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Rating Action:

Moody's takes action on $1.19 Billion of Subprime RMBS issued from 2003 to 2007

23 May 2014

New York, May 23, 2014 -- Moody's Investors Service has upgraded the ratings of 35 tranches from 18 transactions, and downgraded the ratings of 3 tranches from 1 transaction, all backed by Subprime mortgage loans.

Complete rating action is as follows:

Issuer: Ameriquest Mortgage Securities Inc., Series 2003-13

Cl. M-1, Upgraded to Ba2 (sf); previously on Jul 31, 2013 Confirmed at B1 (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R4

Cl. M-3, Upgraded to B1 (sf); previously on Jul 15, 2013 Upgraded to Caa1 (sf)

Cl. M-4, Upgraded to Caa1 (sf); previously on Jul 15, 2013 Upgraded to Ca (sf)

Issuer: Argent Securities Inc., Series 2004-W2

Cl. M-2, Upgraded to B2 (sf); previously on Mar 18, 2011 Downgraded to B3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-16

Cl. 4-AV-4, Upgraded to B2 (sf); previously on Sep 20, 2012 Confirmed at Caa2 (sf)

Cl. MV-1, Upgraded to Caa3 (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-BC1

Cl. M-6, Upgraded to Ba3 (sf); previously on Jul 15, 2013 Upgraded to B3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-BC2

Cl. M-4, Upgraded to Ba2 (sf); previously on Jul 30, 2013 Upgraded to Ba3 (sf)

Cl. M-5, Upgraded to B2 (sf); previously on Jul 30, 2013 Upgraded to Caa2 (sf)

Issuer: Encore Credit Receivables Trust 2005-1

Cl. M-2, Upgraded to Ba2 (sf); previously on Sep 11, 2012 Confirmed at B1 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Jul 14, 2010 Downgraded to Caa2 (sf)

Cl. M-4, Upgraded to Ca (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Issuer: Encore Credit Receivables Trust 2005-2

Cl. M-3, Upgraded to Ba3 (sf); previously on Oct 23, 2013 Upgraded to B2 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Mar 12, 2013 Affirmed C (sf)

Issuer: Encore Credit Receivables Trust 2005-3

Cl. M-3, Upgraded to Ba2 (sf); previously on Oct 23, 2013 Upgraded to Ba3 (sf)

Cl. M-4, Upgraded to Ba3 (sf); previously on Oct 23, 2013 Upgraded to B3 (sf)

Cl. M-5, Upgraded to Caa3 (sf); previously on Mar 14, 2013 Affirmed C (sf)

Issuer: First Franklin Mortgage Loan Trust 2006-FF1

Cl. I-A, Upgraded to Baa3 (sf); previously on Aug 5, 2013 Upgraded to Ba3 (sf)

Cl. II-A-3, Upgraded to Ba1 (sf); previously on Aug 5, 2013 Upgraded to B1 (sf)

Cl. II-A-4, Upgraded to Ba3 (sf); previously on Aug 5, 2013 Upgraded to B3 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on Jul 18, 2011 Downgraded to C (sf)

Issuer: MASTR Asset Backed Securities Trust 2006-HE1

Cl. A-3, Upgraded to Baa2 (sf); previously on Jul 15, 2013 Upgraded to Ba1 (sf)

Cl. A-4, Upgraded to Ba1 (sf); previously on Jul 15, 2013 Upgraded to Ba3 (sf)

Cl. M-1, Upgraded to Caa2 (sf); previously on Jul 15, 2013 Upgraded to Ca (sf)

Issuer: Option One Mortgage Loan Trust 2005-3

Cl. M-2, Upgraded to Ba3 (sf); previously on Aug 9, 2012 Confirmed at B3 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Jul 18, 2011 Downgraded to Ca (sf)

Issuer: Option One Mortgage Loan Trust 2005-4

Cl. M-1, Upgraded to Ba2 (sf); previously on Aug 9, 2012 Confirmed at B1 (sf)

Cl. M-2, Upgraded to Caa2 (sf); previously on Aug 6, 2010 Downgraded to Ca (sf)

Issuer: Option One Mortgage Loan Trust 2007-6

Cl. II-A-2, Downgraded to Ca (sf); previously on Aug 6, 2010 Downgraded to Caa3 (sf)

Cl. II-A-3, Downgraded to Ca (sf); previously on Aug 6, 2010 Downgraded to Caa3 (sf)

Cl. II-A-4, Downgraded to Ca (sf); previously on Aug 6, 2010 Downgraded to Caa3 (sf)

Issuer: OwnIt Mortgage Loan Trust 2005-2

Cl. M-4, Upgraded to Ba2 (sf); previously on Aug 5, 2013 Upgraded to Ba3 (sf)

Cl. M-5, Upgraded to B3 (sf); previously on Aug 5, 2013 Upgraded to Caa3 (sf)

Issuer: Ownit Mortgage Loan Trust 2006-5

Cl. A-1A, Upgraded to B2 (sf); previously on Jul 14, 2010 Downgraded to Caa1 (sf)

Issuer: Speciality Underwriting and Residential Finance 2005-AB3

Cl. A-1A, Upgraded to Ba2 (sf); previously on Jul 15, 2013 Upgraded to Ba3 (sf)

Cl. A-2C, Upgraded to Baa3 (sf); previously on Jul 15, 2013 Upgraded to Ba3 (sf)

Issuer: Specialty Underwriting and Residential Finance Series 2005-BC4

Cl. A-2C, Upgraded to Baa1 (sf); previously on Jul 15, 2013 Upgraded to Baa2 (sf)

Issuer: Wachovia Mortgage Loan Trust 2005-WMC1

Cl. M-1, Upgraded to B1 (sf); previously on Aug 9, 2012 Confirmed at B3 (sf)

RATINGS RATIONALE

The upgrade actions are a result of improving performance of the related pools and/or faster pay-down of the bonds due to high prepayments/faster liquidations. The downgrade actions primarily reflect the change in principal priority for these senior bonds from sequential-pay to pro-rata pay upon the depletion of the mezzanine classes.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 6.3% in April 2014 from 7.5% in April 2013 . Moody's forecasts an unemployment central range of 6.5% to 7.5% for the 2014 year. Deviations from this central scenario could lead to rating actions in the sector. House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2014. Lower increases than Moody's expects or decreases could lead to negative rating actions. Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF368266

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF345728

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

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

Moody's received and took into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessment had a neutral impact on the rating.

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

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

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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

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

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

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

Minxi Qiu
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on $1.19 Billion of Subprime RMBS issued from 2003 to 2007
No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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