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Rating Action:

Moody's takes action on $4 million of RMBS issued by SMART in 1992 and 1993

21 Dec 2010

New York, December 21, 2010 -- Moody's Investors Service has downgraded the ratings of four tranches issued by SMART 1992-02 and has withdrawn the ratings of 30 tranches from six RMBS transactions issued in 1992 and 1993.

The SMART 1992-02 deal benefits from a pool policy provided by Genworth Mortgage Insurance Corporation (Baa2). Should a default occur on any of those loans, protection from loss is completely dependent on payments made from the pool policy. Due to the low likelihood of default given the long pay history of the remaining borrowers, Moody's concludes that the joint probability of default and loss given default is consistent with a Baa1 rating.

Moody's Investors Service withdraws the credit ratings pursuant to published credit rating methodologies that allow for the withdrawal of the credit rating if the size of the pool outstanding at the time of the withdrawal has fallen below a specified level. Please refer to Moody's Investors Service's Withdrawal Policy, which can be found on our website, www.moodys.com.

Moody's current RMBS surveillance methodologies apply to pools with at least 40 loans and a pool factor greater than 5%. As a result, 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 fewer unless specific structural features allow for a monitoring of the transaction (such as a credit enhancement floor).

Moody's announced on July 14, 2009 that starting September 1, 2009, Moody's will withdraw the ratings on those structured finance securities insured by guarantors that have financial strength ratings below Baa3 (that is non-investment grade) if either of two conditions are met: Moody's is unable to determine an underlying rating (i.e., absent consideration of the guaranty) on the security or the issuer has requested that the guaranty constitute the sole credit consideration. The ratings of the class G tranches of the SMART transactions are being withdrawn since they are wrapped by Financial Guaranty Insurance Company (Rating Withdrawn) and the underlying ratings are withdrawn due to the size of the pool as detailed above.

Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck

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

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF229089

Complete Rating actions follow:

Issuer: SMART 1992-05

BN, Withdrawn (sf); previously on May 28, 1992 Assigned Aaa (sf)

BO, Withdrawn (sf); previously on May 28, 1992 Assigned Aaa (sf)

BP, Withdrawn (sf); previously on May 28, 1992 Assigned Aaa (sf)

BQ, Withdrawn (sf); previously on May 28, 1992 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

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

Issuer: SMART 1992-06

BM, Withdrawn (sf); previously on Jun 25, 1992 Assigned Aaa (sf)

BN, Withdrawn (sf); previously on Jun 25, 1992 Assigned Aaa (sf)

BO, Withdrawn (sf); previously on Jun 25, 1992 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

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

R, Withdrawn (sf); previously on Jun 25, 1992 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Jun 25, 1992 Assigned Aaa (sf)

Issuer: SMART 1993-03

CK, Withdrawn (sf); previously on Mar 26, 1993 Assigned Aaa (sf)

CL, Withdrawn (sf); previously on Mar 26, 1993 Assigned Aaa (sf)

CX, Withdrawn (sf); previously on Mar 26, 1993 Assigned Aaa (sf)

CY, Withdrawn (sf); previously on Mar 26, 1993 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Mar 26, 1993 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

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

Issuer: SMART 1993-05

CJ, Withdrawn (sf); previously on Mar 27, 1993 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

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

CX, Withdrawn (sf); previously on Mar 27, 1993 Assigned Aaa (sf)

R, Withdrawn (sf); previously on Mar 27, 1993 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Mar 27, 1993 Assigned Aaa (sf)

Issuer: SMART 1993-06

AA, Withdrawn (sf); previously on Jun 25, 1993 Assigned Aaa (sf)

BI, Withdrawn (sf); previously on Jun 25, 1993 Assigned Aaa (sf)

G, Withdrawn (sf); previously on Mar 12, 2009 Upgraded to Baa1 (sf)

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

BX, Withdrawn (sf); previously on Jun 25, 1993 Assigned Aaa (sf)

R, Withdrawn (sf); previously on Jun 25, 1993 Assigned Aaa (sf)

R-1, Withdrawn (sf); previously on Jun 25, 1993 Assigned Aaa (sf)

Issuer: SMART 1992-02

I, Downgraded to Baa1 (sf); previously on Feb 27, 1992 Assigned Aaa (sf)

J, Downgraded to Baa1 (sf); previously on Feb 27, 1992 Assigned Aaa (sf)

R, Downgraded to Baa1 (sf); previously on Feb 27, 1992 Assigned Aaa (sf)

R-1, Downgraded to Baa1 (sf); previously on Feb 27, 1992 Assigned Aaa (sf)

Issuer: SMART 1992-03

BI, Withdrawn (sf); previously on Mar 27, 1992 Assigned Aaa (sf)

R, Withdrawn (sf); previously on Mar 27, 1992 Assigned Aaa (sf)

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
Aron Bergman
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Debashish Chatterjee
Senior Vice President
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 $4 million of RMBS issued by SMART in 1992 and 1993
No Related Data.
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