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Rating Action:

Moody's takes action on $2.9 Billion of Subprime RMBS Issued by Various Trusts

12 Mar 2013

New York, March 12, 2013 -- Moody's Investors Service has downgraded the rating of 16 tranches, upgraded the rating of 20 tranches, affirmed the rating of 134 tranches, and confirmed 1 tranche issued by 18 transactions, backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: ABFC Asset-Backed Certificates, Series 2005-HE1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Affirmed Caa2 (sf); previously on Jul 15, 2011 Downgraded to Caa2 (sf)

Cl. M-3, Affirmed C (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Cl. M-4, Affirmed C (sf); previously on Jun 3, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Jun 3, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jun 3, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 20, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 20, 2009 Downgraded to C (sf)

Cl. M-9, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE3

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to B1 (sf); previously on Aug 2, 2012 Confirmed at B3 (sf)

Cl. M-3, Affirmed C (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Cl. M-4, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 16, 2009 Downgraded to C (sf)

Issuer: Aegis Asset Backed Securities Trust 2005-2

Cl. M1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Affirmed B3 (sf); previously on Jul 18, 2011 Downgraded to B3 (sf)

Cl. M3, Affirmed C (sf); previously on Jul 18, 2011 Downgraded to C (sf)

Cl. M4, Affirmed C (sf); previously on Jul 18, 2011 Downgraded to C (sf)

Cl. M5, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M6, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B1, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B2, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Cl. B3, Affirmed C (sf); previously on Oct 31, 2008 Downgraded to C (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R5

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Affirmed Baa3 (sf); previously on Jul 18, 2011 Downgraded to Baa3 (sf)

Cl. M-3, Affirmed B2 (sf); previously on Aug 21, 2012 Upgraded to B2 (sf)

Cl. M-4, Affirmed Ca (sf); previously on Aug 21, 2012 Upgraded to Ca (sf)

Cl. M-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M-9, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. A-1B, Affirmed Aaa (sf); previously on Apr 14, 2010 Confirmed at Aaa (sf)

Cl. A-2C, Affirmed Aa1 (sf); previously on Jul 18, 2011 Downgraded to Aa1 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AQ1

Cl. M-1, Downgraded to Baa3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Affirmed Caa2 (sf); previously on May 21, 2010 Downgraded to Caa2 (sf)

Cl. M-3, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-4, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Oct 16, 2008 Downgraded to C (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-HE5

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to B3 (sf); previously on May 21, 2010 Downgraded to Caa2 (sf)

Cl. M-3, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-4, Affirmed C (sf); previously on May 21, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2005-OPT2

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Baa3 (sf); previously on Aug 21, 2012 Confirmed at Ba2 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Apr 29, 2010 Downgraded to Caa2 (sf)

Cl. M-5, Affirmed C (sf); previously on Apr 29, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Apr 29, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 16, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 16, 2009 Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-1

Cl. AF-4, Affirmed B1 (sf); previously on Jul 15, 2011 Downgraded to B1 (sf)

Cl. AF-5A, Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa1 (sf)

Cl. AF-5B, Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa1 (sf)

Underlying Rating: Upgraded to B3 (sf); previously on Jul 15, 2011 Downgraded to Caa1 (sf)

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

Cl. AF-6, Affirmed B2 (sf); previously on Jul 15, 2011 Downgraded to B2 (sf)

Cl. MF-1, Upgraded to Caa3 (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Cl. MF-2, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-3, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-4, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-6, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-7, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-8, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. BF, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. MV-3, Upgraded to Ba2 (sf); previously on Aug 23, 2012 Upgraded to B1 (sf)

Cl. MV-4, Upgraded to Caa1 (sf); previously on Aug 23, 2012 Confirmed at Ca (sf)

Cl. MV-5, Affirmed C (sf); previously on Jul 15, 2011 Downgraded to C (sf)

Cl. MV-6, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-7, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-8, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. BV, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-10

Cl. AF-3, Affirmed Caa2 (sf); previously on Aug 21, 2012 Downgraded to Caa2 (sf)

Cl. AF-4, Affirmed Caa3 (sf); previously on Apr 14, 2010 Downgraded to Caa3 (sf)

Cl. AF-5, Affirmed Caa3 (sf); previously on Apr 14, 2010 Downgraded to Caa3 (sf)

Cl. AF-6, Affirmed Caa2 (sf); previously on Apr 14, 2010 Downgraded to Caa2 (sf)

Cl. MF-1, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-2, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-3, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MF-4, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MF-5, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MF-6, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MF-7, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MF-8, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. MV-2, Affirmed Caa1 (sf); previously on Apr 14, 2010 Downgraded to Caa1 (sf)

Cl. MV-3, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-4, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. MV-6, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-7, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-8, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Cl. MV-9, Affirmed C (sf); previously on Mar 25, 2009 Downgraded to C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-6

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba3 (sf); previously on Apr 14, 2010 Downgraded to B2 (sf)

Cl. M-3, Affirmed Caa2 (sf); previously on Apr 14, 2010 Downgraded to Caa2 (sf)

Cl. M-4, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Cl. B, Affirmed C (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Issuer: Encore Credit Receivables Trust 2005-2

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba3 (sf); previously on Sep 11, 2012 Upgraded to B2 (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Sep 11, 2012 Upgraded to Caa3 (sf)

Cl. M-4, Affirmed C (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Issuer: First Franklin Mortgage Loan Trust 2005-FFH2

Cl. M1, Confirmed at A1 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M2, Upgraded to B2 (sf); previously on Sep 4, 2012 Confirmed at Caa1 (sf)

Cl. M3, Affirmed C (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Cl. M4, Affirmed C (sf); previously on Mar 19, 2009 Downgraded to C (sf)

Cl. M5, Affirmed C (sf); previously on Mar 19, 2009 Downgraded to C (sf)

Cl. M6, Affirmed C (sf); previously on Mar 19, 2009 Downgraded to C (sf)

Cl. M7, Affirmed C (sf); previously on Oct 16, 2008 Downgraded to C (sf)

Issuer: GSAA Home Equity Trust 2005-10

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Baa3 (sf); previously on Jun 21, 2010 Downgraded to Ba2 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Jun 21, 2010 Downgraded to Caa2 (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-4, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Issuer: GSAMP Trust 2005-HE4

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba3 (sf); previously on Jun 21, 2010 Downgraded to B2 (sf)

Cl. M-3, Affirmed Ca (sf); previously on Jun 21, 2010 Downgraded to Ca (sf)

Cl. M-4, Affirmed C (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. M-5, Affirmed C (sf); previously on Jun 21, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Oct 23, 2008 Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2005-FLD1

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Upgraded to Baa2 (sf); previously on Dec 28, 2010 Upgraded to Ba1 (sf)

Cl. M-4, Affirmed B2 (sf); previousjly on Aug 9, 2012 Upgraded to B2 (sf)

Cl. M-5, Affirmed C (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jul 14, 2010 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Cl. M-8, Affirmed C (sf); previously on Mar 24, 2009 Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE3

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Affirmed Ba1 (sf); previously on Dec 28, 2010 Upgraded to Ba1 (sf)

Cl. M-4, Affirmed Caa1 (sf); previously on Dec 28, 2010 Upgraded to Caa1 (sf)

Cl. M-5, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Oct 30, 2008 Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC3

Cl. M-3, Affirmed Ba2 (sf); previously on Sep 12, 2012 Upgraded to Ba2 (sf)

Cl. M-4, Upgraded to B1 (sf); previously on Dec 28, 2010 Upgraded to Caa1 (sf)

Cl. M-5, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Mar 13, 2009 Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC4

Cl. M-3, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Affirmed Ba1 (sf); previously on Sep 12, 2012 Confirmed at Ba1 (sf)

Cl. M-5, Upgraded to B3 (sf); previously on Jul 15, 2010 Downgraded to Caa1 (sf)

Cl. M-6, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-1, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-2, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on Jul 15, 2010 Downgraded to C (sf)

RATINGS RATIONALE

The actions are a result of recent performance reviews of these transactions and reflect Moody's updated loss expectations on these pools.

Today's rating actions constitute of a number of downgrades, upgrades, confirmations, and affirmations. The downgrades are primarily due to the tranches' weak interest shortfall reimbursement mechanisms. Structural limitations in these transactions will typically prevent recoupment of interest shortfalls even if funds are available in subsequent periods. Missed interest payments on these tranches can typically only be made up from excess interest after the overcollateralization is built to a target amount. In these transactions since overcollateralization is already below target due to poor performance, any future missed interest payments to these tranches are unlikely to be paid. Moody's caps the ratings of such tranches with weak interest shortfall reimbursement at A3 (sf) as long as they have not experienced any shortfall.

Ratings on tranches that currently have very small unrecoverable interest shortfalls are capped at Baa3 (sf). For tranches with larger outstanding interest shortfalls, Moody's applies "Moody's Approach to Rating Structured Finance Securities in Default" published in November 2009. These rating action take into account only credit-related interest shortfall risks.

The methodologies used in these ratings were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, "2005 -- 2008 US RMBS Surveillance Methodology" published in July 2011 and "Rating Transactions Based on the Credit Substitution Approach: Letter of Credit backed, Insured and Guaranteed Debts" published in March 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's adjusts the methodologies noted above for Moody's current view on loan modifications. As a result of an extension of the Home Affordable Modification Program (HAMP) to 2013 and an increased use of private modifications, Moody's is extending its previous view that loan modifications will only occur through the end of 2012. It is now assuming that the loan modifications will continue at current levels into 2014.

The above methodologies only apply to pools with at least 40 loans and a pool factor of greater than 5%. Moody's may withdraw its rating when the pool factor drops below 5% and the number of loans in the pool declines to 40 loans or lower unless specific structural features allow for a monitoring of the transaction (such as a credit enhancement floor).

Other factors used in these ratings are described in "Moody's Approach to Rating Structured Finance Securities in Default" published in November 2009.

When assigning the final ratings to senior bonds, in addition to the methodologies described above, we considered the volatility of the projected losses and timeline of the expected defaults. For bonds backed by small pools, we also considered the current pipeline composition as well as any specific loss allocation rules that could preserve or deplete the overcollateralization available for the senior bonds at different pace.

The primary sources of assumption uncertainty are our central macroeconomic forecast and performance volatility as a result of servicer-related activity such as modifications. The unemployment rate fell from 8.5% in December 2011 to 7.9% in January 2013. Moody's forecasts a unemployment central range of 7.0% to 8.0% for the 2013 year. Moody's expects housing prices to continue to rise in 2013. Performance of RMBS continues to remain highly dependent on servicer activity such as modification-related principal forgiveness and interest rate reductions. Any change resulting from servicing transfers or other policy or regulatory change can also 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_SF319959

A list of updated estimated pool losses and sensitivity analysis is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_SF198689

REGULATORY DISCLOSURES

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the rating.

In conducting surveillance of these credits, Moody's considered performance data contained in servicer and remittance reports. Moody's obtains servicer reports on these transactions on a periodic basis, at least annually.

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.

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.

Mark Branton
Asst Vice President - 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

Amita Shrivastava
VP - Senior Credit Officer
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 $2.9 Billion of Subprime RMBS Issued by Various Trusts
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