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Rating Action:

Moody's takes action on $1.98 billion of resecuritized RMBS issued between 2005 and 2008

12 May 2011

New York, May 12, 2011 -- Moody's Investors Service has downgraded the ratings of 61 tranches and has confirmed the ratings of six tranches issued by 15 RMBS resecuritization transactions.

RATINGS RATIONALE

The actions are a result of the bonds not having sufficient credit enhancement to maintain the current ratings when compared to the revised loss expectations on the pools of mortgages backing the underlying certificates.

The principal methodology used in these ratings is described in the "Surveillance Approach for Resecuritized transactions" section in "Moody's Approach to Rating US Resecuritized Residential Mortgage-Backed Securities" published in February 2011.

The underlying certificates backing each resecuritization and the type of collateral backing each underlying certificate can be found at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF245176.

Moody's ratings on the resecuritization notes are based on:

(i) The updated expected loss on the pools of loans backing the underlying certificates and the updated ratings on the underlying certificates. Moody's current loss expectations on the 2005-2008 vintage Alt-A, Option Arm, Subprime, and Prime Jumbo pools backing the underlying certificates and ratings of these underlying certificates can be found at

http://www.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198174,

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF225686,

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF198689,

and http://www.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF196023 respectively.

(ii) The credit enhancement available to the underlying certificates, and

(iii) The structure of the resecuritization transaction.

Moody's first updated its loss assumption on the underlying pools of mortgage loans (backing the underlying certificates) and then arrived at updated ratings on the underlying certificates. The ratings on the underlying certificates are based on expected recoveries on the bonds under ninety-six different combinations of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to small increments in losses on the underlying mortgage pool is taken into consideration when assigning ratings.

For details regarding Moody's approach to estimating losses on 2005-2008 vintage Alt-A / Option Arm, Subprime, and Prime Jumbo pools, please refer to the methodology publication " Alt-A RMBS Loss Projection Update: February 2010", " Subprime RMBS Loss Projection Update: February 2010", and "Prime Jumbo RMBS Loss Projection Update: January 2010", available on Moodys.com.

In order to determine the ratings of the resecuritized bonds, losses on the underlying certificates were ascribed to the resecuritized bonds, according to the structure of each resecuritized transaction.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment levels remain high, and weakness persists in the housing market. Overall, Moody's assumes a further 5% decline in home prices with stabilization in late 2011, accompanied by continued stress in national employment levels through that timeframe.

Moody's Investors Service received and took into account a third party due diligence report on the underlying assets or financial instruments in this transaction and the due diligence reports had neutral impact on the ratings.

Complete rating actions are as follows:

Issuer: Bear Stearns Structured Products Inc. Trust 2007-R6

Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to Caa3 (sf); previously on Jan 13, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: CSMC 2005-1R

Cl. 2-A-1, Downgraded to Caa2 (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-3, Downgraded to Caa2 (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-5, Downgraded to Caa2 (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-6, Downgraded to Caa2 (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-8, Downgraded to Caa2 (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-9, Downgraded to Caa2 (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Resecuritization Pass-Through Certificates, Series 2006-22R

Cl. 1-A-1, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-2, Downgraded to Ca (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-3, Downgraded to C (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-4, Downgraded to Ca (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-5, Downgraded to C (sf); previously on Jan 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-6, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-7, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-8, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-9, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-10, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-3, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Resecuritization Pass-Through Certificates, Series 2007-26R

Cl. A-1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-7, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-8, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-9, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. A-10, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. A-11, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. A-12, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. A-13, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. A-14, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: CWALT, Resecuritization Pass-Through Certificates, Series 2008-2R

Cl. 1-A-1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A-1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A-1, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust 2007-11, Re-Remic Trust Certificates, Series 2007-11

Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-1B, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa2 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-3, Confirmed at Ca (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to Caa2 (sf); previously on Jan 29, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-5, Confirmed at Ca (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates, Series 2006-RS1

Cl. N-1, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Deutsche Mortgage Securities, Inc., REMIC Trust Certificates, Series 2008-RS3

Cl. A-1, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Financial Asset Securities Corp. AAA Trust 2005-2

Cl. I-A3B, Confirmed at Aaa (sf); previously on Jan 29, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. I-X, Confirmed at Aaa (sf); previously on Jan 29, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. II-X, Confirmed at Aaa (sf); previously on Jan 29, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A3, Downgraded to Aa1 (sf); previously on Jul 20, 2005 Assigned Aaa (sf)

Issuer: J.P. Morgan Alternative Loan Trust, Series 2008-R1

Cl. 2-A-1, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-2, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: J.P. Morgan Mortgage Trust, Series 2008-R1

Cl. 1-A-1, Downgraded to Caa1 (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A-2, Confirmed at Ca (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2006-1

Cl. 4-A1, Downgraded to Caa1 (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A2, Downgraded to Ca (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Structured Securities Corp. Series 2005-1

Cl. A-1, Downgraded to Ba3 (sf); previously on Feb 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Ca (sf); previously on Feb 16, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Cl. IO, Downgraded to Ba3 (sf); previously on Feb 16, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Issuer: MASTR Adjustable Rate Mortgages Trust 2007-R5

Cl. A1, Downgraded to Ca (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A2, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: RBSGC Structured Trust Pass-Through Certificates, Series 2008-A

Cl. A1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A2, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF244479

The sensitivity analysis of these transactions is posted on an ongoing basis for the duration of this review period and may be found at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF245176

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Jayesh Joseph
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Deepika Kothari
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on $1.98 billion of resecuritized RMBS issued between 2005 and 2008
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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