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Rating Action:

Moody's Takes Action on Certain DSLA Option ARM deals

20 Feb 2009

New York, February 20, 2009 -- Moody's Investors Service has downgraded 133 tranches from 13 DSLA Option ARM deals.

The collateral backing these transactions consists primarily of first-lien, adjustable-rate, 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 pools. The actions listed below reflect Moody's updated expected losses on the Option ARM sector announced in a press release on February 5, 2009, 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 Alt-A 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.

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 Investors Service also reviewed underlying ratings of insured certificates as noted below. The underlying rating reflects the intrinsic credit quality of the certificate in the absence of the guarantee. The current ratings are consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and the underlying rating based on Moody's modified approach to rating structured finance securities wrapped by financial guarantors.

Complete rating actions are as follows:

DSLA Mortgage Loan Trust 2004-AR1

Cl. A-1A, Downgraded to Baa3; previously on 9/8/2004 Assigned Aaa

Cl. A-1B, Downgraded to Ba1; previously on 9/8/2004 Assigned Aaa

Cl. A-2A, Downgraded to A1; previously on 9/8/2004 Assigned Aaa

Cl. A-2B, Downgraded to Baa1; previously on 9/8/2004 Assigned Aaa

Current Underlying Rating: Downgraded to Ba1; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

Cl. B-1, Downgraded to Caa1; previously on 9/8/2004 Assigned Aa2

Cl. B-2, Downgraded to C; previously on 6/19/2008 Downgraded to A3

Cl. B-3, Downgraded to C; previously on 6/19/2008 Downgraded to Ba1

Cl. B-4, Downgraded to C; previously on 6/19/2008 Downgraded to B3

Cl. X-2, Downgraded to Ba1; previously on 9/8/2004 Assigned Aaa

DSLA Mortgage Loan Trust 2004-AR2

Cl. A-1A, Downgraded to Baa3; previously on 11/29/2004 Assigned Aaa

Cl. A-1B, Downgraded to Baa1; previously on 11/29/2004 Assigned Aaa

Current Underlying Rating: Downgraded to Ba3; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

Cl. A-2A, Downgraded to Baa3; previously on 11/29/2004 Assigned Aaa

Cl. A-2B, Downgraded to Baa1; previously on 11/29/2004 Assigned Aaa

Current Underlying Rating: Downgraded to Ba3; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

Cl. B-1, Downgraded to Ca; previously on 6/19/2008 Downgraded to A1

Cl. B-2, Downgraded to C; previously on 6/19/2008 Downgraded to Baa3

Cl. B-3, Downgraded to C; previously on 6/19/2008 Downgraded to B3

Cl. B-4, Downgraded to C; previously on 6/19/2008 Downgraded to Ca

Cl. X-2, Downgraded to Ba3; previously on 11/29/2004 Assigned Aaa

DSLA Mortgage Loan Trust 2004-AR3

Cl. 1-A1A, Downgraded to Aa2; previously on 1/3/2005 Assigned Aaa

Cl. 1-A1B, Downgraded to Aa3; previously on 1/3/2005 Assigned Aaa

Cl. 2-A1, Downgraded to Aa3; previously on 1/3/2005 Assigned Aaa

Cl. 2-A2B, Downgraded to Aa3; previously on 1/3/2005 Assigned Aaa

Cl. B-1, Downgraded to Baa2; previously on 1/3/2005 Assigned Aa2

Cl. B-2, Downgraded to Ba1; previously on 1/3/2005 Assigned A2

Cl. B-3, Downgraded to Caa2; previously on 1/3/2005 Assigned Baa2

Cl. B-4, Downgraded to C; previously on 1/3/2005 Assigned Ba2

Cl. X, Downgraded to Aa3; previously on 1/3/2005 Assigned Aaa

DSLA Mortgage Loan Trust 2004-AR4

Cl. 1-A1A, Downgraded to Ba1; previously on 1/10/2005 Assigned Aaa

Cl. 2-A1A, Downgraded to Ba1; previously on 1/10/2005 Assigned Aaa

Cl. 2-A1B, Downgraded to B3; previously on 1/10/2005 Assigned Aaa

Cl. 2-A2A, Downgraded to Ba1; previously on 1/10/2005 Assigned Aaa

Cl. 2-A2B, Downgraded to B3; previously on 1/10/2005 Assigned Aaa

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

Cl. B-2, Downgraded to C; previously on 6/19/2008 Downgraded to Ba2

Cl. B-3, Downgraded to C; previously on 6/19/2008 Downgraded to Caa1

Cl. B-4, Downgraded to C; previously on 6/19/2008 Downgraded to Ca

Cl. X-2, Downgraded to B3; previously on 1/10/2005 Assigned Aaa

DSLA Mortgage Loan Trust 2005-AR1

Cl. 1-A, Downgraded to Ba3; previously on 3/24/2005 Assigned Aaa

Cl. 2-A1A, Downgraded to Aa2; previously on 3/24/2005 Assigned Aaa

Cl. 2-A1B, Downgraded to B3; previously on 3/24/2005 Assigned Aaa

Cl. 2-A2, Downgraded to B3; previously on 3/24/2005 Assigned Aaa

Cl. B-1, Downgraded to Ca; previously on 6/19/2008 Downgraded to A2

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

Cl. B-3, Downgraded to C; previously on 6/19/2008 Downgraded to B3

Cl. X-2, Downgraded to B3; previously on 3/24/2005 Assigned Aaa

DSLA Mortgage Loan Trust 2005-AR2

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

Cl. 2-A1A, Downgraded to Baa1; previously on 6/14/2005 Assigned Aaa

Cl. 2-A1B, Downgraded to Caa2; previously on 7/25/2008 Downgraded to Aa3

Cl. 2-A1C, Downgraded to Baa1; previously on 9/8/2008 Downgraded to Aa3

Current Underlying Rating: Downgraded to Caa2; previously on 9/8/2008 Published at Aa3

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

Cl. 2-A2, Downgraded to Caa2; previously on 7/25/2008 Downgraded to Aa3

Cl. B-1, Downgraded to C; previously on 6/19/2008 Downgraded to Baa1

Cl. B-2, Downgraded to C; previously on 6/19/2008 Downgraded to B1

Cl. B-3, Downgraded to C; previously on 6/19/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. PO, Downgraded to Caa1; previously on 6/14/2005 Assigned Aaa

Cl. X-2, Downgraded to Baa1; previously on 6/14/2005 Assigned Aaa

DSLA Mortgage Loan Trust 2005-AR3

Cl. 1-A, Downgraded to B2; previously on 6/14/2005 Assigned Aaa

Cl. 2-A1A, Downgraded to A1; previously on 6/14/2005 Assigned Aaa

Cl. 2-A1B, Downgraded to Baa1; previously on 6/14/2005 Assigned Aaa

Current Underlying Rating: Downgraded to Ba2; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

Cl. 2-A1C, Downgraded to Caa2; previously on 7/25/2008 Downgraded to A2

Cl. 2-A2, Downgraded to Caa3; previously on 7/25/2008 Downgraded to A2

Cl. PO, Downgraded to B3; previously on 6/14/2005 Assigned Aaa

Cl. X-2, Downgraded to A1; previously on 6/14/2005 Assigned Aaa

DSLA Mortgage Loan Trust 2005-AR4

Cl. 1-A, Downgraded to B3; previously on 7/19/2005 Assigned Aaa

Cl. 2-A1A, Downgraded to Baa3; previously on 7/19/2005 Assigned Aaa

Cl. 2-A1B, Downgraded to B1; previously on 7/19/2005 Assigned Aaa

Cl. 2-A1C, Downgraded to Caa1; previously on 7/19/2005 Assigned Aaa

Cl. 2-A1D, Downgraded to Ca; previously on 7/19/2005 Assigned Aaa

Cl. 2-A2, Downgraded to Ca; previously on 7/19/2005 Assigned Aaa

Cl. PO, Downgraded to Caa1; previously on 7/19/2005 Assigned Aaa

Cl. X-2, Downgraded to Baa3; previously on 7/19/2005 Assigned Aaa

DSLA Mortgage Loan Trust 2005-AR5

Cl. 1-A1A, Downgraded to B3; previously on 8/22/2005 Assigned Aaa

Cl. 1-A1B, Aa3; previously on 11/23/2008 Downgraded to Aa3

Current Underlying Rating: Downgraded to Ca; previously on 9/8/2008 Published at A3

Financial Guarantor: Financial Security Assurance, Inc. (Assigned Aa3 on 11/21/2008)

Cl. 2-A1A, Downgraded to B2; previously on 8/22/2005 Assigned Aaa

Cl. 2-A1B, Aa3; previously on 11/23/2008 Downgraded to Aa3

Current Underlying Rating: Downgraded to Ca; previously on 9/8/2008 Published at Baa1

Financial Guarantor: Financial Security Assurance, Inc. (Assigned Aa3 on 11/21/2008)

Cl. B-1, Downgraded to C; previously on 6/19/2008 Downgraded to Baa2

Cl. B-2, Downgraded to C; previously on 6/19/2008 Downgraded to B3

Cl. B-3, Downgraded to C; previously on 6/19/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Cl. B-4, Downgraded to C; previously on 6/19/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Cl. PO, Downgraded to Caa2; previously on 8/22/2005 Assigned Aaa

Cl. X-1, Downgraded to B2; previously on 8/22/2005 Assigned Aaa

Cl. X-2, Downgraded to B2; previously on 8/22/2005 Assigned Aaa

DSLA Mortgage Loan Trust 2005-AR6

Cl. 1A-1A, Downgraded to Caa1; previously on 9/30/2005 Assigned Aaa

Cl. 1A-1B, Downgraded to Aa3; previously on 9/30/2005 Assigned Aaa

Current Underlying Rating: Downgraded to Ca; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Financial Security Assurance, Inc. (Assigned Aa3 on 11/21/2008)

Cl. 2A-1A, Downgraded to B2; previously on 9/30/2005 Assigned Aaa

Cl. 2A-1B, Downgraded to Ca; previously on 9/30/2005 Assigned Aaa

Cl. 2A-1C, Downgraded to Ca; previously on 9/30/2005 Assigned Aaa

Cl. M-1, Downgraded to C; previously on 6/19/2008 Downgraded to Baa1

Cl. M-2, Downgraded to C; previously on 6/19/2008 Downgraded to B3

Cl. M-3, Downgraded to C; previously on 6/19/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 6/19/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

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

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

DSLA Mortgage Loan Trust 2006-AR1

Cl. 1A-1A, Downgraded to Caa1; previously on 4/3/2006 Assigned Aaa

Cl. 1A-1B, Downgraded to Caa1; previously on 4/3/2006 Assigned Aaa

Current Underlying Rating: Downgraded to Ca; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Syncora Guarantee Inc. (Assigned Caa1, Outlook Uncertain on 10/24/2008)

Cl. 2A-1A, Downgraded to B1; previously on 4/3/2006 Assigned Aaa

Cl. 2A-1B, Downgraded to Ca; previously on 4/3/2006 Assigned Aaa

Cl. 2A-1C, Downgraded to Caa1; previously on 4/3/2006 Assigned Aaa

Current Underlying Rating: Downgraded to Ca; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Syncora Guarantee Inc. (Assigned Caa1, Outlook Uncertain on 10/24/2008)

Cl. M-1, Downgraded to C; previously on 4/3/2006 Assigned Aa1

Cl. M-10, Downgraded to C; previously on 6/19/2008 Downgraded to Ca

Cl. M-2, Downgraded to C; previously on 6/19/2008 Downgraded to Aa3

Cl. M-3, Downgraded to C; previously on 6/19/2008 Downgraded to Baa1

Cl. M-4, Downgraded to C; previously on 6/19/2008 Downgraded to Ba2

Cl. M-5, Downgraded to C; previously on 6/19/2008 Downgraded to B3

Cl. M-6, Downgraded to C; previously on 6/19/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 6/19/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on 6/19/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Cl. M-9, Downgraded to C; previously on 6/19/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

DSLA Mortgage Loan Trust 2006-AR2

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

Cl. 1A-1B, Downgraded to Baa1; previously on 10/2/2006 Assigned Aaa

Current Underlying Rating: Downgraded to Ba2; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

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

Cl. 2A-1B1, Downgraded to A3; previously on 10/2/2006 Assigned Aaa

Cl. 2A-1B2, Downgraded to Caa3; previously on 10/2/2006 Assigned Aaa

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

Cl. 2A-1C, Downgraded to Baa1; previously on 10/2/2006 Assigned Aaa

Current Underlying Rating: Downgraded to Ba2; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

Cl. M-1, Downgraded to C; previously on 10/2/2006 Assigned Aa1

Cl. M-2, Downgraded to C; previously on 6/19/2008 Downgraded to Aa3

Cl. M-3, Downgraded to C; previously on 6/19/2008 Downgraded to A3

Cl. M-4, Downgraded to C; previously on 6/19/2008 Downgraded to Baa3

Cl. M-5, Downgraded to C; previously on 6/19/2008 Downgraded to Ba3

Cl. M-6, Downgraded to C; previously on 6/19/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 6/19/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

DSLA Mortgage Loan Trust 2007-AR1

Cl. 1A-1A, Downgraded to Baa1; previously on 3/12/2007 Assigned Aaa

Cl. 1A-1B, Downgraded to Baa1; previously on 3/12/2007 Assigned Aaa

Current Underlying Rating: Downgraded to Caa2; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

Cl. 2A-1A, Downgraded to Baa2; previously on 3/12/2007 Assigned Aaa

Cl. 2A-1B, Downgraded to B3; previously on 3/12/2007 Assigned Aaa

Cl. 2A-1C, Downgraded to Baa1; previously on 3/12/2007 Assigned Aaa

Current Underlying Rating: Downgraded to Ca; previously on 9/16/2008 Published at Aaa

Financial Guarantor: Ambac Assurance Corporation (Assigned Baa1 on 11/5/2008)

Cl. M-1, Downgraded to C; previously on 3/12/2007 Assigned Aaa

Cl. M-2, Downgraded to C; previously on 3/12/2007 Assigned Aa1

Cl. M-3, Downgraded to C; previously on 3/12/2007 Assigned Aa1

Cl. M-4, Downgraded to C; previously on 3/12/2007 Assigned Aa2

Cl. M-5, Downgraded to C; previously on 3/12/2007 Assigned Aa3

Cl. M-6, Downgraded to C; previously on 3/12/2007 Assigned A1

Cl. M-7, Downgraded to C; previously on 6/19/2008 Downgraded to Baa1

Cl. M-8, Downgraded to C; previously on 6/19/2008 Downgraded to Ba1

Cl. M-9, Downgraded to C; previously on 6/19/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

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_SF157528

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 DSLA Option ARM deals
No Related Data.
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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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