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Rating Action:

Moody's Takes Action on Certain Bear Stearns Seasoned Alt-A Deals

13 Mar 2009

New York, March 13, 2009 -- Moody's Investors Service has downgraded the ratings of 138 tranches from 16 Alt-A RMBS transactions issued by Bear Stearns. The collateral backing these transactions consists primarily of first-lien, adjustable-rate, Alt-A residential mortgage loans.

These actions are a result of updated loss expectations on the underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A pools, takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions ranging from 40% to 55%. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

Once expected losses have been assigned to each collateral group, Moody's assesses available credit enhancement from subordination, overcollateralization, excess spread and any external support (mortgage insurance, pool policy, etc.). The available enhancement is weighed against projected future losses to ultimately arrive at an updated rating.

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

List of actions:

Bear Stearns ALT-A Trust 2003-3

Cl. I-A, Downgraded to A1; previously on 10/17/2003 Assigned Aaa

Cl. I-X, Downgraded to A1; previously on 10/17/2003 Assigned Aaa

Cl. II-A, Downgraded to A1; previously on 10/17/2003 Assigned Aaa

Cl. II-X, Downgraded to A1; previously on 10/17/2003 Assigned Aaa

Cl. III-A, Downgraded to Aa1; previously on 10/17/2003 Assigned Aaa

Cl. IV-A, Downgraded to A1; previously on 10/17/2003 Assigned Aaa

Cl. V-A, Downgraded to A1; previously on 10/17/2003 Assigned Aaa

Cl. VI-A, Downgraded to A1; previously on 10/17/2003 Assigned Aaa

Cl. B-1, Downgraded to Baa2; previously on 10/17/2003 Assigned Aa2

Cl. B-2, Downgraded to B1; previously on 10/17/2003 Assigned A2

Cl. B-3, Downgraded to Caa1; previously on 10/17/2003 Assigned Baa2

Bear Stearns ALT-A Trust 2003-5

Cl. II-A-1, Downgraded to Aa1; previously on 12/7/2003 Assigned Aaa

Cl. II-A-2, Downgraded to Aa1; previously on 12/7/2003 Assigned Aaa

Cl. II-X-A-2, Downgraded to Aa1; previously on 12/7/2003 Assigned Aaa

Cl. III-A, Downgraded to Aa1; previously on 12/7/2003 Assigned Aaa

Cl. IV-A, Downgraded to Aa1; previously on 12/7/2003 Assigned Aaa

Cl. M, Downgraded to A1; previously on 12/7/2003 Assigned Aaa

Cl. B-1, Downgraded to Baa2; previously on 12/7/2003 Assigned Aa2

Cl. B-2, Downgraded to Ba3; previously on 12/7/2003 Assigned A2

Cl. B-3, Downgraded to Caa2; previously on 12/7/2003 Assigned Baa2

Bear Stearns ALT-A Trust 2003-6

Cl. M, Downgraded to Aa3; previously on 1/3/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa1; previously on 1/3/2004 Assigned Aa2

Cl. B-2, Downgraded to Ba2; previously on 1/3/2004 Assigned A2

Cl. B-3, Downgraded to Caa2; previously on 1/3/2004 Assigned Baa2

Bear Stearns ALT-A Trust 2004-1

Cl. I-A-1, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. I-A-2, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. II-A-1, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. II-A-2, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. II-A-3, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. III-A-1, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. III-X-A-1, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. IV-A-1, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. V-A-1, Downgraded to Aa1; previously on 3/21/2004 Assigned Aaa

Cl. M, Downgraded to A1; previously on 3/21/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa2; previously on 10/14/2008 Downgraded to Aa3

Cl. B-2, Downgraded to B3; previously on 10/14/2008 Downgraded to Baa1

Cl. B-3, Downgraded to Ca; previously on 10/14/2008 Downgraded to B3

Bear Stearns ALT-A Trust 2004-10

Cl. I-A-1, Downgraded to A1; previously on 9/3/2004 Assigned Aaa

Cl. I-A-3, Downgraded to A1; previously on 9/3/2004 Assigned Aaa

Cl. II-A-1, Downgraded to Aa3; previously on 9/3/2004 Assigned Aaa

Cl. II-A-2, Downgraded to A1; previously on 9/3/2004 Assigned Aaa

Cl. M-1, Downgraded to Baa2; previously on 10/14/2008 Downgraded to Aa3

Cl. M-2, Downgraded to B1; previously on 10/14/2008 Downgraded to Baa1

Cl. B-1, Downgraded to Caa3; previously on 10/14/2008 Downgraded to Baa3

Cl. B-2, Downgraded to Ca; previously on 10/14/2008 Downgraded to Ba3

Bear Stearns ALT-A Trust 2004-11

Cl. I-A-1, Downgraded to Aa2; previously on 10/8/2004 Assigned Aaa

Cl. I-A-2, Downgraded to Aa3; previously on 10/8/2004 Assigned Aaa

Cl. II-A-1, Downgraded to A3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to A3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to A1; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to A3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-5, Downgraded to Aa1; previously on 10/8/2004 Assigned Aaa

Cl. II-A-6a, Downgraded to Aa1; previously on 10/8/2004 Assigned Aaa

Cl. II-A-6b, Downgraded to Aa3; previously on 10/14/2008 Aa1 Placed Under Review for Possible Downgrade

Cl. II-X-A-5, Downgraded to Aa1; previously on 10/8/2004 Assigned Aaa

Cl. I-M-1, Downgraded to Ba1; previously on 10/14/2008 Downgraded to A3

Cl. I-M-2, Downgraded to B3; previously on 10/14/2008 Downgraded to Baa3

Cl. I-B-1, Downgraded to Ca; previously on 10/14/2008 Downgraded to B3

Cl. II-B-1, Downgraded to Ba2; previously on 10/14/2008 Downgraded to Baa1

Cl. II-B-2, Downgraded to Caa3; previously on 10/14/2008 Downgraded to B3

Cl. II-B-3, Downgraded to C; previously on 10/14/2008 Downgraded to Ca

Bear Stearns ALT-A Trust 2004-12

Cl. I-A-1, Downgraded to Aa2; previously on 12/3/2004 Assigned Aaa

Cl. I-A-2, Downgraded to Aa3; previously on 12/3/2004 Assigned Aaa

Cl. I-A-3, Downgraded to Aa1; previously on 12/3/2004 Assigned Aaa

Cl. I-A-4, Downgraded to Aa3; previously on 12/3/2004 Assigned Aaa

Cl. II-A-1, Downgraded to A3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to A3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to Aa1; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-4, Downgraded to Aa2; previously on 10/14/2008 Aa1 Placed Under Review for Possible Downgrade

Cl. II-A-5, Downgraded to A1; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-6, Downgraded to A3; previously on 10/14/2008 Aa1 Placed Under Review for Possible Downgrade

Cl. II-X-1, Downgraded to Aa1; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-X-2, Downgraded to A1; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to A3; previously on 10/14/2008 Downgraded to Aa3

Cl. I-M-2, Downgraded to Baa2; previously on 10/14/2008 Downgraded to Baa1

Cl. II-M-1, Downgraded to Baa2; previously on 10/14/2008 Downgraded to A2

Cl. I-B-1, Downgraded to Ba1; previously on 10/14/2008 Downgraded to Baa2

Cl. I-B-2, Downgraded to Ba2; previously on 10/14/2008 Downgraded to Ba1

Cl. II-B-1, Downgraded to Baa3; previously on 10/14/2008 Downgraded to Baa1

Cl. II-B-2, Downgraded to Caa2; previously on 10/14/2008 Downgraded to B3

Cl. II-B-3, Downgraded to C; previously on 10/14/2008 Downgraded to Ca

Bear Stearns ALT-A Trust 2004-13

Cl. A-2, Downgraded to Aa1; previously on 1/9/2005 Assigned Aaa

Cl. M-1, Downgraded to Baa2; previously on 10/14/2008 Downgraded to A1

Cl. M-2, Downgraded to Caa2; previously on 10/14/2008 Downgraded to B2

Cl. B-1, Downgraded to C; previously on 10/14/2008 Downgraded to Ca

Cl. B-2, Downgraded to C; previously on 10/14/2008 Downgraded to Ca

Bear Stearns ALT-A Trust 2004-2

Cl. M, Downgraded to Aa3; previously on 5/3/2004 Assigned Aaa

Cl. B-1, Downgraded to A3; previously on 5/3/2004 Assigned Aa2

Cl. B-2, Downgraded to Ba2; previously on 5/3/2004 Assigned A2

Cl. B-3, Downgraded to Caa2; previously on 10/14/2008 Downgraded to Ba1

Bear Stearns ALT-A Trust 2004-3

Cl. A-1, Downgraded to Aa3; previously on 4/29/2004 Assigned Aaa

Cl. M-1, Downgraded to A1; previously on 4/29/2004 Assigned Aa2

Cl. M-2, Downgraded to Baa1; previously on 4/29/2004 Assigned A2

Cl. B, Downgraded to B1; previously on 4/29/2004 Assigned Baa2

Bear Stearns ALT-A Trust 2004-4

Cl. A-1, Downgraded to A3; previously on 6/8/2004 Assigned Aaa

Cl. M-1, Downgraded to Baa3; previously on 6/8/2004 Assigned Aa2

Cl. M-2, Downgraded to B3; previously on 6/8/2004 Assigned A2

Cl. B, Downgraded to Ca; previously on 6/8/2004 Assigned Baa2

Bear Stearns ALT-A Trust 2004-5

Cl. I-A-1, Downgraded to Aa2; previously on 6/7/2004 Assigned Aaa

Cl. II-A-1, Downgraded to Aa2; previously on 6/7/2004 Assigned Aaa

Cl. II-A-2, Downgraded to Aa2; previously on 6/7/2004 Assigned Aaa

Cl. II-X-A-2, Downgraded to Aa2; previously on 6/7/2004 Assigned Aaa

Cl. IV-A-1, Downgraded to Aa1; previously on 6/7/2004 Assigned Aaa

Cl. V-A-1, Downgraded to Aa2; previously on 6/7/2004 Assigned Aaa

Cl. VI-A-1, Downgraded to Aa2; previously on 6/7/2004 Assigned Aaa

Cl. M, Downgraded to A1; previously on 6/7/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa2; previously on 6/7/2004 Assigned Aa2

Cl. B-2, Downgraded to B3; previously on 10/14/2008 Downgraded to A3

Cl. B-3, Downgraded to Ca; previously on 10/14/2008 Downgraded to B3

Bear Stearns ALT-A Trust 2004-6

Cl. I-A, Downgraded to Aa3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to Aa3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to Aa3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. III-A, Downgraded to Aa3; previously on 10/14/2008 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A2; previously on 10/14/2008 Downgraded to A1

Bear Stearns ALT-A Trust 2004-7

Cl. I-A-1, Downgraded to Aa1; previously on 7/27/2004 Assigned Aaa

Cl. II-A-1, Downgraded to Aa1; previously on 7/27/2004 Assigned Aaa

Cl. M, Downgraded to A1; previously on 7/27/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa1; previously on 7/27/2004 Assigned Aa2

Cl. B-2, Downgraded to B1; previously on 10/14/2008 Downgraded to A3

Cl. B-3, Downgraded to Caa3; previously on 10/14/2008 Downgraded to Ba3

Bear Stearns ALT-A Trust 2004-8

Cl. I-A, Downgraded to A2; previously on 8/16/2004 Assigned Aaa

Cl. II-A, Downgraded to A2; previously on 8/16/2004 Assigned Aaa

Cl. M-1, Downgraded to Baa2; previously on 8/16/2004 Assigned Aa2

Cl. M-2, Downgraded to Ba2; previously on 10/14/2008 Downgraded to Baa1

Cl. B-1, Downgraded to B3; previously on 10/14/2008 Downgraded to Ba1

Cl. B-2, Downgraded to Caa3; previously on 10/14/2008 Downgraded to B2

Bear Stearns ALT-A Trust 2004-9

Cl. I-A-1, Downgraded to A2; previously on 8/16/2004 Assigned Aaa

Cl. I-A-2, Downgraded to A2; previously on 8/16/2004 Assigned Aa1

Cl. II-A-1, Downgraded to A1; previously on 8/16/2004 Assigned Aaa

Cl. II-A-2, Downgraded to A2; previously on 8/16/2004 Assigned Aa1

Cl. III-A-1, Downgraded to A2; previously on 8/16/2004 Assigned Aaa

Cl. IV-A-1, Downgraded to A2; previously on 8/16/2004 Assigned Aaa

Cl. V-A-1, Downgraded to Aa2; previously on 8/16/2004 Assigned Aaa

Cl. VI-A-1, Downgraded to A2; previously on 8/16/2004 Assigned Aaa

Cl. VII-A-1, Downgraded to Aa3; previously on 8/16/2004 Assigned Aaa

Cl. B-1, Downgraded to Baa2; previously on 10/14/2008 Downgraded to A1

Cl. B-2, Downgraded to B3; previously on 10/14/2008 Downgraded to Baa2

Cl. B-3, Downgraded to Ca; previously on 10/14/2008 Downgraded to Caa3

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF157950

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Gerard Mazi
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on Certain Bear Stearns Seasoned Alt-A Deals
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