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