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Rating Action:

Moody's takes action on $12.4 billion of Synthetic Jumbo RMBS issued by RESI between 2003 and 2004

21 Apr 2011

New York, April 21, 2011 -- Moody's Investors Service has downgraded the ratings of 75 tranches and confirmed the ratings of 20 tranches from eight synthetic jumbo deals issued by RESI.

RATINGS RATIONALE

These synthetic transactions provide the owner of a sizable pool of mortgages (the "Protection Buyer") credit protection through a credit default swap with the issuer (the "Protection Seller") of the notes. Through this agreement, the Protection Buyer pays a fee in return for the transfer of a portion of the reference portfolio credit risk.

Investors in the notes have an interest in the holdings of the issuer, which include highly rated investment instruments, a forward delivery agreement and fee collections on the agreement with the Protection Buyer. Investors are exposed to losses from the reference portfolio but benefit only indirectly from cash flows from these assets. Depending on the class of notes held, investors have credit protection from subordination.

The reference portfolios of these transactions include prime conforming and nonconforming fixed-rate and adjustable-rate mortgages purchased from various originators. The actions are a result of deteriorating performance of prime jumbo pools securitized before 2005. Although most of these pools have paid down significantly, the remaining loans are affected by the housing and macroeconomic conditions that remain under duress.

The principal methodology used in these ratings is described in the Monitoring and Performance Review section in "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008. Other methodologies used to estimate losses on the pools are described under "Pre-2005 US RMBS Surveillance Methodology" published in January 2011, which accounts for the deteriorating performance and outlook.

To assess the ratings on the bonds,Moody's considered the level of credit enhancement available for each tranche relative to updated pool-level loss expectations. Within the senior note waterfalls, Moody's took into account credit enhancement provided by seniority, cross-collateralization, excess spread, principal payment waterfall, and other structural features .

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment levels remain high, and weakness persists in the housing market. Overall, Moody's assumes a further 5% decline in home prices with stabilization in late 2011, accompanied by continued stress in national employment levels through that timeframe.

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets or financial instruments in this transaction and the due diligence reports had a neutral impact on the rating.

Complete rating actions are as follows:

Issuer: RESI Finance Limited Partnership 2003-A/RESI Finance DE Corporation 2003-A, Series 2003-A

Cl. B3, Downgraded to Aa1 (sf); previously on Aug 1, 2006 Upgraded to Aaa (sf)

Cl. B4, Downgraded to Aa2 (sf); previously on Aug 1, 2006 Upgraded to Aaa (sf)

Cl. B5, Downgraded to A1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to A2 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to A3 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to Baa1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to Baa2 (sf); previously on Apr 13, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to Ba1 (sf); previously on Aug 1, 2006 Upgraded to A1 (sf)

Issuer: RESI Finance Limited Partnership 2003-B

Cl. B1, Downgraded to Aa1 (sf); previously on Apr 11, 2006 Assigned Aaa (sf)

Cl. B2, Downgraded to Aa2 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to A2 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to A3 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Baa2 (sf); previously on Apr 13, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Baa3 (sf); previously on Apr 13, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to Ba2 (sf); previously on Nov 14, 2007 Upgraded to A2 (sf)

Cl. B8, Downgraded to Ba3 (sf); previously on Nov 14, 2007 Upgraded to A3 (sf)

Cl. B9, Downgraded to B2 (sf); previously on Nov 14, 2007 Upgraded to Baa2 (sf)

Cl. B10, Downgraded to Caa3 (sf); previously on Nov 14, 2007 Upgraded to Baa3 (sf)

Issuer: RESI Finance Limited Partnership 2003-C/RESI Finance DE Corporation 2003-C, Series 2003-C

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to Aa2 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to A2 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to A3 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Ba1 (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to Ba3 (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to B2 (sf); previously on Dec 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Caa3 (sf); previously on Dec 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to Ca (sf); previously on Dec 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C (sf); previously on Dec 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to C (sf); previously on Dec 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to C (sf); previously on Dec 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2003-CB1/RESI Finance DE Corporation 2003-CB1

Cl. B1, Downgraded to Aa1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Aa2 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to A1 (sf); previously on Apr 13, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to A2 (sf); previously on Apr 13, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Baa1 (sf); previously on Apr 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Baa2 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2003-D RESI Finance Limited Partnership 2003-D/RESI Finance DE Corporation 2003-D

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to Aa2 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to A2 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to A3 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Ba1 (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to Ba2 (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to B2 (sf); previously on Dec 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Caa3 (sf); previously on Dec 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to Ca (sf); previously on Dec 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C (sf); previously on Dec 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to C (sf); previously on Dec 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to C (sf); previously on Dec 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2004-A RESI Finance Limited Partnership 2004-A/RESI Finance DE Corporation 2004-A

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to A1 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Baa1 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Baa3 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to B1 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to B2 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Ca (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to C (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to C (sf); previously on Dec 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C (sf); previously on Dec 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to C (sf); previously on Dec 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to C (sf); previously on Dec 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2004-B RESI Finance Limited Partnership 2004-B/RESI Finance DE Corporation 2004-B

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to A2 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Ba1 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to B2 (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to Ca (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to C (sf); previously on Dec 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to C (sf); previously on Dec 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B7, Downgraded to C (sf); previously on Dec 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. B8, Downgraded to C (sf); previously on Dec 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. B9, Downgraded to C (sf); previously on Dec 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B10, Downgraded to C (sf); previously on Dec 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RESI Finance Limited Partnership 2004-C RESI Finance Limited Partnership 2004-C/RESI Finance DE Corporation 2004-C

Class A1 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A2 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A3 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A4 Notes, Confirmed at Aaa (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Class A5 Notes, Downgraded to Aa3 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B1, Downgraded to A3 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B2, Downgraded to Baa2 (sf); previously on Dec 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. B3, Downgraded to Ba3 (sf); previously on Dec 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. B4, Downgraded to B1 (sf); previously on Dec 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B5, Downgraded to Caa3 (sf); previously on Dec 14, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B6, Downgraded to Ca (sf); previously on Dec 14, 2010 A3 (sf) Placed Under Review for Possible Downgrade

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF243904

A list of updated estimated pool losses and sensitivity analysis 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_SF243269

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

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

New York
Deepika Kothari
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's takes action on $12.4 billion of Synthetic Jumbo RMBS issued by RESI between 2003 and 2004
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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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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