New York, April 10, 2013 -- Moody's Investors Service has downgraded the ratings of 43 tranches,
upgraded the ratings of eight tranches and affirmed the ratings of 108
tranches from ten RMBS transactions backed by Alt-A loans,
issued by multiple issuers.
Complete rating actions are as follows:
Issuer: Banc of America Funding 2007-3 Trust
Cl. T-A-1A, Downgraded to Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa1 (sf)
Cl. T-A-1B, Downgraded to Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa2 (sf)
Cl. T-A-2, Affirmed Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa3 (sf)
Cl. T-A-3A, Affirmed Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa3 (sf)
Cl. T-A-3B, Affirmed Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa3 (sf)
Cl. T-A-4, Affirmed Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa3 (sf)
Cl. T-A-5, Downgraded to Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa2 (sf)
Cl. T-A-6, Downgraded to Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa2 (sf)
Cl. T-A-7, Affirmed C (sf); previously
on Apr 30, 2010 Downgraded to C (sf)
Cl. T-A-8, Downgraded to Caa3 (sf); previously
on Apr 30, 2010 Downgraded to Caa2 (sf)
Issuer: Banc of America Funding 2007-4 Trust
Cl. 4-A-1, Affirmed Caa2 (sf); previously
on Aug 8, 2012 Downgraded to Caa2 (sf)
Cl. 4-A-2, Affirmed Caa2 (sf); previously
on Aug 8, 2012 Downgraded to Caa2 (sf)
Cl. 5-A-1, Affirmed Caa1 (sf); previously
on Nov 5, 2010 Downgraded to Caa1 (sf)
Cl. 5-A-2, Affirmed B3 (sf); previously
on Nov 5, 2010 Downgraded to B3 (sf)
Cl. 5-A-3, Affirmed Caa1 (sf); previously
on Nov 5, 2010 Downgraded to Caa1 (sf)
Cl. 6-A-1, Downgraded to Ba1 (sf); previously
on Nov 5, 2010 Upgraded to Baa1 (sf)
Cl. 7-A-1, Affirmed B2 (sf); previously
on Nov 5, 2010 Downgraded to B2 (sf)
Cl. 8-A-1, Affirmed B3 (sf); previously
on Nov 5, 2010 Confirmed at B3 (sf)
Cl. S-IO, Affirmed B3 (sf); previously on Aug
8, 2012 Upgraded to B3 (sf)
Cl. S-PO, Affirmed Caa1 (sf); previously on Nov
5, 2010 Downgraded to Caa1 (sf)
Issuer: Citigroup Mortgage Loan Trust, Series 2005-2
Cl. II-A1-1, Affirmed Ba1 (sf); previously
on Aug 27, 2012 Downgraded to Ba1 (sf)
Cl. II-A1-2, Affirmed Ba2 (sf); previously
on Aug 27, 2012 Downgraded to Ba2 (sf)
Cl. II-A2, Downgraded to Ba1 (sf); previously
on Aug 27, 2012 Downgraded to Baa3 (sf)
Cl. II-XS1, Affirmed Ba3 (sf); previously on
Feb 22, 2012 Downgraded to Ba3 (sf)
Cl. II-XS2, Affirmed Ba3 (sf); previously on
Feb 22, 2012 Downgraded to Ba3 (sf)
Cl. II-PO1, Affirmed Ba2 (sf); previously on
Aug 27, 2012 Downgraded to Ba2 (sf)
Cl. II-PO2, Affirmed Ba1 (sf); previously on
Aug 27, 2012 Downgraded to Ba1 (sf)
Cl. II-B1, Downgraded to Ca (sf); previously
on Aug 27, 2012 Downgraded to Caa3 (sf)
Cl. II-B2, Affirmed C (sf); previously on Aug
27, 2012 Downgraded to C (sf)
Cl. II-B3, Affirmed C (sf); previously on Nov
19, 2010 Downgraded to C (sf)
Issuer: CSFB Mortgage-Backed Pass-Through Certificates,
Series 2005-4
Cl. I-A-1, Affirmed B2 (sf); previously
on Jul 13, 2010 Downgraded to B2 (sf)
Cl. I-X, Downgraded to B2 (sf); previously on
Feb 22, 2012 Upgraded to B1 (sf)
Cl. II-A-1, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-2, Affirmed B1 (sf); previously
on Jul 13, 2010 Downgraded to B1 (sf)
Cl. II-A-3, Affirmed Caa2 (sf); previously
on Jul 13, 2010 Downgraded to Caa2 (sf)
Cl. II-A-4, Affirmed Caa2 (sf); previously
on Jul 13, 2010 Downgraded to Caa2 (sf)
Cl. II-A-5, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-6, Affirmed Caa1 (sf); previously
on Feb 22, 2012 Downgraded to Caa1 (sf)
Cl. II-A-7, Affirmed B1 (sf); previously
on Jul 13, 2010 Downgraded to B1 (sf)
Cl. II-A-8, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-9, Affirmed Ca (sf); previously
on Jul 13, 2010 Downgraded to Ca (sf)
Cl. II-X, Upgraded to B3 (sf); previously on
Feb 22, 2012 Downgraded to Caa2 (sf)
Cl. III-A-3, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. III-A-4, Downgraded to Caa1 (sf);
previously on Jul 13, 2010 Downgraded to B3 (sf)
Cl. III-A-5, Downgraded to Caa1 (sf);
previously on Jul 13, 2010 Downgraded to B3 (sf)
Cl. III-A-6, Downgraded to Caa1 (sf);
previously on Jul 13, 2010 Downgraded to B3 (sf)
Cl. III-A-15, Affirmed B3 (sf); previously
on Jul 13, 2010 Downgraded to B3 (sf)
Cl. III-A-16, Upgraded to Ba1 (sf); previously
on Jan 25, 2012 Confirmed at B1 (sf)
Cl. III-A-17, Affirmed B2 (sf); previously
on Jul 13, 2010 Downgraded to B2 (sf)
Cl. III-A-18, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. III-A-19, Affirmed C (sf); previously
on Jul 13, 2010 Downgraded to C (sf)
Cl. III-A-20, Affirmed B2 (sf); previously
on Jul 13, 2010 Downgraded to B2 (sf)
Cl. III-A-21, Affirmed B3 (sf); previously
on Jul 13, 2010 Downgraded to B3 (sf)
Cl. III-A-22, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. III-A-23, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. III-A-24, Affirmed B3 (sf); previously
on Jul 13, 2010 Downgraded to B3 (sf)
Cl. III-A-25, Affirmed B2 (sf); previously
on Jul 13, 2010 Downgraded to B2 (sf)
Cl. III-X, Upgraded to B1 (sf); previously on
Feb 22, 2012 Downgraded to Caa2 (sf)
Cl. A-P, Affirmed Caa1 (sf); previously on Jul
13, 2010 Downgraded to Caa1 (sf)
Cl. C-B-3, Affirmed C (sf); previously
on Jul 13, 2010 Downgraded to C (sf)
Issuer: CSFB Mortgage-Backed Pass-Through Certificates,
Series 2005-5
Cl. I-A-1, Affirmed Caa1 (sf); previously
on Feb 16, 2012 Downgraded to Caa1 (sf)
Cl. C-X, Affirmed B2 (sf); previously on Feb
16, 2012 Downgraded to B2 (sf)
Cl. II-A-1, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-2, Downgraded to Caa1 (sf); previously
on Jul 13, 2010 Downgraded to B3 (sf)
Cl. II-A-3, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-4, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-5, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-6, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-7, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-9, Downgraded to Caa1 (sf); previously
on Jul 13, 2010 Downgraded to B3 (sf)
Cl. II-A-10, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-11, Upgraded to Ba1 (sf); previously
on Jul 13, 2010 Downgraded to B1 (sf)
Cl. II-A-12, Affirmed B1 (sf); previously
on Jul 13, 2010 Downgraded to B1 (sf)
Cl. II-A-13, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-14, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-A-15, Affirmed C (sf); previously
on Jul 13, 2010 Downgraded to C (sf)
Cl. II-A-16, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. II-X, Downgraded to B3 (sf); previously on
Feb 16, 2012 Downgraded to B1 (sf)
Cl. VI-A-3, Downgraded to Caa1 (sf); previously
on Jul 13, 2010 Downgraded to B2 (sf)
Cl. VI-A-4, Downgraded to Caa1 (sf); previously
on Jul 13, 2010 Downgraded to B2 (sf)
Cl. VII-A-1, Affirmed Caa1 (sf); previously
on Jul 13, 2010 Downgraded to Caa1 (sf)
Cl. C-B-1, Affirmed C (sf); previously
on Jul 13, 2010 Downgraded to C (sf)
Cl. C-B-2, Affirmed C (sf); previously
on Jul 13, 2010 Downgraded to C (sf)
Cl. C-P, Downgraded to Caa1 (sf); previously
on Jul 13, 2010 Downgraded to B3 (sf)
Cl. D-P, Affirmed B3 (sf); previously on Jul
13, 2010 Downgraded to B3 (sf)
Cl. D-X, Affirmed B1 (sf); previously on Jul
13, 2010 Downgraded to B1 (sf)
Issuer: CSMC Mortgage-Backed Trust Series 2007-2
Cl. 1-A-4, Affirmed Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa2 (sf)
Cl. 1-A-5, Affirmed Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa2 (sf)
Cl. 1-A-6, Affirmed Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa2 (sf)
Cl. 1-A-7, Affirmed C (sf); previously
on Oct 12, 2010 Downgraded to C (sf)
Cl. 1-A-9, Downgraded to Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa1 (sf)
Cl. 1-A-10, Downgraded to Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa1 (sf)
Cl. 1-A-12, Affirmed Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa2 (sf)
Cl. 1-A-13, Downgraded to Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa1 (sf)
Cl. 1-A-14, Downgraded to Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa1 (sf)
Cl. 1-A-15, Downgraded to Caa2 (sf); previously
on Oct 12, 2010 Confirmed at Caa1 (sf)
Cl. 1-A-16, Affirmed Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa2 (sf)
Cl. 1-A-17, Affirmed Caa2 (sf); previously
on Oct 12, 2010 Downgraded to Caa2 (sf)
Cl. A-X, Affirmed B2 (sf); previously on Oct
12, 2010 Downgraded to B2 (sf)
Issuer: Lehman Mortgage Trust 2005-1
Cl. 1-A1, Downgraded to Caa1 (sf); previously
on Feb 7, 2011 Downgraded to B1 (sf)
Cl. 1-A2, Downgraded to Caa1 (sf); previously
on Feb 7, 2011 Downgraded to B1 (sf)
Cl. 1-A3, Affirmed Ca (sf); previously on Feb
7, 2011 Downgraded to Ca (sf)
Cl. 2-A1, Downgraded to Caa2 (sf); previously
on Feb 7, 2011 Downgraded to Caa1 (sf)
Cl. 2-A2, Downgraded to Caa2 (sf); previously
on Feb 7, 2011 Downgraded to Caa1 (sf)
Cl. 2-A3, Downgraded to Caa2 (sf); previously
on Feb 7, 2011 Downgraded to Caa1 (sf)
Cl. 2-A4, Downgraded to Caa2 (sf); previously
on Feb 7, 2011 Downgraded to Caa1 (sf)
Cl. 2-A5, Affirmed C (sf); previously on Feb
7, 2011 Downgraded to C (sf)
Cl. 3-A1, Downgraded to Caa3 (sf); previously
on Feb 7, 2011 Downgraded to Caa2 (sf)
Cl. 4-A1, Affirmed B3 (sf); previously on Feb
7, 2011 Downgraded to B3 (sf)
Cl. 4-A2, Affirmed Caa1 (sf); previously on Feb
7, 2011 Downgraded to Caa1 (sf)
Cl. 4-A3, Affirmed Caa1 (sf); previously on Feb
7, 2011 Downgraded to Caa1 (sf)
Cl. 4-A4, Affirmed Caa1 (sf); previously on Feb
7, 2011 Downgraded to Caa1 (sf)
Cl. 4-A5, Affirmed Caa1 (sf); previously on Feb
7, 2011 Downgraded to Caa1 (sf)
Cl. 4-A6, Affirmed Caa1 (sf); previously on Feb
7, 2011 Downgraded to Caa1 (sf)
Cl. 4-A7, Affirmed Caa1 (sf); previously on Feb
7, 2011 Downgraded to Caa1 (sf)
Cl. 4-A8, Affirmed Caa1 (sf); previously on Feb
7, 2011 Downgraded to Caa1 (sf)
Cl. 4-A9, Affirmed Caa1 (sf); previously on Feb
7, 2011 Downgraded to Caa1 (sf)
Cl. 4-A10, Affirmed C (sf); previously on Feb
7, 2011 Downgraded to C (sf)
Cl. 5-A1, Downgraded to Caa3 (sf); previously
on Feb 7, 2011 Downgraded to Caa2 (sf)
Cl. 5-A2, Affirmed C (sf); previously on Feb
7, 2011 Downgraded to C (sf)
Cl. 6-A1, Affirmed B3 (sf); previously on Feb
7, 2011 Downgraded to B3 (sf)
Cl. 7-A1, Downgraded to Caa2 (sf); previously
on Feb 7, 2011 Downgraded to B3 (sf)
Cl. AX, Downgraded to Caa1 (sf); previously on Feb 22,
2012 Downgraded to B2 (sf)
Cl. PAX, Downgraded to B3 (sf); previously on Feb 22,
2012 Downgraded to B2 (sf)
Cl. B1, Affirmed C (sf); previously on Feb 7,
2011 Downgraded to C (sf)
Issuer: MASTR Seasoned Securitization Trust 2005-2
Cl. 1-A-1, Downgraded to Caa1 (sf); previously
on Apr 15, 2010 Downgraded to B2 (sf)
Cl. 1-A-2, Downgraded to Caa1 (sf); previously
on Apr 15, 2010 Downgraded to B2 (sf)
Cl. 1-A-4, Downgraded to Caa2 (sf); previously
on Apr 15, 2010 Downgraded to B2 (sf)
Cl. 30-PO, Downgraded to Caa1 (sf); previously
on Apr 15, 2010 Downgraded to B2 (sf)
Cl. 30-A-X, Downgraded to Caa2 (sf); previously
on Feb 22, 2012 Upgraded to B1 (sf)
Cl. 4-A-1, Downgraded to Caa1 (sf); previously
on Apr 15, 2010 Downgraded to B2 (sf)
Cl. 2-A-1, Affirmed Caa2 (sf); previously
on Apr 15, 2010 Downgraded to Caa2 (sf)
Cl. 3-A-1, Affirmed B1 (sf); previously
on Apr 15, 2010 Downgraded to B1 (sf)
Cl. 2-A-2, Affirmed Caa2 (sf); previously
on Apr 15, 2010 Downgraded to Caa2 (sf)
Cl. 3-A-2, Affirmed Caa3 (sf); previously
on Apr 15, 2010 Downgraded to Caa3 (sf)
Cl. 15-A-X, Affirmed B1 (sf); previously
on Apr 15, 2010 Downgraded to B1 (sf)
Cl. 15-PO, Affirmed B1 (sf); previously on Apr
15, 2010 Downgraded to B1 (sf)
Cl. 5-A-1, Affirmed B2 (sf); previously
on Apr 15, 2010 Downgraded to B2 (sf)
Issuer: Morgan Stanley Mortgage Loan Trust 2006-7
Cl. 1-A, Affirmed Caa2 (sf); previously on Aug
12, 2010 Downgraded to Caa2 (sf)
Cl. 1-A-P, Affirmed Caa2 (sf); previously
on Aug 12, 2010 Downgraded to Caa2 (sf)
Cl. 2-A, Downgraded to Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa2 (sf)
Cl. 2-A-X, Affirmed Caa3 (sf); previously
on Feb 22, 2012 Downgraded to Caa3 (sf)
Cl. 3-A, Affirmed Caa3 (sf); previously on Aug
12, 2010 Downgraded to Caa3 (sf)
Cl. 4-A-1, Affirmed Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa3 (sf)
Cl. 4-A-2, Affirmed Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa3 (sf)
Cl. 4-A-3, Affirmed Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa3 (sf)
Cl. 4-A-4, Downgraded to Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa2 (sf)
Cl. 4-A-5, Affirmed Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa3 (sf)
Cl. 4-A-6, Affirmed Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa3 (sf)
Cl. 4-A-7, Affirmed Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa3 (sf)
Cl. 4-A-P, Affirmed Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa3 (sf)
Cl. 4-A-X, Downgraded to Caa3 (sf); previously
on Aug 12, 2010 Downgraded to Caa2 (sf)
Issuer: Structured Adjustable Rate Mortgage Loan Trust 2005-4
Cl. 6-A1, Upgraded to B1 (sf); previously on
Aug 27, 2012 Upgraded to B3 (sf)
Cl. 6-A2, Upgraded to Ba3 (sf); previously on
Aug 27, 2012 Upgraded to B2 (sf)
Cl. 6-AX1, Upgraded to B1 (sf); previously on
Aug 27, 2012 Upgraded to B3 (sf)
Cl. 6-AX2, Upgraded to B1 (sf); previously on
Aug 27, 2012 Upgraded to B3 (sf)
Cl. B1-II, Affirmed C (sf); previously on May
17, 2010 Downgraded to C (sf)
Cl. B2-II, Affirmed C (sf); previously on Jul
29, 2009 Downgraded to C (sf)
Cl. BX-II, Affirmed C (sf); previously on Feb
20, 2009 Downgraded to C (sf)
RATINGS RATIONALE
The rating action reflects recent performance of the underlying pools
and Moody's updated expected losses on the pools. The downgrades
are a result of deteriorating performance and/or structural features resulting
in higher expected losses for certain bonds than previously anticipated.
The upgrades are due to significant improvement in collateral performance,
and/ or rapid build-up in credit enhancement due to high prepayments.
The actions taken on the three IO bonds, I-X, II-X,
and III-X, in CSFB 2005-4 reflect correction of an
error in linkage of the bonds to related pools. In the February
2012 rating action, the IO bonds were erroneously analyzed as though
they were linked to unrelated pools. The error has now been corrected
so that I-X, II-X, and III-X are linked
to Group 1, Group 2, and Group 3, respectively,
and today's rating actions reflect that change.
The methodologies used in these ratings were "Moody's Approach to Rating
US Residential Mortgage-Backed Securities" published in December
2008, and "2005 -- 2008 US RMBS Surveillance Methodology"
published in July 2011. The methodology used in rating Interest-Only
Securities is "Moody's Approach to Rating Structured Finance
Interest-Only Securities" published in February 2012.
Please see the Credit Policy page on www.moodys.com for
a copy of these methodologies.
Moody's adjusts the methodologies noted above for 1) Moody's
current view on loan modifications and 2) small pool volatility.
Loan Modifications
As a result of an extension of the Home Affordable Modification Program
(HAMP) and an increased use of private modifications, Moody's is
extending its previous view that loan modifications will only occur through
the end of 2012. It is now assuming that the loan modifications
will continue at current levels until 2014.
Small Pool Volatility
For pools with loans less than 100, Moody's adjusts its projections
of loss to account for the higher loss volatility of such pools.
For small pools, a few loans becoming delinquent would greatly increase
the pools' delinquency rate.
To project losses on Alt-A pools with fewer than 100 loans,
Moody's first calculates an annualized delinquency rate based on vintage,
number of loans remaining in the pool and the level of current delinquencies
in the pool. For Alt-A pools, Moody's first applies
a baseline delinquency rate of 10% for 2005, 19% for
2006 and 21% for 2007. Once the loan count in a pool falls
below 76, this rate of delinquency is increased by 1% for
every loan fewer than 76. For example, for a 2005 pool with
75 loans, the adjusted rate of new delinquency is 10.1%.
Further, to account for the actual rate of delinquencies in a small
pool, Moody's multiplies the rate calculated above by a factor ranging
from 0.20 to 2.0 for current delinquencies that range from
less than 2.5% to greater than 50% respectively.
Moody's then uses this final adjusted rate of new delinquency to project
delinquencies and losses for the remaining life of the pool under the
approach described in the methodology publication.
The primary source of assumption uncertainty is the uncertainty in our
central macroeconomic forecast and performance volatility due to servicer-related
issues. The unemployment rate fell from 9.0% in September
2011 to 7.6% in March 2013. Moody's forecasts
a further drop to 7.5% by 2014. Moody's expects
house prices to drop another 1% from their 4Q2011 levels before
gradually rising towards the end of 2013. 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_SF322866
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://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198174
For more information please see www.moodys.com.
REGULATORY DISCLOSURES
Moody's received and took into account one or more third party assessments
on the due diligence performed regarding the underlying assets or financial
instruments in these transactions and the assessments had a neutral impact
on the rating.
In conducting surveillance of these credits, Moody's considered
performance data contained in servicer and remittance reports.
Moody's obtains servicer reports on these transactions on a periodic basis,
at least annually.
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.
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.
Jiwon Park
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
Vice President - Senior Analyst/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 $1.29 billion of Miscellaneous Alt-A RMBS issued between 2005 and 2007
