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Rating Action:

Moody's Takes Action on Certain CHL Alt-A and Option ARM deals

20 Feb 2009

New York, February 20, 2009 -- Moody's Investors Service has downgraded 278 tranches from 20 CHL deals.

The collateral backing these transactions consists primarily of first-lien, adjustable-rate, negative amortization, Alt-A mortgage loans. Some of the transactions also have pools that are backed by first-lien, adjustable-rate, non negative amortization, Alt-A mortgage loans. The actions are triggered by rapidly increasing delinquencies, higher severities, slower prepayments and mounting losses in the underlying collateral. Additionally, the continued deterioration of the housing market has also contributed to the increased loss expectations for Option ARM and Alt-A pools. The actions listed below reflect Moody's updated expected losses on the Option ARM and Alt-A sectors announced in press releases on February 5, 2009 (for Option ARM) and January 22, 2009 (for Alt-A), and are part of Moody's on-going review process.

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, excess spread, time tranching, and other structural features within the senior note waterfalls.

For details regarding Moody's approach towards calculating updated expected losses on Option ARM pools backed by collateral originations between 2003 and 2007, please refer to the methodology publication "Option ARMs RMBS Loss Projection Update: February 2009," available on Moodys.com. For details regarding Moody's approach towards calculating updated expected losses on Alt-A non Option ARM pools backed by collateral originations from 2006 and 2007, please refer to the methodology publication "Alt-A RMBS Loss Projection Update: January 2009," available on Moodys.com. For 2005 Alt-A non Option ARM pools, Moody's followed a similar approach to the 2006 and 2007 methodology, with appropriate changes to certain key input parameters such as severity and the rate of delinquency build up, which would be generally lower relative to the 2006 and 2007 Alt-A vintages. These differences are aimed at better capturing the specific characteristics of loans from the 2005 Alt-A non Option ARM vintage that were originated in an environment of relatively tighter underwriting standards and also benefited from some initial home price appreciation.

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.

Complete rating actions are as follows:

CHL Mortgage Pass-Through Trust 2004-12

Cl. 14-A-1, Downgraded to Baa1; previously on 7/30/2004 Assigned Aaa

Cl. 14-A-3, Downgraded to Baa1; previously on 7/30/2004 Assigned Aaa

Cl. 15-A-1, Downgraded to Baa1; previously on 7/30/2004 Assigned Aaa

Cl. 16-A-1, Downgraded to A1; previously on 7/30/2004 Assigned Aaa

Cl. 16-A-2, Downgraded to Baa1; previously on 7/17/2007 Upgraded to Aaa

Cl. II-B-1, Downgraded to Caa1; previously on 7/30/2004 Assigned A2

Cl. II-B-2, Downgraded to C; previously on 7/17/2007 Upgraded to Baa1

Cl. II-M, Downgraded to Ba1; previously on 7/30/2004 Assigned Aa2

Cl. II-X, Downgraded to Baa1; previously on 7/30/2004 Assigned Aaa

CHL Mortgage Pass-Through Trust 2004-16

Cl. 1-A-1, Downgraded to Ba1; previously on 9/20/2004 Assigned Aaa

Cl. 1-A-2, Downgraded to Ba1; previously on 9/20/2004 Assigned Aaa

Cl. 1-A-3a, Downgraded to Baa3; previously on 9/20/2004 Assigned Aaa

Cl. 1-A-3b, Downgraded to Ba1; previously on 9/20/2004 Assigned Aaa

Cl. 1-A-4a, Downgraded to A1; previously on 9/20/2004 Assigned Aaa

Cl. 1-A-4b, Downgraded to Ba1; previously on 9/20/2004 Assigned Aaa

Cl. 2-A-1, Downgraded to Ba1; previously on 9/20/2004 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 9/22/2008 Downgraded to Baa1

Cl. B-2, Downgraded to C; previously on 9/22/2008 Downgraded to Ba1

Cl. B-3, Downgraded to C; previously on 9/22/2008 Downgraded to Caa1

Cl. M, Downgraded to Caa1; previously on 9/20/2004 Assigned Aa2

Cl. X, Downgraded to Ba1; previously on 9/20/2004 Assigned Aaa

CHL Mortgage Pass-Through Trust 2004-20

Cl. 1-A-1, Downgraded to B1; previously on 9/28/2004 Assigned Aaa

Cl. 2-A-1, Downgraded to B1; previously on 9/28/2004 Assigned Aaa

Cl. 2-A-2, Downgraded to B1; previously on 9/28/2004 Assigned Aaa

Cl. 3-A-1, Downgraded to B1; previously on 9/28/2004 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 6/19/2008 Downgraded to A3

Cl. B-2a, Downgraded to C; previously on 6/19/2008 Downgraded to Ba1

Cl. B-2b, Downgraded to C; previously on 6/19/2008 Downgraded to Ba1

Cl. B-3, Downgraded to C; previously on 9/22/2008 Downgraded to Caa2

Cl. M, Downgraded to Ca; previously on 9/28/2004 Assigned Aa2

Cl. X, Downgraded to B1; previously on 9/28/2004 Assigned Aaa

CHL Mortgage Pass-Through Trust 2004-23

Cl. A, Downgraded to B2; previously on 10/6/2004 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 10/6/2004 Assigned A2

Cl. B-2, Downgraded to C; previously on 9/22/2008 Downgraded to Baa3

Cl. B-3, Downgraded to C; previously on 9/22/2008 Downgraded to B3

Cl. M, Downgraded to Ca; previously on 10/6/2004 Assigned Aa2

Cl. X, Downgraded to B2; previously on 10/6/2004 Assigned Aaa

CHL Mortgage Pass-Through Trust 2004-25

Cl. 1-A-2, Downgraded to Ba1; previously on 1/7/2005 Assigned Aaa

Cl. 1-A-3, Downgraded to Baa3; previously on 1/7/2005 Assigned Aaa

Cl. 1-A-4, Downgraded to Ba1; previously on 1/7/2005 Assigned Aaa

Cl. 1-A-5, Downgraded to Ba1; previously on 1/7/2005 Assigned Aaa

Cl. 1-A-6, Downgraded to B3; previously on 1/7/2005 Assigned Aaa

Cl. 1-X, Downgraded to B3; previously on 1/7/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to Ba1; previously on 1/7/2005 Assigned Aaa

Cl. 2-A-3, Downgraded to Ba1; previously on 1/7/2005 Assigned Aaa

Cl. 2-A-4, Downgraded to B3; previously on 1/7/2005 Assigned Aaa

Cl. 2-X, Downgraded to B3; previously on 1/7/2005 Assigned Aaa

Cl. 3-A-1, Downgraded to B3; previously on 1/7/2005 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 9/22/2008 Downgraded to B3

Cl. M-1, Downgraded to Ca; previously on 1/7/2005 Assigned Aa1

Cl. M-2, Downgraded to C; previously on 9/22/2008 Downgraded to A1

Cl. M-3, Downgraded to C; previously on 9/22/2008 Downgraded to A2

Cl. M-4, Downgraded to C; previously on 9/22/2008 Downgraded to Baa1

Cl. M-5, Downgraded to C; previously on 9/22/2008 Downgraded to Baa2

Cl. M-6, Downgraded to C; previously on 9/22/2008 Downgraded to Baa3

Cl. M-7, Downgraded to C; previously on 9/22/2008 Downgraded to Ba1

Cl. M-8, Downgraded to C; previously on 9/22/2008 Downgraded to Ba2

Cl. M-X, Downgraded to B3; previously on 9/22/2008 Downgraded to Aa1

CHL Mortgage Pass-Through Trust 2004-29

Cl. 2-A-1, Downgraded to Baa1; previously on 1/7/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to B2; previously on 1/7/2005 Assigned Aaa

Cl. 2-PO, Downgraded to B2; previously on 1/7/2005 Assigned Aaa

Cl. 2-X, Downgraded to Baa1; previously on 1/7/2005 Assigned Aaa

Cl. 3-A-1, Downgraded to B2; previously on 1/7/2005 Assigned Aaa

Cl. 3-PO, Downgraded to B2; previously on 1/7/2005 Assigned Aaa

Cl. 3-X, Downgraded to B2; previously on 1/7/2005 Assigned Aaa

Cl. II-B-1, Downgraded to C; previously on 9/22/2008 Downgraded to Baa2

Cl. II-B-2, Downgraded to C; previously on 9/22/2008 Downgraded to B1

Cl. II-M-1, Downgraded to Ca; previously on 9/22/2008 Downgraded to A1

CHL Mortgage Pass-Through Trust 2004-7

Cl. 5-A-1, Downgraded to Baa3; previously on 8/12/2004 Assigned Aaa

Cl. 5-A-3, Downgraded to Baa3; previously on 8/12/2004 Assigned Aaa

Cl. 6-A-1, Downgraded to Baa3; previously on 8/12/2004 Assigned Aaa

Cl. II-A-M, Downgraded to Baa3; previously on 8/12/2004 Assigned Aaa

Cl. II-B-1, Downgraded to Ca; previously on 8/12/2004 Assigned A2

Cl. II-B-2, Downgraded to C; previously on 7/17/2007 Upgraded to Baa1

Cl. II-B-3, Downgraded to C; previously on 7/17/2006 Upgraded to Baa2

Cl. II-B-4, Downgraded to C; previously on 7/17/2007 Upgraded to Ba3

Cl. II-M, Downgraded to B1; previously on 8/12/2004 Assigned Aa2

CHL Mortgage Pass-Through Trust 2004-HYB8

Cl. 1-A-1, Downgraded to Aa3; previously on 1/7/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to Aa3; previously on 1/7/2005 Assigned Aaa

Cl. 4-A-1, Downgraded to Aa3; previously on 1/7/2005 Assigned Aaa

Cl. 5-A-1, Downgraded to Aa3; previously on 1/7/2005 Assigned Aaa

Cl. 6-A-1, Downgraded to Aa3; previously on 1/7/2005 Assigned Aaa

Cl. 7-A-1, Downgraded to Aa3; previously on 1/7/2005 Assigned Aaa

Cl. I-B-1, Downgraded to Ca; previously on 1/7/2005 Assigned A2

Cl. I-B-2, Downgraded to C; previously on 1/7/2005 Assigned Baa2

Cl. I-M-1, Downgraded to Baa3; previously on 1/7/2005 Assigned Aa1

Cl. I-M-2, Downgraded to B1; previously on 1/7/2005 Assigned Aa2

Cl. I-X, Downgraded to Aa3; previously on 1/7/2005 Assigned Aaa

CHL Mortgage Pass-Through Trust 2005-1

Cl. 1-A-1, Downgraded to Ba1; previously on 2/11/2005 Assigned Aaa

Cl. 1-A-2, Downgraded to B3; previously on 2/11/2005 Assigned Aaa

Cl. 1-X, Downgraded to B2; previously on 2/11/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to Ba1; previously on 2/11/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to B3; previously on 2/11/2005 Assigned Aaa

Cl. 2-A-3, Downgraded to B2; previously on 2/11/2005 Assigned Aaa

Cl. 2-X, Downgraded to B2; previously on 2/11/2005 Assigned Aaa

Cl. M-1, Downgraded to C; previously on 9/22/2008 Downgraded to A2

CHL Mortgage Pass-Through Trust 2005-11

Cl. 1-A-1, Downgraded to B3; previously on 6/15/2005 Assigned Aaa

Cl. 1-A-2, Downgraded to B3; previously on 6/15/2005 Assigned Aaa

Cl. 1-X, Downgraded to B3; previously on 6/15/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to B3; previously on 6/15/2005 Assigned Aaa

Cl. 3-A-1, Downgraded to Baa3; previously on 6/15/2005 Assigned Aaa

Cl. 3-A-2, Downgraded to Caa1; previously on 9/22/2008 Downgraded to Aa2

Cl. 3-A-3, Downgraded to B3; previously on 9/22/2008 Downgraded to Aa1

Cl. 3-X, Downgraded to Caa1; previously on 6/15/2005 Assigned Aaa

Cl. 4-A-1, Downgraded to Baa3; previously on 6/15/2005 Assigned Aaa

Cl. 4-A-2, Downgraded to Caa1; previously on 9/22/2008 Downgraded to Aa2

Cl. 4-X, Downgraded to Caa1; previously on 6/15/2005 Assigned Aaa

Cl. 5-A-1, Downgraded to Ba1; previously on 6/15/2005 Assigned Aaa

Cl. 5-A-2, Downgraded to Ba2; previously on 6/15/2005 Assigned Aaa

Cl. 5-X, Downgraded to Ba1; previously on 6/15/2005 Assigned Aaa

Cl. 6-A-1, Downgraded to Aa3; previously on 6/15/2005 Assigned Aaa

Cl. 6-A-2, Downgraded to Ba1; previously on 6/15/2005 Assigned Aaa

Cl. 6-X, Downgraded to Ba1; previously on 6/15/2005 Assigned Aaa

Cl. I-B-1, Downgraded to C; previously on 6/19/2008 Downgraded to Ba1

Cl. I-B-2, Downgraded to C; previously on 6/19/2008 Downgraded to B2

Cl. II-B-1, Downgraded to C; previously on 9/22/2008 Downgraded to Baa3

Cl. II-B-2, Downgraded to C; previously on 9/22/2008 Downgraded to B3

Cl. III-B-1, Downgraded to C; previously on 6/15/2005 Assigned A2

Cl. III-B-3, Downgraded to C; previously on 6/15/2005 Assigned Ba2

Cl. III-B-4, Downgraded to C; previously on 6/15/2005 Assigned B2

Cl. III-M-1, Downgraded to Caa1; previously on 6/15/2005 Assigned Aa2

Cl. II-M-1, Downgraded to C; previously on 9/22/2008 Downgraded to A1

Cl. I-M-1, Downgraded to C; previously on 6/19/2008 Downgraded to A2

CHL Mortgage Pass-Through Trust 2005-2

Cl. 1-A-1, Downgraded to B1; previously on 2/21/2005 Assigned Aaa

Cl. 1-A-2, Downgraded to Caa1; previously on 2/21/2005 Assigned Aaa

Cl. 1-X, Downgraded to Caa1; previously on 2/21/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to A1; previously on 2/21/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to Ba2; previously on 2/21/2005 Assigned Aaa

Cl. 2-A-3, Downgraded to Ba2; previously on 2/21/2005 Assigned Aaa

Cl. 2-A-4, Downgraded to Caa1; previously on 2/21/2005 Assigned Aaa

Cl. 2-X, Downgraded to Caa1; previously on 2/21/2005 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 9/22/2008 Downgraded to B3 and Placed Under Review for Downgrade

Cl. M-1, Downgraded to C; previously on 2/21/2005 Assigned Aa1

Cl. M-2, Downgraded to C; previously on 2/21/2005 Assigned Aa2

Cl. M-3, Downgraded to C; previously on 2/21/2005 Assigned Aa3

Cl. M-4, Downgraded to C; previously on 6/19/2008 Downgraded to A2

Cl. M-5, Downgraded to C; previously on 6/19/2008 Downgraded to A3

Cl. M-6, Downgraded to C; previously on 9/22/2008 Downgraded to Baa3

Cl. M-7, Downgraded to C; previously on 9/22/2008 Downgraded to Ba1

Cl. M-8, Downgraded to C; previously on 9/22/2008 Downgraded to Ba2

Cl. M-X, Downgraded to C; previously on 9/22/2008 Downgraded to Aa1

CHL Mortgage Pass-Through Trust 2005-3

Cl. 1-A-1, Downgraded to B3; previously on 5/31/2005 Assigned Aaa

Cl. 1-A-2, Downgraded to A1; previously on 5/31/2005 Assigned Aaa

Cl. 1-A-4, Downgraded to Ba1; previously on 5/31/2005 Assigned Aaa

Cl. 1-A-5, Downgraded to Caa1; previously on 5/31/2005 Assigned Aaa

Cl. 1-X, Downgraded to B3; previously on 5/31/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to Aa3; previously on 5/31/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to Caa1; previously on 5/31/2005 Assigned Aaa

Cl. 2-X, Downgraded to B3; previously on 5/31/2005 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 9/22/2008 Downgraded to Caa1

Cl. M-1, Downgraded to C; previously on 5/31/2005 Assigned Aa1

Cl. M-2, Downgraded to C; previously on 5/31/2005 Assigned Aa2

Cl. M-3, Downgraded to C; previously on 5/31/2005 Assigned Aa3

Cl. M-5, Downgraded to C; previously on 9/22/2008 Downgraded to Baa3

Cl. M-7, Downgraded to C; previously on 9/22/2008 Downgraded to B3

CHL Mortgage Pass-Through Trust 2005-4

Cl. 1-A-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 1-X-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 1-X-2, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 2-X, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 3-A-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 3-X-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 3-X-2, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 4-A-1, Downgraded to A1; previously on 2/21/2005 Assigned Aaa

Cl. 4-A-2, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 4-X-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 4-X-2, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 5-A-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 5-X, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 6-A-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 6-A-2, Downgraded to Ba1; previously on 2/21/2005 Assigned Aa1

Cl. 6-A-3, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 6-X, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 9/22/2008 Downgraded to Baa2

Cl. B-2, Downgraded to C; previously on 9/22/2008 Downgraded to Ba2

Cl. M, Downgraded to Caa1; previously on 2/21/2005 Assigned Aa2

Cl. M-X, Downgraded to Caa1; previously on 2/21/2005 Assigned Aa2

CHL Mortgage Pass-Through Trust 2005-7

Cl. 1-A-1, Downgraded to Aa2; previously on 2/21/2005 Assigned Aaa

Cl. 1-A-2, Downgraded to Aa3; previously on 2/21/2005 Assigned Aaa

Cl. 1-X, Downgraded to Aa2; previously on 2/21/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to A1; previously on 2/21/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 2-X, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 3-A-1, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 3-A-2, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. 3-A-3, Downgraded to Ba1; previously on 2/21/2005 Assigned Aa1

Cl. 3-X, Downgraded to Ba1; previously on 2/21/2005 Assigned Aaa

Cl. I-B-1, Downgraded to Caa1; previously on 6/19/2008 Downgraded to Ba2

Cl. I-B-2, Downgraded to C; previously on 12/24/2008 Downgraded to Ca

Cl. II-B-1, Downgraded to C; previously on 2/21/2005 Assigned A2

Cl. II-B-2, Downgraded to C; previously on 2/21/2005 Assigned Baa2

Cl. II-M-1, Downgraded to Caa1; previously on 2/21/2005 Assigned Aa2

Cl. I-M-1, Downgraded to Ba1; previously on 12/24/2008 Downgraded to A1

CHL Mortgage Pass-Through Trust 2005-9

Cl. 1-A-1, Downgraded to A1; previously on 6/14/2005 Assigned Aaa

Cl. 1-A-2, Downgraded to B3; previously on 6/14/2005 Assigned Aaa

Cl. 1-A-3, Downgraded to A1; previously on 6/14/2005 Assigned Aaa

Cl. 1-A-5, Downgraded to Ba2; previously on 6/14/2005 Assigned Aaa

Cl. 1-A-6, Downgraded to B3; previously on 6/14/2005 Assigned Aaa

Cl. 1-X, Downgraded to B1; previously on 6/14/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to Ba1; previously on 6/14/2005 Assigned Aaa

Cl. 2-A-2, Downgraded to Caa1; previously on 6/14/2005 Assigned Aaa

Cl. 2-X, Downgraded to Ba1; previously on 6/14/2005 Assigned Aaa

Cl. B-1, Downgraded to C; previously on 9/22/2008 Downgraded to Ba2

Cl. M-1, Downgraded to Ca; previously on 6/14/2005 Assigned Aa1

Cl. M-2, Downgraded to C; previously on 6/14/2005 Assigned Aa2

Cl. M-3, Downgraded to C; previously on 6/14/2005 Assigned Aa3

Cl. M-5, Downgraded to C; previously on 9/22/2008 Downgraded to Baa2

CHL Mortgage Pass-Through Trust 2005-HYB1

Cl. 1-A-1, Downgraded to Baa1; previously on 2/14/2005 Assigned Aaa

Cl. 1-A-2, Downgraded to B3; previously on 2/14/2005 Assigned Aaa

Cl. 1-A-X, Downgraded to B3; previously on 2/14/2005 Assigned Aaa

Cl. 2-A-1, Downgraded to B3; previously on 2/14/2005 Assigned Aaa

Cl. 2-A-X, Downgraded to B3; previously on 2/14/2005 Assigned Aaa

Cl. 3-A-1, Downgraded to B3; previously on 2/14/2005 Assigned Aaa

Cl. 4-A-1, Downgraded to Baa3; previously on 12/24/2008 Downgraded to Aa2

Cl. 4-A-2, Downgraded to Ba1; previously on 12/24/2008 Downgraded to A2

Cl. 5-A-1, Downgraded to Ba1; previously on 12/24/2008 Downgraded to A1

Cl. 6-A-1, Downgraded to Ba1; previously on 12/24/2008 Downgraded to A1

Cl. I-B-1, Downgraded to C; previously on 2/14/2005 Assigned A2

Cl. I-B-2, Downgraded to C; previously on 6/19/2008 Downgraded to Ba1

Cl. II-B-1, Downgraded to Ca; previously on 12/24/2008 Downgraded to Ba3

Cl. II-B-2, Downgraded to C; previously on 12/24/2008 Downgraded to Ca

Cl. II-M, Downgraded to B2; previously on 12/24/2008 Downgraded to Baa1

Cl. I-M, Downgraded to Ca; previously on 2/14/2005 Assigned Aa2

CHL Mortgage Pass-Through Trust 2006-3

Cl. 1-A-1, Downgraded to Ba1; previously on 3/6/2006 Assigned Aaa

Cl. 1-A-2, Downgraded to Caa2; previously on 9/22/2008 Downgraded to Aa1

Cl. 1-A-3, Downgraded to Ca; previously on 9/22/2008 Downgraded to Ba1

Cl. 1-M-1, Downgraded to C; previously on 9/22/2008 Downgraded to Caa2

Cl. 1-M-2, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. 2-A-1, Downgraded to Baa1; previously on 3/6/2006 Assigned Aaa

Cl. 2-A-2, Downgraded to B2; previously on 3/6/2006 Assigned Aaa

Cl. 2-A-3, Downgraded to Caa1; previously on 9/22/2008 Downgraded to Aa2

Cl. 2-M-1, Downgraded to C; previously on 9/22/2008 Downgraded to B3 and Placed Under Review for Downgrade

Cl. 2-M-2, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. 2-M-3, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. 3-A-1, Downgraded to Ba2; previously on 3/6/2006 Assigned Aaa

Cl. 3-A-2, Downgraded to Caa2; previously on 9/22/2008 Downgraded to Baa3

Cl. 3-A-3, Downgraded to Ca; previously on 9/22/2008 Downgraded to Ba3

Cl. 3-M-1, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. 3-M-2, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

CHL Mortgage Pass-Through Trust 2006-OA1

Cl. 1-A-1, Downgraded to Caa1; previously on 3/10/2006 Assigned Aaa

Cl. 1-A-2, Downgraded to Ca; previously on 3/10/2006 Assigned Aaa

Cl. 1-A-3, Downgraded to Ca; previously on 9/22/2008 Downgraded to Ba2

Cl. 1-X, Downgraded to Caa3; previously on 3/10/2006 Assigned Aaa

Cl. 2-A-1, Downgraded to B3; previously on 3/10/2006 Assigned Aaa

Cl. 2-A-2, Downgraded to Ca; previously on 3/10/2006 Assigned Aaa

Cl. 2-A-3, Downgraded to Ca; previously on 9/22/2008 Downgraded to Ba2

Cl. 2-X, Downgraded to Caa3; previously on 3/10/2006 Assigned Aaa

Cl. M-1, Downgraded to C; previously on 9/22/2008 Downgraded to B3 and Placed Under Review for Downgrade

Cl. M-2, Downgraded to C; previously on 9/22/2008 Downgraded to Caa1

Cl. M-3, Downgraded to C; previously on 9/22/2008 Downgraded to Caa3

Cl. M-4, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. M-5, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. M-6, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. M-7, Downgraded to C; previously on 6/19/2008 Downgraded to Ca

Cl. M-8, Downgraded to C; previously on 6/19/2008 Downgraded to Ca

Cl. M-9, Downgraded to C; previously on 6/19/2008 Downgraded to Ca

CHL Mortgage Pass-Through Trust 2006-OA4

Cl. A-1, Downgraded to Caa3; previously on 9/22/2008 Downgraded to Ba2

Cl. A-2, Downgraded to Caa3; previously on 9/22/2008 Downgraded to Ba2

Cl. A-3, Downgraded to Caa3; previously on 9/22/2008 Downgraded to Ba2

Cl. M-1, Downgraded to C; previously on 9/22/2008 Downgraded to B3 and Placed Under Review for Downgrade

Cl. M-2, Downgraded to C; previously on 9/22/2008 Downgraded to Caa2

Cl. M-3, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. M-4, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

CHL Mortgage Pass-Through Trust 2006-OA5

Cl. 1-A-1, Downgraded to B3; previously on 3/9/2006 Assigned Aaa

Cl. 1-A-2, Downgraded to Ca; previously on 9/22/2008 Downgraded to Aa3

Cl. 1-A-3, Downgraded to Ca; previously on 9/22/2008 Downgraded to Ba3

Cl. 2-A-1, Downgraded to Caa1; previously on 3/9/2006 Assigned Aaa

Cl. 2-A-2, Downgraded to Ca; previously on 9/22/2008 Downgraded to Aa3

Cl. 2-A-3, Downgraded to Ca; previously on 9/22/2008 Downgraded to Ba3

Cl. 3-A-1, Downgraded to Ba1; previously on 3/9/2006 Assigned Aaa

Cl. 3-A-2, Downgraded to Caa3; previously on 3/9/2006 Assigned Aaa

Cl. 3-A-3, Downgraded to Ca; previously on 9/22/2008 Downgraded to Aa2

Cl. II-M-1, Downgraded to C; previously on 9/22/2008 Downgraded to B3 and Placed Under Review for Downgrade

Cl. II-M-2, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. II-M-3, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. I-M-1, Downgraded to C; previously on 9/22/2008 Downgraded to B3 and Placed Under Review for Downgrade

Cl. I-M-2, Downgraded to C; previously on 9/22/2008 Downgraded to Ca

Cl. X, Downgraded to Caa1; previously on 3/9/2006 Assigned Aaa

The ratings on the notes were assigned by evaluating factors determined to be applicable to the credit profile of the notes, such as i) the nature, sufficiency, and quality of historical performance information regarding the asset class as well as for the transaction sponsor, ii) an analysis of the collateral, iii) an analysis of the policies, procedures and alignment of interests of the key parties to the transaction, most notably the originator and the servicer, iv) an analysis of the transaction's allocation of collateral cashflow and capital structure, v) an analysis of the transaction's governance and legal structure, and (vi) a comparison of these attributes against those of other similar transactions.

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 & Methodologies directory.

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF157509

For more information please see www.moodys.com.

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF154891

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
Trevor Harris
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on Certain CHL Alt-A and Option ARM deals
No Related Data.
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