Moody's Takes Rating Action on Certain Countrywide Option ARM deals
New York, September 22, 2008 -- Moody's Investors Service has downgraded the ratings of 101 tranches from
15 Option ARM transactions issued by CHL Mortgage Pass-Through
Trust. Of these, 6 tranches remain on review for further
possible downgrade. Additionally, 5 senior tranches were
confirmed at Aaa. The collateral backing these transactions consists
primarily of first-lien, adjustable-rate, negatively
amortizing Alt-A mortgage loans.
Ratings were downgraded, 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: CHL Mortgage Pass-Through Trust 2004-16
Cl. X, Confirmed at Aaa
Cl. B-1, Downgraded to Baa1 from A2
Cl. B-2, Downgraded to Ba1 from Baa2
Cl. B-3, Downgraded to Caa1 from B1
Issuer: CHL Mortgage Pass-Through Trust 2004-20
Cl. B-3, Downgraded to Caa2 from B3
Issuer: CHL Mortgage Pass-Through Trust 2004-23
Cl. B-2, Downgraded to Baa3 from Baa2
Cl. B-3, Downgraded to B3 from Ba2
Issuer: CHL Mortgage Pass-Through Trust 2004-25
Cl. M-X, Downgraded to Aa1 from Aaa
Cl. M-2, Downgraded to A1 from Aa2
Cl. M-3, Downgraded to A2 from Aa3
Cl. M-4, Downgraded to Baa1 from A1
Cl. M-5, Downgraded to Baa2 from A2
Cl. M-6, Downgraded to Baa3 from A3
Cl. M-7, Downgraded to Ba1 from Baa2
Cl. M-8, Downgraded to Ba2 from Baa3
Cl. B-1, Downgraded to B3 from Ba2
Issuer: CHL Mortgage Pass-Through Trust 2004-29
Cl. II-M-1, Downgraded to A1 from Aa2
Cl. II-B-1, Downgraded to Baa2 from A2
Cl. II-B-2, Downgraded to B1 from Baa2
Issuer: CHL Mortgage Pass-Through Trust 2005-1
Cl. M-1, Downgraded to A2 from Aa3
Issuer: CHL Mortgage Pass-Through Trust 2005-11
Cl. 3-A-2, Downgraded to Aa2 from Aaa
Cl. 3-A-3, Downgraded to Aa1 from Aaa
Cl. 4-A-2, Downgraded to Aa2 from Aaa
Cl. II-M-1, Downgraded to A1 from Aa3
Cl. II-B-1, Downgraded to Baa3 from Baa1
Cl. II-B-2, Downgraded to B3 from Ba3
Issuer: CHL Mortgage Pass-Through Trust 2005-2
Cl. M-X, Downgraded to Aa1 from Aaa
Cl. M-6, Downgraded to Baa3 from Baa1
Cl. M-7, Downgraded to Ba1 from Baa3
Cl. M-8, Downgraded to Ba2 from Ba1
Cl. B-1, Downgraded to B3 from Ba3; Placed Under
Review for further Possible Downgrade
Issuer: CHL Mortgage Pass-Through Trust 2005-3
Cl. M-5, Downgraded to Baa3 from A3
Cl. M-7, Downgraded to B3 from Ba1
Cl. B-1, Downgraded to Caa1 from Ba2
Issuer: CHL Mortgage Pass-Through Trust 2005-4
Cl. M-X, Confirmed at Aa2
Cl. B-1, Downgraded to Baa2 from A2
Cl. B-2, Downgraded to Ba2 from Ba1
Issuer: CHL Mortgage Pass-Through Trust 2005-9
Cl. M-5, Downgraded to Baa2 from Baa1
Cl. B-1, Downgraded to Ba2 from Ba1
Issuer: CHL Mortgage Pass-Through Trust 2006-3
Cl. 1-A-2, Downgraded to Aa1 from Aaa
Cl. 1-A-3, Downgraded to Ba1 from Aaa
Cl. 2-A-3, Downgraded to Aa2 from Aaa
Cl. 3-A-2, Downgraded to Baa3 from Aaa
Cl. 3-A-3, Downgraded to Ba3 from Aaa
Cl. 1-M-1, Downgraded to Caa2 from Ba3
Cl. 1-M-2, Downgraded to Ca from B3
Cl. 1-M-3, Downgraded to C from B3
Cl. 1-M-4, Downgraded to C from Caa1
Cl. 1-M-5, Downgraded to C from Ca
Cl. 1-M-6, Downgraded to C from Ca
Cl. 2-M-1, Downgraded to B3 from Baa3;
Placed Under Review for further Possible Downgrade
Cl. 2-M-2, Downgraded to Ca from B3
Cl. 2-M-3, Downgraded to Ca from B3
Cl. 2-M-4, Downgraded to C from Caa1
Cl. 2-M-5, Downgraded to C from Ca
Cl. 2-M-6, Downgraded to C from Ca
Cl. 2-M-7, Downgraded to C from Ca
Cl. 3-M-1, Downgraded to Ca from Ba1
Cl. 3-M-2, Downgraded to Ca from B3
Cl. 3-M-3, Downgraded to C from B3
Cl. 3-M-4, Downgraded to C from Ca
Cl. 3-M-5, Downgraded to C from Ca
Cl. 3-M-6, Downgraded to C from Ca
Issuer: CHL Mortgage Pass-Through Trust 2006-OA1
Cl. 1-A-3, Downgraded to Ba2 from Aaa
Cl. 2-A-3, Downgraded to Ba2 from Aaa
Cl. 1-X, Confirmed at Aaa
Cl. 2-X, Confirmed at Aaa
Cl. M-1, Downgraded to B3 from Ba1; Placed Under
Review for further Possible Downgrade
Cl. M-2, Downgraded to Caa1 from B1
Cl. M-3, Downgraded to Caa3 from B2
Cl. M-4, Downgraded to Ca from B3
Cl. M-5, Downgraded to Ca from B3
Cl. M-6, Downgraded to Ca from B3
Cl. B-1, Downgraded to C from Ca
Issuer: CHL Mortgage Pass-Through Trust 2006-OA4
Cl. A-1, Downgraded to Ba2 from Aaa
Cl. A-2, Downgraded to Ba2 from Aaa
Cl. A-3, Downgraded to Ba2 from Aaa
Cl. M-1, Downgraded to B3 from Ba1; Placed Under
Review for further Possible Downgrade
Cl. M-2, Downgraded to Caa2 from B1
Cl. M-3, Downgraded to Ca from B2
Cl. M-4, Downgraded to Ca from B3
Cl. M-5, Downgraded to C from B3
Cl. M-6, Downgraded to C from Caa1
Cl. M-7, Downgraded to C from Ca
Cl. M-8, Downgraded to C from Ca
Cl. M-9, Downgraded to C from Ca
Issuer: CHL Mortgage Pass-Through Trust, Series 2006-OA5
Cl. X, Confirmed at Aaa
Cl. 1-A-2, Downgraded to Aa3 from Aaa
Cl. 1-A-3, Downgraded to Ba3 from Aaa
Cl. 2-A-2, Downgraded to Aa3 from Aaa
Cl. 2-A-3, Downgraded to Ba3 from Aaa
Cl. 3-A-3, Downgraded to Aa2 from Aaa
Cl. I-M-1, Downgraded to B3 from Ba1;
Placed Under Review for further Possible Downgrade
Cl. I-M-2, Downgraded to Ca from B3
Cl. I-M-3, Downgraded to C from B3
Cl. I-M-4, Downgraded to C from Ca
Cl. I-M-5, Downgraded to C from Ca
Cl. I-M-6, Downgraded to C from Ca
Cl. I-M-7, Downgraded to C from Ca
Cl. II-M-1, Downgraded to B3 from Aa3;
Placed Under Review for further Possible Downgrade
Cl. II-M-2, Downgraded to Ca from B3
Cl. II-M-3, Downgraded to Ca from B3
Cl. II-M-4, Downgraded to C from B3
Cl. II-M-5, Downgraded to C from B3
Cl. II-M-6, Downgraded to C from Caa1
Cl. II-M-7, Downgraded to C from Ca
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF143373
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
Ilana Fried
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653