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Rating Action:

Moody's takes action on $1.5 Billion of Subprime RMBS issued by various trusts

16 May 2014

New York, May 16, 2014 -- Moody's Investors Service has upgraded the ratings of 42 tranches from 19 transactions and downgraded the rating of one tranche from one transaction backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP1

Cl. A-2D, Upgraded to Ba3 (sf); previously on Oct 29, 2013 Upgraded to B2 (sf)

Cl. M-1, Upgraded to Ca (sf); previously on Feb 26, 2013 Affirmed C (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2006-RFC1

Cl. A-3, Upgraded to B2 (sf); previously on Apr 29, 2010 Downgraded to Caa1 (sf)

Cl. A-4, Upgraded to B3 (sf); previously on Jul 22, 2013 Upgraded to Caa2 (sf)

Issuer: Citicorp Residential Mortgage Trust Series 2006-3

Cl. A-5, Upgraded to B3 (sf); previously on Aug 20, 2012 Confirmed at Caa1 (sf)

Issuer: Citigroup Mortgage Loan Trust 2006-WFHE1

Cl. M-2, Upgraded to Ba2 (sf); previously on Aug 26, 2013 Upgraded to B2 (sf)

Cl. M-3, Upgraded to B3 (sf); previously on Aug 26, 2013 Upgraded to Caa3 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: Citigroup Mortgage Loan Trust 2007-WFHE1

Cl. A-3, Upgraded to Ba3 (sf); previously on Jul 22, 2013 Upgraded to B1 (sf)

Cl. A-4, Upgraded to B1 (sf); previously on Jul 22, 2013 Upgraded to B3 (sf)

Issuer: Citigroup Mortgage Loan Trust 2007-WFHE3

Cl. A-2, Upgraded to Caa1 (sf); previously on Apr 6, 2010 Downgraded to Caa3 (sf)

Cl. A-3, Upgraded to Caa2 (sf); previously on Apr 6, 2010 Downgraded to Ca (sf)

Issuer: CSFB Home Equity Asset Trust 2006-3

Cl. 2-A-4, Upgraded to Ba1 (sf); previously on Jul 17, 2013 Upgraded to Ba3 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on May 5, 2010 Downgraded to C (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2005-2

Cl. M-4, Upgraded to Baa2 (sf); previously on Jul 22, 2013 Upgraded to Ba1 (sf)

Cl. M-5, Upgraded to B1 (sf); previously on Jul 22, 2013 Upgraded to Caa1 (sf)

Cl. M-6, Upgraded to Ca (sf); previously on May 5, 2010 Downgraded to C (sf)

Issuer: Equifirst Mortgage Loan Trust 2005-1

Cl. M-4, Upgraded to B2 (sf); previously on Feb 26, 2013 Affirmed Caa1 (sf)

Cl. M-5, Upgraded to B3 (sf); previously on Dec 19, 2013 Upgraded to Caa2 (sf)

Cl. M-6, Upgraded to Caa2 (sf); previously on Feb 26, 2013 Affirmed Ca (sf)

Issuer: Fremont Home Loan Trust 2005-E

Cl. 1-A-1, Upgraded to Ba1 (sf); previously on Oct 29, 2013 Upgraded to B1 (sf)

Cl. 2-A-3, Upgraded to B1 (sf); previously on Sep 11, 2012 Downgraded to B3 (sf)

Cl. 2-A-4, Upgraded to Caa1 (sf); previously on Sep 11, 2012 Confirmed at Caa3 (sf)

Issuer: HSI Asset Securitization Corporation Trust 2006-OPT3

Cl. II-A, Upgraded to Baa1 (sf); previously on Aug 13, 2010 Downgraded to Baa2 (sf)

Cl. III-A-4, Upgraded to Ba2 (sf); previously on Aug 13, 2010 Downgraded to Ba3 (sf)

Issuer: HSI Asset Securitization Corporation Trust 2006-OPT4

Cl. I-A, Upgraded to Baa3 (sf); previously on Aug 13, 2010 Downgraded to Ba1 (sf)

Cl. II-A-4, Upgraded to Ba3 (sf); previously on Sep 14, 2012 Confirmed at B2 (sf)

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-D

Cl. A-I-1, Upgraded to Baa3 (sf); previously on Aug 28, 2013 Upgraded to Ba2 (sf)

Cl. A-I-2, Upgraded to B3 (sf); previously on Aug 28, 2013 Upgraded to Caa1 (sf)

Cl. A-II-3, Upgraded to Ba3 (sf); previously on Aug 28, 2013 Upgraded to B1 (sf)

Cl. A-II-4, Upgraded to B3 (sf); previously on Aug 28, 2013 Upgraded to Caa2 (sf)

Issuer: Nomura Home Equity Loan Trust 2006-HE2

Cl. A-3, Upgraded to Baa2 (sf); previously on Oct 29, 2013 Upgraded to Ba1 (sf)

Cl. A-4, Upgraded to Ba2 (sf); previously on Oct 29, 2013 Upgraded to B1 (sf)

Cl. M-1, Upgraded to Caa1 (sf); previously on Oct 29, 2013 Upgraded to Caa3 (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW1

Cl. M-2, Upgraded to B2 (sf); previously on Aug 28, 2013 Upgraded to B3 (sf)

Cl. M-3, Upgraded to Ca (sf); previously on Sep 11, 2012 Confirmed at C (sf)

Issuer: Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW3

Cl. M-1, Upgraded to B2 (sf); previously on Sep 11, 2012 Confirmed at Caa1 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Sep 11, 2012 Confirmed at C (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-CB1

Cl. AF-2, Downgraded to Ca (sf); previously on Jul 12, 2010 Downgraded to Caa3 (sf)

Cl. AV-1, Upgraded to Ba3 (sf); previously on Jul 12, 2010 Downgraded to B1 (sf)

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-NC2

Cl. A-3, Upgraded to Caa3 (sf); previously on Jul 8, 2010 Downgraded to Ca (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2006-1 Trust

Cl. M-1, Upgraded to Ba2 (sf); previously on Aug 28, 2013 Upgraded to B1 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Aug 28, 2013 Upgraded to Caa3 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the underlying pools and reflect Moody's updated loss expectations on the pools. The rating upgrades are a result of improving performance of the related pools and/or faster pay-down of the bonds due to high prepayments/faster liquidations. The rating downgrade is a result of deteriorating performance and/or structural features resulting in higher expected losses for the bond than previously anticipated.

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:

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 7.5% in April 2013 to 6.3% in April 2014. Moody's forecasts an unemployment central range of 6.5% to 7.5% for the 2014 year. Moody's expects house prices to continue to rise in 2014. 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_SF368072

A list of updated estimated pool losses 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_SF345728

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 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.

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.

As the section on loss and cash flow analysis describes, 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.

Edwin Wang
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

Bruce D. Fabrikant
Senior Vice President
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 $1.5 Billion of Subprime RMBS issued by various trusts
No Related Data.
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