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Rating Action:

Moody's takes action on $1.28 Billion of Prime Jumbo RMBS issued in 2003-2007

01 Jul 2016

New York, July 01, 2016 -- Moody's Investors Service has upgraded the ratings of twenty-nine tranches, downgraded the ratings of two tranches, and confirmed the ratings of ninety-one tranches, backed by Prime Jumbo RMBS loans, issued by miscellaneous issuers.

Complete rating actions are as follows:

Issuer: Chase Mortgage Finance Trust Series 2007-A1

Cl. 6-A1, Confirmed at B2 (sf); previously on Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain

Cl. 7-A1, Confirmed at B2 (sf); previously on Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain

Issuer: Chase Mortgage Finance Trust, Series 2005-S2

Cl. A-1, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. A-16, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. A-17, Confirmed at B2 (sf); previously on Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain

Cl. A-18, Confirmed at Ca (sf); previously on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain

Cl. A-27, Upgraded to Baa3 (sf); previously on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain

Cl. A-29, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Issuer: Citicorp Mortgage Securities Trust 2006-4

Cl. IIA-1, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. IIIA-1, Confirmed at Baa3 (sf); previously on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain

Issuer: Citicorp Mortgage Securities Trust, Series 2006-6

Cl. A-4, Confirmed at B1 (sf); previously on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain

Cl. A-11, Confirmed at Caa3 (sf); previously on Jun 17, 2016 Caa3 (sf) Placed Under Review Direction Uncertain

Cl. A-PO, Confirmed at B2 (sf); previously on Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain

Issuer: Citicorp Mortgage Securities, Inc. 2005-8

Cl. IA-5, Confirmed at Ca (sf); previously on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain

Issuer: Citicorp Mortgage Securities, Inc. 2006-1

Cl. IA-3, Confirmed at B1 (sf); previously on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain

Cl. IA-4, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-5, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-9, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-10, Confirmed at C (sf); previously on Jun 17, 2016 C (sf) Placed Under Review Direction Uncertain

Cl. IA-11, Confirmed at C (sf); previously on Jun 17, 2016 C (sf) Placed Under Review Direction Uncertain

Cl. IA-12, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-13, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IIIA-1, Confirmed at Ba3 (sf); previously on Jun 17, 2016 Ba3 (sf) Placed Under Review Direction Uncertain

Cl. IIIA-2, Upgraded to B3 (sf); previously on Jun 17, 2016 Caa3 (sf) Placed Under Review Direction Uncertain

Cl. A-PO1, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. A-PO2, Confirmed at B1 (sf); previously on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain

Cl. VA-1, Upgraded to B2 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Issuer: Citicorp Mortgage Securities, Inc. 2006-3

Cl. IA-2, Upgraded to Baa3 (sf); previously on Aug 27, 2013 Upgraded to Ba3 (sf)

Cl. IA-4, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-9, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-10, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-14, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-15, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-16, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-18, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IA-19, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. A-PO, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IIA-1, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. IIA-PO, Confirmed at Caa2 (sf); previously on Jun 17, 2016 Caa2 (sf) Placed Under Review Direction Uncertain

Cl. IIIA-1, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. IIIA-2, Confirmed at Ca (sf); previously on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23

Cl. I-A-4, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-6, Downgraded to Baa3 (sf); previously on Feb 15, 2013 Affirmed Baa2 (sf)

Cl. I-A-7, Confirmed at Baa2 (sf); previously on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain

Cl. I-A-15, Confirmed at Baa2 (sf); previously on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain

Cl. I-A-18, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. I-A-21, Confirmed at Ba1 (sf); previously on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain

Cl. A-P, Downgraded to Ba1 (sf); previously on Feb 15, 2013 Affirmed Baa2 (sf)

Cl. I-P, Confirmed at Ba1 (sf); previously on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain

Issuer: CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27

Cl. IV-A-4, Confirmed at Baa2 (sf); previously on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain

Cl. IV-A-7, Confirmed at Baa3 (sf); previously on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain

Cl. IV-A-8, Confirmed at Baa3 (sf); previously on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain

Cl. IV-A-16, Confirmed at Ba1 (sf); previously on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain

Cl. IV-A-17, Confirmed at Baa3 (sf); previously on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain

Cl. IV-P, Confirmed at Baa3 (sf); previously on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain

Cl. VII-A-1, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. VIII-A-1, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. IX-A-1, Confirmed at Baa2 (sf); previously on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain

Cl. A-P, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. D-P, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Issuer: GMACM Mortgage Loan Trust 2005-AR1

Cl. 1-A-1, Confirmed at Caa2 (sf); previously on Jun 17, 2016 Caa2 (sf) Placed Under Review Direction Uncertain

Cl. 1-A-2, Confirmed at Caa2 (sf); previously on Jun 17, 2016 Caa2 (sf) Placed Under Review Direction Uncertain

Cl. 2-A, Confirmed at Caa2 (sf); previously on Jun 17, 2016 Caa2 (sf) Placed Under Review Direction Uncertain

Cl. 4-A, Confirmed at B2 (sf); previously on Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain

Cl. 5-A, Confirmed at B2 (sf); previously on Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain

Issuer: MASTR Asset Securitization Trust 2005-2

Cl. 1-A-3, Confirmed at A3 (sf); previously on Jun 17, 2016 A3 (sf) Placed Under Review Direction Uncertain

Cl. 1-A-4, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Issuer: Merrill Lynch Mortgage Investors Trust 2005-A10

Cl. A, Confirmed at B1 (sf); previously on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain

Cl. A-IO, Confirmed at B1 (sf); previously on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain

Issuer: Merrill Lynch Mortgage Investors Trust MLMI Series 2005-A4

Cl. III-A, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Issuer: WaMu Mortgage Pass-Through Certificates Series 2003-AR9 Trust

Cl. II-B-2, Confirmed at Caa3 (sf); previously on Jun 17, 2016 Caa3 (sf) Placed Under Review Direction Uncertain

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2004-S3

Cl. 1-A-4, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. 1-A-5, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. 1-A-6, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. 2-A-6, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. 2-A-7, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. 2-A-8, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. 3-A-2, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. 3-A-3, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Cl. P, Confirmed at Baa1 (sf); previously on Jun 17, 2016 Baa1 (sf) Placed Under Review Direction Uncertain

Issuer: Wells Fargo Mortgage Backed Securities 2005-14 Trust

Cl. I-A-1, Upgraded to Ba2 (sf); previously on Apr 2, 2013 Affirmed Ba3 (sf)

Cl. I-A-2, Upgraded to Caa2 (sf); previously on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain

Cl. I-A-5, Upgraded to Ba2 (sf); previously on Sep 10, 2015 Upgraded to Ba3 (sf)

Cl. I-A-PO, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. II-A-1, Confirmed at B1 (sf); previously on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-2, Confirmed at Ca (sf); previously on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain

Cl. II-A-PO, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Issuer: Wells Fargo Mortgage Backed Securities 2005-18 Trust

Cl. II-A-1, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. II-A-2, Confirmed at Ca (sf); previously on Jun 17, 2016 Ca (sf) Placed Under Review Direction Uncertain

Cl. II-A-5, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-7, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-8, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-10, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-11, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-PO, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR1 Trust

Cl. II-A-1, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR13 Trust

Cl. A-3, Upgraded to Ba2 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. I-A-1, Upgraded to Ba2 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. I-A-2, Upgraded to Ba2 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. I-A-5, Upgraded to Baa2 (sf); previously on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain

Cl. I-A-6, Upgraded to Ba3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. I-A-7, Upgraded to Ba3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. II-A-1, Upgraded to Baa2 (sf); previously on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-2, Upgraded to Baa2 (sf); previously on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain

Cl. III-A-1, Upgraded to Ba3 (sf); previously on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain

Cl. IV-A-1, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR2 Trust

Cl. I-A-1, Confirmed at B3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. II-A-1, Upgraded to B1 (sf); previously on May 14, 2010 Downgraded to B3 (sf)

Cl. II-A-2, Upgraded to B1 (sf); previously on Jun 17, 2016 B2 (sf) Placed Under Review Direction Uncertain

Cl. II-A-4, Upgraded to B1 (sf); previously on May 14, 2010 Downgraded to B2 (sf)

Cl. III-A-1, Upgraded to Baa3 (sf); previously on Aug 17, 2012 Downgraded to Ba3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR4 Trust

Cl. I-A-1, Upgraded to Ba3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. I-A-3, Upgraded to Ba3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

Cl. II-A-1, Upgraded to Baa2 (sf); previously on Jun 17, 2016 Baa3 (sf) Placed Under Review Direction Uncertain

Cl. II-A-2, Upgraded to Baa1 (sf); previously on Jun 17, 2016 Baa2 (sf) Placed Under Review Direction Uncertain

Issuer: CSMC Resecuritization Trust 2006-1R

Cl. 1-A-1, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. 1-A-2, Confirmed at Caa1 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2005-WF1

Cl. I-A-3, Upgraded to Ba3 (sf); previously on Jun 17, 2016 Caa1 (sf) Placed Under Review Direction Uncertain

Cl. I-A-4, Upgraded to Baa2 (sf); previously on Jun 17, 2016 Ba1 (sf) Placed Under Review Direction Uncertain

Cl. I-A-5, Upgraded to B2 (sf); previously on Jul 13, 2009 Downgraded to C (sf)

Cl. I-A-X, Upgraded to Baa3 (sf); previously on Jun 17, 2016 B1 (sf) Placed Under Review Direction Uncertain

Cl. II-A-1, Upgraded to Ba3 (sf); previously on Jun 17, 2016 B3 (sf) Placed Under Review Direction Uncertain

RATINGS RATIONALE

Today's actions conclude the review actions for 113 bonds announced on June 17th, 2016 relating to the existence of an error in the prepayment shift percentage input to the cash-flow waterfalls used by Moody's to review these transactions since their prior rating actions. The cash-flow waterfalls did not capture the correct prepayment shift percentages and were allocating an incorrect portion of principal prepayments to subordinate bonds. The errors have now been corrected, and today's rating actions on these 113 bonds reflect the appropriate allocation of principal prepayments, as well as the recent performance of the underlying pools and Moody's updated loss expectations on those pools.

While classes II-A-6 and A-P of CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-23 were impacted by the factors noted above, the rating downgrades on these two bonds are mainly due to other corrections to the cash-flow model used in rating this transaction. The downgrade of class II-A-6 is mainly due to a correction to the interest payment cross-collateralization, which is now calculated after the payment of interest but before the payment of principal to related senior bonds, instead of after interest and principal payments to each group as had been previously calculated. The correction resulted in less principal paid to class II-A-6. The downgrade of class A-P is mainly due to a correction in the allocation of realized losses to the bond. In previous analysis under-collateralization loss was incorrectly allocated to class A-P, resulting in unduly high reimbursements to that class.

The rating actions on the remaining bonds are driven by the performance of their underlying pools. The ratings upgraded are a result of improving performance of the related pools and/or an increase in credit enhancement available to the bonds.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013. The principal methodology used in rating CSMC Resecuritization Trust 2006-1R and Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2005-WF1 was "Moody's Approach to Rating Resecuritizations" published in February 2014. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

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

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 4.7% in May 2016 from 5.5% in May 2015. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2016 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 2016. 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_SF435152

A list of updated estimated pool losses and bond recoveries 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

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.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Michael Gallagher
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

Youriy Koudinov
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 $1.28 Billion of Prime Jumbo RMBS issued in 2003-2007
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