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Rating Action:

Moody's takes action on $125.6 Million of Alt-A RMBS issued in 2003-2004

01 May 2015

New York, May 01, 2015 -- Moody's Investors Service has upgraded the ratings of five tranches and downgraded the ratings of six tranches from five transactions, backed by Alt-A RMBS loans, issued by Impac and MASTR.

Complete rating actions are as follows:

Issuer: Impac CMB Trust Series 2004-7 Collateralized Asset-Backed Bonds, Series 2004-7

Cl. 2-A, Upgraded to Baa3 (sf); previously on Sep 19, 2013 Upgraded to Ba1 (sf)

Underlying Rating: Upgraded to Baa3 (sf); previously on Sep 19, 2013 Upgraded to Ba1 (sf)

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

Issuer: Impac CMB Trust Series 2004-8 Collateralized Asset-Backed Bonds, Series 2004-8

Cl. 1-A, Upgraded to B3 (sf); previously on Jul 12, 2012 Confirmed at Caa2 (sf)

Underlying Rating: Upgraded to B3 (sf); previously on Jul 12, 2012 Confirmed at Caa2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Cl. 2-A-1, Upgraded to B3 (sf); previously on Mar 30, 2011 Downgraded to Caa2 (sf)

Underlying Rating: Upgraded to B3 (sf); previously on Mar 30, 2011 Downgraded to Caa2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Cl. 2-A-2, Upgraded to Ca (sf); previously on Jul 12, 2012 Confirmed at C (sf)

Underlying Rating: Upgraded to Ca (sf); previously on Jul 12, 2012 Confirmed at C (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: MASTR Adjustable Rate Mortgages Trust 2003-3

Cl. 2-A-1, Downgraded to Baa2 (sf); previously on May 2, 2012 Downgraded to Baa1 (sf)

Cl. 2-A-X, Downgraded to Baa2 (sf); previously on May 2, 2012 Downgraded to Baa1 (sf)

Cl. 3-A-4, Downgraded to Baa3 (sf); previously on May 2, 2012 Downgraded to Baa2 (sf)

Cl. 3-A-X, Downgraded to Baa3 (sf); previously on May 2, 2012 Downgraded to Baa2 (sf)

Cl. 4-A-1, Downgraded to Baa2 (sf); previously on May 2, 2012 Downgraded to Baa1 (sf)

Issuer: MASTR Adjustable Rate Mortgages Trust 2004-11

Cl. B-1, Upgraded to Caa3 (sf); previously on Oct 3, 2013 Upgraded to Ca (sf)

Issuer: MASTR Adjustable Rate Mortgages Trust 2004-9

Cl. M-1, Downgraded to Baa3 (sf); previously on Feb 15, 2013 Downgraded to A3 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the underlying pool and reflect Moody's updated loss expectation on the pool. The ratings upgraded are due to the increase in credit enhancement available to these bonds. The ratings downgraded are due to weaker collateral performance. The rating downgrade of Class M-1 from MASTR Adjustable Rate Mortgages Trust 2004-9 is due to the outstanding interest shortfall on this bond and structural limitations in the transaction that prevent recoupment of the missed interest payments even if funds are available in subsequent periods.

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 5.5% in March 2015 from 6.6% in March 2014. Moody's forecasts an unemployment central range of 5% to 6% for the 2015 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 2015. 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_SF405906

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

Excel: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_SF237256

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 did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months for Impac CMB Trust Series 2004-7 Collateralized Asset-Backed Bonds, Series 2004-7 and Impac CMB Trust Series 2004-8 Collateralized Asset-Backed Bonds, Series 2004-8.

Moody's received and took into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments in this transaction for MASTR Adjustable Rate Mortgages Trust 2003-3, MASTR Adjustable Rate Mortgages Trust 2004-11, and MASTR Adjustable Rate Mortgages Trust 2004-9 and the assessments 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.

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.

Soumya Vasudevan
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

Deepika Kothari
VP - Sr Credit Officer/Manager
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 $125.6 Million of Alt-A RMBS issued in 2003-2004
No Related Data.
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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.

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

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