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Related Issuers
Accredited Mortgage Loan Trust 2005-4
ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5
ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE6
ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE7
Aegis Asset Backed Securities Trust 2005-4
Aegis Asset Backed Securities Trust 2005-5
Argent Securities Inc., Series 2005-W5
Asset Backed Securities Corporation Home Equity Loan Trust 2005-HE6
Asset Backed Securities Corporation Home Equity Loan Trust NC 2005-HE8
Bear Stearns Asset Backed Securities I Trust 2005-FR1
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6
Citigroup Mortgage Loan Trust, Series 2005-HE3
Citigroup Mortgage Loan Trust, Series 2005-HE4
CSFB Home Equity Asset Trust 2005-6
CSFB Home Equity Asset Trust 2005-7
CSFB Home Equity Asset Trust 2005-9
CSFB Home Equity Pass-Through Certificates, Series 2005-4
CSFB Home Equity Pass-Through Certificates, Series 2005-5
CWABS Asset-Backed Certificates Trust 2005-13
CWABS Asset-Backed Certificates Trust 2005-16
CWABS Asset-Backed Certificates Trust 2005-17
CWABS Asset-Backed Certificates Trust 2005-AB4
CWABS Asset-Backed Certificates Trust 2005-AB5
Fremont Home Loan Trust 2005-2
Fremont Home Loan Trust 2005-D
Fremont Home Loan Trust 2005-E
GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-1
GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-2
GSAMP Trust 2005-AHL2
GSAMP Trust 2005-HE4
HSI Asset Securitization Corporation Trust 2005-OPT1
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-C
J.P. Morgan Mortgage Acquisition Corp. 2005-FRE1
Long Beach Mortgage Loan Trust 2005-3
Long Beach Mortgage Loan Trust 2005-WL1
Long Beach Mortgage Loan Trust 2005-WL2
Long Beach Mortgage Loan Trust 2005-WL3
MASTR Asset Backed Securities Trust 2005-HE2
MASTR Asset Backed Securities Trust 2005-NC2
Meritage Mortgage Loan Trust 2005-3
New Century Home Equity Loan Trust, Series 2005-B
Nomura Home Equity Loan Trust 2005-FM1
Option One Mortgage Loan Trust 2005-3
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW3
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ4
RASC Series 2005-AHL1 Trust
RASC Series 2005-AHL3 Trust
RASC Series 2005-KS8 Trust
RASC Series 2005-KS9 Trust
Securitized Asset Backed Receivables LLC Trust 2005-FR3
Specialty Underwriting and Residential Finance Series 2005-AB2
Structured Asset Investment Loan Trust 2005-10
Structured Asset Investment Loan Trust 2005-7
Structured Asset Investment Loan Trust 2005-8
Structured Asset Investment Loan Trust 2005-9
Structured Asset Investment Loan Trust 2005-HE1
Structured Asset Investment Loan Trust 2005-HE3
Structured Asset Securities Corporation Series 2005-AR1
Wachovia Mortgage Loan Trust 2005-WMC1
Rating Action:

Moody's downgrades ratings of 120 subprime RMBS tranches issued in 2005

22 Aug 2007
Moody's downgrades ratings of 120 subprime RMBS tranches issued in 2005

New York, August 22, 2007 -- Moody's Investors Service today announced downgrades on 120 securities originated in the second half of 2005 and backed by subprime, first-lien mortgage loans. The actions follow a review of the securities rated in the second half of 2005 and affect securities with an original face value of over $1.5 billion, representing 0.7% of the dollar volume and 4.1% of the securities rated by Moody's in the second-half of 2005 that were backed by subprime, first-lien loans.

The actions reflect the higher than anticipated delinquency rates of first-lien subprime mortgage loans securitized in the second half of 2005. These loans were originated in an environment of aggressive underwriting, although not to the same degree as the subprime loans originated in 2006. Aggressive underwriting combined with the prolonged slowdown in the housing market has caused significant loan performance deterioration and is the primary factor in these rating actions. Moody's has noted a persistent negative trend in severe delinquencies for first-lien subprime mortgage loans securitized in late 2005 and 2006.

The vast majority of these downgrades impacted securities originally rated Baa or lower. In total 54 securities originally rated Baa and 60 securities previously rated Ba were downgraded. Additionally, 6 tranches originally rated A were downgraded. No action was taken on securities rated Aaa or Aa.

In addition to the high rates of early delinquency predicating today's actions, Moody's notes that subprime mortgages originated in late 2005 and 2006 that are subject to interest rate reset present an additional cause for credit concern. Subprime borrowers from previous vintages of such collateral avoided "payment shock" and potential default by refinancing. However, with the recent pressure in home price appreciation and tightening of mortgage lending standards, such refinancing opportunities may be more limited. Moody's has noted that transactions issued in the second half of 2005 have begun to exhibit slower prepayment speeds as they near the two-year interest reset than did prior vintages. Moody's is actively surveying loan servicers to evaluate the impact of potential increases in loan modification due to these upcoming resets.

The complete rating actions are as follows:

Issuer: Accredited Mortgage Loan Trust 2005-4

Cl. M-9; Downgraded to Ba2, previously Baa3

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5

Cl. M-9; Downgraded to Ba2, previously Baa3

Cl. M-10; Downgraded to B1, previously Ba1

Cl. B-1; Downgraded to B3, previously Ba2

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE6

Cl. M-9; Downgraded to Ba2, previously Baa3

Cl. M-10; Downgraded to B1, previously Ba1

Cl. M-11; Downgraded to B3, previously Ba2

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE7

Cl. M-9; Downgraded to Ba1, previously Baa3

Cl. M-10; Downgraded to Ba3, previously Ba1

Cl. M-11; Downgraded to B2, previously Ba2

Issuer: Aegis Asset Backed Securities Trust 2005-4

Cl. B4; Downgraded to Ba3, previously Ba1

Cl. B5; Downgraded to B1, previously Ba2

Issuer: Aegis Asset Backed Securities Trust 2005-5

Cl. B2; Downgraded to Ba1, previously Baa2

Cl. B3; Downgraded to Ba3, previously Baa3

Cl. B4; Downgraded to B2, previously Ba1

Cl. B5; Downgraded to Caa1, previously Ba2

Issuer: Argent Securities Inc., Series 2005-W5

Cl. M-9; Downgraded to Ba1, previously Baa3

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust 2005-HE6

Cl. M11; Downgraded to B2, previously Ba3

Issuer: Asset Backed Securities Corporation Home Equity Loan Trust NC 2005-HE8

M10; Downgraded to B2, previously Ba1

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-FR1

Cl. M-8; Downgraded to B2, previously Ba2

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6

Cl. B-5; Downgraded to B2, previously Ba2

Issuer: Citigroup Mortgage Loan Trust, Series 2005-HE3

Cl. M-11; Downgraded to B1, previously Ba2

Issuer: Citigroup Mortgage Loan Trust, Series 2005-HE4

Cl. M-11; Downgraded to B1, previously Ba2

Issuer: CSFB Home Equity Asset Trust 2005-6

Cl. B-3; Downgraded to B2, previously Ba2

Issuer: CSFB Home Equity Asset Trust 2005-7

Cl. B-4; Downgraded to B3, previously Ba2

Issuer: CSFB Home Equity Asset Trust 2005-9

Cl. B-3; Downgraded to B2, previously Ba2

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-4

Cl. B-3; Downgraded to B1, previously Ba1

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-5

Cl. B-2; Downgraded to Ba2, previously Baa3

Cl. B-3; Downgraded to B2, previously Ba1

Issuer: CWABS Asset-Backed Certificates Trust 2005-13

Cl. BV; Downgraded to Ba2, previously Baa3

Issuer: CWABS Asset-Backed Certificates Trust 2005-16

Cl. BV; Downgraded to Ba1, previously Baa3

Issuer: CWABS Asset-Backed Certificates Trust 2005-17

Cl. BV; Downgraded to Ba1, previously Baa3

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB4

Cl. M-7; Downgraded to Baa3, previously Baa1

Cl. M-8; Downgraded to Ba2, previously Baa2

Cl. B; Downgraded to B2, previously Baa3

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB5

Cl. M-7; Downgraded to Baa3, previously Baa1

Cl. M-8; Downgraded to Ba2, previously Baa2

Cl. B; Downgraded to B3, previously Baa3

Issuer: Fremont Home Loan Trust 2005-2

Cl. B-2; Downgraded to B2, previously Ba2

Issuer: Fremont Home Loan Trust 2005-D

Cl. M9; Downgraded to Ba2, previously Baa3

Cl. B1; Downgraded to Ba3, previously Ba1

Cl. B2; Downgraded to B2, previously Ba2

Issuer: Fremont Home Loan Trust 2005-E

Cl. M9; Downgraded to Ba1, previously Baa3

Cl. B1; Downgraded to B1, previously Ba1

Cl. B2-A; Downgraded to Caa1, previously Ba2

Cl. B2-B; Downgraded to Caa1, previously Ba2

Cl. B2-C; Downgraded to Caa1, previously Ba2

Cl. B2-D; Downgraded to Caa1, previously Ba2

Issuer: GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-1

Cl. B-3; Downgraded to Ba2, previously Baa3

Cl. B-4; Downgraded to B2, previously Ba1

Cl. B-5; Downgraded to B3, previously Ba2

Issuer: GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-2

Cl. B-3; Downgraded to Ba2, previously Baa3

Cl. B-4; Downgraded to B1, previously Ba1

Cl. B-5; Downgraded to Caa1, previously Ba2

Issuer: GSAMP Trust 2005-AHL2

Cl. B-2; Downgraded to Ba2, previously Baa3

Cl. B-3; Downgraded to B1, previously Ba1

Cl. B-4; Downgraded to B3, previously Ba2

Issuer: GSAMP Trust 2005-HE4

Cl. B-4; Downgraded to Ba3, previously Ba1

Issuer: HSI Asset Securitization Corporation Trust 2005-OPT1

Cl. M-6; Downgraded to Baa3, previously A3

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-C

Cl. M-9; Downgraded to Ba2, previously Baa3

Cl. M-10; Downgraded to Ba3, previously Ba1

Cl. M-11; Downgraded to B3, previously Ba2

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2005-FRE1

Cl. M-9; Downgraded to Ba1, previously Baa3

Cl. M-10; Downgraded to Ba3, previously Ba1

Cl. M-11; Downgraded to Caa1, previously Ba2

Issuer: Long Beach Mortgage Loan Trust 2005-3

Cl. M-7; Downgraded to Ba1, previously Baa1

Cl. M-8; Downgraded to Ba2, previously Baa2

Cl. M-9; Downgraded to Ba3, previously Baa3

Cl. M-10; Downgraded to B3, previously Ba1

Issuer: Long Beach Mortgage Loan Trust 2005-WL1

Cl. I/II-B1; Downgraded to B2, previously Ba2

Issuer: Long Beach Mortgage Loan Trust 2005-WL2

Cl. B-1; Downgraded to B2, previously Ba2

Issuer: Long Beach Mortgage Loan Trust 2005-WL3

Cl. B-1; Downgraded to Ba3, previously Ba1

Cl. B-2; Downgraded to B2, previously Ba2

Issuer: MASTR Asset Backed Securities Trust 2005-HE2

Cl. M-9; Downgraded to B1, previously Baa3

Issuer: MASTR Asset Backed Securities Trust 2005-NC2

Cl. M-5; Downgraded to Baa2, previously A2

Cl. M-6; Downgraded to Baa3, previously A3

Cl. M-7; Downgraded to Ba3, previously Baa1

Cl. M-8; Downgraded to B3, previously Baa2

Cl. M-9; Downgraded to Caa1, previously Baa3

Issuer: Meritage Mortgage Loan Trust 2005-3

Cl. M-9; Downgraded to Ba2, previously Baa3

Issuer: New Century Home Equity Loan Trust, Series 2005-B

Cl. M-8; Downgraded to Ba2, previously Baa2

Cl. M-9; Downgraded to B1, previously Baa3

Issuer: Nomura Home Equity Loan Trust 2005-FM1

Cl. B-1; Downgraded to B2, previously Ba1

Cl. B-2; Downgraded to Caa1, previously Ba2

Issuer: Option One Mortgage Loan Trust 2005-3

Cl. M-11; Downgraded to B3, previously Ba2

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW3

Cl. M-11; Downgraded to B1, previously Ba2

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ4

Cl. M-9; Downgraded to B1, previously Baa3

Issuer: RASC Series 2005-AHL1 Trust

Cl. M-9; Downgraded to B2, previously Baa3

Issuer: RASC Series 2005-AHL3 Trust

Cl. M-6; Downgraded to Baa2, previously A3

Cl. M-7; Downgraded to Ba1, previously Baa1

Cl. M-8; Downgraded to B1, previously Baa2

Cl. M-9; Downgraded to Caa1, previously Baa3

Issuer: RASC Series 2005-KS8 Trust

Cl. M-10; Downgraded to Ba3, previously Ba1

Issuer: RASC Series 2005-KS9 Trust

Cl. B-2; Downgraded to B1, previously Ba2

Issuer: Securitized Asset Backed Receivables LLC Trust 2005-FR3

Cl. B-2; Downgraded to Ba2, previously Baa2

Cl. B-3; Downgraded to B2, previously Baa3

Cl. B-4; Downgraded to B3, previously Ba1

Issuer: Specialty Underwriting and Residential Finance Series 2005-AB2

Cl. B-2; Downgraded to Ba2, previously Baa3

Cl. B-3; Downgraded to B3, previously Ba2

Issuer: Structured Asset Investment Loan Trust 2005-10

Cl. M7; Downgraded to Baa3, previously Baa1

Cl. M8; Downgraded to Ba1, previously Baa2

Cl. M9; Downgraded to Ba3, previously Baa3

Cl. B1; Downgraded to Caa1, previously Ba1

Issuer: Structured Asset Investment Loan Trust 2005-7

Cl. M9; Downgraded to Ba2, previously Baa3

Cl. B1; Downgraded to B3, previously Ba1

Issuer: Structured Asset Investment Loan Trust 2005-8

Cl. M5; Downgraded to Baa1, previously A2

Cl. M6; Downgraded to Baa3, previously A3

Cl. M7; Downgraded to Ba3, previously Baa3

Cl. M8; Downgraded to B3, previously Ba1

Cl. M9; Downgraded to Caa1, previously B1

Cl. B; Downgraded to Caa3, previously Caa1

Issuer: Structured Asset Investment Loan Trust 2005-9

Cl. M7; Downgraded to Baa3, previously Baa1

Cl. M8; Downgraded to Ba2, previously Baa2

Cl. M9; Downgraded to B3, previously Baa3

Issuer: Structured Asset Investment Loan Trust 2005-HE1

Cl. B1; Downgraded to B1, previously Ba1

Issuer: Structured Asset Investment Loan Trust 2005-HE3

Cl. M9; Downgraded to Ba2, previously Baa3

Cl. M10; Downgraded to B1, previously Ba1

Issuer: Structured Asset Securities Corporation Series 2005-AR1

Cl. B1; Downgraded to B2, previously Ba3

Cl. B2; Downgraded to Caa2, previously B3

Issuer: Wachovia Mortgage Loan Trust 2005-WMC1

Cl. M-11; Downgraded to B1, previously Ba2

For more information please see www.Moodys.com

New York
Nicolas S. Weill
Managing Director - Chief Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph Rocco
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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