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Rating Action:

Moody's takes action on $1.2 bn of Second Lien RMBS issued by CSFB

30 Jun 2010

New York, June 30, 2010 -- Moody's Investors Service has downgraded the ratings of 32 tranches and confirmed the ratings of 17 tranches from 19 RMBS transactions issued by CSFB Home Equity Mortgage Trust. The collateral backing these deal primarily consists of closed end second lien (CES) mortgages and home equity lines of credit (HELOCs).

The actions are a result of the continued performance deterioration in second lien pools in conjunction with home price and unemployment conditions that remain under duress. The actions reflect Moody's updated loss expectations on second lien pools. For details regarding Moody's approach to estimating losses on second lien pools, please refer to the methodology publication "Second Lien RMBS Loss Projection Methodology: April 2010" available on Moodys.com.

Certain tranches included in this action, noted below, are wrapped by financial guarantors. For securities insured by a financial guarantor, the rating on the securities is the higher of (i) the guarantor's financial strength rating and (ii) the current underlying rating (i.e., absent consideration of the guaranty) on the security. The principal methodology used in determining the underlying rating is the same methodology for rating securities that do not have a financial guaranty and is as described earlier.

RMBS securities wrapped by Ambac Assurance Corporation are rated at their underlying rating without consideration of Ambac's guaranty.

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 sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck

Complete List of Actions

Issuer: CSFB Home Equity Mortgage Trust 2005-3

Expected Losses (as a % of Original Balance): 23%

Cl. M-2, Confirmed at Ba1; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: CSFB Home Equity Mortgage Trust 2005-4

Expected Losses (as a % of Original Balance): 28%

Cl. A-4, Downgraded to Ba3; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: CSFB Home Equity Mortgage Trust 2005-5

Expected Losses (as a % of Original Balance): 42%

Cl. A-1A, Confirmed at Caa1; previously on Mar 18, 2010 Caa1 Placed Under Review for Possible Downgrade

Cl. A-1F1, Confirmed at Ba1; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. A-1F2, Confirmed at Caa1; previously on Mar 18, 2010 Caa1 Placed Under Review for Possible Downgrade

Issuer: CSFB Home Equity Mortgage Trust 2005-HF1

Expected Losses (as a % of Original Balance): 26%

Cl. A-1, Downgraded to B1; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-2B, Downgraded to B1; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-3B, Downgraded to B1; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa3; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: CSFB Home Equity Mortgage Trust 2006-1

Expected Losses (as a % of Original Balance): 41%

Cl. A-1A2, Confirmed at Ba2; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-1B, Confirmed at Ba2; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-1F, Confirmed at Ba2; previously on Mar 18, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-2, Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: CSFB Home Equity Mortgage Trust 2006-3

Expected Losses (as a % of Original Balance): 64%

Cl. A-1, Downgraded to C; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: CSFB Home Equity Mortgage Trust 2006-4

Expected Losses (as a % of Original Balance): 62%

Cl. A-1, Downgraded to C; previously on Mar 18, 2010 B2 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: CSFB Home Equity Mortgage Trust 2006-6

Expected Losses (as a % of Original Balance): 71%

Cl. 1A-1, Downgraded to Ca; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. 2A-1, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Cl. 2A-3, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: CSFB Home Equity Mortgage Trust 2007-1

Expected Losses (as a % of Original Balance): 54%

Cl. A-1, Confirmed at Ca; previously on Apr 16, 2010 Downgraded to Ca and Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: CSFB Home Equity Mortgage Trust 2007-2

Expected Losses (as a % of Original Balance): 77%

Cl. 2A-1F, Current Rating B3; preiously Feb 18, 2009 Downgraded to B3

Underlying Rating: Downgraded to C; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3, Outlook Negative on June 25, 2009)

Cl. 2A-1A, Current Rating B3; preiously Feb 18, 2009 Downgraded to B3

Underlying Rating: Downgraded to C; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3, Outlook Negative on June 25, 2009)

Cl. 2A-2, Current Rating B3; preiously Feb 18, 2009 Downgraded to B3

Underlying Rating: Downgraded to C; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3, Outlook Negative on June 25, 2009)

Cl. 2A-3, Current Rating B3; preiously Feb 18, 2009 Downgraded to B3

Underlying Rating: Downgraded to C; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3, Outlook Negative on June 25, 2009)

Cl. 2A-4, Current Rating B3; preiously Feb 18, 2009 Downgraded to B3

Underlying Rating: Downgraded to C; previously on Mar 18, 2010 Caa3 Placed Under Review for Possible Downgrade

Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3, Outlook Negative on June 25, 2009)

Issuer: Home Equity Mortgage Trust 2003-6

Expected Losses (as a % of Original Balance): 3%

Cl. M-2, Downgraded to Ba1; previously on Mar 18, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba3; previously on Mar 18, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B1; previously on Mar 18, 2010 Baa1 Placed Under Review for Possible Downgrade

Issuer: Home Equity Mortgage Trust 2003-7

Expected Losses (as a % of Original Balance): 5%

Cl. B, Downgraded to Caa3; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Home Equity Mortgage Trust 2004-1

Expected Losses (as a % of Original Balance): 5%

Cl. B, Downgraded to Caa3; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Home Equity Mortgage Trust 2004-2

Expected Losses (as a % of Original Balance): 4%

Cl. M-2, Downgraded to Ba2; previously on Mar 18, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B2; previously on Mar 18, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: Home Equity Mortgage Trust 2004-4

Expected Losses (as a % of Original Balance): 9%

Cl. M-3, Downgraded to B2; previously on Mar 18, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B3; previously on Mar 18, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Caa3; previously on Mar 18, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Home Equity Mortgage Trust 2005-1

Expected Losses (as a % of Original Balance): 14%

Cl. M-5, Confirmed at Ba1; previously on Mar 18, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-6, Confirmed at B3; previously on Mar 18, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: Home Equity Mortgage Trust 2005-2

Expected Losses (as a % of Original Balance): 15%

Cl. M-4, Confirmed at A2; previously on Mar 18, 2010 A2 Placed Under Review for Possible Downgrade

Cl. M-5, Confirmed at Baa2; previously on Mar 18, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. M-6, Confirmed at Ba3; previously on Mar 18, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to Ca; previously on Mar 18, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: Home Equity Mortgage Trust 2006-2

Expected Losses (as a % of Original Balance): 54% for Group 1 and 31% for Group 2

Cl. 1A-1, Downgraded to Ca; previously on Mar 18, 2010 Caa1 Placed Under Review for Possible Downgrade

Cl. 2A-1, Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Underlying Rating: Confirmed at Ca; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn March 25, 2009)

Issuer: Home Equity Mortgage Trust 2006-5

Expected Losses (as a % of Original Balance): 71%

Cl. A-1, Downgraded to C; previously on Mar 18, 2010 Ca Placed Under Review for Possible Downgrade

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

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF208897

For more information please see www.moodys.com.

San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Peter Genis
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on $1.2 bn of Second Lien RMBS issued by CSFB
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