba1; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to B1; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2004-R1

Cl. 1A-F, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 3A, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. PT, Downgraded to Baa1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1M, Downgraded to Ba2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. 2M, Downgraded to Ba2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. 1B-1, Downgraded to B2; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. 1B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. 1B-3, Downgraded to C; previously on 5/15/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. 1B-4, Downgraded to C; previously on 5/15/2009 Ca Placed Under Review for Possible Downgrade

Cl. 2B-1, Downgraded to Caa1; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. 2B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. 2B-3, Downgraded to C; previously on 5/15/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. 2B-4, Downgraded to C; previously on 5/15/2009 Ca Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2004-R2

Cl. 1A-F1, Downgraded to Ba1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to Ba1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to Ba1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to B2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 5/15/2009 B3 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 Ca Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2005-R1

Cl. 1A-F1, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-1, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-PO, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2005-R2

Cl. 1A-F1, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-F2, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-S, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-1, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-3, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-4, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to B1; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2005-R3

Cl. A-F, Downgraded to Ba3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-S, Downgraded to Ba3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to B2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2006-R1

Cl. A-F-1, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-F-2, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-S, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS Reperforming Loan REMIC Trust Certificates, Series 2006-R2

Cl. A-F-1, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-F-2, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-S, Downgraded to B3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Ca; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

CWMBS, Inc. Structured pass-Through Certificates Series 2003-R3.

Cl. M, Downgraded to Baa2; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B1; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca; previously on 5/15/2009 B1 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 Caa3 Placed Under Review for Possible Downgrade

Reperforming Loan REMIC Trust 2003-R2

Cl. M, Downgraded to Ba1; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B2; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 Caa3 Placed Under Review for Possible Downgrade

Reperforming Loan REMIC Trust 2003-R4

Cl. 1A-1X, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-2S, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-3, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-4, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-IO, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 1A-PO, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. 2A-IO, Downgraded to Aa3; previously on 5/15/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M, Downgraded to Baa3; previously on 5/15/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B1; previously on 5/15/2009 A2 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca; previously on 5/15/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to C; previously on 5/15/2009 B2 Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 5/15/2009 Ca Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: <A href="http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF173969">http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF173969</A>

A list of updated estimated pool losses is being updated weekly and may be found at:

http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF174120

For more information please see www.moodys.com.

San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Deepika Kothari
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on $1.9 Billion of bonds issued by Countrywide FHA - VA deals
No Related Data.
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