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Rating Action:

Moody's takes action on $375 mm second lien RMBS transactions from various issuers, issued between 1999 and 2006

22 Jul 2011

New York, July 22, 2011 -- Moody's Investors Service has downgraded the ratings of 57 tranches from 25 deals, placed under review for possible downgrade 6 tranches from 4 deals, and confirmed the rating on 1 tranche from 1 deal issued between 1999 and 2006. The collateral backing these deals primarily consists of closed end second lien loans and HELOCs.

RATINGS RATIONALE

The actions are a result of the continued performance deterioration in second lien pools and HELOCs in conjunction with home price and unemployment conditions that remain under duress. The actions reflect Moody's updated loss expectations on second lien pools and HELOCs.

The principal methodology used in these ratings was "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008. Other factors used in these ratings are described in "Second Lien RMBS Loss Projection Methodology: April 2010" published in April 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

For tranches from the CWABS 2002-SC1, CWABS 2002-S1, CWABS 2002-S2, CWABS 2002-S3, CWABS 2002-S4, CWABS 2004-S1 transactions, we expect to be protected both by mortgage insurance and Countrywide Home Loans (CHL) guarantees; ratings may be higher than Moody's assessment of the individual credit strength of either of the two. The higher rating is the result of the application of the joint probability-of-default analysis, described in detail in Moody's Special Comment, "The Incorporation of Joint-Default Analysis into Moody's Corporate, Financial and Government Rating Methodologies," February 2005. That analysis indicates that the rating on a jointly supported obligation may be higher than that of either support provider, because the likelihood of joint default is typically less than the probability of default of either support provider individually. We are also typically assuming a rescission rate of 20-40% for the transactions mentioned above. We expect these tranches to be protected both by mortgage insurance and the CHL guarantees; losses on mortgage loans that are rescinded by the mortgage insurers which would otherwise be a loss to the junior-most tranches are covered by the CHL guarantees to the extent the guarantees are sufficient to cover pool losses. Hence, most ratings on the junior-most tranches in such instances are floored at the A2 (Placed Under Review for Possible Downgrade) rating of CHL. For tranches from the CWABS 2003-S1 transaction we expect to be protected by mortgage insurance alone and we are typically assuming a rescission rate of 20-40%.

Certain securities, as noted below, are insured by financial guarantors. For securities insured by a financial guarantor, the rating on the securities is the higher of (i) the guarantor's financial strength rating and (ii) the current underlying rating (i.e., absent consideration of the guaranty) on the security. The principal methodology used in determining the underlying rating is the same methodology for rating securities that do not have a financial guaranty and is as described earlier. Moody's withdrew the insurance financial strength rating of FGIC in March 2009. As a result securities wrapped by FGIC are rated at their underlying rating without consideration of FGIC's guaranty. RMBS securities wrapped by Ambac Assurance Corporation are rated at their underlying rating without consideration of Ambac's guaranty.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment levels remain high, and weakness persists in the housing market. Moody's now projects house price index to reach a bottom in the first quarter of 2012, with a 2% remaining decline between the first quarter of 2011 and 2012, and unemployment rate to start declining by fourth quarter of 2011.

For more information please see www.moodys.com.

Complete rating actions are as follows:

Issuer: Bond Securitization Asset-Backed Certificates, Series 2003-1

Cl. B-2, Downgraded to Ba2 (sf); previously on Nov 30, 2010 Confirmed at Baa3 (sf)

Issuer: Credit Suisse First Boston Mortgage Acceptance Corp. Series 2002-HI23

Cl. M-2, Downgraded to Ba2 (sf); previously on Dec 16, 2010 Downgraded to Baa2 (sf)

Cl. B-1, Downgraded to B3 (sf); previously on Dec 16, 2010 Confirmed at B1 (sf)

Issuer: CSFB Mortgage Pass-Through Certificates, Series 2001-S6

Cl. II-P, Downgraded to Ba1 (sf); previously on Dec 16, 2010 Confirmed at Aaa (sf)

Cl. B-1, Downgraded to Ba1 (sf); previously on Dec 16, 2010 Confirmed at Aa2 (sf)

Cl. XB-1, Downgraded to Ba1 (sf); previously on Dec 16, 2010 Confirmed at Aa2 (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2002-S1

Cl. A-4, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Confirmed at Aaa (sf)

Cl. A-5, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to Aa3 (sf)

Cl. A-IO, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Confirmed at Aaa (sf)

Cl. M-1, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to A1 (sf)

Cl. M-2, A2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to A2 (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2002-S2

Cl. A-5, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to Aa2 (sf)

Cl. A-IO, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to Aa2 (sf)

Cl. M-1, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to Aa3 (sf)

Cl. M-2, A2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to A2 (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2003-S2

Cl. A-4, Downgraded to Baa1 (sf); previously on Jun 10, 2010 Downgraded to A2 (sf)

Cl. A-5, Downgraded to Baa1 (sf); previously on Jun 10, 2010 Downgraded to A1 (sf)

Cl. M-1, Downgraded to Baa3 (sf); previously on Jun 10, 2010 Downgraded to Baa1 (sf)

Cl. M-2, Downgraded to Ba3 (sf); previously on Jun 10, 2010 Downgraded to Ba1 (sf)

Cl. B-1, Downgraded to B2 (sf); previously on Jun 10, 2010 Downgraded to B1 (sf)

Issuer: CWABS, Inc. Asset-Backed Certificates, Series 2004-S1

Cl. A-3, Downgraded to Baa2 (sf); previously on Feb 23, 2011 Confirmed at Aa3 (sf)

Cl. A-IO, Downgraded to Baa2 (sf); previously on Feb 23, 2011 Downgraded to Aa3 (sf)

Cl. M-1, Downgraded to Ba1 (sf); previously on Feb 23, 2011 Upgraded to A1 (sf)

Cl. M-2, Downgraded to Ba3 (sf); previously on Feb 23, 2011 Upgraded to A2 (sf)

Cl. M-3, Downgraded to B1 (sf); previously on Feb 23, 2011 Upgraded to Baa1 (sf)

Issuer: CWABS, Inc., Asset-Backed Certificates, Series 2002-SC1

Cl. A-IO, A1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to A1 (sf)

Cl. M-2, A1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to A1 (sf)

Cl. B-1, A2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to A2 (sf)

Issuer: CWABS, INC., Asset-Backed Certificates, Series 2003-S1

Cl. M-1, Downgraded to Ba1 (sf); previously on Feb 23, 2011 Downgraded to Baa2 (sf)

Issuer: CWABS, Inc., Asset-Backed Pass-Through Certificates, Series 2002-S3

Cl. A-5, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Confirmed at Aaa (sf)

Underlying Rating: Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Confirmed at Aaa (sf)

Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3, Outlook Negative on Jun 25, 2009)

Cl. A-IO, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Confirmed at Aaa (sf)

Cl. M-1, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to Aa3 (sf)

Cl. M-2, A2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Downgraded to A2 (sf)

Issuer: CWABS, Inc., Asset-Backed Pass-Through Certificates, Series 2002-S4

Cl. A-5, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Confirmed at Aaa (sf)

Cl. A-IO, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2011 Confirmed at Aaa (sf)

Cl. M-1, Downgraded to Baa1 (sf); previously on Feb 23, 2011 Downgraded to Aa1 (sf)

Cl. M-2, Downgraded to Ba1 (sf); previously on Feb 23, 2011 Downgraded to A1 (sf)

Cl. B, Downgraded to Ba2 (sf); previously on Feb 23, 2011 Downgraded to A2 (sf)

Issuer: First Franklin Mortgage Loan Trust 2003-FFB

Cl. M-2, Downgraded to B3 (sf); previously on Oct 20, 2010 Downgraded to Ba1 (sf)

Cl. B-1, Downgraded to Ca (sf); previously on Oct 20, 2010 Downgraded to Caa2 (sf)

Issuer: GMACM Home Loan Trust 2001-HLTV1

Cl. A-I-7, Downgraded to B2 (sf); previously on May 21, 2010 Downgraded to Ba3 (sf)

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

Issuer: GMACM Home Loan Trust 2002-HLTV1

Cl. A-I, Downgraded to B2 (sf); previously on May 21, 2010 Downgraded to Ba1 (sf)

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

Issuer: Home Loan Trust 2003-HI4

Cl. A-I-5, Downgraded to A3 (sf); previously on Dec 1, 2010 Downgraded to Aa3 (sf)

Cl. A-II, Downgraded to A3 (sf); previously on Dec 1, 2010 Downgraded to Aa3 (sf)

Cl. M-1, Downgraded to Baa1 (sf); previously on Dec 1, 2010 Downgraded to A2 (sf)

Issuer: Irwin Home Equity Loan Trust 2004-1

Cl. IA-1, Downgraded to B1 (sf); previously on Jun 30, 2010 Downgraded to Baa3 (sf)

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

Cl. IIA-1, Downgraded to Baa2 (sf); previously on Jun 30, 2010 Downgraded to A3 (sf)

Cl. IIM-1, Downgraded to Ba3 (sf); previously on Jun 30, 2010 Downgraded to Baa3 (sf)

Issuer: Irwin Home Equity Loan Trust 2006-P1

Cl. II-A-4, Downgraded to Caa2 (sf); previously on Jun 30, 2010 Downgraded to Caa1 (sf)

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

Issuer: Irwin Whole Loan Home Equity Trust 2003-A

Cl. M-1, Downgraded to Baa1 (sf); previously on Jun 30, 2010 Downgraded to A1 (sf)

Issuer: Irwin Whole Loan Home Equity Trust 2003-B

Cl. IA, Downgraded to A2 (sf); previously on Jun 30, 2010 Confirmed at Aa3 (sf)

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

Cl. M, Downgraded to Baa1 (sf); previously on Jun 30, 2010 Confirmed at A2 (sf)

Issuer: Irwin Whole Loan Home Equity Trust 2005-A

Cl. A-3, Downgraded to A2 (sf); previously on Jun 30, 2010 Downgraded to Aa3 (sf)

Issuer: Irwin Whole Loan Home Equity Trust 2005-B

Cl. 1M-2, Downgraded to Baa3 (sf); previously on Jun 30, 2010 Downgraded to Baa1 (sf)

Issuer: RFMSII Series 2006-HSA3

Cl. A, Confirmed at Aa3 (sf); previously on Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: Assured Guaranty Municipal Corp (Confirmed at Aa3, Outlook Negative on Nov 12, 2009)

Issuer: RFMSII Home Equity Loan Trust 2003-HS1

Cl. A-II, Downgraded to Baa3 (sf); previously on Jun 4, 2010 Downgraded to A2 (sf)

Underlying Rating: Downgraded to Baa3 (sf); previously on Jun 4, 2010 Downgraded to A2 (sf)*

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

Issuer: RFMSII Home Equity Loan Trust 2003-HS4

Cl. A-I-A, Downgraded to Caa1 (sf); previously on Jun 4, 2010 Downgraded to B3 (sf)

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

Cl. A-I-B, Downgraded to Ba1 (sf); previously on Jun 4, 2010 Downgraded to Baa3 (sf)

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

Issuer: RFMSII Home Equity Loan Trust 2005-HS1

Cl. A-I-3, Downgraded to B1 (sf); previously on Jun 4, 2010 Upgraded to Ba2 (sf)

Underlying Rating: Downgraded to B1 (sf); previously on Jun 4, 2010 Upgraded to Ba2 (sf)

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

Issuer: RFMSII, Inc. Home Equity Loan-Backed Term Notes, Series 2001-HS3

Cl. M-I-2, Downgraded to Caa1 (sf); previously on Jun 4, 2010 Confirmed at Ba3 (sf)

Issuer: United National Bank Home Loan Owner Trust 1999-2

Cl. A, Downgraded to Baa1 (sf); previously on Mar 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa3 (sf); previously on Mar 18, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba3 (sf); previously on Mar 18, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B1 (sf); previously on Mar 18, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF256274

A list of updated estimated pool losses and sensitivity analysis details is being posted and may be found at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF256364

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

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 this transaction and the assessments had a neutral impact on the rating.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

The lead analyst and rating office for each of the transactions affected are generally different from the contact and office listed at the end of this press release. For each transaction, the lead analyst name is available on the issuer page and the rating office is available on the ratings tab of the issuer on www.moodys.com.

Moody's adopts all necessary measures so that the information it uses in assigning a 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 Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

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

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's 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 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.

New York
Gaurav Singhania
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Bruce D. Fabrikant
Senior Vice President
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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 $375 mm second lien RMBS transactions from various issuers, issued between 1999 and 2006
No Related Data.
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