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PLEASE READ AND SCROLL DOWN!

 

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Rating Action:

Moody's takes action on $192 Million of Second Lien and Prime Jumbo issued in 2001 to 2006

03 May 2018

New York, May 03, 2018 -- Moody's Investors Service (Moody's) has upgraded ratings of 35 tranches from 23 US residential mortgage backed transactions (RMBS), backed by Second lien and Prime Jumbo loans, issued by multiple issuers.

Complete rating actions are as follows:

Issuer: CSFB Home Equity Mortgage Trust 2005-HF1

Cl. M-1, Upgraded to Ba1 (sf); previously on Jul 21, 2016 Upgraded to B2 (sf)

Issuer: CWABS Master Trust Revolving Home Equity Loan Asset Backed Notes, Series 2004-C

Notes, Upgraded to B3 (sf); previously on Jun 10, 2010 Downgraded to Caa2 (sf)

Issuer: CWABS Master Trust, Series 2003-E

Notes, Upgraded to A1 (sf); previously on Jun 7, 2017 Upgraded to Baa2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2002-FFA

Cl. M-2, Upgraded to Ba1 (sf); previously on Sep 28, 2015 Upgraded to B1 (sf)

Issuer: First Franklin Mortgage Loan Trust 2004-FFB

Cl. M-4, Upgraded to A1 (sf); previously on Jun 7, 2017 Upgraded to A3 (sf)

Cl. M-5, Upgraded to Baa1 (sf); previously on Jul 21, 2016 Upgraded to Ba1 (sf)

Issuer: First Franklin Mortgage Loan Trust 2004-FFC

Cl. B-2, Upgraded to A3 (sf); previously on Jun 7, 2017 Upgraded to Baa3 (sf)

Cl. B-3, Upgraded to Baa3 (sf); previously on Jun 7, 2017 Upgraded to Ba3 (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FFA

Cl. M-3, Upgraded to B2 (sf); previously on Oct 20, 2010 Downgraded to Caa2 (sf)

Issuer: GMACM Home Equity Loan Trust 2003-HE1

Cl. A-3, Upgraded to Ba2 (sf); previously on May 21, 2010 Confirmed at B3 (sf)

Underlying Rating: Upgraded to Ba2 (sf); previously on May 21, 2010 Confirmed at B3 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: GMACM Home Loan Trust 2001-HLTV2

Cl. A-I, Upgraded to A2 (sf); previously on Aug 16, 2016 Upgraded to Baa1 (sf)

Issuer: GMACM Home Loan Trust 2002-HLTV1

Cl. A-I, Upgraded to A1 (sf); previously on Aug 16, 2016 Upgraded to Baa1 (sf)

Issuer: GMACM Home Loan Trust 2006-HLTV1

Cl. A-5, Upgraded to Ba1 (sf); previously on Aug 25, 2016 Upgraded to Caa1 (sf)

Underlying Rating: Upgraded to Ba1 (sf); previously on Aug 25, 2016 Upgraded to Caa1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: GreenPoint Home Equity Loan Trust 2004-4

Cl. A, Upgraded to B3 (sf); previously on Nov 4, 2010 Downgraded to Caa3 (sf)

Issuer: GSAMP Trust 2005-S2

Cl. M-1, Upgraded to A3 (sf); previously on Aug 16, 2016 Upgraded to Caa1 (sf)

Cl. M-2, Upgraded to Caa2 (sf); previously on Oct 8, 2008 Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Trust 2004-A6

Cl. 1-A-1, Upgraded to Baa1 (sf); previously on Jun 1, 2017 Upgraded to Ba1 (sf)

Cl. 1-A-2, Upgraded to Baa2 (sf); previously on Jun 1, 2017 Upgraded to Ba3 (sf)

Cl. 3-A-1, Upgraded to Baa1 (sf); previously on Jun 1, 2017 Upgraded to Ba1 (sf)

Cl. 3-A-3, Upgraded to Baa1 (sf); previously on Jun 1, 2017 Upgraded to Ba1 (sf)

Cl. 4-A-1, Upgraded to Baa1 (sf); previously on Jun 1, 2017 Upgraded to Ba1 (sf)

Cl. 5-A-1, Upgraded to Baa1 (sf); previously on Apr 29, 2011 Downgraded to Ba1 (sf)

Cl. 5-A-2, Upgraded to Baa1 (sf); previously on Jun 1, 2017 Upgraded to Ba3 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2005-SL2

Cl. M-2, Upgraded to Caa1 (sf); previously on Oct 20, 2010 Downgraded to Ca (sf)

Issuer: Merrill Lynch Mortgage Investors Trust Series 2004-SL2

Cl. B-2, Upgraded to Baa1 (sf); previously on Aug 25, 2016 Upgraded to Ba1 (sf)

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S1

Cl. M-2, Upgraded to Ba1 (sf); previously on Jun 7, 2017 Upgraded to B2 (sf)

Issuer: RFMSII Home Equity Loan Trust 2004-HS1

Cl. A-II, Upgraded to Baa3 (sf); previously on Jun 7, 2017 Upgraded to Ba1 (sf)

Underlying Rating: Upgraded to Baa3 (sf); previously on Jun 7, 2017 Upgraded to Ba1 (sf)

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

Issuer: Soundview Home Loan Trust 2005-A

Cl. M-5, Upgraded to B1 (sf); previously on Oct 27, 2015 Upgraded to Caa1 (sf)

Issuer: Structured Asset Securities Corp Trust 2005-S6

Cl. M1, Upgraded to B3 (sf); previously on Dec 14, 2015 Upgraded to Caa2 (sf)

Issuer: Terwin Mortgage Trust 2004-22SL

Cl. B-2, Upgraded to B3 (sf); previously on Oct 7, 2015 Upgraded to Caa2 (sf)

Issuer: Terwin Mortgage Trust 2005-5SL

Cl. M-3, Upgraded to Ba3 (sf); previously on Oct 7, 2015 Upgraded to Caa1 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2004-Z Trust

Cl. I-A-1, Upgraded to A3 (sf); previously on Jun 1, 2017 Upgraded to Baa2 (sf)

Cl. I-A-2, Upgraded to Baa2 (sf); previously on Jun 1, 2017 Upgraded to Ba3 (sf)

Cl. II-A-1, Upgraded to A3 (sf); previously on Jun 1, 2017 Upgraded to Baa1 (sf)

Cl. II-A-2, Upgraded to A3 (sf); previously on Jun 1, 2017 Upgraded to Baa1 (sf)

RATINGS RATIONALE

Today's rating actions reflect the recent performance of the underlying pools and Moody's updated loss expectations on those pools. Today's rating upgrades are primarily due to improvement of credit enhancement available to the bonds and improvement in pool performances. Further, the rating actions on Cl. M-1 and Cl. M-2 in GSAMP Trust 2005-S2 are driven by funds received by the transaction pursuant to a WaMu Settlement in Feburary 2018, as a result of which losses on Cl. M-2 were reimbursed and Cl. M-1 was paid down substantially. Cl. M-1 received in $1.38 million in Feb 2018 while Cl. M-2 was written up to $1.68 million (from $273k in prior period), improving the subordination percentage on Cl. M-1 to 76.5% from 17.9% a year ago.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in January 2017. Please see the Rating 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 4.1% in March 2018 from 4.5% in March 2017. Moody's forecasts an unemployment central range of 3.5% to 4.5% for the 2018 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 2018. 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 and the associated pool losses and tranche recoveries may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF471073

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 Lead Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Deepika Kothari
Senior Vice President
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2020 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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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

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