Moody's places the ratings of certain certificates backed by Fremont subprime loans for possible upgrade and downgrade.
New York, September 07, 2007 -- Moody's Investors Service has placed under review for possible upgrade
22, and for possible downgrade 18 certificates issued in 2004 and
backed by Fremont originated subprime loans. The actions are based
on the analysis of the credit enhancement provided by subordination,
overcollateralization and excess spread relative to the expected loss.
The complete rating actions are as follows:
Review for Possible Upgrade:
Issuer:
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2,
Class 2004FM2-M1, current rating Aa2, under review
for possible upgrade;
Bear Stearns Asset Backed Securities I Trust 2004-FR3, Class
M-1, current rating Aa2, under review for possible
upgrade;
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-FRE1,
Class B-2, current rating Baa2, under review for possible
upgrade;
Credit Suisse First Boston Mortgage Securities Corp. Series 2004-FRE1,
Class B-3, current rating Baa3, under review for possible
upgrade;
Fremont Home Loan Trust 2004-1, Class M-1, current
rating Aa1, under review for possible upgrade;
Fremont Home Loan Trust 2004-1, Class M-2, current
rating Aa2, under review for possible upgrade;
Fremont Home Loan Trust 2004-1, Class M-3, current
rating Aa3, under review for possible upgrade;
Fremont Home Loan Trust 2004-1, Class M-4, current
rating A1, under review for possible upgrade;
Fremont Home Loan Trust 2004-1, Class M-5, current
rating A2, under review for possible upgrades;
Fremont Home Loan Trust 2004-2, Class M-1, current
rating Aa1, under review for possible upgrade;
Fremont Home Loan Trust 2004-2, Class M-2, current
rating Aa2, under review for possible upgrade;
Fremont Home Loan Trust 2004-2, Class M-3, current
rating Aa3, under review for possible upgrade;
Fremont Home Loan Trust 2004-2, Class M-4, current
rating A1, under review for possible upgrade;
Fremont Home Loan Trust 2004-B, Class M-1, current
rating Aa1, under review for possible upgrade;
Fremont Home Loan Trust 2004-B, Class M-2, current
rating Aa2, under review for possible upgrade;
Fremont Home Loan Trust 2004-C, Class M-1, current
rating Aa2, under review for possible upgrade;
Fremont Home Loan Trust 2004-C, Class M-2, current
rating Aa3, under review for possible upgrade;
GSAMP Trust 2004-FM1, Class M-1, current rating
Aa2, under review for possible upgrade;
GSAMP Trust 2004-FM1, Class M-2, current rating
A2, under review for possible upgrade;
GSAMP Trust 2004-FM2, Class M-1, current rating
Aa2, under review for possible upgrade;
Merrill Lynch Mortgage Investors Trust, Series 2004-FM1,
Class 2004-FM1-M2, current rating A2, under
review for possible upgrade;
Merrill Lynch Mortgage Investors Trust, Series 2004-FM1,
Class 2004-FM1-M3, current rating A3, under
review for possible upgrade.
Review for Possible Downgrade:
Issuer:
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1,
Class 2004-FM1-M5, current rating Baa2, under
review for possible downgrade;
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1,
Class 2004-FM1-M6, current rating Baa3, under
review for possible downgrade;
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1,
Class 2004-FM1-B1A, current rating Ba2, under
review for possible downgrade;
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1,
Class 2004-FM1-B1B, current rating Ba2, under
review for possible downgrade;
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM2,
Class 2004FM2-B, current rating Ba2, under review for
possible downgrade;
Bear Stearns Asset Backed Securities I Trust 2004-FR1, Class
M-7, current rating Baa3, under review for possible
downgrade;
Bear Stearns Asset Backed Securities I Trust 2004-FR1, Class
M-8A, current rating Ba2, under review for possible
downgrade;
Bear Stearns Asset Backed Securities I Trust 2004-FR1, Class
M-8B, current rating Ba2, under review for possible
downgrade;
Fremont Home Loan Trust 2004-4, Class M-7, current
rating Baa1, under review for possible downgrade;
Fremont Home Loan Trust 2004-4, Class M-8, current
rating Baa2, under review for possible downgrade;
Fremont Home Loan Trust 2004-4, Class M-9, current
rating Baa3, under review for possible downgrade;
Fremont Home Loan Trust 2004-4, Class M-10,
current rating Ba1, under review for possible downgrade;
Fremont Home Loan Trust 2004-4, Class B, current rating
Ba2, under review for possible downgrade;
Fremont Home Loan Trust 2004-B, Class M-9, current
rating Baa3, under review for possible downgrade;
Fremont Home Loan Trust 2004-D, Class M-10,
current rating Ba2, under review for possible downgrade;
MASTR Asset Backed Securities Trust 2004-FRE1, Class M-8,
current rating Baa2, under review for possible downgrade;
MASTR Asset Backed Securities Trust 2004-FRE1, Class M-9,
current rating Baa3, under review for possible downgrade;
MASTR Asset Backed Securities Trust 2004-FRE1, Class M-10,
current rating Ba1, under review for possible downgrade.
For more information 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
JingJing Dang
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653