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Rating Action:

Moody's downgrades $5 billion of HECM reverse mortgage bonds

21 Nov 2011

$5 billion in bonds affected; remain on review for further downgrade

New York, November 21, 2011 -- Moody's Investors Service has downgraded 16 Home Equity Conversion Mortgages reverse mortgage-backed securities in 12 deals. All of the downgraded securities remain on review for further downgrade.

The collateral backing these transactions consists primarily of HECM reverse mortgages that benefit from mortgage insurance protection from the Federal Housing Administration, a federal agency in the Department of Housing and Urban Development (HUD). Two of the transactions, Riverview 2007-4 and Riverview 2008-1, are resecuritizatons backed by HECM bonds.

Moody's has downgraded to Aa1 (sf) from Aaa (sf) its ratings on class As from MECA deals, and class A-1 from Riverview 2007-3 , and to Aa2 (sf) from Aaa (sf) the ratings on the classes A, A-2, and A from Riverview 2007-1, Riverview 2007-2, REV 2007-2 respectively, one notch lower than the other bonds, as these three deals are currently under-collateralized.

The rating actions on the resecuritization classes A1 through A5 from Riverview 2008-1 and class A from Riverview 2007-4 correspond to that of the underlying HECM bonds.

RATINGS RATIONALE

Falling home prices and longer liquidation timelines expose these transactions to potential losses. Even though these mortgages are insured by HUD, they could be exposed to losses if the properties backing them are not liquidated within six months of entering REO.

For Home Equity Conversion Mortgages, servicers have to follow strict HUD liquidation guidelines, once a borrower dies or vacates the property permanently and HUD verifies that the loan is due and payable.

Typically, the servicer must first give the borrower's estate six months to pay the loan in full before initiating foreclosure. If the property does not sell during the foreclosure sale, the loan enters REO, at which point the servicer starts marketing the property. If the property remains unsold after six months in REO, the servicer has to provide HUD an appraisal of the property conducted by a HUD-approved appraiser. HUD will base its reimbursement for the liquidated property on the appraisal amount (the appraisal-based claim).

HUD will cover the difference between the unpaid loan balance at liquidation and the latest appraisal amount if the appraisal amount is lower than the unpaid loan balance. HUD will not cover any shortfalls if the property sells for less than this appraised amount. In that case, the trust will cover the shortfall between the latest appraisal value and the actual REO proceeds.

With falling home prices and longer liquidation timelines, the risk that loans will take longer than six months to sell after entering REO has risen significantly, a trend corroborated by data from servicers. Currently, approximately 7%-10% of the matured servicer portfolios, where HUD has verified that loans are due and payable, consist of loans that have been in REO for longer than six months. Losses on loans that have sold after six months of entering REO have averaged 20%, that is, on average, properties are selling for 20% less than their appraised amounts.

METHODOLOGY:

In order to arrive at the losses, Moody's assumed that servicers will file appraisal based claims on 80% of the loans currently in REO and that these properties will sell at 20% lower than the appraisal values. Moody's also assumed that all properties that are currently in foreclosure will enter REO. Moody's combined loss estimates from loans currently in REO and foreclosure and then doubled this loss to account for the replenishment of such loans in the future. Moody's also assumed foreclosure cost of $1,000 for each loan backing the HECM deals as the average foreclosure cost per loan is around $2000 - $4,000 and as HUD reimburses only two thirds of the foreclosure cost.

The methodology that was used in assigning initial ratings to the HECM deals assumed minimal losses from appraisal based claims because very few loans were sold after six months in REO and those loans were usually sold for more than their appraisal amounts.

The transactions impacted by this rating action have relatively thin credit enhancement, typically 1%-3% of outstanding pool balance, although credit enhancement continues to build up due to excess spread. Because any losses accrued on the liquidated properties are not allocated until final maturity, there is a significant amount of time to build support through excess spread. However, the coverage for these losses is still very limited and not consistent with the Aaa(sf) ratings.

The primary reason for the uncertainty about actual sales prices and possible shortfall is the weak macro-economic environment. Properties are taking longer to sell, and sales prices are often lower than the latest appraisal values.

During the review, Moody's will further refine its assumptions for the frequency of appraisal-based claims and the losses arising from them. The ratings on the HECM deals may be downgraded further by multiple notches if the REO properties backing these deals continue to grow and if these properties are consistently sold below their appraisal prices.

Other methodologies and factors that Moody's may have considered in the process of rating this issuer can also be found on Moody's website, www.moodys.com.

Complete rating actions are as follows:

Issuer: Mortgage Equity Conversion Asset Trust 2006-SFG1

Cl. A, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Mortgage Equity Conversion Asset Trust 2006-SFG2

Cl. A, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Mortgage Equity Conversion Asset Trust 2006-SFG3

Cl. A, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Mortgage Equity Conversion Asset Trust 2007-FF1

Cl. A, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Mortgage Equity Conversion Asset Trust 2007-FF2

Cl. A, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Mortgage Equity Conversion Asset Trust 2007-FF3

Cl. A, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Reverse Mortgage Loan Trust, Series REV 2007-2

Cl. A, Downgraded to Aa2 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Riverview HECM Trust, Series 2007-1

CL. A, Downgraded to Aa2 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Riverview Mortgage Loan Trust 2007-2

Cl. A-2, Downgraded to Aa2 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Riverview Mortgage Loan Trust 2007-3

CL. A-1, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Riverview HECM Trust, Series 2008-1

Cl. A-1, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-2, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Downgraded to Aa1 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Riverview HECM Trust 2007-4

CL. A, Downgraded to Aa2 (sf) and Placed Under Review for Possible Downgrade; previously on Aug 2, 2011 Confirmed at Aaa (sf)

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF268313

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 each of the ratings are the following: public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Jayesh Joseph
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

Debashish Chatterjee
Associate Managing Director
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 $5 billion of HECM reverse mortgage bonds
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