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By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

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Announcement:

Moody's determines no negative ratings impact to various RMBS from servicing amendments

02 Dec 2014

New York, December 02, 2014 -- Moody's announced today that proposed amendments to servicing agreements underlying the 15 RMBS transactions listed below, which are currently serviced by Specialized Loan Servicing LLC (SLS), would not, in and of themselves and as of this time, result in the downgrade or withdrawal of the Moody's ratings of the issued securities. SLS informed us that the servicing transferred to it from Bank of America, NA on 1 December 2014. Today's announcement does not opine on the rating impact, if any, from the servicing transfer itself, but only covers the proposed amendments.

Moody's assessed the credit impact of the following proposed amendments.

The amendments for CHL Mortgage Pass-Through Trust 2003-HYB3, among other things: (1) allow the servicer to finance advances and deferred but unpaid servicing fees through an advance facility, (2) give the servicer broader discretion to modify loans, (3) allow the servicer to force place hazard insurance under its blanket policy, and (4) require any successor servicer to reimburse a terminated servicer for its advances on a first-in-first-out basis.

The amendments for First Franklin Mortgage Loan Trust 2006-FFA and First Franklin Mortgage Loan Trust 2006-FFB, among other things: (1) allow the servicer to finance advances and deferred but unpaid servicing fees through an advance facility, (2) give the servicer broader discretion to modify loans, (3) removed certain performance triggers that allowed the seller to terminate the servicer, and (4) require any successor servicer to reimburse a terminated servicer for its advances on a first-in-first-out basis.

The amendments for First Franklin Mortgage Loan Trust 2007-FFC, among other things: (1) allow the servicer to finance advances and deferred but unpaid servicing fees through an advance facility, (2) provide that the trust indemnify the servicer for certain losses and expenses that may occur in the future, and (3) require any successor servicer to reimburse a terminated servicer for its advances on a first-in-first-out basis.

The amendments for Lehman XS Trust 2006-17, among other things: (1) allow the servicer to finance advances and deferred but unpaid servicing fees through an advance facility, (2) allow the servicer to reimburse itself for non-recoverable advances from the custodial account.

The amendments for Morgan Stanley Home Equity Loan Trust 2005-2, among other things, allow the servicer to finance advances and deferred but unpaid servicing fees through an advance facility.

The amendments for Structured Asset Securities Corp Trust 2007-BC4, among other things: (1) allow the servicer to finance advances and deferred but unpaid servicing fees through an advance facility, and (2) give the servicer broader discretion to modify loans.

The amendments for Banc of America Funding 2006-B Trust and Banc of America Funding 2007-5 Trust, among other things: (1) allow the servicer to finance advances and deferred but unpaid servicing fees through an advance facility, (2) give the servicer broader discretion to modify loans, and (3) require any successor servicer to reimburse a terminated servicer for its advances on a first-in-first-out basis.

The amendments for Banc of America Mortgage Securities, Pass-Through Certificates, Series 2005-7, Banc of America Mortgage 2005-E Trust, Banc of America Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2005-J, and Banc of America Mortgage 2008-A Trust: (1) allow the servicer to finance advances and deferred but unpaid servicing fees through an advance facility, (2) give the servicer broader discretion to modify loans, (3) specify that the price for exercising a clean-up call includes outstanding advances, and (4) require any successor servicer to reimburse a terminated servicer for its advances on a first-in-first-out basis.

Moody's has determined that the proposed amendments, in and of themselves and at this time, will not result in the downgrade or withdrawal of the currently assigned ratings of the securities issued in the below transactions. However, Moody's opinion addresses only the credit impact associated with the proposed amendments, and Moody's is not expressing any opinion as to whether the amendments have, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

Moody's believes the amendment to allow the servicer to finance its advances and deferred servicing fees through an advance facility is not credit negative because it does not alter the servicer's advancing obligations, nor does it expand the servicer's right to be reimbursed for advances. Furthermore, the servicer agrees to indemnify the transaction parties for any costs resulting from claims arising out of any advance financing facility.

For the other amendments Moody's considered the outstanding ratings in each particular transaction and, in some cases, analyzed the sensitivity of the rated securities to the timing of cashflow and higher losses, as appropriate.

The principal methodology used in rating and monitoring of this transaction is described in the following publication, which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab:

The methodologies used in these ratings were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, and "US RMBS Surveillance Methodology" published in November 2013.

The methodology used in rating Interest-Only Securities was "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in February 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's will continue monitoring the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

List of Transactions:

CHL Mortgage Pass-Through Trust 2003-HYB3

First Franklin Mortgage Loan Trust 2006-FFA

First Franklin Mortgage Loan Trust 2006-FFB

First Franklin Mortgage Loan Trust 2007-FFC

Lehman XS Trust 2006-17

Morgan Stanley Home Equity Loan Trust 2005-2

Structured Asset Securities Corp Trust 2007-BC4

Banc of America Funding 2006-B Trust

Banc of America Funding 2007-5 Trust

Banc of America Mortgage Securities, Pass-Through Certificates, Series 2005-7

Banc of America Mortgage 2005-E Trust

Banc of America Mortgage Securities, Inc., Mortgage Pass Through Certificates Series 2005-J

Banc of America Mortgage 2008-A Trust

FFMLT 2007-FFB-SS, Mortgage Pass-Through Certificates, Series 2007-FFB-SS

First Franklin Mortgage Loan Trust 2005-FFA

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Hassan Shamji
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Yehudah Forster
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's determines no negative ratings impact to various RMBS from servicing amendments
No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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