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Related Issuers
ABN AMRO Mortgage Corporation, Multi-Class Pass-Through Certificates, Series 2003-12
Banc of America Alternative Loan Trust 2004-1
Banc of America Alternative Loan Trust 2004-10
Banc of America Alternative Loan Trust 2004-2
Banc of America Alternative Loan Trust 2004-4
Banc of America Funding 2004-1 Trust
Bear Stearns ARM Trust 2004-10
Chase Mortgage Finance Trust Series 2007-A1
Chase Mortgage Finance Trust, Series 2005-S2
CHL Mortgage Pass-Through Trust 2004-12
Citicorp Mortgage Securities Trust 2006-4
Citicorp Mortgage Securities Trust, Series 2006-6
Citicorp Mortgage Securities, Inc. 2005-8
Citicorp Mortgage Securities, Inc. 2006-1
Citicorp Mortgage Securities, Inc. 2006-3
Citigroup Mortgage Loan Trust, Series 2004-NCM1
Citigroup Mortgage Loan Trust, Series 2004-NCM2
Citigroup Mortgage Loan Trust, Series 2005-2
CSFB Adjustable Rate Mortgage Trust 2005-1
CSFB Mortgage-Backed Pass-Through Certificates, Series 2001-28
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-19
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-29
CSMC Resecuritization Trust 2006-1R
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-12CB
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2005-WF1
First Horizon Alternative Mortgage Securities Trust 2004-FA1
GMACM Mortgage Loan Trust 2004-J5
GMACM Mortgage Loan Trust 2005-AR1
HarborView Mortgage Loan Trust 2004-11
HarborView Mortgage Loan Trust 2005-6
Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2002-2
J.P. Morgan Mortgage Trust 2004-S1
MASTR Asset Securitization Trust 2004-P7
MASTR Asset Securitization Trust 2005-2
Merrill Lynch Mortgage Investors Trust 2005-A10
Merrill Lynch Mortgage Investors Trust MLCC 2003-F
Merrill Lynch Mortgage Investors Trust MLCC 2005-3
Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4
Morgan Stanley Mortgage Loan Trust 2004-8AR
Structured Adjustable Rate Mortgage Loan Trust 2004-2
Structured Asset Mortgage Investments II Trust 2004-AR2
Structured Asset Mortgage Investments Trust 2002-AR2
Structured Asset Securities Corp Trust 2003-31A
Structured Asset Securities Corp Trust 2003-33H
Structured Asset Securities Corp Trust 2003-35
Structured Asset Securities Corp Trust 2003-38
Structured Asset Securities Corp Trust 2003-40A
Structured Asset Securities Corp Trust 2004-13
Structured Asset Securities Corp Trust 2004-15
Structured Asset Securities Corporation, Series 2005-10
WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust
WaMu Mortgage Pass-Through Certificates, Series 2004-CB3
WaMu Mortgage Pass-Through Certificates, Series 2004-S3
WaMu Mortgage Pass-Through Certificates, Series 2005-AR9
Wells Fargo Mortgage Backed Securities 2003-N Trust
Wells Fargo Mortgage Backed Securities 2004-R Trust
Wells Fargo Mortgage Backed Securities 2005-14 Trust
Wells Fargo Mortgage Backed Securities 2005-18 Trust
Wells Fargo Mortgage Backed Securities 2005-AR1 Trust
Wells Fargo Mortgage Backed Securities 2005-AR12 Trust
Wells Fargo Mortgage Backed Securities 2005-AR13 Trust
Wells Fargo Mortgage Backed Securities 2005-AR2 Trust
Wells Fargo Mortgage Backed Securities 2005-AR4 Trust
Wells Fargo Mortgage Backed Securities 2005-AR9 Trust
Rating Action:

Moody's places on review $3.2 Billion of RMBS issued between 2001 to 2007

17 Jun 2016

New York, June 17, 2016 -- Moody's Investors Service has placed the ratings of 424 tranches from 66 transactions issued by various issuers on review with the direction uncertain. The collateral backing these transactions consists of Jumbo, Alt-A and Option ARM loans.

Complete list of affected tranches and transactions can be found at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF434004

RATINGS RATIONALE

Today's review actions relate to the calculation of the prepayment shift percentage input value which impacts the allocation of prepayments between senior and subordinate tranches in these shifting-interest transactions.

For 33 of the transactions, listed below, the review actions are due to discovery of an error in the prepayment shift percentage input to the cash-flow waterfalls used by Moody's to review these transactions since their last rating actions. As a result, the cash-flow waterfalls did not capture the correct prepayment shift percentages and were allocating an incorrect portion of principal prepayments to subordinate bonds. The tranches placed on review are those that show a potential sensitivity to the error, and their direct interest-only and resecuritization linked tranches.

Chase Mortgage Finance Trust Series 2007-A1

Chase Mortgage Finance Trust, Series 2005-S2

CHL Mortgage Pass-Through Trust 2004-12

Citicorp Mortgage Securities, Inc. 2006-3

Citicorp Mortgage Securities Trust 2006-4

Citicorp Mortgage Securities Trust, Series 2006-6

Citicorp Mortgage Securities, Inc. 2005-8

Citicorp Mortgage Securities, Inc. 2006-1

Citigroup Mortgage Loan Trust, Series 2004-NCM1

CSFB Mortgage-Backed Pass-Through Certificates, Series 2001-28

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27

CSMC Resecuritization Trust 2006-1R

CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-12CB

Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2005-WF1

GMACM Mortgage Loan Trust 2005-AR1

HarborView Mortgage Loan Trust 2004-11

HarborView Mortgage Loan Trust 2005-6

Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2002-2

MASTR Asset Securitization Trust 2005-2

Merrill Lynch Mortgage Investors Trust 2005-A10

Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4

Structured Asset Securities Corporation, Series 2005-10

WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust

WaMu Mortgage Pass-Through Certificates, Series 2004-CB3

WaMu Mortgage Pass-Through Certificates, Series 2004-S3

WaMu Mortgage Pass-Through Certificates, Series 2005-AR9

Wells Fargo Mortgage Backed Securities 2005-14 Trust

Wells Fargo Mortgage Backed Securities 2005-18 Trust

Wells Fargo Mortgage Backed Securities 2005-AR1 Trust

Wells Fargo Mortgage Backed Securities 2005-AR13 Trust

Wells Fargo Mortgage Backed Securities 2005-AR2 Trust

Wells Fargo Mortgage Backed Securities 2005-AR4 Trust

Today's review actions on the following 28 transactions and a linked resecuritization transaction are based on an apparent inconsistency between the prepayment shift percentage value calculated per the transaction documents and the distributions being made by the administrators according to the remittance reports.

ABN AMRO Mortgage Corporation, Multi-Class Pass-Through Certificates, Series 2003-12

Banc of America Alternative Loan Trust 2004-1

Banc of America Alternative Loan Trust 2004-10

Banc of America Alternative Loan Trust 2004-2

Banc of America Funding 2004-1 Trust

Bear Stearns ARM Trust 2004-10

Citigroup Mortgage Loan Trust, Series 2004-NCM2

CSFB Adjustable Rate Mortgage Trust 2005-1

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-19

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-29

First Horizon Alternative Mortgage Securities Trust 2004-FA1

GMACM Mortgage Loan Trust 2004-J5

J.P. Morgan Mortgage Trust 2004-S1

MASTR Asset Securitization Trust 2004-P7

Merrill Lynch Mortgage Investors Trust MLCC 2003-F

Merrill Lynch Mortgage Investors Trust MLCC 2005-3

Morgan Stanley Mortgage Loan Trust 2004-8AR

Structured Adjustable Rate Mortgage Loan Trust 2004-2

Structured Asset Mortgage Investments II Trust 2004-AR2

Structured Asset Mortgage Investments Trust 2002-AR2

Structured Asset Securities Corp Trust 2003-31A

Structured Asset Securities Corp Trust 2003-35

Structured Asset Securities Corp Trust 2003-38

Structured Asset Securities Corp Trust 2004-13

Structured Asset Securities Corp Trust 2004-15

Wells Fargo Mortgage Backed Securities 2003-N Trust

Wells Fargo Mortgage Backed Securities 2004-R Trust

Wells Fargo Mortgage Backed Securities 2005-AR12 Trust

Wells Fargo Mortgage Backed Securities 2005-AR9 Trust

Today's review actions on the following four transactions are based on both the discovery of the error in the prepayment shift percentage input to the cash-flow waterfalls, and an inconsistency between the prepayment shift percentage value calculated per the transaction documents and the distributions being made by the administrators according to the remittance reports.

Banc of America Alternative Loan Trust 2004-4

Citigroup Mortgage Loan Trust, Series 2005-2

Structured Asset Securities Corp Trust 2003-33H

Structured Asset Securities Corp Trust 2003-40A

During the review period, Moody's will assess performance and cash flow analyses for all of the transactions, with corrected inputs where appropriate. For the relevant transactions noted above, we will consult with the securities administrators regarding their calculation of the prepayment shift percentage values.

The principal methodology used in rating CSMC Resecuritization Trust 2006-1R, Deutsche Mortgage Securities, Re-REMIC Trust, Series 2005-WF1 and MASTR Asset Securitization Trust 2004-P7 was "Moody's Approach to Rating Resecuritizations" published in February 2014. The principal methodology used in the other ratings was "US RMBS Surveillance Methodology" published in November 2013. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

Factors that would lead to an upgrade or downgrade of the ratings:

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 4.7% in May 2016 from 5.5% in May 2015. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2016 year. Deviations from this central scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2016. Lower increases than Moody's expects or decreases could lead to negative rating actions.

Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF434004

A list of updated estimated pool losses and bond recoveries is being posted on an ongoing basis for the duration of this review period and may be found at:

Jumbo:http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF243269

Alt-A: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237256

Option ARM: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF225686

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Soumya Vasudevan
Asst Vice President - 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

Youriy Koudinov
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Ilana Fried
Analyst
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 places on review $3.2 Billion of RMBS issued between 2001 to 2007
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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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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