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Rating Action:

Moody's assigns a definitive rating to Bank of Tokyo- Mitsubishi UFJ's residential mortgage loan securitization under the JHF Guarantee Model (Flat 35 Guarantee Program)

06 Jun 2008
Moody's assigns a definitive rating to Bank of Tokyo- Mitsubishi UFJ's residential mortgage loan securitization under the JHF Guarantee Model (Flat 35 Guarantee Program)

JPY 38.7 billion of Senior Beneficial Interests rated

Tokyo, June 06, 2008 -- Moody's Investors Service has assigned a definitive rating of Aaa to BTMU Residential Mortgage Loan Trust Beneficial Interests Series 2 (JHF guarantee) Senior Beneficial Interests, totaling JPY 38.7 billion. The Beneficial Interests are backed by residential mortgage loans originated by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and insured by Japan Housing Finance Agency ("JHF"). The Beneficial Interests themselves are also guaranteed pursuant to a Liquidity Support and Credit Support Agreement by Japan Housing Finance Agency.

The rating addresses the expected loss posed to investors by the final maturity date. The structure allows for timely payments of dividends (in scheduled amounts, on scheduled payment dates), and full repayment of principal by the final maturity date.

The complete rating action is as follows:

Deal Name: BTMU Residential Mortgage Loan Trust Beneficial Interests Series 2 (JHF guarantee)

Class, Issue Amount, Dividend, Payment Frequency, Rating

Senior Beneficial Interests, JPY 38.7 billion, Fixed, Monthly, Aaa

Credit Enhancement: JHF's guarantee of the scheduled dividend and principal payments on the Beneficial Interests pursuant to a Liquidity Support and Credit Support Agreement

Underlying Assets: Residential mortgage loan receivables (loan product named "Flat 35 (Guarantee Program)" originated under the JHF Guarantee Model, a JHF Securitization Support Activities Scheme) and cash

Entrustment Date: May 23, 2008

Closing Date: June 6, 2008

Final Maturity Date: February 10, 2044

Seller/Servicer: The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Aa2/Prime-1, "Bank of Tokyo-Mitsubishi UFJ")

Asset Trustee: Mitsubishi UFJ Trust and Banking Corporation

Housing Loan Insurance Underwriter: Japan Housing Finance Agency (Aaa)

Credit and Liquidity Support Provider: Japan Housing Finance Agency

Arranger: Mitsubishi UFJ Securities Co., Ltd.

Private-Placement Agent: Mitsubishi UFJ Securities Co., Ltd.

RATING OPINION SUMMARY

The ratings are primarily based on the following factors:

(1) The integrity of the legal structure

(2) The credit quality of the underlying receivables pool

(3) The benefit of JHF's fulfillment of the Housing Loan Insurance obligations

(4) The credit support and liquidity support provided by JHF

(5) The experience and historical performance of the Servicer

STRUCTURE OVERVIEW

- Bank of Tokyo-Mitsubishi UFJ ("Seller") has entrusted a pool of its residential mortgage loans originated by itself to Mitsubishi UFJ Trust and Banking Corporation ("Asset Trustee") and has in turn received the Senior Beneficial Interests and Residual Beneficial Interests.

- The entrusted receivables are insured by Housing Loan Insurance provided by JHF. The Seller's rights and its position as insurance policy holder were entrusted to the Asset Trustee.

- JHF and the Asset Trustee entered into a Credit Support and Liquidity Support Agreement under which JHF will be obliged to guarantee the principal of and scheduled dividend payments on the Senior Beneficial Interests.

- The Seller will act as the Servicer.

- The Seller sold the Senior Beneficial Interests to investors, but has held the Residual Beneficial Interests.

SELLER / SERVICER

The Seller/Servicer, The Bank of Tokyo-Mitsubishi UFJ Ltd., headquartered in Tokyo, has branch offices in principal cities nationwide in Japan. It is one of the main Japanese city banks. In addition to banking, it provides various services through its associated companies including leasing, securities, credit cards, etc.

MU Frontier Servicer Co., Ltd., which will service part of the asset pool under the responsibility of the Servicer, is the succeeding entity of Frontier Servicer Co., Ltd. and Tokyo Diamond Servicing and Revitalization Co., Ltd., which were subsidiaries of UFJ Group and Mitsubishi Tokyo Financial Group, respectively.

Moody's had an on-site meeting with Bank of Tokyo-Mitsubishi UFJ and MU Frontier Servicer, focusing on their business franchises and policies and the bank's role as an originator. Moody's also conducted a review of their servicer operations and considers both to be sufficiently capable of servicing the pool.

HOUSING LOAN INSURANCE UNDERWRITER / CREDIT AND LIQUIDITY SUPPORT PROVIDER

JHF, acting as Housing Loan Insurance Underwriter as well as Credit and Liquidity Support Provider for this transaction, was founded on April 1, 2007, as a succeeding entity for Governmental Housing Loan Corporation. It is wholly owned by the Japanese government. As of April 1, 2008, staff totaled 995. The governmental agency will have a capital at JPY 319.7 billion. JHF's Securitization Support Activities, which support private financial institutions to execute housing loans, are some of its key businesses.

Moody's Investors Service is a publisher of rating opinions and research. It is not involved in the offering or sale of any securities, nor is it acting on behalf of the offering party. This release is not a solicitation or a recommendation to buy, hold or sell securities.

Tokyo
Shinichiro Kan
Analyst
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Yasushi Furuya
VP - Senior Credit Officer
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

No Related Data.
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