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Announcement - Servicer:

Moody's affirms U.S. Bank's SQ rating as a Master Servicer

30 Jan 2011

U.S. Residential Mortgage Servicer Rating Actions

New York, January 30, 2011 -- Moody's Investors Service has affirmed the Servicer Quality ("SQ") rating for U.S. Bank Home Mortgage, Inc. ("U.S. Bank") of SQ3+ as a Master Servicer of residential mortgage loans. Moody's rating is based on the company's above average reporting and remittance processes, average compliance and monitoring capabilities and above average servicing stability.

U.S. Bank's reporting and remittance processes are above average. U.S. Bank uses SBO 2000 to perform its reporting and remitting functions and continues to manually balance exceptions using SBO 2000 exception reports. The default monitoring team continues to review a growing number of loss mitigation workouts, if requested by the primary servicer, and tracks and manages default activity for loans 120 days delinquent.

Moody's views U.S. Bank's compliance and monitoring capabilities as average. The company provides oversight to nine primary servicers as part of its third-party master servicing business. Since the last review, the master servicing unit performed a full cycle of primary servicer audits with three site visits and four desktop reviews. U.S. Bank uses a monthly servicer scorecard which tracks primary servicers' responsiveness and accuracy of monthly data submissions. Moody's would positively view the addition of a formal and periodic review of servicers' financial stability.

Moody's has raised U.S. Bank Master Servicing's servicing stability to above average from average. Since the last review, the portfolio runoff risk experienced over the past few years has been mitigated by a substantial increase in the portfolio. In December 2010, U.S. Bank acquired a portion of Bank of America's master servicing unit, adding 12 staff and approximately $5 Billion in master servicing rights, for a total of $11 Billion in the master servicing portfolio at the end of January 2011. U.S. Bank, N.A. and its parent, U.S. Bancorp, are rated Aa2 and Aa3 for senior unsecured debt, respectively. The master servicing unit reports to the head of U.S. Bank Home Mortgage's primary servicing operations. The master servicing portfolio was $5.97 billion, or 11,086 loans, as of September 30, 2010.

The previous rating action for U.S. Bank's SQ ratings occurred on December 11, 2009. At that time, Moody's affirmed U.S. Bank's SQ ratings of SQ3+ as a Master Servicer of residential mortgage loans.

Moody's SQ rating for master servicers represents its view of a master servicer's ability to report servicer activity to trustees or investors and oversee the performance and reporting of underlying servicers. Examples of duties a master servicer may perform include oversight of loan accounting, loss mitigation, and REO functions. The rating scale ranges from SQ1 (strong) to SQ5 (weak).

Moody's servicer ratings consider the company's ability to maintain its focus on high quality servicing in an economic downturn. A master servicer rating is assigned with the understanding that a master servicer's effectiveness can have an impact -- either positive or negative -- on credit enhancement levels, particularly with lower rated securities. For this reason, Moody's conducts a formal re-evaluation of its servicer ratings annually.

Moody's analyzes and monitors U.S. Bank using the rating methodology described in "Moody's Approach to Rating Residential Mortgage Servicers" (January 2001), "Updated Moody's Servicer Quality Rating Scale and Definitions" (May 2005), and "Moody's Methodology for U.S. RMBS Master Servicer Quality Ratings" (April 2009). A detailed description of the methodologies can be found on Moody's website: www.moodys.com

New York
Linda Stesney
MD - Structured Finance
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Cecilia Lam
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's affirms U.S. Bank's SQ rating as a Master Servicer
No Related Data.
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