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Rating Action:

Moody's takes action on $492 Million of Prime Jumbo RMBS issued from 2005 to 2007

22 May 2015

New York, May 22, 2015 -- Moody's Investors Service has confirmed the ratings of 81 tranches backed by Prime Jumbo RMBS loans, issued by GSR Mortgage Loan Trust.

Complete rating actions are as follows:

Issuer: GSR Mortgage Loan Trust 2005-4F

Cl. 1A-1, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-1, Confirmed at B2 (sf); previously on Feb 12, 2015 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-1, Confirmed at B1 (sf); previously on Feb 12, 2015 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-3, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-4, Confirmed at B3 (sf); previously on Feb 12, 2015 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 5A-1, Confirmed at B3 (sf); previously on Feb 12, 2015 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 5A-2, Confirmed at Caa3 (sf); previously on Feb 12, 2015 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 6A-1, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-X, Confirmed at B1 (sf); previously on Feb 12, 2015 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: GSR Mortgage Loan Trust 2005-5F

Cl. 1A-1, Confirmed at Baa2 (sf); previously on Feb 12, 2015 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-2, Confirmed at Ba2 (sf); previously on Feb 12, 2015 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-19, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-1, Confirmed at Baa1 (sf); previously on Feb 12, 2015 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-6, Confirmed at Baa2 (sf); previously on Feb 12, 2015 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-7, Confirmed at Ba2 (sf); previously on Feb 12, 2015 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-1, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-2, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-3, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-4, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-5, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-6, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-8, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 5A-1, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 6A-1, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 7A-1, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 7A-2, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-1, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-2, Confirmed at Baa1 (sf); previously on Feb 12, 2015 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-3, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-4, Confirmed at Baa3 (sf); previously on Feb 12, 2015 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-5, Confirmed at Baa1 (sf); previously on Feb 12, 2015 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-6, Confirmed at Baa1 (sf); previously on Feb 12, 2015 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-7, Confirmed at Baa1 (sf); previously on Feb 12, 2015 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-8, Confirmed at Baa1 (sf); previously on Feb 12, 2015 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-9, Confirmed at Ba1 (sf); previously on Feb 12, 2015 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. 8A-10, Confirmed at Ba2 (sf); previously on Feb 12, 2015 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. A-X, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Issuer: GSR Mortgage Loan Trust 2005-7F

Cl. 1A-3, Confirmed at B1 (sf); previously on Feb 12, 2015 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-5, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-6, Confirmed at Ba2 (sf); previously on Feb 12, 2015 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-7, Confirmed at B2 (sf); previously on Feb 12, 2015 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-1, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-2, Confirmed at Ba2 (sf); previously on Feb 12, 2015 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-3, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-4, Confirmed at Ba2 (sf); previously on Feb 12, 2015 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-5, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-6, Confirmed at B2 (sf); previously on Feb 12, 2015 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-9, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-10, Confirmed at Ba3 (sf); previously on Feb 12, 2015 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-11, Confirmed at B2 (sf); previously on Feb 12, 2015 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-12, Confirmed at B2 (sf); previously on Feb 12, 2015 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-1, Confirmed at B1 (sf); previously on Feb 12, 2015 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-2, Confirmed at B1 (sf); previously on Feb 12, 2015 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: GSR Mortgage Loan Trust 2007-1F

Cl. 1A-1, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-1, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-3, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-4, Confirmed at B3 (sf); previously on Feb 12, 2015 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-6, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-8, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-9, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-10, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-1, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-2, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-3, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-4, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-6, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-7, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-8, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-9, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-10, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-11, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-12, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-13, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-14, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-15, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 3A-16, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-1, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 4A-2, Confirmed at Caa2 (sf); previously on Feb 12, 2015 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-X, Confirmed at Caa1 (sf); previously on Feb 12, 2015 Caa1 (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

Today's rating actions reflect the correction of a prior error. The ratings on these tranches were placed under review for possible downgrade on February 12, 2015 following the discovery of an error in the cash flow model calculation of interest loss due to servicing modification. The error has now been corrected, and today's rating actions reflect this change. Today's rating actions also take into account the recent performance of the underlying pools and reflect Moody's updated loss expectation on the pools.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the rating:

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 5.4% in April 2015 from 6.2% in April 2014. Moody's forecasts an unemployment central range of 5% to 6% for the 2015 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 2015. 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 may be found at:

Excel: http://moodys.com/viewresearchdoc.aspx?docid=PBS_SF407698

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF243269

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.

Moody's did not receive or take into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months for GSR Mortgage Loan Trust 2005-4F, GSR Mortgage Loan Trust 2005-5F, and GSR Mortgage Loan Trust 2005-7F.

Moody's received and took into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments in this transaction for GSR Mortgage Loan Trust 2007-1F and the assessment had a neutral impact on the rating.

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 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.

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.

Ilana Fried
Associate 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

Youriy Koudinov
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 $492 Million of Prime Jumbo RMBS issued from 2005 to 2007
No Related Data.
© 2022 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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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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