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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

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Rating Action:

Moody's takes action on $177.2 million of CES RMBS issued by various issuers between 2002 and 2007

24 Feb 2015

New York, February 24, 2015 -- Moody's Investors Service has upgraded the ratings of 21 tranches from ten transactions, backed primarily by second lien mortgages and home equity lines of credit (HELOCs).

Complete rating actions are as follows:

Issuer: Bear Stearns Second Lien Trust 2007-SV1

Cl. A-2, Upgraded to B3 (sf); previously on Nov 10, 2010 Confirmed at Caa3 (sf)

Underlying Rating: Upgraded to B3 (sf); previously on Nov 10, 2010 Confirmed at Caa3 (sf)

Financial Guarantor: Syncora Guarantee Inc. (Rating Withdrawn Nov 8, 2012)

Cl. A-3, Upgraded to B3 (sf); previously on Nov 10, 2010 Confirmed at Caa2 (sf)

Underlying Rating: Upgraded to B3 (sf); previously on Nov 10, 2010 Confirmed at Caa2 (sf)

Financial Guarantor: Syncora Guarantee Inc. (Rating Withdrawn Nov 8, 2012)

Issuer: First Franklin Mortgage Loan Trust 2003-FFB

Cl. M-2, Upgraded to B1 (sf); previously on Jul 22, 2011 Downgraded to B3 (sf)

Issuer: GMACM Home Equity Loan Trust 2003-HE2

Cl. A-4, Upgraded to Ba2 (sf); previously on May 21, 2010 Downgraded to B1 (sf)

Underlying Rating: Upgraded to Ba2 (sf); previously on May 21, 2010 Downgraded to B1 (sf)

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

Cl. A-5, Upgraded to Ba2 (sf); previously on May 21, 2010 Downgraded to B1 (sf)

Underlying Rating: Upgraded to Ba2 (sf); previously on May 21, 2010 Downgraded to B1 (sf)

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

Issuer: GMACM Home Loan Trust 2002-HLTV1

Cl. A-I, Upgraded to Ba3 (sf); previously on Jul 22, 2011 Downgraded to B2 (sf)

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

Issuer: Home Equity Mortgage Trust 2003-6

Cl. M-2, Upgraded to Baa3 (sf); previously on Jun 30, 2010 Downgraded to Ba1 (sf)

Issuer: Irwin Home Equity Loan Trust 2002-1

Cl. IA-1, Upgraded to Ba1 (sf); previously on Jun 30, 2010 Downgraded to Ba3 (sf)

Financial Guarantor: MBIA Insurance Corporation (Upgraded to B2, Outlook Stable on May 21, 2014)

Cl. IIB-1, Upgraded to Ba3 (sf); previously on Jun 30, 2010 Downgraded to B2 (sf)

Issuer: Irwin Whole Loan Home Equity Trust 2005-C

Cl. 1B-2, Upgraded to Caa3 (sf); previously on May 2, 2014 Upgraded to Ca (sf)

Cl. 1M-3, Upgraded to Baa2 (sf); previously on Jun 30, 2010 Downgraded to Ba1 (sf)

Cl. 1M-4, Upgraded to Ba1 (sf); previously on Jun 30, 2010 Downgraded to Ba2 (sf)

Cl. 2M-3, Upgraded to Baa2 (sf); previously on May 2, 2014 Upgraded to Ba1 (sf)

Cl. 2M-4, Upgraded to Ba1 (sf); previously on May 2, 2014 Upgraded to Ba2 (sf)

Issuer: RFMSII Home Equity Loan Trust 2004-HS1

Cl. A-II, Upgraded to Ba3 (sf); previously on Jun 4, 2010 Downgraded to B2 (sf)

Underlying Rating: Upgraded to Ba3 (sf); previously on Jun 4, 2010 Downgraded to B2 (sf)

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

Cl. A-I-5, Upgraded to Ba1 (sf); previously on May 6, 2014 Upgraded to Ba3 (sf)

Underlying Rating: Upgraded to Ba1 (sf); previously on May 6, 2014 Upgraded to Ba3 (sf)

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

Issuer: SACO I Trust 2004-2

Cl. B-1, Upgraded to Ba2 (sf); previously on Sep 2, 2010 Downgraded to B2 (sf)

Issuer: SACO I Trust 2005-5

Cl. II-M-2, Upgraded to A3 (sf); previously on May 2, 2014 Upgraded to Baa2 (sf)

Cl. II-M-3, Upgraded to Baa3 (sf); previously on May 2, 2014 Upgraded to Ba3 (sf)

Cl. II-M-4, Upgraded to B1 (sf); previously on May 2, 2014 Upgraded to B3 (sf)

Cl. II-M-5, Upgraded to Caa1 (sf); previously on May 2, 2014 Upgraded to Caa3 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the HELOC and second lien loan backed pools and reflect Moody's updated loss expectations on these pools. The ratings upgraded are primarily due to the build-up in credit enhancement due to overcollateralization, excess spread, sequential pay structures, and non-amortizing subordinate bonds. Performance has remained generally stable from our last review.

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 5.7% in January 2015 from 6.6% in January 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_SF397849

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_SF256364

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.

The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the 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.

Angela Iffy Akwule
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 $177.2 million of CES RMBS issued by various issuers between 2002 and 2007
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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