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Rating Action:

Moody's downgrades $4.3 million of Alt-A RMBS issued by CSFB

09 Nov 2011

New York, November 09, 2011 -- Moody's Investors Service has downgraded the ratings of four tranches from the CSFB Mortgage Backed Pass Through Certificates, 2001-26 transaction.

RATINGS RATIONALE

The collateral backing this deal primarily consists of first-lien, fixed rate Alt-A residential mortgages.

This rating action is a result of missed interest payments and cumulative interest shortfalls on these bonds. The trust owes a total of $1.3 million to Select Portfolio Servicing (SPS) for a litigation settlement. The Trustee is paying the settlement amount from the monthly collections received. To date, the Trust has paid $885,928. As a result, Cl. V-A-1, Cl. V-A-2, Cl. D-B-1, Cl. D-B-2, and Cl. D-B-3 have experienced interest shortfalls.

In today's rating action, Cl. V-A-1, Cl. V-A-2, Cl. D-B-1were downgraded. The current credit enhancement and delinquency pipeline seem to suggest stronger performance, however, the predominant factor guiding ratings on these tranches is the persistence of shortfalls. We will continue to monitor the cashflow for these tranches and assess when the shortfall is cured and interest payments resume.

The principal methodology used in this rating was "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other factors used in this rating are described in "Moody's Approach to Rating Structured Finance Securities in Default" published in November 2009.

The expected losses on this group (Pools II, III and V) is 0.9% of original balance. If the expected losses were to increase by 10%, there would be no change in the ratings listed below.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment levels remain high, and weakness persists in the housing market. Moody's now projects house price index to reach a bottom in the first quarter of 2012, with a 2% remaining decline between the first quarter of 2011 and 2012, and unemployment rate to start declining by fourth quarter of 2011.

Complete rating actions are as follows:

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2001-26

Cl. V-A-1, Downgraded to Ba1 (sf); previously on Jan 4, 2002 Assigned Aaa (sf)

Cl. V-A-2, Downgraded to Ba1 (sf); previously on Jan 4, 2002 Assigned Aaa (sf)

Cl. III-X, Downgraded to Ba1 (sf); previously on Jan 4, 2002 Assigned Aaa (sf)

Cl. D-B-1, Downgraded to Ba2 (sf); previously on Mar 18, 2011 Downgraded to A1 (sf)

A list of these actions including CUSIP identifiers may be found at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF266611

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are considered EU Qualified by Extension and therefore available for regulatory use in the EU. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's received and took into account one or more third-party assessments on the due diligence performed regarding the underlying assets or financial instruments in this transaction and the assessments had a neutral impact on the rating.

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Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Soumya Vasudevan
Associate 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

Amita Shrivastava
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 downgrades $4.3 million of Alt-A RMBS issued by CSFB
No Related Data.
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