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Rating Action:

Moody's takes action on $1.4 billion of Subprime RMBS issued by Fieldstone

06 Aug 2010

New York, August 06, 2010 -- Moody's Investors Service has downgraded the ratings of 26 tranches, confirmed the ratings of five tranches and upgraded the rating of one tranche from seven RMBS transactions issued by Fieldstone. The collateral backing these deals primarily consists of first-lien, fixed and/or adjustable-rate subprime residential mortgages.

The actions are a result of the continued performance deterioration in Subprime pools in conjunction with home price and unemployment conditions that remain under duress. The actions reflect Moody's updated loss expectations on subprime pools issued from 2005 to 2007. For details regarding Moody's approach to estimating losses on subprime pools originated in 2005, 2006, and 2007, please refer to the methodology publication "Subprime RMBS Loss Projection Update: February 2010" available on Moodys.com.

To assess the rating implications of the updated loss levels on subprime RMBS, each individual pool was run through a variety of scenarios in the Structured Finance Workstation® (SFW), the cash flow model developed by Moody's Wall Street Analytics. This individual pool level analysis incorporates performance variances across the different pools and the structural features of the transaction including priorities of payment distribution among the different tranches, average life of the tranches, current balances of the tranches and future cash flows under expected and stressed scenarios. The scenarios include ninety-six different combinations comprising of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to small increments in losses on the underlying mortgage pool is taken into consideration when assigning ratings.

The principal methodology used in these ratings was Moody's "Subprime RMBS Loss Projection Update: February 2010", published in February 2010 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found 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 rating actions are as follows:

Issuer: Fieldstone Mortgage Investment Trust 2005-1

Cl. M3, Upgraded to Aaa (sf); previously on Mar 16, 2009 Downgraded to A1 (sf)

Cl. M4, Confirmed at A3 (sf); previously on Jan 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M5, Downgraded to B2 (sf); previously on Jan 13, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M6, Downgraded to C (sf); previously on Jan 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. M7, Downgraded to C (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Fieldstone Mortgage Investment Trust 2005-2

Cl. 1-A1, Confirmed at Aaa (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to Aa1 (sf); previously on Jan 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. 2-A3, Confirmed at Aa2 (sf); previously on Jan 13, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to Ba3 (sf); previously on Jan 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to Ca (sf); previously on Jan 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to C (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to C (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Fieldstone Mortgage Investment Trust 2006-1

Cl. A2, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. A3, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to C (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Fieldstone Mortgage Investment Trust 2006-2

Cl. 1-A, Downgraded to Caa3 (sf); previously on Jan 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A3, Confirmed at Ca (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Fieldstone Mortgage Investment Trust 2006-3

Cl. 1-A, Downgraded to B3 (sf); previously on Jan 13, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to Baa2 (sf); previously on Jan 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to Ca (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A3, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A4, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Fieldstone Mortgage Investment Trust 2007-1

Cl. 1-A1, Downgraded to Caa2 (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to Caa1 (sf); previously on Jan 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to Ca (sf); previously on Jan 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A3, Confirmed at Ca (sf); previously on Jan 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Fieldstone Mortgage Investment Trust, 2005-3

Cl. 1-A, Downgraded to B1 (sf); previously on Jan 13, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to B3 (sf); previously on Jan 13, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A3, Downgraded to Caa3 (sf); previously on Jan 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Downgraded to C (sf); previously on Jan 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to C (sf); previously on Jan 13, 2010 Caa3 (sf) 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_SF214076

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF198689

For more information please see www.moodys.com.

New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Yifu Huang
Associate 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
USA

Moody's takes action on $1.4 billion of Subprime RMBS issued by Fieldstone
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