Moody's Takes Action on Certain Banc of America Deals
New York, April 07, 2008 -- Moody's Investors Service has downgraded the ratings of 66 tranches from
16 transactions issued by Banc of America. Twenty seven downgraded
tranches remain on review for possible further downgrade. Additionally,
59 tranches were placed on review for possible downgrade. The collateral
backing these transactions consists primarily of first-lien,
fixed and adjustable-rate, Alt-A mortgage loans.
The ratings were downgraded or placed on review for possible downgrade,
in general, based on higher than anticipated rates of delinquency,
foreclosure, and REO in the underlying collateral relative to credit
enhancement levels. The actions described below are a result of
Moody's on-going review process.
Complete rating actions are as follows:
Issuer: Banc of America Alternative Loan Trust 2006-5
Cl. B-2, Downgraded to Baa1 from A3
Cl. B-3, Downgraded to Ba2 from Baa3
Issuer: Banc of America Alternative Loan Trust 2006-7
Cl. M-5, Downgraded to Ba2 from Baa3
Issuer: Banc of America Funding Corporation, Mortgage Pass-Through
Certificates, Series 2005-F
Cl. 2-A-2, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 2-X, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 3-A-2, Placed on Review for Possible Downgrade,
currently Aa1
Cl. 4-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 5-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 6-A-2, Placed on Review for Possible Downgrade,
currently Aa1
Issuer: Banc of America Funding 2006-7 Trust, Mortgage
Pass-Through Certificates, Series 2006-7
Cl. T2-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-A-A, Placed on Review for Possible Downgrade,
currently Aa1
Cl. T2-A-B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T2-M-1, Downgraded to B1 from Aa1
Cl. T2-M-2, Downgraded to B2 from Aa2;
Placed Under Review for further Possible Downgrade
Cl. T2-M-3, Downgraded to B2 from Aa3;
Placed Under Review for further Possible Downgrade
Cl. T2-M-4, Downgraded to B3 from A2;
Placed Under Review for further Possible Downgrade
Cl. T2-M-5, Downgraded to B3 from Baa1;
Placed Under Review for further Possible Downgrade
Cl. T2-M-6, Downgraded to B3 from Baa2;
Placed Under Review for further Possible Downgrade
Cl. T2-M-7, Downgraded to Ca from Ba1
Cl. T2-M-8, Downgraded to Ca from Ba3
Cl. T2-B-1, Downgraded to Ca from B2
Issuer: Banc of America Funding 2006--8T2 Trust
Cl. A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-5, Placed on Review for Possible Downgrade,
currently Aa1
Cl. A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-7, Placed on Review for Possible Downgrade,
currently Aa1
Cl. A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-9, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-10, Placed on Review for Possible Downgrade,
currently Aaa
Cl. A-11, Placed on Review for Possible Downgrade,
currently Aa1
Cl. M-1, Downgraded to B2 from Aa2
Cl. M-2, Downgraded to B2 from A1; Placed Under
Review for further Possible Downgrade
Cl. M-3, Downgraded to B2 from A2; Placed Under
Review for further Possible Downgrade
Cl. M-4, Downgraded to B3 from A3; Placed Under
Review for further Possible Downgrade
Cl. M-5, Downgraded to B3 from Baa2; Placed Under
Review for further Possible Downgrade
Cl. M-6, Downgraded to Caa1 from Baa3; Placed
Under Review for further Possible Downgrade
Issuer: Banc of America Funding 2006-G Trust
Cl. M-6, Downgraded to Ba1 from Baa3
Cl. M-7, Downgraded to Ca from B3
Issuer: Banc of America Funding 2006-H Trust
Cl. 5-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 5-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 6-A-1, Placed on Review for Possible Downgrade,
currently Aaa
Cl. 6-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. M-1, Downgraded to B2 from Aa1
Cl. M-2, Downgraded to B2 from Aa2; Placed Under
Review for further Possible Downgrade
Cl. M-3, Downgraded to B3 from Aa3; Placed Under
Review for further Possible Downgrade
Cl. M-4, Downgraded to B3 from A3; Placed Under
Review for further Possible Downgrade
Cl. M-5, Downgraded to B3 from Baa3; Placed Under
Review for further Possible Downgrade
Cl. M-6, Downgraded to Ca from Ba3
Cl. M-7, Downgraded to Ca from Caa1
Issuer: Banc of America Funding 2007-1 Trust, Mortgage
Pass-Through Certificates, Series 2007-1
Cl. T-A-1A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-1B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-M-1, Downgraded to B3 from Aa2;
Placed Under Review for further Possible Downgrade
Cl. T-M-2, Downgraded to B3 from Baa3;
Placed Under Review for further Possible Downgrade
Cl. T-M-3, Downgraded to Ca from Ba2
Cl. T-M-4, Downgraded to Ca from B1
Cl. T-M-5, Downgraded to Ca from B3
Issuer: Banc of America Funding 2007--2 Trust
Cl. T-A-1A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-1B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-M-1, Downgraded to Ba3 from Aa2
Cl. T-M-2, Downgraded to B2 from A3; Placed
Under Review for further Possible Downgrade
Cl. T-M-3, Downgraded to B2 from Baa2;
Placed Under Review for further Possible Downgrade
Cl. T-M-4, Downgraded to B3 from Baa3;
Placed Under Review for further Possible Downgrade
Cl. T-M-5, Downgraded to Ca from Ba1
Issuer: Banc of America Funding 2007-3 Trust
Cl. T-A-1A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-1B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-3A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-3B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-5, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-8, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-M-1A, Downgraded to B1 from Aa2
Cl. T-M-1B, Downgraded to B1 from Aa2
Cl. T-M-2, Downgraded to B2 from A3; Placed
Under Review for further Possible Downgrade
Cl. T-M-3, Downgraded to B3 from Baa1;
Placed Under Review for further Possible Downgrade
Cl. T-M-4, Downgraded to B3 from Baa3;
Placed Under Review for further Possible Downgrade
Cl. T-M-5, Downgraded to Ca from Ba2
Issuer: Banc of America Funding 2007-4 Trust
Cl. T-A-1A, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-1B, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-3, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-4, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-6, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-7, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-A-P2, Placed on Review for Possible Downgrade,
currently Aaa
Cl. T-M-1, Downgraded to Baa1 from Aa2
Cl. T-M-2, Downgraded to B1 from Baa2;
Placed Under Review for further Possible Downgrade
Cl. T-M-3, Downgraded to B1 from Baa3;
Placed Under Review for further Possible Downgrade
Cl. T-M-4, Downgraded to Ca from Ba3
Cl. T-M-5, Downgraded to Ca from Caa1
Issuer: Banc of America Funding Corporation 2007-6
Cl. M-1, Downgraded to Aa3 from Aa2
Cl. M-2, Downgraded to Baa2 from A2
Cl. M-3, Downgraded to Ba1 from Baa1
Cl. M-4, Downgraded to Ba3 from Baa2
Cl. M-5, Downgraded to B1 from Baa3; Placed Under
Review for further Possible Downgrade
Issuer: Banc of America Funding 2007-A Trust
Cl. M-2, Downgraded to Aa3 from Aa2
Cl. M-3, Downgraded to A1 from Aa3
Cl. M-4, Downgraded to Baa1 from A1
Cl. M-5, Downgraded to Ba1 from A2
Cl. M-6, Downgraded to B1 from Baa1; Placed Under
Review for further Possible Downgrade
Cl. M-7, Downgraded to B2 from Baa3; Placed Under
Review for further Possible Downgrade
Issuer: Banc of America Funding 2007-B Trust
Cl. M-7, Downgraded to Ba3 from Baa3
Issuer: Banc of America Funding 2007-C Trust
Cl. M-5, Downgraded to Baa1 from A2
Cl. M-7, Downgraded to Ba3 from Baa2
Cl. 5-B-2, Downgraded to Baa2 from A2
Cl. 5-B-3, Downgraded to Ba2 from Baa2
Cl. 5-B-4, Downgraded to B3 from Ba2
Issuer: Banc of America Funding 2007-D Trust
Cl. M-7, Downgraded to Ba3 from Baa2
A list of these actions including CUSIP identifiers may be found at:
PDF: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF128703
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF128704
For more information please see www.moodys.com.
New York
Amelia (Amy) Tobey
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Ola Hannoun-Costa
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653