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Rating Action:

Moody's takes action on $1.8 Billion of Alt-A RMBS and Option ARM issued by Countrywide

21 Sep 2016

New York, September 21, 2016 -- Moody's Investors Service has upgraded the ratings of 30 tranches, downgraded the ratings of 6 tranches and confirmed ratings of 127 tranches from 22 transactions, backed by Alt-A and Option ARM RMBS loans, issued by Countrywide Mortgage (CW). The tranches that were placed on review for upgrade on July 22, 2016, are due to the distribution of funds related to the $8.5 billion settlement related to CW's pre-crisis servicing practices and alleged breaches of representations and warranties, between Bank of America, N.A., parent of CW, and Bank of New York Mellon as trustee.

Complete rating actions are as follows:

Issuer: CHL Mortgage Pass-Through Trust 2004-15

Cl. 1-A, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 4-A, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 5-A, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Issuer: CHL Mortgage Pass-Through Trust 2004-20

Cl. 1-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-2, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. X, Confirmed at Ca (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Issuer: CHL Mortgage Pass-Through Trust 2004-23

Cl. A, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. X, Confirmed at Ca (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Issuer: CHL Mortgage Pass-Through Trust 2004-HYB6

Cl. A-1, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-2, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-3, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-4, Upgraded to Ca (sf); previously on Mar 3, 2011 Downgraded to C (sf)

Issuer: CHL Mortgage Pass-Through Trust 2005-HYB2

Cl. 1-A-1, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-2, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-4, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-HYB3

Cl. 1-A-1, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1A, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-2A, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-4A, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-6B, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-2, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-HYB4

Cl. 1-A-1, Upgraded to Caa2 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Upgraded to Caa2 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-HYB6

Cl. 1-A-1, Upgraded to Caa3 (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Upgraded to Caa3 (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Cl. 4-A-1A, Upgraded to Caa2 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 4-A-1B, Upgraded to Caa2 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 5-A-1, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-10CB

Cl. A, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-15

Cl. 1-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-17CB

Cl. 1-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-22CB

Cl. 1-A-1, Upgraded to B2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Upgraded to B2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-25CB

Cl. A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-27CB

Cl. A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. A-2, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. A-3, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. A-4, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. A-5, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. A-6, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-32CB

Cl. 1-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-2, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-3, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-4, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-5, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2004-36CB

Cl. 1-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-2, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-3, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-4, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-1CB

Cl. 1-A-1, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-2, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-3, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-4, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-5, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-6, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-7, Confirmed at Ca (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-2, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-3, Confirmed at Ca (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-4, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-5, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-6, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 3-X, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 4-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 4-A-3, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. PO-A, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. PO-B, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-2

Cl. 1-A-1, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Upgraded to B3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-7CB

Cl. 1-A-1, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-2, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-3, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-4, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-5, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-2, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-3, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-5, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-6, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-7, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-8, Confirmed at Caa2 (sf); previously on Jul 22, 2016 Caa2 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J10

Cl. 1-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-2, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-3, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-4, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-5, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-7, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-8, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-9, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-10, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-11, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-12, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-13, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-14, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-15, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-16, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-17, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-X, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-2, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-3, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-4, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-X, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J11

Cl. 1-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-2, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-3, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-4, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-5, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-7, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-8, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-9, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-11, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-12, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-13, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-15, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-16, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-A-17, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 1-X, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 2-X, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 3-A-1, Confirmed at Ca (sf); previously on Jul 22, 2016 Ca (sf) Placed Under Review for Possible Upgrade

Cl. 3-X, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 4-A-1, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 4-X, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. 5-A-1, Downgraded to Caa2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 5-X, Downgraded to Caa2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 6-A-1, Downgraded to Caa2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 6-X, Downgraded to Caa2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 7-A-1, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. 7-X, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. PO-A, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. PO-B, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. PO-C, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2005-J14

Cl. A-1, Downgraded to Caa2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-2, Downgraded to Caa2 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. A-3, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. A-5, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. A-6, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. A-7, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. A-8, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

Cl. X, Confirmed at Caa1 (sf); previously on Jul 22, 2016 Caa1 (sf) Placed Under Review for Possible Upgrade

Cl. PO, Confirmed at Caa3 (sf); previously on Jul 22, 2016 Caa3 (sf) Placed Under Review for Possible Upgrade

RATINGS RATIONALE

The rating actions consider the recent performance of the underlying pools and reflect Moody's updated loss expectation on these pools together with changes in tranche level credit enhancement.

The rating upgrades primarily reflect the receipt of approximately $83.9 million from the $8.5 billion CW settlement that was applied to the bonds. The rating upgrades incorporate the positive effect of recoveries and reduction of loss on the affected bonds as well as any increases in credit enhancement related to recoveries or otherwise, on subordinated bonds.

The rating downgrades primarily reflect the worsening of bond level credit enhancement which outweighs the positive impact from receipt of $6.6 million from the $8.5 billion CW settlement that was applied to the bonds.

The rating confirmations primarily reflect losses incurred and outstanding on the bonds after settlement recoveries, Moody's updated loss expectation on the bonds and related pools, and bond specific credit enhancement in the transactions

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

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 4.9% in August 2016 from 5.1% in August 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_SF439873

A list of updated estimated transaction pool losses and bond recoveries are being posted on an ongoing basis for the duration of this review period and may be found at:

Excel:

Alt-A: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF198174

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.

Chloe Zhang
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

Eric Fellows
Senior Vice President/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

No Related Data.
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