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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

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Related Issuers
Aames Mortgage Investment Trust 2004-1
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Aames Mortgage Trust 2001-2
Aames Mortgage Trust 2001-3
Aames Mortgage Trust 2001-4
Aames Mortgage Trust 2002-1
Aames Mortgage Trust 2003-1
ABFC 2002-NC1 Trust
ABFC 2002-OPT1 Trust
ABFC 2003-OPT1 Trust
ABFC Asset-Backed Certificates, Series 2003-AHL1
ABFC Asset-Backed Certificates, Series 2003-WMC1
ABFC Asset-Backed Certificates, Series 2004-AHL1
ABFC Asset-Backed Certificates, Series 2004-HE1
ABFC Asset-Backed Certificates, Series 2004-OPT1
ABFC Asset-Backed Certificates, Series 2004-OPT2
ABFC Asset-Backed Certificates, Series 2004-OPT3
ABFC Asset-Backed Certificates, Series 2004-OPT4
ABFC Mortgage Loan Asset-Backed Certificates, Series 2001-AQ1
ABFC Mortgage Loan Asset-Backed Certificates, Series 2002-WF1
ABFC Mortgage Loan Asset-Backed Certificates, Series 2002-WF2
ABFC Mortgage Loan Asset-Backed Certificates, Series 2003-WF1
ABFS Mortgage Loan Trust 2000-4
ABFS Mortgage Loan Trust 2001-3
ABFS Mortgage Loan Trust 2002-2
ABFS Mortgage Loan Trust 2002-3
ABFS Mortgage Loan Trust 2002-4
ABFS Mortgage Loan Trust 2003-1
ABSC Home Equity Loan Trust Pass-Through Certificates, Series 2001-HE3
ABSC Home Equity Loan Trust, Series 2003-HE3
Accredited Mortgage Loan Trust 2002-1
Accredited Mortgage Loan Trust 2002-2
Accredited Mortgage Loan Trust 2003-1
Accredited Mortgage Loan Trust 2003-2, Asset-Backed Notes, Series 2003-2
Accredited Mortgage Loan Trust 2003-3, Asset-Backed Notes, Series 2003-3
Accredited Mortgage Loan Trust 2004-1, Asset-Backed Notes, Series 2004-1
Accredited Mortgage Loan Trust 2004-2, Asset-Backed Notes, Series 2004-2
Accredited Mortgage Loan Trust 2004-3, Asset-Backed Notes, Series 2004-3
Accredited Mortgage Loan Trust 2004-4, Asset-Backed Notes, Series 2004-4
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ACE Securities Corp. Home Equity Loan Trust, Series 2001-AQ1 Asset Backed Pass-Through Certificates
Ace Securities Corp. Home Equity Loan Trust, Series 2002-HE1
Ace Securities Corp. Home Equity Loan Trust, Series 2002-HE2
ACE Securities Corp. Home Equity Loan Trust, Series 2002-HE3
ACE Securities Corp. Home Equity Loan Trust, Series 2003-FM1
ACE Securities Corp. Home Equity Loan Trust, Series 2003-HE1
ACE Securities Corp. Home Equity Loan Trust, Series 2003-HS1
ACE Securities Corp. Home Equity Loan Trust, Series 2003-NC1
ACE Securities Corp. Home Equity Loan Trust, Series 2003-OP1
ACE Securities Corp. Home Equity Loan Trust, Series 2003-TC1
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE1
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE2
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE3
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HS1
ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1
ACE Securities Corp. Home Equity Loan Trust, Series 2004-RM1
ACE Securities Corp. Home Equity Loan Trust, Series 2004-RM2
Ace Securities Corp. Home Equity Loan Trust. Series 2001-HE1
Aegis Asset Backed Securities Trust 2003-1
Aegis Asset Backed Securities Trust 2003-2
Aegis Asset Backed Securities Trust 2003-3
Aegis Asset Backed Securities Trust 2004-1
Aegis Asset Backed Securities Trust 2004-2
Aegis Asset Backed Securities Trust 2004-3
Aegis Asset Backed Securities Trust 2004-4
Aegis Asset Backed Securities Trust 2004-5
Aegis Asset Backed Securities Trust 2004-6
AFC Home Equity Loan Trust 1998-01
AFC Home Equity Loan Trust 1998-02
AFC Home Equity Loan Trust 1998-03
AFC Mtg Loan AB Certs 1997-03
AFC Mtg Loan AB Certs 1998-04
AFC Mtg Loan AB Certs 1999-01
AFC Mtg Loan AB Certs 1999-02
AFC Mtg Loan AB Notes 1999-03
AFC Mtg Loan AB Notes 1999-04
AFC Mtg Loan AB Notes 2000-1
American General Mortgage Loan Trust 2003-1
Ameriquest Mortgage Securities Inc. Series 2001-2
Ameriquest Mortgage Securities Inc., 2002-4
Ameriquest Mortgage Securities Inc., 2003-AR3
Ameriquest Mortgage Securities Inc., Ser 2003-6
Ameriquest Mortgage Securities Inc., Series 2002-2
Ameriquest Mortgage Securities Inc., Series 2002-3
Ameriquest Mortgage Securities Inc., Series 2002-A
Ameriquest Mortgage Securities Inc., Series 2002-AR1
Ameriquest Mortgage Securities Inc., Series 2002-B
Ameriquest Mortgage Securities Inc., Series 2002-C
Ameriquest Mortgage Securities Inc., Series 2002-D
Ameriquest Mortgage Securities Inc., Series 2003-1
Ameriquest Mortgage Securities Inc., Series 2003-10
Ameriquest Mortgage Securities Inc., Series 2003-11
Ameriquest Mortgage Securities Inc., Series 2003-12
Ameriquest Mortgage Securities Inc., Series 2003-13
Ameriquest Mortgage Securities Inc., Series 2003-2
Ameriquest Mortgage Securities Inc., Series 2003-5
Ameriquest Mortgage Securities Inc., Series 2003-7
Ameriquest Mortgage Securities Inc., Series 2003-8
Ameriquest Mortgage Securities Inc., Series 2003-9
Ameriquest Mortgage Securities Inc., Series 2003-AR1
Ameriquest Mortgage Securities Inc., Series 2003-AR2
Ameriquest Mortgage Securities Inc., Series 2003-IA1
Ameriquest Mortgage Securities Inc., Series 2004-FR1
Ameriquest Mortgage Securities Inc., Series 2004-R1
Ameriquest Mortgage Securities Inc., Series 2004-R10
Ameriquest Mortgage Securities Inc., Series 2004-R11
Ameriquest Mortgage Securities Inc., Series 2004-R12
Ameriquest Mortgage Securities Inc., Series 2004-R2
Ameriquest Mortgage Securities Inc., Series 2004-R3
Ameriquest Mortgage Securities Inc., Series 2004-R4
Ameriquest Mortgage Securities Inc., Series 2004-R5
Ameriquest Mortgage Securities Inc., Series 2004-R6
Ameriquest Mortgage Securities Inc., Series 2004-R7
Ameriquest Mortgage Securities Inc., Series 2004-R8
Ameriquest Mortgage Securities Inc., Series 2004-R9
Amortizing Residential Collateral Trust 2002-BC8
Amortizing Residential Collateral Trust 2002-BC9
Amortizing Residential Collateral Trust 2004-1
Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2001-BC6
Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2002-BC1
Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2002-BC2
Amortizing Residential Collateral Trust, Series 2002-BC3
Amortizing Residential Collateral Trust, Series 2002-BC4
Amortizing Residential Collateral Trust, Series 2002-BC5
Amortizing Residential Collateral Trust, Series 2002-BC6
AMRESCO Residential Mortgage Loan Trust 1997-2
AMRESCO Residential Mortgage Loan Trust 1997-3
AMRESCO Residential Mortgage Loan Trust 1998-1
AMRESCO Residential Mortgage Loan Trust 1998-2
AMRESCO Residential Mortgage Loan Trust 1998-3
Argent Securities Inc., Series 2003-W1
Argent Securities Inc., Series 2003-W10
Argent Securities Inc., Series 2003-W2
Argent Securities Inc., Series 2003-W3
Argent Securities Inc., Series 2003-W4
Argent Securities Inc., Series 2003-W5
Argent Securities Inc., Series 2003-W6
Argent Securities Inc., Series 2003-W7
Argent Securities Inc., Series 2003-W8
Argent Securities Inc., Series 2003-W9
Argent Securities Inc., Series 2004-PW1
Argent Securities Inc., Series 2004-W1
Argent Securities Inc., Series 2004-W10
Argent Securities Inc., Series 2004-W11
Argent Securities Inc., Series 2004-W2
Argent Securities Inc., Series 2004-W3
Argent Securities Inc., Series 2004-W4
Argent Securities Inc., Series 2004-W5
Argent Securities Inc., Series 2004-W6
Argent Securities Inc., Series 2004-W7
Argent Securities Inc., Series 2004-W8
Argent Securities Inc., Series 2004-W9
Asset Backed Sec Corp Home Equity Loan Tr 2004-HE8
Asset Backed Securities Corporation Home Equity Loan Trust 1999-LB1
Asset Backed Securities Corporation Home Equity Loan Trust 2002-HE3
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE1
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE2
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE4
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE5
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE6
Asset Backed Securities Corporation Home Equity Loan Trust 2003-HE7
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE1
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE10
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE2
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE3
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE4
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE5
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE6
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE7
Asset Backed Securities Corporation Home Equity Loan Trust 2004-HE9
Asset Backed Securities Corporation Home Equity Loan Trust, Series 2001-HE1
Asset Backed Securities Corporation, Long Beach Home Equity Loan Trust 2000-LB1, Home ...s 2000-LB1
Asset Backed Securities Corporation, Series 2002-HE1
Asset Backed Securities Corporation, Series 2002-HE2
BankBoston Home Equity Loan Trust 1998-2
Bear Stearns ABS Trust Certificates, Series 2001-3
Bear Stearns Asset Backed Securities I Trust 2004-FR1
Bear Stearns Asset Backed Securities I Trust 2004-FR3
Bear Stearns Asset Backed Securities I Trust 2004-HE10
Bear Stearns Asset Backed Securities I Trust 2004-HE11
Bear Stearns Asset Backed Securities I Trust 2004-HE5
Bear Stearns Asset Backed Securities I Trust 2004-HE7
Bear Stearns Asset Backed Securities I Trust 2004-HE8
Bear Stearns Asset Backed Securities I Trust 2004-HE9
Bear Stearns Asset Backed Securities Trust 2002-2
Bear Stearns Asset Backed Securities Trust 2003-1
Bear Stearns Asset Backed Securities Trust 2003-2
Bear Stearns Asset Backed Securities Trust 2003-3
Bear Stearns Asset Backed Securities Trust 2003-HE1
Bear Stearns Asset Backed Securities Trust 2004-HE1
Bear Stearns Asset Backed Securities Trust 2004-HE2
Bear Stearns Asset Backed Securities Trust 2004-HE3
Bear Stearns Asset Backed Securities Trust 2004-HE4
Bear Stearns Asset Backed Securities Trust 2004-HE6
Bear Stearns Asset Backed Securities, Inc., 1999-2
Bear Stearns Asset Backed Securities, Inc., Series 2000-2
Bear Stearns Asset Securities I Trust 2004-FR2
Carrington Mortgage Loan Trust, Series 2004-NC1
Carrington Mortgage Loan Trust, Series 2004-NC2
C-BASS 2002-CB4 Trust
C-BASS 2002-CB5 Trust
C-BASS 2002-CB6 Trust
C-BASS 2003-CB2 Trust
C-BASS 2003-CB3 Trust
C-BASS 2003-CB4 Trust
C-BASS 2003-CB6 Trust
C-Bass Mortgage Loan Asset Backed Notes, Series 2001-CB4
C-BASS Mortgage Loan Asset-Backed Certificates, 1999-CB2
C-Bass Mortgage Loan Asset-Backed Certificates, Series 2001-CB3
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2002-CB1
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB1
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB2
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB4
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB5
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB6
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB7
C-BASS Series 2003-CB5, C-Bass Mortgage Loan Asset-Backed Certificates
CDC Mortgage Capital Trust 2001-HE1
CDC Mortgage Capital Trust 2002-HE1
CDC Mortgage Capital Trust 2002-HE2
CDC Mortgage Capital Trust 2002-HE3
CDC Mortgage Capital Trust 2003-HE1
CDC Mortgage Capital Trust 2003-HE2
CDC Mortgage Capital Trust 2003-HE3
CDC Mortgage Capital Trust 2003-HE4
CDC Mortgage Capital Trust 2004-HE1
CDC Mortgage Capital Trust 2004-HE2
CDC Mortgage Capital Trust 2004-HE3
Centex Home Equity Company (CHEC) Loan Trust 2004-1
Centex Home Equity Loan Trust 2001-B
Centex Home Equity Loan Trust 2002-A
Centex Home Equity Loan Trust 2002-C
Centex Home Equity Loan Trust 2002-D
Centex Home Equity Loan Trust 2003-A
Centex Home Equity Loan Trust 2003-B
Centex Home Equity Loan Trust 2003-C
Centex Home Equity Loan Trust 2004-A
Centex Home Equity Loan Trust 2004-B
Centex Home Equity Loan Trust 2004-C
Centex Home Equity Loan Trust 2004-D
Chase Funding Loan Acquisition Trust 2003-C1
Chase Funding Loan Acquisition Trust 2003-C2
Chase Funding Loan Acquisition Trust 2004-AQ1
Chase Funding Loan Acquisition Trust 2004-OPT1
Chase Funding Trust, Series 2001-4
Chase Funding Trust, Series 2002-1
Chase Funding Trust, Series 2002-2
Chase Funding Trust, Series 2002-3
Chase Funding Trust, Series 2002-4
Chase Funding Trust, Series 2003-1
Chase Funding Trust, Series 2003-2
Chase Funding Trust, Series 2003-3
Chase Funding Trust, Series 2003-4
Chase Funding Trust, Series 2003-5
Chase Funding Trust, Series 2003-6
Chase Funding Trust, Series 2004-1
Chase Funding Trust, Series 2004-2
CHEC Loan Trust 2004-2
CIT Home Equity Loan Trust 2002-1
CIT Home Equity Loan Trust 2002-2
CIT Home Equity Loan Trust 2003-1
CitiFinancial Mortgage Securities Inc. 2003-1
CitiFinancial Mortgage Securities Inc. 2003-2
CitiFinancial Mortgage Securities Inc. 2003-3
CitiFinancial Mortgage Securities Inc. 2003-4
CitiFinancial Mortgage Securities Inc. 2004-1
Citigroup Home Equity Loan Trust, Series 2003-HE1
Citigroup Mortgage Loan Trust, Series 2003-HE2
Citigroup Mortgage Loan Trust, Series 2003-HE3
Citigroup Mortgage Loan Trust, Series 2003-HE4
Citigroup Mortgage Loan Trust, Series 2004-CB3, C-Bass Mortgage Loan Asset-Backed Certificates
Citigroup Mortgage Loan Trust, Series 2004-OPT1
Citigroup Mortgage Loan Trust, Series 2004-RES1
Conseco Finance Home Equity Loan Trust 2001-C
Conseco Finance Home Equity Loan Trust 2001-D
Conseco Finance Home Equity Loan Trust 2002-B
Conseco Finance Home Equity Loan Trust 2002-C
ContiMortgage Home Equity Loan Trust 1995-01
ContiMortgage Home Equity Loan Trust 1995-02
ContiMortgage Home Equity Loan Trust 1995-03
ContiMortgage Home Equity Loan Trust 1995-04
ContiMortgage Home Equity Loan Trust 1996-01
ContiMortgage Home Equity Loan Trust 1997-01
ContiMortgage Home Equity Loan Trust 1997-2
ContiMortgage Home Equity Loan Trust 1997-4
ContiMortgage Home Equity Loan Trust 1997-5
ContiMortgage Home Equity Loan Trust 1998-1
ContiMortgage Home Equity Loan Trust 1998-4
ContiMortgage Home Equity Loan Trust 1999-1
ContiMortgage Home Equity Loan Trust 1999-2
ContiMortgage Home Equity Loan Trust 1999-3
CPT Asset-Backed Certificates Trust 2004-EC1
Credit Suisse First Boston Mortgage Acceptance Corp. Series 2002-5
Credit Suisse First Boston Mortgage Acceptance Corp. Series 2002-HE4
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-1
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-2
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-3
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-4
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-HE11
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-HE16
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-1
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-2
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-3
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-4
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-5
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-6
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-7
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-8
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-1
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-2
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-3
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-4
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-5
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-6
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-7
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-FRE1
CS First Boston Mortgage Securities Corp 2001-HE25
CS First Boston Mortgage Securities Corp 2001-HE30
CS First Boston Mortgage Securities Corp 2002-HE1
CS First Boston Mortgage Securities Corp, CSFB ABS Trust Series 2001-HE8
CSFB ABS Trust Mortgage Pass-Through Certificates, Series 2001-HE20
CSFB ABS Trust Series 2001-HE16
CSFB ABS Trust Series 2001-HE22
CSFB Home Equity Pass-Through Certificates, Series 2004-8
CSFB Mortgage Pass-Through Certificates, Series 2001-HE17
CWABS Asset-Backed Certificates Trust 2004-10
CWABS Asset-Backed Certificates Trust 2004-12
CWABS Asset-Backed Certificates Trust 2004-13
CWABS Asset-Backed Certificates Trust 2004-14
CWABS Asset-Backed Certificates Trust 2004-15
CWABS Asset-Backed Certificates Trust 2004-AB1
CWABS Asset-Backed Certificates Trust 2004-AB2
CWABS Inc., Asset-Backed Certificates, Series 2002-BC1
CWABS, Inc. Asset-Backed Certificates, Series 2002-1
CWABS, Inc. Asset-Backed Certificates, Series 2001-BC3
CWABS, Inc. Asset-Backed Certificates, Series 2002-2
CWABS, Inc. Asset-Backed Certificates, Series 2002-3
CWABS, Inc. Asset-Backed Certificates, Series 2002-4
CWABS, Inc. Asset-Backed Certificates, Series 2002-5
CWABS, Inc. Asset-Backed Certificates, Series 2002-6
CWABS, Inc. Asset-Backed Certificates, Series 2003-1
CWABS, Inc. Asset-Backed Certificates, Series 2003-2
CWABS, Inc. Asset-Backed Certificates, Series 2003-3
CWABS, Inc. Asset-Backed Certificates, Series 2003-4
CWABS, Inc. Asset-Backed Certificates, Series 2003-5
CWABS, Inc. Asset-Backed Certificates, Series 2004-1
CWABS, Inc. Asset-Backed Certificates, Series 2004-2
CWABS, Inc. Asset-Backed Certificates, Series 2004-3
CWABS, Inc. Asset-Backed Certificates, Series 2004-4
CWABS, Inc. Asset-Backed Certificates, Series 2004-5
CWABS, Inc. Asset-Backed Certificates, Series 2004-6
CWABS, Inc. Asset-Backed Certificates, Series 2004-7
CWABS, Inc. Asset-Backed Certificates, Series 2004-9
CWABS, Inc., Asset-Backed Certificates, Series 2003-BC1
CWABS, Inc., Asset-Backed Certificates, Series 2002-BC2
CWABS, Inc., Asset-Backed Certificates, Series 2002-BC3
CWABS, Inc., Asset-Backed Certificates, Series 2003-BC2
CWABS, Inc., Asset-Backed Certificates, Series 2003-BC4
CWABS, Inc., Asset-Backed Certificates, Series 2003-BC6
CWABS, Inc., Asset-Backed Certificates, Series 2004-BC1
CWABS, Inc., Asset-Backed Certificates, Series 2004-BC2
CWABS, Inc., Asset-Backed Certificates, Series 2004-BC3
CWABS, Inc., Asset-Backed Certificates, Series 2004-BC5
CWABS, Inc., Asset-Backed Certificates, Series 2004-ECC1
CWABS, Inc., Asset-Backed Certificates, Series 2004-ECC2
Delta Funding Home Equity Loan Trust 1995-2
Delta Funding Home Equity Loan Trust 1997-3
Delta Funding Home Equity Loan Trust 1999-1
DFC HELTrust 2001-2
DLJ ABS Trust Series 2000-5
DLJ ABS Trust Series 2000-7
DLJ Mtg Acpt Corp 1996-QB
EMC Mortgage Loan Trust 2002-A
EMC Mortgage Loan Trust 2003-A (Reperforming Mortgage Loans)
Encore Credit Corp. Series 2003-1
EQCC Trust 2001-1F
Equifirst Mortgage Loan Trust 2003-1
Equifirst Mortgage Loan Trust 2003-2
Equifirst Mortgage Loan Trust 2004-1
Equifirst Mortgage Loan Trust 2004-2
Equifirst Mortgage Loan Trust 2004-3
Equity One ABS, Inc. 1998-1
Equity One Mortgage Pass-Through Trust 1999-1
Equity One Mortgage Pass-Through Trust 2001-3
Equity One Mortgage Pass-Through Trust 2002-1
Equity One Mortgage Pass-Through Trust 2002-2
Equity One Mortgage Pass-Through Trust 2002-3
Equity One Mortgage Pass-Through Trust 2002-4
Equity One Mortgage Pass-Through Trust 2002-5
Equity One Mortgage Pass-Through Trust 2003-1
Equity One Mortgage Pass-Through Trust 2003-2
Equity One Mortgage Pass-Through Trust 2003-3
Equity One Mortgage Pass-Through Trust 2003-4
Equity One Mortgage Pass-Through Trust 2004-1
Equity One Mortgage Pass-Through Trust 2004-2
Equity One Mortgage Pass-Through Trust 2004-3
EquiVantage Home Equity Loan Trust 1996-2
EquiVantage Home Equity Loan Trust 1996-4
EquiVantage Home Equity Loan Trust 1997-1
Fairbanks Capital Mortgage Loan Trust 1999-1
Fieldstone Mortgage Investment Trust 2004-3
Fieldstone Mortgage Investment Trust 2004-4
Fieldstone Mortgage Investment Trust 2004-5
Finance America Mortgage Loan Trust 2003-1
Finance America Mortgage Loan Trust 2004-1
Finance America Mortgage Loan Trust 2004-2
Finance America Mortgage Loan Trust 2004-3
First Alliance Mortgage Loan Trust 1998-4
First Alliance Mortgage Loan Trust 1999-1
First Alliance Mtg Co Loan Trust 1997-01
First Franklin Mortgage Loan Trust 2001-FF2, Asset-Backed Certificates, Series 2001-FF2
First Franklin Mortgage Loan Trust 2002-FF1
First Franklin Mortgage Loan Trust 2002-FF2
First Franklin Mortgage Loan Trust 2002-FF3
First Franklin Mortgage Loan Trust 2002-FF4
First Franklin Mortgage Loan Trust 2003-FF1
First Franklin Mortgage Loan Trust 2003-FF2
First Franklin Mortgage Loan Trust 2003-FF4
First Franklin Mortgage Loan Trust 2003-FF5
First Franklin Mortgage Loan Trust 2003-FFH1
First Franklin Mortgage Loan Trust 2003-FFH2
First Franklin Mortgage Loan Trust 2004-FF1
First Franklin Mortgage Loan Trust 2004-FF11
First Franklin Mortgage Loan Trust 2004-FF2
First Franklin Mortgage Loan Trust 2004-FF3
First Franklin Mortgage Loan Trust 2004-FF4
First Franklin Mortgage Loan Trust 2004-FF6
First Franklin Mortgage Loan Trust 2004-FF7
First Franklin Mortgage Loan Trust 2004-FF8
First Franklin Mortgage Loan Trust 2004-FFH1
First Franklin Mortgage Loan Trust 2004-FFH2
First Franklin Mortgage Loan Trust 2004-FFH3
First Franklin Mortgage Loan Trust 2004-FFH4
Fremont Home Loan Trust 1999-3
Fremont Home Loan Trust 2002-1
Fremont Home Loan Trust 2002-2
Fremont Home Loan Trust 2003-1
Fremont Home Loan Trust 2003-A
Fremont Home Loan Trust 2003-B
Fremont Home Loan Trust 2004-1
Fremont Home Loan Trust 2004-2
Fremont Home Loan Trust 2004-4
Fremont Home Loan Trust 2004-A
Fremont Home Loan Trust 2004-B
Fremont Home Loan Trust 2004-C
Fremont Home Loan Trust 2004-D
GE Capital Mtg Services Inc 1997-HE1
GE Capital Mtg Services Inc 1997-HE4
GE Capital Mtg Services Inc 1998-HE1
GE Capital Mtg Services Inc 1998-HE2
GE Capital Mtg Services, Series 1999-HE2
GSAA Home Equity Trust 2004-9
GSAA Trust 2004-NC1
GSAMP Trust 2002-HE
GSAMP Trust 2002-HE2 (wholesale;25% fixed/75% ARMs)
GSAMP Trust 2002-NC1
GSAMP Trust 2002-WF
GSAMP Trust 2003-FM1
GSAMP Trust 2003-HE1
GSAMP Trust 2003-HE2
GSAMP Trust 2003-NC1
GSAMP Trust 2004-AHL
GSAMP Trust 2004-AR1
GSAMP Trust 2004-AR2
GSAMP Trust 2004-FM1
GSAMP Trust 2004-FM2
GSAMP Trust 2004-HE1
GSAMP Trust 2004-HE2
GSAMP Trust 2004-NC1
GSAMP Trust 2004-OPT
GSAMP Trust 2004-WF
Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2001-C
Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2002-A
Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2004-A
Home Loan Mortgage Loan Trust 2004-2
HomeGold Home Equity Loan Trust 1999-1
HomEq Asset Backed Certificates, Series2001-A
IMC Home Equity Loan Trust 1997-3
IMC Home Equity Loan Trust 1997-5
IMC Home Equity Loan Trust 1998-1
IMC Home Equity Loan Trust 1998-5
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2000-C
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2001-B
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2002-B
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, SPMD 2004-B
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, SPMD 2004-C
IXIS Real Estate Capital Trust 2004-HE4
Lehman Home Equity Loan Trust 1998-2
Lehman Home Equity Loan Trust 2001-1
Lehman Home Equity Loan Trust 2004-3
Long Beach Mortgage Loan Trust 2000-1
Long Beach Mortgage Loan Trust 2001-1
Long Beach Mortgage Loan Trust 2001-2
Long Beach Mortgage Loan Trust 2001-4, Asset Backed Certificates, Series 2001-4
Long Beach Mortgage Loan Trust 2002-1
Long Beach Mortgage Loan Trust 2002-2
Long Beach Mortgage Loan Trust 2002-5
Long Beach Mortgage Loan Trust 2003-1
Long Beach Mortgage Loan Trust 2003-2
Long Beach Mortgage Loan Trust 2003-3
Long Beach Mortgage Loan Trust 2003-4
Long Beach Mortgage Loan Trust 2004-1
Long Beach Mortgage Loan Trust 2004-2
Long Beach Mortgage Loan Trust 2004-3
Long Beach Mortgage Loan Trust 2004-4
Long Beach Mortgage Loan Trust 2004-5
Long Beach Mortgage Loan Trust Asset-Backed Certificates, Series 2001-3
MASTR Asset Backed Securities Trust 2002-OPT1
MASTR Asset Backed Securities Trust 2003-OPT1
MASTR Asset Backed Securities Trust 2003-OPT2
MASTR Asset Backed Securities Trust 2003-WMC1
MASTR Asset Backed Securities Trust 2003-WMC2
MASTR Asset Backed Securities Trust 2004-FRE1
MASTR Asset Backed Securities Trust 2004-HE1
MASTR Asset Backed Securities Trust 2004-OPT1
MASTR Asset Backed Securities Trust 2004-OPT2
MASTR Asset Backed Securities Trust 2004-WMC1
MASTR Asset Backed Securities Trust 2004-WMC2
MASTR Asset Backed Securities Trust 2004-WMC3
MASTR Asset Securitization Trust 2002-NC1
MASTR Asset Securitization Trust 2003-NC1
Meritage Mortgage Loan Trust 2003-1
Meritage Mortgage Loan Trust 2004-1
Meritage Mortgage Loan Trust 2004-2
Merrill Lynch Mortgage Investors Trust Series 2003-OPT1
Merrill Lynch Mortgage Investors Trust, Series 2002-HE1
Merrill Lynch Mortgage Investors Trust, Series 2003-HE1
Merrill Lynch Mortgage Investors Trust, Series 2004-FM1
Merrill Lynch Mortgage Investors, Inc. 2002-NC1
Merrill Lynch Mortgage Investors, Inc. 2003-BC4
Merrill Lynch Mortgage Investors, Inc. 2003-WMC1
Merrill Lynch Mortgage Investors, Inc. 2003-WMC2
Merrill Lynch Mortgage Investors, Inc. 2003-WMC3
Merrill Lynch Mortgage Investors, Inc. 2004-WMC1
Merrill Lynch Mortgage Investors, Inc. 2004-WMC2
Merrill Lynch Mortgage Investors, Inc. 2004-WMC3
Merrill Lynch Mortgage Investors, Inc. 2004-WMC4
Merrill Lynch Mortgage Investors, Inc. 2004-WMC5
Merrill Lynch Mortgage Investors, Inc. Series 2002-AFC1
MESA 2002-3 Global Issuance Company
MESA 2003-1 Global Issuance Company
Metropolitan Asset Funding, Inc. II Series, 1998-A
Metropolitan Asset Funding, Inc. II, Series 1998-B
Metropolitan Asset Funding, Inc. II, Series 1999-A
Metropolitan Asset Funding, Inc. II, Series 1999-B
Morgan Stanley ABS Capital I Inc. 2002-NC6
Morgan Stanley ABS Capital I Inc. Mortgage Loan Asset-Backed Certificates, Series 2001-WF1
Morgan Stanley ABS Capital I Inc. Trust 2002-HE3
Morgan Stanley ABS Capital I Inc. Trust 2003-HE1
Morgan Stanley ABS Capital I Inc. Trust 2003-HE2
Morgan Stanley ABS Capital I Inc. Trust 2003-HE3
Morgan Stanley ABS Capital I Inc. Trust 2003-NC10
Morgan Stanley ABS Capital I Inc. Trust 2003-NC5
Morgan Stanley ABS Capital I Inc. Trust 2003-NC6
Morgan Stanley ABS Capital I Inc. Trust 2003-NC7
Morgan Stanley ABS Capital I Inc. Trust 2003-NC8
Morgan Stanley ABS Capital I Inc. Trust 2003-NC9
Morgan Stanley ABS Capital I Inc. Trust 2004-HE1
Morgan Stanley ABS Capital I Inc. Trust 2004-HE2
Morgan Stanley ABS Capital I Inc. Trust 2004-HE3
Morgan Stanley ABS Capital I Inc. Trust 2004-HE4
Morgan Stanley ABS Capital I Inc. Trust 2004-HE5
Morgan Stanley ABS Capital I Inc. Trust 2004-HE6
Morgan Stanley ABS Capital I Inc. Trust 2004-HE7
Morgan Stanley ABS Capital I Inc. Trust 2004-HE8
Morgan Stanley ABS Capital I Inc. Trust 2004-HE9
Morgan Stanley ABS Capital I Inc. Trust 2004-NC1
Morgan Stanley ABS Capital I Inc. Trust 2004-NC2
Morgan Stanley ABS Capital I Inc. Trust 2004-NC3
Morgan Stanley ABS Capital I Inc. Trust 2004-NC4
Morgan Stanley ABS Capital I Inc. Trust 2004-NC5
Morgan Stanley ABS Capital I Inc. Trust 2004-NC6
Morgan Stanley ABS Capital I Inc. Trust 2004-NC7
Morgan Stanley ABS Capital I Inc. Trust 2004-NC8
Morgan Stanley ABS Capital I Inc. Trust 2004-OP1
Morgan Stanley ABS Capital I Inc. Trust 2004-WMC1
Morgan Stanley ABS Capital I Inc. Trust 2004-WMC2
Morgan Stanley ABS Capital I Inc. Trust 2004-WMC3
Morgan Stanley ABS Capital I Trust 2000-1
Morgan Stanley Capital I Inc. Trust 2003-NC4
Morgan Stanley Dean Witter Capital I Inc. Mortgage Pass-Through Certificates, Series 2001-NC2
Morgan Stanley Dean Witter Capital I Inc. Mortgage Pass-Through Certificates, Series 2001-NC3
Morgan Stanley Dean Witter Capital I Inc. Mortgage Pass-Through Certificates, Series 2001-NC4
Morgan Stanley Dean Witter Capital I Inc. Trust 2001-AM1
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM1
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM2
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM3
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-HE1
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-HE2
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC1
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC3
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC4
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC5
Morgan Stanley Dean Witter Capital I Inc. Trust 2003-NC1
Morgan Stanley Dean Witter Capital I Inc. Trust 2003-NC2
Morgan Stanley Dean Witter Capital I Inc. Trust 2003-NC3
Morgan Stanley Dean Witter Capital I, Inc., Mortgage Pass-Through Certificates, Series 2001-NC1
New Century Asset-Backed Floating Rate Certificates Series 1998-NC6
New Century Home Equity Loan Trust, Series 2003-2
New Century Home Equity Loan Trust, Series 2003-3
New Century Home Equity Loan Trust, Series 2003-4
New Century Home Equity Loan Trust, Series 2003-5
New Century Home Equity Loan Trust, Series 2003-6
New Century Home Equity Loan Trust, Series 2003-A
New Century Home Equity Loan Trust, Series 2003-B
New Century Home Equity Loan Trust, Series 2004-1
New Century Home Equity Loan Trust, Series 2004-2
New Century Home Equity Loan Trust, Series 2004-3
New Century Home Equity Loan Trust, Series 2004-4
New Century Home Equity Loan Trust, Series 2004-A
New South Home Equity Trust 2001-1
NovaStar Mortgage Funding Trust, Series 2002-3
NovaStar Mortgage Funding Trust, Series 2003-1
NovaStar Mortgage Funding Trust, Series 2003-2
NovaStar Mortgage Funding Trust, Series 2003-3
NovaStar Mortgage Funding Trust, Series 2003-4
NovaStar Mortgage Funding Trust, Series 2004-1
NovaStar Mortgage Funding Trust, Series 2004-2
NovaStar Mortgage Funding Trust, Series 2004-3
NovaStar Mortgage Funding Trust, Series 2004-4
Ocwen Residential MBS Corp. Mortgage Pass-Through, 1998-R3
Option One Mortgage Loan Trust 2001-4
Option One Mortgage Loan Trust 2002-1
Option One Mortgage Loan Trust 2002-2
Option One Mortgage Loan Trust 2002-3
Option One Mortgage Loan Trust 2002-4
Option One Mortgage Loan Trust 2002-5
Option One Mortgage Loan Trust 2002-6
Option One Mortgage Loan Trust 2003-1
Option One Mortgage Loan Trust 2003-2
Option One Mortgage Loan Trust 2003-3
Option One Mortgage Loan Trust 2003-4
Option One Mortgage Loan Trust 2003-5
Option One Mortgage Loan Trust 2003-6
Option One Mortgage Loan Trust 2004-1
Option One Mortgage Loan Trust 2004-2
Option One Mortgage Loan Trust 2004-3
Option One Woodbridge Loan Trust 2002-1
Ownit Mortgage Loan Trust 2004-1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MHQ1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WCW1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WCW2
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WHQ2
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WWF1
People's Choice Home Loan Securities Trust 2004-1
People's Choice Home Loan Securities Trust 2004-2
Popular ABS Mortgage Pass-Through Trust 2004-4
Popular ABS Mortgage Pass-Through Trust 2004-5
RAMP Series 2001-RS1 Trust
RAMP Series 2001-RS2 Trust
RAMP Series 2001-RS3 Trust
RAMP Series 2002-RS2 Trust
RAMP Series 2002-RS3 Trust
RAMP Series 2002-RS4 Trust
RAMP Series 2002-RS5 Trust
RAMP Series 2002-RS7 Trust
RAMP Series 2002-RZ2 Trust
RAMP Series 2002-RZ3 Trust
RAMP Series 2003-RS1 Trust
RAMP Series 2003-RS10 Trust
RAMP Series 2003-RS11 Trust
RAMP Series 2003-RS2 Trust
RAMP Series 2003-RS3 Trust
RAMP Series 2003-RS4 Trust
RAMP Series 2003-RS6 Trust
RAMP Series 2003-RS7 Trust
RAMP Series 2003-RS8 Trust
RAMP Series 2003-RS9 Trust
RAMP Series 2003-RZ1 Trust
RAMP Series 2003-RZ4 Trust
RAMP Series 2003-RZ5 Trust
RAMP Series 2004-KR1 Trust
RAMP Series 2004-KR2 Trust
RAMP Series 2004-RS1 Trust
RAMP Series 2004-RS10 Trust
RAMP Series 2004-RS11 Trust
RAMP Series 2004-RS12 Trust
RAMP Series 2004-RS2 Trust
RAMP Series 2004-RS3 Trust
RAMP Series 2004-RS4 Trust
RAMP Series 2004-RS5 Trust
RAMP Series 2004-RS6 Trust
RAMP Series 2004-RS7 Trust
RAMP Series 2004-RS8 Trust
RAMP Series 2004-RS9 Trust
RAMP Series 2004-RZ1 Trust
RAMP Series 2004-RZ2 Trust
RAMP Series 2004-RZ3 Trust
RASC Series 2001-KS2 Home Equity Mortgage Asset-Backed Pass-Through Certificates, Series 2001-KS2
RASC Series 2001-KS3 Trust
RASC Series 2002-KS1 Trust
RASC Series 2002-KS8 Trust
RASC Series 2003-KS10 Trust
RASC Series 2003-KS11 Trust
RASC Series 2003-KS2 Trust
RASC Series 2003-KS4 Trust
RASC Series 2003-KS5 Trust
RASC Series 2003-KS6 Trust
RASC Series 2003-KS7 Trust
RASC Series 2003-KS8 Trust
RASC Series 2003-KS9 Trust
RASC Series 2004-KS1 Trust
RASC Series 2004-KS10 Trust
RASC Series 2004-KS11 Trust
RASC Series 2004-KS12 Trust
RASC Series 2004-KS2 Trust
RASC Series 2004-KS3 Trust
RASC Series 2004-KS4 Trust
RASC Series 2004-KS5 Trust
RASC Series 2004-KS6 Trust
RASC Series 2004-KS7 Trust
RASC Series 2004-KS8 Trust
RASC Series 2004-KS9 Trust
Renaissance Home Equity Loan Trust 2002-1
Renaissance Home Equity Loan Trust 2002-2
Renaissance Home Equity Loan Trust 2002-3
Renaissance Home Equity Loan Trust 2002-4
Renaissance Home Equity Loan Trust 2003-1
Renaissance Home Equity Loan Trust 2003-2
Renaissance Home Equity Loan Trust 2003-3
Renaissance Home Equity Loan Trust 2003-4
Renaissance Home Equity Loan Trust 2004-1
Renaissance Home Equity Loan Trust 2004-2
Renaissance Home Equity Loan Trust 2004-3
Renaissance Home Equity Loan Trust 2004-4
Residential Asset Securities Corporation, Series 1999-RS1
Residential Asset Securities Corporation, Series 2001-KS1
Residential Asset Securities Corporation, Series 2002-KS2
SACO I Inc. Series 2000-3
Salomon Brothers Mortgage Securities VII, Inc. Union Planters Mortgage Loan Trust 2003-UP1
Salomon Home Equity Loan Trust, Series 2002-WMC1
Salomon Mortgage Loan Trust, Series 2002-CB3 C-BASS Mortgage Loan Asset-Backed Certificates
SASCO Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, Series 2001-BC5
Saxon Asset Securities Trust 1999-2
Saxon Asset Securities Trust 1999-3
Saxon Asset Securities Trust 1999-5
Saxon Asset Securities Trust 2000-1
Saxon Asset Securities Trust 2000-4
Saxon Asset Securities Trust 2001-1
Saxon Asset Securities Trust 2001-2
Saxon Asset Securities Trust 2001-3
Saxon Asset Securities Trust 2002-1
Saxon Asset Securities Trust 2002-2
Saxon Asset Securities Trust 2002-3
Saxon Asset Securities Trust 2003-1
Saxon Asset Securities Trust 2003-2
Saxon Asset Securities Trust 2003-3
Saxon Asset Securities Trust 2004-1
Saxon Asset Securities Trust 2004-2
Saxon Asset Securities Trust 2004-3
Securitized Asset Backed Receivables LLC Trust 2004-DO1
Securitized Asset Backed Receivables LLC Trust 2004-DO2
Securitized Asset Backed Receivables LLC Trust 2004-NC1
Securitized Asset Backed Receivables LLC Trust 2004-NC3
Securitized Asset Backed Receivables LLC Trust 2004-OP1
Securitized Asset Backed Receivables LLC Trust 2004-OP2
Security National Mortgage Loan Trust 2004-1
Soundview Home Equity Loan Trust 2001-2
Soundview Home Loan Trust 2003-1
Soundview Home Loan Trust 2004-1
Soundview Home Loan Trust 2004-WMC1
Sovereign Bank Home Equity Loan Trust 2000-1
Specialty Underwriting and Residential Finance Trust, Series 2003-BC1
Specialty Underwriting and Residential Finance Trust, Series 2003-BC2
Specialty Underwriting and Residential Finance Trust, Series 2003-BC3
Specialty Underwriting and Residential Finance Trust, Series 2004-BC1
Specialty Underwriting and Residential Finance Trust, Series 2004-BC2
Specialty Underwriting and Residential Finance Trust, Series 2004-BC3
Specialty Underwriting and Residential Finance Trust, Series 2004-BC4
Structured Asset Investment Loan Trust 2003-BC1
Structured Asset Investment Loan Trust 2003-BC10
Structured Asset Investment Loan Trust 2003-BC11
Structured Asset Investment Loan Trust 2003-BC2
Structured Asset Investment Loan Trust 2003-BC3
Structured Asset Investment Loan Trust 2003-BC4
Structured Asset Investment Loan Trust 2003-BC5
Structured Asset Investment Loan Trust 2003-BC6
Structured Asset Investment Loan Trust 2003-BC7
Structured Asset Investment Loan Trust 2003-BC8
Structured Asset Investment Loan Trust 2003-BC9
Structured Asset Investment Loan Trust 2004-1
Structured Asset Investment Loan Trust 2004-10
Structured Asset Investment Loan Trust 2004-11
Structured Asset Investment Loan Trust 2004-2
Structured Asset Investment Loan Trust 2004-4
Structured Asset Investment Loan Trust 2004-5
Structured Asset Investment Loan Trust 2004-7
Structured Asset Investment Loan Trust 2004-8
Structured Asset Investment Loan Trust 2004-9
Structured Asset Investment Loan Trust 2004-BNC1
Structured Asset Sec Corp 1996-4 (Norwest)
Structured Asset Securities Corp 2002-BC1
Structured Asset Securities Corp 2002-HF1
Structured Asset Securities Corp 2003-AM1
Structured Asset Securities Corp 2003-BC2
Structured Asset Securities Corp 2003-BC3
Structured Asset Securities Corp Trust 2003-39EX
Structured Asset Securities Corp., Amortizing Residential Collateral Trust 2001-BC1
Structured Asset Securities Corporation, Series 2003-BC1
Terwin Mortgage Trust, Series TMTS 2003-4HE
Terwin Mortgage Trust, Series TMTS 2003-6HE
Terwin Mortgage Trust, Series TMTS 2003-8HE
Terwin Mortgage Trust, Series TMTS 2004-11HE
Terwin Mortgage Trust, Series TMTS 2004-1HE
Terwin Mortgage Trust, Series TMTS 2004-3HE
Terwin Mortgage Trust, Series TMTS 2004-5HE
Terwin Mortgage Trust, Series TMTS 2004-9HE
TMS Home Equity Loan Trust 1998-B
UCFC Home Equity Loan Trust 1998-C
UCFC Home Equity Loan Trust 1998-D
Wachovia Bank, N.A. (Municipal Deriv.), Municipal Exempt Receipts Liquidity Optional Tender, 2000A-19, (MERLOTS), $15.66MM
Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust
Wells Fargo Home Equity Trust 2004-1
WMC Mortgage Loan Trust 1998-1
WMC Mortgage Loan Trust 1998-A
WMC Mortgage Loan Trust 1998-B
WMC Mortgage Pass-Through Certificates, Series 1999-A
WMC Mortgage Pass-Through Certificates, Series 2000-A
Related Research
Announcement:

Moody's places pre-2005 subprime RMBS on review for possible downgrade

08 Apr 2010

New York, April 08, 2010 -- Moody's Investors Service has placed 3,890 subprime residential mortgage-backed securities (RMBS) with an outstanding balance of $50 billion on review for possible downgrade. The review action impacts over 80% of subprime RMBS issued prior to 2005, and was prompted by continued performance deterioration in these vintages.

Although pools backing pre-2005 (seasoned) subprime RMBS have paid off substantially -- pool factors average less than 10% -- the remaining loans in these pools have been under pressure as a result of the sharp decline in home values. Subprime annual delinquency rates, measured as total new delinquencies during a year as a percentage of the contractually current pool balance at the start of the year, have increased, averaging about 10% over the past 12 months for subprime pools originated from 2002 to 2004, versus about 7% for those same pools over the prior 12-month period.

Over the coming months, we expect continued negative performance from seasoned subprime pools, as the overhang of impending foreclosures will impact home prices negatively. The most important predictor of mortgage default in the past several years has been the degree to which borrowers have negative equity in their homes. Moody's Economy.com (MEDC) expects home prices to fall by about an additional 5-7%, reaching bottom in the coming year, which means that home values will ultimately drop about 17-20% from mid-2004 levels and about 5-10% from mid-2003 levels. Subprime borrowers, who typically had loan-to-value ratios around 80% at closing, are therefore increasingly subject to protracted periods of negative or very little equity in their homes. Adding to borrowers' ongoing financial pressure, unemployment is still projected to peak at 10.2% in the second half of 2010. Recovery in both home values and unemployment is expected to be slow.

Review Action

To determine which tranches to place on review, Moody's compared the tranches' credit enhancement from subordination plus one and a half years of excess spread to a loss proxy that was based on a multiple of two times the lifetime pipeline losses expected from the related pools. The lifetime pipeline loss was derived based on lifetime roll rates to default of 85% for 60-day delinquencies, 95% for 90+day delinquencies, 100% for loans in foreclosure, and 100% for real estate owned, each applied with a severity assumption of 70%. Tranches without enough credit enhancement to sustain current ratings based on this calculation have been placed on review for possible downgrade. Tranches expected to pay off in full in the coming months were not placed on review.

Although the dollar volume of senior tranches remaining from pre-05 subprime RMBS is only about 4% of the original dollar volume issued, most seasoned subprime deals still have some senior tranches outstanding. Senior tranches were placed on review according to the subordination offered by subordinate/mezzanine tranches. Certain tranches that may benefit from super-seniority or first-pay status in the waterfall may be confirmed as additional transaction-specific analysis is concluded over the coming months.

Revision of Loss Methodology for Seasoned RMBS

In the coming months, Moody's will update its loss projection methodology for seasoned RMBS, and will release a report detailing the updated methodology.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Rating Methodologies subdirectory. Moody's also publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

A list of the review actions associated with this announcement may be found at:

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF200178

New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's places pre-2005 subprime RMBS on review for possible downgrade
No Related Data.
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