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Rating Action:

Moody's places on review for downgrade $1.3 Billion of Subprime RMBS Issued by Centex and CitiFinancial

29 Apr 2013

New York, April 29, 2013 -- Moody's Investors Service has placed the ratings of 98 tranches from 19 transactions issued by Centex Home Equity Loan Trust and CitiFinancial Mortgage Securities on review for downgrade. In addition to the tranches noted above, class M-1 issued by Centex 2005-A is also impacted by this error and remains on review for downgrade.

Complete rating actions are as follows:

Issuer: Centex Home Equity Loan Trust 2001-B

Cl. A-5, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2012 Downgraded to Ba1 (sf)

Cl. A-6, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2012 Downgraded to Baa2 (sf)

Cl. A-7, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 31, 2012 Upgraded to Aa3 (sf)

Cl. M-1, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2011 Downgraded to Caa3 (sf)

Issuer: Centex Home Equity Loan Trust 2002-C

Cl. AF-4, A2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2011 Downgraded to A2 (sf)

Cl. AF-5, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Ba1 (sf)

Cl. AF-6, A1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at A1 (sf)

Cl. M-1, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Caa1 (sf)

Issuer: Centex Home Equity Loan Trust 2002-D

Cl. AF-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at A1 (sf)

Cl. AF-5, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Baa3 (sf)

Cl. AF-6, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Aa3 (sf)

Cl. M-1, B1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at B1 (sf)

Issuer: Centex Home Equity Loan Trust 2003-A

Cl. AF-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Aaa (sf)

Cl. AF-5, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Aa3 (sf)

Cl. AF-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Aaa (sf)

Cl. M-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Baa3 (sf)

Cl. M-2, B1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to B1 (sf)

Issuer: Centex Home Equity Loan Trust 2003-B

Cl. AF-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to A1 (sf)

Cl. AF-5, A3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to A3 (sf)

Cl. AF-6, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Aa3 (sf)

Cl. M-1, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Ba3 (sf)

Cl. M-2, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Caa3 (sf)

Issuer: Centex Home Equity Loan Trust 2003-C

Cl. AF-4, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2011 Downgraded to Aa2 (sf)

Cl. AF-5, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2011 Downgraded to Aa2 (sf)

Cl. AF-6, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2011 Downgraded to Aa1 (sf)

Cl. M-1, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2011 Downgraded to Ba2 (sf)

Cl. M-2, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Caa1 (sf)

Issuer: Centex Home Equity Loan Trust 2004-A

Cl. AF-4, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Aaa (sf)

Cl. AF-5, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Aa2 (sf)

Cl. AF-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Aaa (sf)

Cl. M-1, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Ba1 (sf)

Cl. M-2, B2 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at B2 (sf)

Cl. M-3, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Caa1 (sf)

Cl. M-4, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Caa3 (sf)

Issuer: Centex Home Equity Loan Trust 2004-B

Cl. AF-5, A1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at A1 (sf)

Cl. AF-6, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Aa3 (sf)

Cl. M-1, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Ba1 (sf)

Cl. M-2, B2 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at B2 (sf)

Cl. M-3, B3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at B3 (sf)

Cl. M-4, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Caa1 (sf)

Issuer: Centex Home Equity Loan Trust 2004-C

Cl. AF-4, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Upgraded to Aa3 (sf)

Cl. AF-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to A2 (sf)

Cl. AF-6, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at Aa3 (sf)

Cl. M-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Baa3 (sf)

Cl. M-2, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Ba3 (sf)

Cl. M-3, B2 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Confirmed at B2 (sf)

Cl. M-4, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2012 Downgraded to Caa3 (sf)

Issuer: Centex Home Equity Loan Trust 2005-A

Cl. AF-5, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Confirmed at Aaa (sf)

Cl. AF-6, Aaa (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Confirmed at Aaa (sf)

Cl. M-2, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Aug 9, 2012 Confirmed at Caa1 (sf)

Issuer: Centex Home Equity Loan Trust 2005-B

Cl. AF-4, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Aug 9, 2012 Downgraded to Aa3 (sf)

Cl. AF-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Downgraded to A2 (sf)

Cl. AF-6, A1 (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Downgraded to A1 (sf)

Cl. M-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Downgraded to B2 (sf)

Issuer: Centex Home Equity Loan Trust 2005-C

Cl. AF-5, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Aug 9, 2012 Downgraded to Aa3 (sf)

Cl. AF-6, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Aug 9, 2012 Downgraded to Aa3 (sf)

Cl. M-1, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Downgraded to Ba2 (sf)

Cl. M-2, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Downgraded to Caa2 (sf)

Issuer: Centex Home Equity Loan Trust 2005-D

Cl. AF-5, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Downgraded to Aa1 (sf)

Cl. AF-6, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Downgraded to Aa1 (sf)

Cl. M-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Aug 9, 2012 Upgraded to Baa1 (sf)

Cl. M-2, B1 (sf) Placed Under Review for Possible Downgrade; previously on Aug 9, 2012 Upgraded to B1 (sf)

Cl. M-3, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Aug 9, 2012 Upgraded to Caa2 (sf)

Issuer: Centex Home Equity Loan Trust 2006-A

Cl. AV-3, B1 (sf) Placed Under Review for Possible Downgrade; previously on May 5, 2010 Downgraded to B1 (sf)

Cl. AV-4, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Aug 9, 2012 Upgraded to Caa1 (sf)

Issuer: CitiFinancial Mortgage Securities Inc. 2003-1

Cl. AF-4, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 24, 2012 Downgraded to Baa1 (sf)

Cl. AF-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Oct 24, 2012 Downgraded to A2 (sf)

Cl. AF-PT, A3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 24, 2012 Downgraded to A3 (sf)

Cl. MF-1, B1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 24, 2012 Downgraded to B1 (sf)

Cl. MV-3, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 7, 2011 Downgraded to Caa3 (sf)

Issuer: CitiFinancial Mortgage Securities Inc. 2003-2

Cl. AF-4, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Downgraded to Baa1 (sf)

Cl. AF-5, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Downgraded to Baa1 (sf)

Cl. MF-1, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Downgraded to Ba3 (sf)

Cl. MF-2, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Downgraded to Caa1 (sf)

Cl. MV-2, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed Caa2 (sf)

Issuer: CitiFinancial Mortgage Securities Inc. 2003-3

Cl. AF-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 9, 2012 Downgraded to A3 (sf)

Cl. AF-5, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 9, 2012 Downgraded to A1 (sf)

Cl. MF-1, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 9, 2012 Downgraded to B1 (sf)

Cl. MV-3, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 7, 2011 Downgraded to Caa3 (sf)

Issuer: CitiFinancial Mortgage Securities Inc. 2003-4

Cl. AF-4, A2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed A2 (sf)

Cl. AF-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed A2 (sf)

Cl. AF-6, A1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed A1 (sf)

Cl. MF-1, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Downgraded to Ba2 (sf)

Cl. MF-2, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed Ba3 (sf)

Cl. MF-3, B2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed B2 (sf)

Cl. MF-4, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed Caa2 (sf)

Cl. MV-4, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed Baa1 (sf)

Cl. MV-5, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed Caa2 (sf)

Cl. MV-6, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed Caa3 (sf)

Issuer: CitiFinancial Mortgage Securities Inc. 2004-1

Cl. AF-3, A2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed A2 (sf)

Cl. AF-4, A2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed A2 (sf)

Cl. AF-5, A1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed A1 (sf)

Cl. MF-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Downgraded to Baa3 (sf)

Cl. MF-2, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Downgraded to Ba1 (sf)

Cl. MF-3, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Downgraded to Ba3 (sf)

Cl. MF-4, B2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed B2 (sf)

Cl. MF-5, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed Caa1 (sf)

Cl. MF-6, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 18, 2013 Affirmed Caa3 (sf)

RATINGS RATIONALE

The rating action reflects errors in the Structured Finance Workstation (SFW) cash flow models previously used by Moody's in rating these transactions, specifically in how the model handles principal and interest allocation for these transactions. The cash flow models used in the past rating actions had incorrectly used separate interest and principal waterfalls.

In the impacted deals, all collected principal and interest is commingled into one payment waterfall to pay all promised interest due on bonds first, then to pay scheduled principal. With commingling of funds, even principal proceeds will be used to pay accrued interest, which could result in reduced principal recovery for bonds outstanding.

The methodologies used in these ratings were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, "Pre-2005 US RMBS Surveillance Methodology" published in January 2012 and "2005 -- 2008 US RMBS Surveillance Methodology" published in July 2011. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

The primary sources of assumption uncertainty are our central macroeconomic forecast and performance volatility as a result of servicer-related activity such as modifications. The unemployment rate fell from 8.2% in March 2012 to 7.6% in March 2013. Moody's forecasts a unemployment central range of 7.0% to 8.0% for the 2013 year. Moody's expects housing prices to continue to rise in 2013. Performance of RMBS continues to remain highly dependent on servicer activity such as modification-related principal forgiveness and interest rate reductions. Any change resulting from servicing transfers or other policy or regulatory change can also 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_SF326902

REGULATORY DISCLOSURES

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 these transactions and the assessments had a neutral impact on the rating.

In conducting surveillance of these credits, Moody's considered performance data contained in servicer and remittance reports. Moody's obtains servicer reports on these transactions on a periodic basis, at least annually.

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 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 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 rating action, and whose ratings may change as a result of this 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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Mark Branton
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

Debashish Chatterjee
Associate Managing Director
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Edward Hou
Associate 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 for downgrade $1.3 Billion of Subprime RMBS Issued by Centex and CitiFinancial
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.

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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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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