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Rating Action:

Moody's takes action on $570 Million of Subprime RMBS issued from 2003 -- 2007

23 Oct 2013

New York, October 23, 2013 -- Moody's Investors Service has downgraded the ratings of two tranches and upgraded the ratings of 19 tranches backed by Subprime RMBS loans, issued by various trusts.

Complete rating actions are as follows:

Issuer: Ameriquest Mortgage Securities Inc., Series 2004-R4

Cl. M-1, Downgraded to Ba1 (sf); previously on Apr 16, 2013 Upgraded to Baa1 (sf)

Issuer: Argent Securities Inc., Series 2003-W1

Cl. M-3, Downgraded to Ba1 (sf); previously on Mar 5, 2013 Downgraded to A3 (sf)

Issuer: BNC Mortgage Loan Trust 2007-3

Cl. A3, Upgraded to Ba1 (sf); previously on Aug 21, 2012 Upgraded to B1 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-1

Cl. AF-4, Upgraded to Ba2 (sf); previously on Mar 12, 2013 Affirmed B1 (sf)

Cl. AF-5A, Upgraded to B1 (sf); previously on Mar 12, 2013 Upgraded to B3 (sf)

Cl. AF-5B, Upgraded to B1 (sf); previously on Mar 12, 2013 Upgraded to B3 (sf)

Underlying Rating: Upgraded to B1 (sf); previously on Mar 12, 2013 Upgraded to B3 (sf)

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

Cl. AF-6, Upgraded to Ba3 (sf); previously on Mar 12, 2013 Affirmed B2 (sf)

Cl. MV-3, Upgraded to Baa3 (sf); previously on Mar 12, 2013 Upgraded to Ba2 (sf)

Cl. MV-4, Upgraded to B1 (sf); previously on Mar 12, 2013 Upgraded to Caa1 (sf)

Cl. MV-5, Upgraded to Ca (sf); previously on Mar 12, 2013 Affirmed C (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-2

Cl. M-2, Upgraded to Baa2 (sf); previously on Mar 14, 2013 Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to Ba3 (sf); previously on Mar 14, 2013 Upgraded to B3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-5

Cl. M-2, Upgraded to Baa2 (sf); previously on Mar 14, 2013 Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Mar 14, 2013 Upgraded to B2 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-BC4

Cl. M-3, Upgraded to Baa2 (sf); previously on Mar 14, 2013 Affirmed Baa3 (sf)

Cl. M-4, Upgraded to Ba1 (sf); previously on Mar 14, 2013 Upgraded to B1 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2006-25

Cl. 2-A-2, Upgraded to Ba3 (sf); previously on Apr 14, 2010 Confirmed at B3 (sf)

Issuer: Encore Credit Receivables Trust 2005-2

Cl. M-2, Upgraded to Baa3 (sf); previously on Mar 12, 2013 Upgraded to Ba3 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Mar 12, 2013 Upgraded to Caa2 (sf)

Issuer: Encore Credit Receivables Trust 2005-3

Cl. M-3, Upgraded to Ba3 (sf); previously on Mar 14, 2013 Affirmed B3 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Mar 14, 2013 Affirmed Caa2 (sf)

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. The upgrades are a result of improved performance of the related pools and/or faster pay-down of the bonds due to high prepayments/faster liquidations. The downgrades are the result of recent interest shortfalls on the bonds - Class M-1 from Ameriquest 2004-R4 and Class M-3 from Argent 2003-W1 recently missed their interest payments. Structural limitations in the transactions prevent recoupment of the missed interests even if funds are available in subsequent periods - missed interest payments on these tranches can only be made up from excess interest after the overcollateralization builds to the target amounts. In these transactions since overcollateralization is currently below target, the missed interest payments to these tranches are unlikely to be paid.

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.

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 8.1% in August 2012 to 7.3% in August 2013. Moody's forecasts an unemployment central range of 6.5% to 7.5% for the 2014 year. Moody's expects house prices to continue to rise in 2014. 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_SF345309

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:

Pre-2005 http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237255

Post-2005 http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198689

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 these transactions in the past six months.

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.

Minxi Qiu
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 $570 Million of Subprime RMBS issued from 2003 -- 2007
No Related Data.
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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.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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