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Rating Action:

Moody's Takes Action on $195 million of US Scratch and Dent RMBS issued from 1996 to 1999

28 Jan 2013

Note: On January 29, 2013, the press release was revised as follows: Under the debt list for issuer Ocwen Residential MBS Corporation Series 1999-R1, added the following action: ?AP, Downgraded to Ba2 (sf); previously on Apr 19, 2012 Aaa (sf) Placed Under Review for Possible Downgrade?. Revised as follows:

New York, January 28, 2013 -- Moody's Investors Service has downgraded the ratings of 26 tranches, affirmed the ratings of 52 tranches and confirmed the rating of one tranche from 12 RMBS transactions, backed by Scratch and Dent loans issued by Ocwen, BlackRock, SACO and Salomon Brothers.

RATINGS RATIONALE

The actions are a result of the recent performance review of these deals and reflect Moody's updated loss expectations on these pools. Today's rating action constitute of a number of downgrades. The downgrades are primarily due to deteriorating collateral performance and prior misallocation of funds to certain tranches. The affected transactions are backed by small balance re-performing distressed loans. In addition, these transactions have a shifting interest structure whereby the subordinate certificates are receiving a portion of principal thereby depleting the dollar enhancement available to the most senior certificates in the structure.

In today's rating actions, eleven A-WAC and Class A-P tranches were also downgraded. These tranches have separate principal-only (PO) and interest-only (IO) components. The PO components are linked to the arrearage pool; they receive principal from the arrearage pools and receive a share from the senior distribution amount along with the other senior certificates. In most of these transactions, based on the reported arrearage pool balance, the PO components are under-collateralized. Based on the transactions documents, the PO tranches should not be under-collateralized. In other words, the bond balances should be equal to or less than the arrearage amount. We have confirmed the misallocation of principal by the prior trustee, and the prior trustee has agreed that there was a misallocation of funds. The current trustee for the affected transactions has been making accurate distributions since the misallocation was realized. The IO components reference either multiple bonds or a pool.

The final ratings on the A-P and A-WAC tranches reflect a combined assessment of both components. The PO component is relatively strong as it benefits from the credit enhancement provided by subordination and payment priority of the tranche relative to the subordinate tranches. The IO component rating considers the risk to future cashflows associated with the IO component in accordance with "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in February 2012.

At this time, Moody's ratings on the A-WAC and A-P bonds assume a higher weight to the PO component rating to give benefit to the strength of the PO component. As the PO components in the affected transactions pay off, the IO component rating will be the rating outstanding.

The methodologies used in these ratings were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, and "US RMBS Surveillance Methodology for Scratch and Dent" published in May 2011. The methodology used in rating Interest-Only Securities was "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in February 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's adjusts the methodologies noted above for 1) Moody's current view on loan modifications 2) small pool volatility and 3) bonds that financial guarantors insure.

Loan Modifications

As a result of an extension of the Home Affordable Modification Program (HAMP) to 2013 and an increased use of private modifications, Moody's is extending its previous view that loan modifications will only occur through the end of 2012. It is now assuming that the loan modifications will continue at current levels until the end of 2013.

Small Pool Volatility

For pools with loans less than 100, Moody's adjusts its projections of loss to account for the higher loss volatility of such pools. For small pools, a few loans becoming delinquent would greatly increase the pools' delinquency rate.

To project losses on scratch and dent pools with fewer than 100 loans, Moody's first calculates an annualized delinquency rate based on strength of the collateral, number of loans remaining in the pool and the level of current delinquencies in the pool. For scratch and dent, Moody's first applies a baseline delinquency rate of 11% for standard transactions and 3% for strongest prime-like deals. Once the loan count in a pool falls below 76, this rate of delinquency is increased by 1% for every loan fewer than 76. For example, for a standard pool with 75 loans, the adjusted rate of new delinquency is 11.1%. Further, to account for the actual rate of delinquencies in a small pool, Moody's multiplies the rate calculated above by a factor ranging from 0.75 to 2.5 for current delinquencies that range from less than 2.5% to greater than 30% respectively. Moody's then uses this final adjusted rate of new delinquency to project delinquencies and losses for the remaining life of the pool under the approach described in the methodology publication.

The primary source of assumption uncertainty is the uncertainty in our central macroeconomic forecast and performance volatility due to servicer-related issues. The unemployment rate fell from 9.0% in September 2011 to 7.8% in December 2012. Moody's forecasts a further drop to 7.5% by 2014. Moody's expects house prices to drop another 1% from their 4Q2011 levels before gradually rising towards the end of 2013. Performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

Complete rating actions are as follows:

Issuer: Salomon Brothers Mortgage Securities VII, Inc., Series 1997-HUD1

A-4, Affirmed Caa3 (sf); previously on Aug 22, 2012 Downgraded to Caa3 (sf)

A-WAC, Downgraded to Caa3 (sf); previously on Apr 19, 2012 B1 (sf) Placed Under Review for Possible Downgrade

B-1, Downgraded to Ca (sf); previously on Sep 10, 2010 Downgraded to Caa3 (sf)

B-2, Affirmed Ca (sf); previously on Sep 10, 2010 Downgraded to Ca (sf)

B-3, Affirmed C (sf); previously on Sep 10, 2010 Downgraded to C (sf)

B-4, Affirmed C (sf); previously on Jun 18, 2010 Downgraded to C (sf)

IO, Affirmed Ca (sf); previously on Aug 22, 2012 Downgraded to Ca (sf)

Issuer: BlackRock Capital Fiance L.L.C. Series 1997-R3

A-WAC, Downgraded to Ba2 (sf); previously on Apr 19, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

B-1, Affirmed Caa3 (sf); previously on Jul 2, 2010 Downgraded to Caa3 (sf)

B-2, Affirmed C (sf); previously on Jul 2, 2010 Downgraded to C (sf)

B-3, Affirmed C (sf); previously on Jun 30, 2003 Downgraded to C (sf)

Issuer: BlackRock Capital Finance L.L.C. Series 1997-R1

A-4, Affirmed Baa1 (sf); previously on Aug 22, 2012 Downgraded to Baa1 (sf)

WAC, Downgraded to Ba3 (sf); previously on Apr 19, 2012 A1 (sf) Placed Under Review for Possible Downgrade

B-1, Affirmed Ca (sf); previously on Jul 2, 2010 Downgraded to Ca (sf)

B-2, Affirmed C (sf); previously on Jul 2, 2010 Downgraded to C (sf)

B-3, Affirmed C (sf); previously on Jul 2, 2010 Downgraded to C (sf)

Issuer: BlackRock Capital Finance L.L.C. Series 1997-R2

1-B1, Downgraded to Caa2 (sf); previously on Aug 22, 2012 Downgraded to Caa1 (sf)

1-B2, Affirmed Ca (sf); previously on Jul 18, 2011 Downgraded to Ca (sf)

1-B3, Affirmed Ca (sf); previously on Jul 18, 2011 Downgraded to Ca (sf)

2-B1, Downgraded to Caa2 (sf); previously on Apr 19, 2012 B3 (sf) Placed Under Review for Possible Downgrade

2-B2, Affirmed Ca (sf); previously on Jul 18, 2011 Downgraded to Ca (sf)

2-B3, Affirmed Ca (sf); previously on Jul 18, 2011 Downgraded to Ca (sf)

3-AX, Affirmed Ca (sf); previously on Feb 22, 2012 Downgraded to Ca (sf)

3-PO, Affirmed B2 (sf); previously on Aug 22, 2012 Confirmed at B2 (sf)

3-B1, Downgraded to Caa2 (sf); previously on Apr 19, 2012 B2 (sf) Placed Under Review for Possible Downgrade

3-B2, Affirmed Ca (sf); previously on Jul 18, 2011 Downgraded to Ca (sf)

3-B3, Affirmed Ca (sf); previously on Jul 18, 2011 Downgraded to Ca (sf)

B-4, Affirmed C (sf); previously on Jul 18, 2011 Downgraded to C (sf)

B-5, Affirmed C (sf); previously on Jul 18, 2011 Downgraded to C (sf)

A-P, Downgraded to B3 (sf); previously on Apr 19, 2012 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: BlackRock Capital Finance L.L.C., Series 1996-R1

A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Financial Guarantor: Federal Home Loan Mortgage Corp. (Aaa, Outlook negative on Aug 2, 2011)

A-WAC, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Financial Guarantor: Federal Home Loan Mortgage Corp. (Aaa, Outlook negative on Aug 2, 2011)

B-1, Affirmed Ca (sf); previously on Aug 22, 2012 Confirmed at Ca (sf)

B-1X, Affirmed Ca (sf); previously on Aug 22, 2012 Upgraded to Ca (sf)

B-2, Affirmed C (sf); previously on Jul 2, 2010 Downgraded to C (sf)

B-2X, Affirmed C (sf); previously on Jul 2, 2010 Downgraded to C (sf)

Issuer: Ocwen Residential MBS Corporation Mortgage Pass-Through Certificates, Series 1998-R3

A-WAC, Downgraded to Caa2 (sf); previously on Aug 22, 2012 B3 (sf) Placed Under Review for Possible Downgrade

B-1, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

B-2, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

A-1, Affirmed Caa1 (sf); previously on Aug 22, 2012 Downgraded to Caa1 (sf)

Issuer: Ocwen Residential MBS Corporation Series 1998-R1

A-WAC, Downgraded to Ba2 (sf); previously on Aug 22, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

B-1, Downgraded to B3 (sf); previously on Aug 22, 2012 B1 (sf) Placed Under Review for Possible Downgrade

B-2, Affirmed Ca (sf); previously on Sep 10, 2010 Downgraded to Ca (sf)

B-3, Affirmed C (sf); previously on Sep 10, 2010 Downgraded to C (sf)

Issuer: Ocwen Residential MBS Corporation Series 1998-R2

P-F, Downgraded to Baa3 (sf); previously on Aug 22, 2012 Downgraded to A3 (sf)

AP, Downgraded to B1 (sf); previously on Aug 22, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

B1-A, Downgraded to Caa2 (sf); previously on Aug 22, 2012 Downgraded to Caa1 (sf)

B1-F, Downgraded to Caa2 (sf); previously on Aug 22, 2012 Downgraded to Caa1 (sf)

X-F, Affirmed Ca (sf); previously on Aug 22, 2012 Downgraded to Ca (sf)

B2-F, Affirmed Ca (sf); previously on Apr 23, 2009 Downgraded to Ca (sf)

B3-F, Affirmed Ca (sf); previously on Apr 23, 2009 Downgraded to Ca (sf)

B4-F, Affirmed Ca (sf); previously on Apr 23, 2009 Downgraded to Ca (sf)

B5-F, Affirmed C (sf); previously on Apr 23, 2009 Downgraded to C (sf)

B3-A, Affirmed Ca (sf); previously on Apr 23, 2009 Downgraded to Ca (sf)

B4-A, Affirmed C (sf); previously on Apr 23, 2009 Downgraded to C (sf)

B5-A, Affirmed C (sf); previously on Apr 23, 2009 Downgraded to C (sf)

B2-A, Affirmed Caa3 (sf); previously on Aug 22, 2012 Confirmed at Caa3 (sf)

Issuer: Ocwen Residential MBS Corporation Series 1999-R1

B2-F, Downgraded to B2 (sf); previously on Aug 22, 2012 Downgraded to Ba2 (sf) and Remained On Review for Possible Downgrade

B1-A, Downgraded to Baa2 (sf); previously on Aug 22, 2012 A1 (sf) Placed Under Review for Possible Downgrade

B1-F, Confirmed at Aa2 (sf); previously on Aug 22, 2012 Aa2 (sf) Placed Under Review for Possible Downgrade

B2-A, Affirmed Caa3 (sf); previously on May 24, 2011 Downgraded to Caa3 (sf)

B3-A, Affirmed Ca (sf); previously on May 24, 2011 Downgraded to Ca (sf)

B4-A, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

B3-F, Affirmed Ca (sf); previously on May 24, 2011 Downgraded to Ca (sf)

B4-F, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

AP, Downgraded to Ba2 (sf); previously on Apr 19, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Ocwen residential MBS Corporation, Series 1999-R2

AP, Downgraded to Caa1 (sf); previously on Apr 19, 2012 B2 (sf) Placed Under Review for Possible Downgrade

B1, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

B2, Affirmed C (sf); previously on Apr 23, 2009 Downgraded to C (sf)

Issuer: SACO I Inc. Series 1999-3

1-B-1, Downgraded to Ba3 (sf); previously on Aug 22, 2012 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

1-B-2, Downgraded to Caa2 (sf); previously on Aug 22, 2012 Downgraded to Caa1 (sf)

1-B-3, Affirmed Ca (sf); previously on May 26, 2011 Downgraded to Ca (sf)

2-B-1, Downgraded to A2 (sf); previously on May 14, 1999 Assigned Aa2 (sf)

2-B-2, Downgraded to B2 (sf); previously on Aug 22, 2012 Downgraded to Ba3 (sf)

2-B-3, Downgraded to Caa3 (sf); previously on Aug 22, 2012 Downgraded to Caa2 (sf)

A-WAC, Downgraded to Ba2 (sf); previously on Aug 22, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Salomon Brothers Mortgage Securities VII, Inc. Series 1997-HUD2

A-WAC, Downgraded to Ba3 (sf); previously on Apr 19, 2012 Aaa (sf) Placed Under Review for Possible Downgrade

IO, Affirmed Ca (sf); previously on Aug 22, 2012 Downgraded to Ca (sf)

A-4, Affirmed A2 (sf); previously on Aug 22, 2012 Downgraded to A2 (sf)

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF315232

A list of updated estimated pool losses and sensitivity analysis is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF247004

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the rating.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Minxi Qiu
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

Bruce D. Fabrikant
Senior Vice President
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 Takes Action on $195 million of US Scratch and Dent RMBS issued from 1996 to 1999
No Related Data.
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