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Rating Action:

Moody's takes action on $529 Million of Alt-A and Option ARM RMBS issued from 2001 - 2006

13 Aug 2013

New York, August 13, 2013 -- Moody's Investors Service has downgraded the ratings of 63 tranches from 15 transactions backed by Alt-A and Option ARM RMBS loans, issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Bear Stearns Alt-A Trust 2006-8

Cl. III-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: Cendant Mortgage Corporation Pass-Through Certificates, Series 2001-A

Cl. M, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Loan Trust, Series 2004-1

Cl. I-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to A3 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: MASTR Alternative Loan Trust 2003-5

Cl. 1-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

CL. 3-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A-1, Downgraded to Ba1 (sf); previously on Apr 26, 2012 Downgraded to Baa2 (sf)

Cl. 6-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 7-A-1, Downgraded to Ba1 (sf); previously on Apr 26, 2012 Downgraded to Baa2 (sf)

Cl. 8-A-1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 30-PO, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 30-B-1, Downgraded to B2 (sf); previously on Apr 26, 2012 Downgraded to Ba3 (sf)

Cl. 15-PO, Downgraded to Ba1 (sf); previously on Apr 26, 2012 Downgraded to Baa2 (sf)

Issuer: Nomura Asset Acceptance Corporation, Aternative Loan Trust, Series 2003-A2

Cl. M1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2001-QS13 Trust

A-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

A-1, Downgraded to A3 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS14 Trust

A-10, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

A-11, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

A-12, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS1 Trust

A-8, Downgraded to Baa3 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Baa3 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: MBIA Insurance Corporation (Upgraded to B3, Outlook Positive on May 21, 2013)

A-13, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

A-14, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: RFSC Series 2001-RM2 Trust

Cl. A-I, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. AP-I, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp 2002-5A

Cl. 1-A1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A3, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A4, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 4-A, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. 6-A, Downgraded to Baa2 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp 2003-20

CL. 1-A1, Downgraded to Baa3 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

CL. 1-AP, Downgraded to Baa3 (sf); previously on Jul 5, 2012 Downgraded to Baa1 (sf)

Cl. 2-A3, Downgraded to Ba1 (sf); previously on Jul 5, 2012 Downgraded to Baa2 (sf)

Cl. 2-A4, Downgraded to Ba1 (sf); previously on Jul 5, 2012 Downgraded to Baa2 (sf)

Cl. 3-A1, Downgraded to Baa3 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-AP, Downgraded to Baa3 (sf); previously on Jul 5, 2012 Downgraded to Baa1 (sf)

Issuer: Structured Asset Securities Corp Trust 2003-22A

Cl. 1-A, Downgraded to Ba1 (sf); previously on Jul 5, 2012 Downgraded to Baa1 (sf)

Cl. 2-A1, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. 3-A, Downgraded to Baa3 (sf); previously on Jul 5, 2012 Downgraded to Baa1 (sf)

Cl. 4-A, Downgraded to Baa3 (sf); previously on Jul 5, 2012 Downgraded to Baa1 (sf)

Issuer: Structured Asset Securities Corp Trust 2003-34A

Cl. 5-A4, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A3 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A5, Downgraded to Ba3 (sf); previously on Jul 5, 2012 Downgraded to Ba1 (sf)

Issuer: Structured Asset Securities Corporation, Series 2005-10

Cl. 3-A1, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 3-A4, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 4-A1, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 4-A8, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 4-A9, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 4-A10, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 5-A1, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 5-A2, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A3, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. 5-A6, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 5-A9, Downgraded to Caa1 (sf); previously on Aug 11, 2010 Downgraded to B2 (sf)

Cl. 5-A10, Downgraded to Caa1 (sf); previously on Feb 22, 2012 Downgraded to B2 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust

Cl. A-1A, Downgraded to Baa1 (sf); previously on Jun 19, 2013 A1 (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The actions are a result of the recent performance of the underlying pools and reflect Moody's updated loss expectations on the pools. In addition, the downgrades reflect the exposure of the affected bonds to tail risk due to the pro-rata pay nature of the transaction.

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

As detailed in the methodology noted above, subject to the results of a stress scenario analysis, Moody's caps the ratings of bonds exposed to tail-end risk to A3 (sf) or below, unless the bonds are expected to pay off within a year or are expected to pay off well before the underlying pool is expected to be small pool (100 loans).

The primary source of assumption uncertainty is the uncertainty in our central macroeconomic forecast and performance volatility due to servicer-related issues. The unemployment rate fell from 8.2% in July 2012 to 7.4% in July 2013. Moody's forecasts an unemployment central range of 7.0% to 8.0% for the 2013 year. Moody's expects house prices to continue to rise in 2013. 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://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF338813

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://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF198174

and

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237256

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

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 this transaction in the past six months for Cendant Mortgage Corporation Pass-Through Certificates, Series 2001-A.

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 for Bear Stearns Alt-A Trust 2006-8, Deutsche Mortgage Securities, Inc. Mortgage Loan Loan Trust, Series 2004-1, MASTR Alternative Loan Trust 2003-5, Nomura Asset Acceptance Corporation, Aternative Loan Trust, Series 2003-A2, RALI Series 2001-QS13 Trust, RALI Series 2002-QS14 Trust, RALI Series 2003-QS1 Trust, RFSC Series 2001-RM2 Trust, Structured Asset Securities Corp 2002-5A, Structured Asset Securities Corp 2003-20, Structured Asset Securities Corp Trust 2003-22A, Structured Asset Securities Corp Trust 2003-34A, Structured Asset Securities Corporation, Series 2005-10, and WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust 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.

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.

Soumya Vasudevan
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

Deepika Kothari
VP - Sr Credit Officer/Manager
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 $529 Million of Alt-A and Option ARM RMBS issued from 2001 - 2006
No Related Data.
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