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Rating Action:

Moody's Takes Action on Certain SARM Option ARM deals

19 Feb 2009

New York, February 19, 2009 -- Moody's Investors Service has downgraded 60 tranches from 6 SARM 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 from 2006 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.

Complete rating actions are as follows:

Structured Adjustable Rate Mortgage Loan Trust 2004-19

Cl. 1-A1, Downgraded to Aa3; previously on 2/25/2005 Assigned Aaa

Cl. 1-A2, Downgraded to Aa3; previously on 2/25/2005 Assigned Aaa

Cl. 1-A2X, Downgraded to Aa3; previously on 2/25/2005 Assigned Aaa

Cl. 2-A1, Downgraded to Aa3; previously on 2/25/2005 Assigned Aaa

Cl. 2-A1X, Downgraded to Aa3; previously on 2/25/2005 Assigned Aaa

Cl. 2-A2, Downgraded to Aa3; previously on 2/25/2005 Assigned Aaa

Cl. B1, Downgraded to Baa2; previously on 2/25/2005 Assigned Aa2

Cl. B2, Downgraded to Baa3; previously on 2/25/2005 Assigned Aa3

Cl. B3, Downgraded to Ba1; previously on 2/25/2005 Assigned A2

Cl. B4, Downgraded to Ba3; previously on 2/25/2005 Assigned A3

Cl. B5, Downgraded to Caa2; previously on 2/25/2005 Assigned Baa2

Cl. B6, Downgraded to Ca; previously on 2/25/2005 Assigned Baa3

Cl. BX, Downgraded to Ca; previously on 2/25/2005 Assigned Baa3

Structured Adjustable Rate Mortgage Loan Trust 2005-14

Cl. A1, Downgraded to Baa1; previously on 6/16/2005 Assigned Aaa

Cl. A2, Downgraded to B1; previously on 6/16/2005 Assigned Aaa

Cl. A3, Downgraded to B3; previously on 6/16/2005 Assigned Aaa

Cl. 1-AX, Downgraded to B3; previously on 6/16/2005 Assigned Aaa

Cl. 2-AX, Downgraded to B3; previously on 6/16/2005 Assigned Aaa

Cl. B1, Downgraded to Ca; previously on 7/3//2008 Downgraded to Aa2

Cl. B2, Downgraded to Ca; previously on 7/3//2008 Downgraded to A1

Cl. B3, Downgraded to C; previously on 7/3//2008 Downgraded to A3

Cl. B5, Downgraded to C; previously on 7/3//2008 Downgraded to Ba2

Cl. B7, Downgraded to C; previously on 7/3//2008 Downgraded to Caa2

Cl. B8, Downgraded to C; previously on 7/3//2008 Downgraded to Caa3

Structured Adjustable Rate Mortgage Loan Trust 2005-16XS

Cl. A-2A, Downgraded to Aa3; previously on 8/22/2005 Assigned Aaa

Cl. A-2B, Downgraded to Aa3; previously on 8/22/2005 Assigned Aaa

Cl. A-3, Downgraded to A1; previously on 8/22/2005 Assigned Aaa

Cl. M1, Downgraded to Caa1; previously on 8/22/2005 Assigned Aa2

Cl. M2, Downgraded to Ca; previously on 8/22/2005 Assigned A2

Cl. M3, Downgraded to C; previously on 7/3//2008 Downgraded to Caa1

Structured Adjustable Rate Mortgage Loan Trust 2005-19XS

Cl. 1-A1, Downgraded to Aa1; previously on 9/29/2005 Assigned Aaa

Cl. 1-A2A, Downgraded to Baa3; previously on 9/29/2005 Assigned Aaa

Cl. 1-A2B, Downgraded to Baa3; previously on 9/29/2005 Assigned Aaa

Cl. 1-A3, Downgraded to Ba1; previously on 9/29/2005 Assigned Aaa

Cl. 2-A2, Downgraded to Aa3; previously on 9/29/2005 Assigned Aaa

Cl. 2-A3, Downgraded to A1; previously on 9/29/2005 Assigned Aaa

Cl. M1-I, Downgraded to Ca; previously on 9/29/2005 Assigned Aa3

Cl. M1-II, Downgraded to Ca; previously on 7/3//2008 Downgraded to Baa3

Cl. M2-II, Downgraded to C; previously on 7/3//2008 Downgraded to Caa2

Cl. M3-II, Downgraded to C; previously on 7/3//2008 Downgraded to Ca

Structured Adjustable Rate Mortgage Loan Trust 2005-9

Cl. 1-A, Downgraded to B3; previously on 7/3/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to B3; previously on 7/3/2008 Aaa Placed Under Review for Possible Downgrade

Cl. 2-A2A, Downgraded to B3; previously on 6/27/2005 Assigned Aaa

Cl. AX, Downgraded to B3; previously on 7/3/2008 Aaa Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Ca; previously on 7/3//2008 Downgraded to A1

Cl. B2, Downgraded to C; previously on 7/3//2008 Downgraded to A3

Cl. B3, Downgraded to C; previously on 7/3//2008 Downgraded to Baa1

Cl. B5, Downgraded to C; previously on 7/3//2008 Downgraded to B3

Cl. B4, Downgraded to C; previously on 7/3//2008 Downgraded to Ba3

Cl. B6, Downgraded to C; previously on 7/3//2008 Downgraded to Caa2

Cl. B7, Downgraded to C; previously on 7/3//2008 Downgraded to Caa3

Cl. B8, Downgraded to C; previously on 7/3//2008 Downgraded to Ca

Structured Adjustable Rate Mortgage Loan Trust 2007-6

Cl. 1-A1, Downgraded to Caa3; previously on 7/10/2007 Assigned Aaa

Cl. 1-A2, Downgraded to Ca; previously on 7/10/2007 Assigned Aaa

Cl. 2-A1, Downgraded to B3; previously on 7/10/2007 Assigned Aaa

Cl. 2-A2, Downgraded to Ca; previously on 7/10/2007 Assigned Aaa

Cl. 2-A3, Downgraded to Ca; previously on 7/10/2007 Assigned Aaa

Cl. M-1, Downgraded to C; previously on 7/10/2007 Assigned Aa1

Cl. M-2, Downgraded to C; previously on 7/10/2007 Assigned Aa2

Cl. M-3, Downgraded to C; previously on 7/10/2007 Assigned Aa3

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_SF157318

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
Ola Hannoun-Costa
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Takes Action on Certain SARM Option ARM deals
No Related Data.
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