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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

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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I AGREE
Related Issuers
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1
Aegis Asset Backed Securities Trust 2004-5
Argent Securities Inc., Series 2004-W10
Argent Securities Inc., Series 2004-W4
Argent Securities Inc., Series 2004-W9
Asset Backed Securities Corporation Home Equity Loan Trust 2005-HE6
Banc of America Mortgage 2003-9 Trust
Bayview Financial Mortgage Pass-Through Certificates, Series 2005-B
Bayview Financial Mortgage Pass-Through Trust 2005-D
Bear Stearns Asset Backed Securities I Trust 2005-AC9
Bear Stearns Asset Backed Securities I Trust 2005-HE9
Bear Stearns Asset Backed Securities I Trust 2006-AC1
Bear Stearns Asset Backed Securities Trust 2007-SD3
Bear Stearns Second Lien Trust 2007-SV1
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB6
CDC Mortgage Capital Trust 2003-HE4
Chase Mortgage Finance Trust, Series 2003-S15
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2003-4
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-1
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-2
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-3
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-4
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-B
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-1
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-2
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-3
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-4
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-A
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-B
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-C
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-1
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-2
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-3
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-4
Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2007-1
Citicorp Mortgage Securities, Inc. 2004-1
Citicorp Mortgage Securities, Inc. 2004-2
Citicorp Mortgage Securities, Inc. 2005-2
Citicorp Mtg Sec Inc 2003-1
Citigroup Mortgage Loan Trust, Series 2005-WF2
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 2004-15
CWABS Asset-Backed Certificates Trust 2004-AB1
CWABS Asset-Backed Certificates Trust 2005-1
CWABS Asset-Backed Certificates Trust 2005-11
CWABS Asset-Backed Certificates Trust 2005-12
CWABS Asset-Backed Certificates Trust 2005-13
CWABS Asset-Backed Certificates Trust 2005-15
CWABS Asset-Backed Certificates Trust 2005-3
CWABS Asset-Backed Certificates Trust 2005-4
CWABS Asset-Backed Certificates Trust 2006-15
CWABS, Inc. Asset-Backed Certificates, Series 2004-9
CWABS, Inc., Asset-Backed Pass-Through Certificates, Series 2002-S3
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-34CB
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J1
CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-15CB
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2003-4XS
Deutsche Mortgage Securities, Inc. Mortgage Loan Loan Trust, Series 2004-3
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1
DLJ ABS Trust Series 2000-7
DSLA Mortgage Loan Trust 2004-AR1
DSLA Mortgage Loan Trust 2004-AR2
DSLA Mortgage Loan Trust 2005-AR3
DSLA Mortgage Loan Trust 2005-AR6
DSLA Mortgage Loan Trust 2006-AR1
DSLA Mortgage Loan Trust 2006-AR2
DSLA Mortgage Loan Trust 2007-AR1
First Horizon Mortgage Pass-Through Trust 2003-1
First Horizon Mortgage Pass-Through Trust 2003-7
Greenpoint Mortgage Funding Trust 2006-AR2
Greenpoint Mortgage Funding Trust 2006-AR3
GreenPoint Mortgage Funding Trust 2006-AR7
GSAA Home Equity Trust Asset Backed Certificates Series 2005-12
GSAMP Trust 2003-SEA2
GSAMP Trust 2004-AR1
Homestar Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2004-6
Long Beach Mortgage Loan Trust 2004-4
Long Beach Mortgage Loan Trust 2005-WL3
MASTR Asset Backed Securities Trust 2006-AB1
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM3
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC3
Morgan Stanley Mortgage Loan Trust 2004-3
Option One Mortgage Loan Trust 2007-FXD2
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1
Prime Mortgage Trust 2003-3
RALI Series 2003-QS1 Trust
RAMP Series 2003-RS11 Trust
RAMP Series 2003-RS8 Trust
RAMP Series 2003-RS9 Trust
RAMP Series 2003-RZ2 Trust
RAMP Series 2003-RZ3 Trust
RAMP Series 2003-RZ4 Trust
RAMP Series 2003-RZ5 Trust
RAMP Series 2004-RS1 Trust
Renaissance Home Equity Loan Trust 2002-4
Renaissance Home Equity Loan Trust 2004-2
RFMSI Series 2005-S7 Trust
Securitized Asset Backed Receivables LLC Trust 2005-FR5
Securitized Asset Backed Receivables LLC Trust 2005-HE1
Structured Asset Investment Loan Trust 2003-BC8
Structured Asset Securities Corp 2003-18XS
Structured Asset Securities Corp 2003-25XS
Structured Asset Securities Corp Trust 2003-28XS
Structured Asset Securities Corp Trust 2003-36XS
Structured Asset Securities Corp Trust 2004-11XS
Structured Asset Securities Corp Trust 2004-16XS
Structured Asset Securities Corp Trust 2004-17XS
Structured Asset Securities Corp Trust 2004-6XS
Structured Asset Securities Corp Trust 2004-9XS
Structured Asset Securities Corp Trust 2005-2XS
TBW Mortgage-Backed Trust 2007-2, Mortgage Pass-Through Certificates, Series 2007-2
Washington Mutual MSC 2003-MS8 Trust
Announcement:

Moody's publishes underlying ratings of notes

16 Sep 2008
Moody's publishes underlying ratings of notes

New York, September 16, 2008 -- Moody's Investors Service announced today that it has published the underlying ratings on the following insured notes as identified below. The ratings of these insured notes were previously derived from public ratings on non-sequential pari passu (i.e. at the same level of seniority) or more junior uninsured tranches of the same deals.

The underlying ratings reflect the intrinsic credit quality of the notes in the absence of the guarantee. The ratings on securities that are guaranteed or "wrapped" by a financial guarantor is the higher of a) the rating of the guarantor or b) the published underlying rating. The current ratings on the below notes are consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and any underlying rating that is public.

Complete list of underlying ratings are as follows:

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1

Class Description: Cl. A-1B2

Current Rating: Aaa

Financial Guarantor: CIFG Assurance North America, Inc. (Ba2, direction uncertain)

Underlying Rating: Aaa

Issuer: Aegis Asset Backed Securities Trust 2004-5

Class Description: Cl. IIA

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Argent Securities Inc., Series 2004-W10

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Argent Securities Inc., Series 2004-W4

Class Description: Cl. A

Current Rating: A2

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: A2

Issuer: Argent Securities Inc., Series 2004-W9

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

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

Class Description: Cl. A2D

Current Rating: Aaa

Financial Guarantor: CIFG Assurance North America, Inc. (Ba2, direction uncertain)

Underlying Rating: Aaa

Issuer: Banc of America Mortgage 2003-9 Trust

Class Description: Cl. I-A-3

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Bayview Financial Mortgage Pass-Through Certificates, Series 2005-B

Class Description: Cl. 1-A5

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Bayview Financial Mortgage Pass-Through Trust 2005-D

Class Description: Cl. AF-5

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AC9

Class Description: Cl. A-5

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE9

Class Description: Cl. II-A-2

Current Rating: Aaa

Financial Guarantor: CIFG Assurance North America, Inc. (Ba2, direction uncertain)

Underlying Rating: Aaa

Issuer: Bear Stearns Asset Backed Securities I Trust 2006-AC1

Class Description: Cl. I-A-2

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Bear Stearns Asset Backed Securities Trust 2007-SD3

Class Description: Cl. A

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Bear Stearns Second Lien Trust 2007-SV1

Class Description: Cl. A-2

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: Bear Stearns Second Lien Trust 2007-SV1

Class Description: Cl. A-3

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB6

Class Description: Cl. AF-3

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: CDC Mortgage Capital Trust 2003-HE4

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Chase Mortgage Finance Trust, Series 2003-S15

Class Description: Cl. IIA-1

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2003-4

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2003-4

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2003-4

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-1

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-1

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-1

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-2

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-2

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-2

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-3

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-3

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-3

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-4

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-4

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-4

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2004-B

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-1

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-1

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-1

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-2

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-2

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-2

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-3

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-3

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-3

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-4

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-4

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-4

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-A

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-A

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-A

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-B

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-B

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-B

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-C

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-C

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2005-C

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-1

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-1

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-1

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-2

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-2

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-2

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-3

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-3

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-3

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-4

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-4

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2006-4

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2007-1

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2007-1

Class Description: Cl. A-1I

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Chevy Chase Funding LLC, Mortgage-Backed Certificates, Series 2007-1

Class Description: Cl. A-NA

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Citicorp Mortgage Securities, Inc. 2004-1

Class Description: Cl. IA-3

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Citicorp Mortgage Securities, Inc. 2004-2

Class Description: Cl. A-6

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Citicorp Mortgage Securities, Inc. 2005-2

Class Description: Cl. IA-3

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Citicorp Mtg Sec Inc 2003-1

Class Description: Cl. A-3

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Citigroup Mortgage Loan Trust, Series 2005-WF2

Class Description: Cl. AF-6B

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: CSFB Mortgage Pass-Through Certificates, Series 2001-HE17

Class Description: Cl. A-2

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2004-10

Class Description: Cl. AF-5B

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2004-12

Class Description: Cl. 1-AV-1

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2004-13

Class Description: Cl. AF-5B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2004-15

Class Description: Cl. 1-AV-1

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2004-AB1

Class Description: Cl. 1-A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2005-1

Class Description: Cl. AF-5B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2005-11

Class Description: Cl. AF-5B

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2005-12

Class Description: Cl. 2-A-3

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2005-13

Class Description: Cl. AF-5

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2005-15

Class Description: Cl. 1-AF-5

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2005-3

Class Description: Cl. AF-5B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2005-4

Class Description: Cl. AF-5B

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: CWABS Asset-Backed Certificates Trust 2006-15

Class Description: Cl. A-5B

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2004-9

Class Description: Cl. 1-AV-1

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: CWABS, Inc., Asset-Backed Pass-Through Certificates, Series 2002-S3

Class Description: Cl. A-5

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-34CB

Class Description: Cl. 1-A-3

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J1

Class Description: Cl. 1-A-3

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2007-15CB

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2003-4XS

Class Description: Cl. A-6A

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Loan Trust, Series 2004-3

Class Description: Cl. I-A-5

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Loan Trust, Series 2004-3

Class Description: Cl. I-A-6

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1

Class Description: Cl. 3-A-F-1

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1

Class Description: Cl. 3-A-F-2

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1

Class Description: Cl. 4-A-F-1

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1

Class Description: Cl. 5-A-F-2

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: DLJ ABS Trust Series 2000-7

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: DLJ ABS Trust Series 2000-7

Class Description: Cl. A-3

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2004-AR1

Class Description: Cl. A-2B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2004-AR2

Class Description: Cl. A-1B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2004-AR2

Class Description: Cl. A-2B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2005-AR3

Class Description: Cl. 2-A1B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2005-AR6

Class Description: Cl. 1A-1B

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2006-AR1

Class Description: Cl. 1A-1B

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2006-AR1

Class Description: Cl. 2A-1C

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2006-AR2

Class Description: Cl. 1A-1B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2006-AR2

Class Description: Cl. 2A-1C

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2007-AR1

Class Description: Cl. 1A-1B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: DSLA Mortgage Loan Trust 2007-AR1

Class Description: Cl. 2A-1C

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: First Horizon Mortgage Pass-Through Trust 2003-1

Class Description: Cl. I-A-7

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: First Horizon Mortgage Pass-Through Trust 2003-7

Class Description: Cl. I-A-4

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Greenpoint Mortgage Funding Trust 2006-AR2

Class Description: Cl. I-A-2

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Greenpoint Mortgage Funding Trust 2006-AR2

Class Description: Cl. II-A-2

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Greenpoint Mortgage Funding Trust 2006-AR3

Class Description: Cl. II-A-2

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: GreenPoint Mortgage Funding Trust 2006-AR7

Class Description: Cl. 1-A3B

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: GSAA Home Equity Trust Asset Backed Certificates Series 2005-12

Class Description: Cl. AF-3W

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: GSAMP Trust 2003-SEA2

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: GSAMP Trust 2004-AR1

Class Description: Cl. A-1A

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Homestar Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2004-6

Class Description: Cl. A-3B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Long Beach Mortgage Loan Trust 2004-4

Class Description: Cl. I-A1

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Long Beach Mortgage Loan Trust 2005-WL3

Class Description: Cl. I-A4

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: MASTR Asset Backed Securities Trust 2006-AB1

Class Description: Cl. A-3A

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-AM3

Class Description: Cl. A-2

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Morgan Stanley Dean Witter Capital I Inc. Trust 2002-NC3

Class Description: Cl. A-2

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Morgan Stanley Mortgage Loan Trust 2004-3

Class Description: Cl. 2-A-4

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Option One Mortgage Loan Trust 2007-FXD2

Class Description: Cl. I-A-1

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Option One Mortgage Loan Trust 2007-FXD2

Class Description: Cl. II-A-1

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Option One Mortgage Loan Trust 2007-FXD2

Class Description: Cl. II-A-2

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Option One Mortgage Loan Trust 2007-FXD2

Class Description: Cl. II-A-3

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Option One Mortgage Loan Trust 2007-FXD2

Class Description: Cl. II-A-4

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Option One Mortgage Loan Trust 2007-FXD2

Class Description: Cl. II-A-5

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Option One Mortgage Loan Trust 2007-FXD2

Class Description: Cl. II-A-6

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: Prime Mortgage Trust 2003-3

Class Description: Cl. A-6

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: RALI Series 2003-QS1 Trust

Class Description: A-8

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: RAMP Series 2003-RS11 Trust

Class Description: A-I-6B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: RAMP Series 2003-RS8 Trust

Class Description: A-I-6B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: RAMP Series 2003-RS9 Trust

Class Description: Cl. A-I-6B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: RAMP Series 2003-RZ2 Trust

Class Description: Cl. A-1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: RAMP Series 2003-RZ3 Trust

Class Description: Cl. A-5-B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: RAMP Series 2003-RZ4 Trust

Class Description: Cl. A-6

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: RAMP Series 2003-RZ5 Trust

Class Description: A-6-B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: RAMP Series 2004-RS1 Trust

Class Description: A-I-6B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Renaissance Home Equity Loan Trust 2002-4

Class Description: A

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Renaissance Home Equity Loan Trust 2004-2

Class Description: Cl. AF-4

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Renaissance Home Equity Loan Trust 2004-2

Class Description: Cl. AF-5

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Renaissance Home Equity Loan Trust 2004-2

Class Description: Cl. AF-6

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Renaissance Home Equity Loan Trust 2004-2

Class Description: Cl. AV-2

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Renaissance Home Equity Loan Trust 2004-2

Class Description: Cl. AV-3

Current Rating: Aaa

Financial Guarantor: Financial Security Assurance Inc. (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: RFMSI Series 2005-S7 Trust

Class Description: Cl. A-2

Current Rating: Aaa

Financial Guarantor: Financial Guaranty Insurance Company (B1, negative outlook)

Underlying Rating: Aaa

Issuer: Securitized Asset Backed Receivables LLC Trust 2005-FR5

Class Description: Cl. A-1B

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Securitized Asset Backed Receivables LLC Trust 2005-HE1

Class Description: Cl. A-1B

Current Rating: Aaa

Financial Guarantor: Syncora Guarantee Inc. (B2, under review for possible upgrade)

Underlying Rating: Aaa

Issuer: Structured Asset Investment Loan Trust 2003-BC8

Class Description: Cl. 3-A-2

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp 2003-18XS

Class Description: Cl. A5

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp 2003-25XS

Class Description: Cl. A5

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp 2003-25XS

Class Description: Cl. A6

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2003-28XS

Class Description: Cl. A5

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2003-28XS

Class Description: Cl. A6

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2003-36XS

Class Description: Cl. A5

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-11XS

Class Description: Cl. 1-A3A

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-11XS

Class Description: Cl. 1-A5B

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-11XS

Class Description: Cl. 1-A6

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-16XS

Class Description: Cl. A3B

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-16XS

Class Description: Cl. A4B

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-17XS

Class Description: Cl. A3A

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-17XS

Class Description: Cl. A4A

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-6XS

Class Description: Cl. A5B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-9XS

Class Description: Cl. 1-A5

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2004-9XS

Class Description: Cl. 1-A6

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2005-2XS

Class Description: Cl. 1-A2B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2005-2XS

Class Description: Cl. 1-A3

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2005-2XS

Class Description: Cl. 1-A4

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2005-2XS

Class Description: Cl. 1-A5B

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: Structured Asset Securities Corp Trust 2005-2XS

Class Description: Cl. 2-A1

Current Rating: Aaa

Financial Guarantor: Ambac Assurance Corporation (Aa3, negative outlook)

Underlying Rating: Aaa

Issuer: TBW Mortgage-Backed Trust 2007-2, Mortgage Pass-Through Certificates, Series 2007-2

Class Description: Cl. A-4-A

Current Rating: Aaa

Financial Guarantor: Assured Guaranty Corporation (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: TBW Mortgage-Backed Trust 2007-2, Mortgage Pass-Through Certificates, Series 2007-2

Class Description: Cl. A-4-B

Current Rating: Aaa

Financial Guarantor: Assured Guaranty Corporation (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: TBW Mortgage-Backed Trust 2007-2, Mortgage Pass-Through Certificates, Series 2007-2

Class Description: Cl. A-5

Current Rating: Aaa

Financial Guarantor: Assured Guaranty Corporation (Aaa, on review for possible downgrade)

Underlying Rating: Aaa

Issuer: Washington Mutual MSC 2003-MS8 Trust

Class Description: Cl. I-A-6

Current Rating: Aaa

Financial Guarantor: MBIA Insurance Corporation (A2, negative outlook)

Underlying Rating: Aaa

New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Alda F. Sanchez
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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