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Related Issuers

Wells Fargo Mortgage Backed Securities 2006-10 Trust

Wells Fargo Mortgage Backed Securities 2006-11 Trust

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Related Research

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Rating Action:

Moody's Takes Rating Action on Wells Fargo Mortgage Backed Securities Jumbo transactions issued in 2006 and 2007

06 Oct 2008

New York, October 06, 2008 -- Moody's Investors Service has placed on review for possible downgrade 638 tranches from 38 Jumbo transactions issued by Wells Fargo Mortgage Backed Securities in 2006 and 2007.

The collateral backing these transactions consists primarily of first-lien, fixed and adjustable-rate, prime mortgage loans. These reviews are triggered by higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to currently available credit enhancement levels. The actions described below are a result of Moody's revised expected losses on the Jumbo sector announced on September 18th, 2008 and are part of an on-going review process.

Moody's final rating actions in coming months will vary based on current ratings, level of credit enhancement, pool-specific historical performance, quarter of origination, collateral characteristics and other qualitative factors. For deals where the weakest senior Aaa tranche was identified as needing to go under review, Moody's has placed on review for possible downgrade all senior Aaa tranches. Moody's analysis during the review period will take into account credit enhancement provided by seniority, time tranching, and other structural features within the Aaa waterfalls.

Complete rating actions are as follows:

Issuer: Wells Fargo Mortgage Backed Securities 2006-10 Trust

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-7, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-8, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-9, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-12, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-14, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-15, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-16, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-17, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-18, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-19, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-20, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-21, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-22, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-24, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-25, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-PO, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aa1

Cl. A-3, Placed on Review for Possible Downgrade, currently Aa1

Cl. A-13, Placed on Review for Possible Downgrade, currently Aa1

Cl. A-23, Placed on Review for Possible Downgrade, currently Aa1

Issuer: Wells Fargo Mortgage Backed Securities 2006-11 Trust

Cl. A-1, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-2, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-3, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-4, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-5, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-6, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-7, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-8, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-9, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-10, Placed on Review for Possible Downgrade, currently Aaa

Cl. A-11, Placed on Review for Possible Downgrade, currently Aaa