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Rating Action:

Moody's downgrades $536 million of Fixed Rate Alt-A RMBS issued by CSMC Mortgage-Backed Trust 2006-9

12 Jan 2011

New York, January 12, 2011 -- Moody's Investors Service has downgraded the ratings of 35 tranches, and confirmed the rating of 1 tranche, from CSMC 2006-9 issued by Credit Suisse First Boston. This transaction consists of two collateral pools, designated as Pool 1 (containing Groups 1, 2, 3 and 4) and Pool 2 (containing Groups 5, 6, and 7). The collateral in Pool 1 primarily consists of first-lien, fixed-rate Alt-A residential mortgage loans for properties located in Puerto Rico. The collateral in Pool 2 primarily consists of first-lien, fixed rate Alt-A residential mortgages for properties located in various regions of the U.S.

RATINGS RATIONALE

The actions are primarily the result of the continued performance deterioration in Alt-A pools in conjunction with home price and unemployment conditions that remain under duress. The actions reflect Moody's updated loss expectations on Alt-A pools issued from 2005 to 2007.

To assess the rating implications of the updated loss levels on Alt-A RMBS, each individual pool was run through a variety of scenarios in the Structured Finance Workstation® (SFW), the cash flow model developed by Moody's Wall Street analytics. This individual pool level analysis incorporates performance variances across the different pools and the structural features of the transaction including priorities of payment distribution among the different tranches, average life of the tranches, current balances of the tranches and future cash flows under expected and stressed scenarios. The scenarios include ninety-six different combinations comprising of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to small increments in losses on the underlying mortgage pool is taken into consideration when assigning ratings.

The principal methodology used in rating Pool 2 (Groups 5, 6 and 7) securities was "Alt-A RMBS Loss Projection Update: February 2010" rating methodology published in February 2010. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment remains at high levels, and weakness persists in the housing market. Moody's notes an increasing potential for a double-dip recession, which could cause a further 20% decline in home prices (versus its baseline assumption of roughly 5% further decline). Overall, Moody's assumes a further 5% decline in home prices with stabilization in early 2011, accompanied by continued stress in national employment levels through that timeframe.

Today's rating action also reflect a correction to the analysis of collateral contained in Pool 1 (Groups 1, 2, 3, and 4). This pool was previously rated using the Alt-A methodology without any adjustments to reflect the geographic characteristics of the constituent loans. Pool 1 mortgage loans are secured by properties in Puerto Rico. The updated rating incorporates certain adjustments in the Alt-A methodology assumptions to account for the macro economic factors pertaining to Puerto Rico, as outlined below.

Pool 1 is backed by fixed-rate residential mortgage loans for properties located in Puerto Rico. Puerto Rico's economy has been in recession for the past four years and the unemployment rate in the region has increased to 16.0%. Due to the deteriorating economic environment, delinquencies on the underlying pools have significantly increased over the past year. For loans underlying CSMC 2006-9 Pool 1, delinquencies greater than 60 days (as a percentage of original balance) have risen to 10.25% from 6.11% over the prior 12 months as of September 2010. Historically, a large percentage of delinquent borrowers in Puerto Rico were able to cure out of the delinquencies. However, the prolonged recession has increased the risk of default. Moody's also expects delinquencies (and future defaults) to continue to rise as the unemployment rate in Puerto Rico increases through 2011.

In addition to the increased frequency of defaults, Moody's actions are also based on concerns relating to expectations of severity of loss given default. Historically, Puerto Rico has enjoyed modest house price appreciation -- however, slowdown in the mainland US and the severity of the recession in Puerto Rico, has started to adversely impact house prices on the island, as a result loss severities on the deals are expected to rise. Also, the average foreclosure timeline in Puerto Rico is 24 months which can further exacerbate severities through increased foreclosure costs.

The rating actions are the result of an analysis of credit enhancement relative to updated collateral loss projections. Updated loss estimates for the transactions were arrived at using a two-stage process. First, the increase in the serious delinquencies in the past 12 month was obtained using historical performance to date. This trend of increase in delinquencies was then converted to projected losses using lifetime roll rates (probabilities of transition to default) of 70%, 80%, 90% and 100% for loans that were 60 day delinquent, 90 or more days delinquent, in foreclosure, and for properties held-for-sale (REO) respectively. The loss upon default (loss severity) was assumed to be 40%. The second step was to determine defaults and losses for the remaining life of the deal following the projection period. To calculate future defaults, Moody's applied a burnout factor to the default rate calculated over the past 12-month period. The burnout accounts for the likely improvement in performance subsequent to 2010 as the economy recovers. Future losses were obtained by applying severity assumptions to future defaults.

A list of updated estimated pool losses, sensitivity analysis, and tranche recovery details is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198174

For more information please see www.moodys.com.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Complete rating actions are as follows:

Issuer: CSMC Mortgage-Backed Trust Series 2006-9

Cl. 1-A-1, Downgraded to B2 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to B2 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-1, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-1, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-2, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-3, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-4, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-5, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-6, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-7, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-8, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-9, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-10, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-11, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-12, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-13, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-14, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-15, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A-1, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-1, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-2, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-3, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-4, Downgraded to Caa2 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-6, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-7, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-8, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-9, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-10, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-11, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-14, Confirmed at Caa2 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A-15, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 7-A-1, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 7-A-2, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. D-X, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. A-X, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. D-P, Downgraded to B2 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

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

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF231042

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit 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.

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

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

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

New York
Amita Shrivastava
Vice President - Senior 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 downgrades $536 million of Fixed Rate Alt-A RMBS issued by CSMC Mortgage-Backed Trust 2006-9
No Related Data.
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