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Rating Action:

Moody's takes action on $638 Million of US Scratch and Dent RMBS issued by various trusts.

24 May 2013

New York, May 24, 2013 -- Moody's Investors Service has downgraded the ratings of 18 tranches and upgraded the ratings of 22 tranches from 18 RMBS transactions backed Scratch Dent Loans.

Complete rating actions are as follows:

Issuer: Bear Stearns Asset Backed Securities Trust 2003-SD2

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

Cl. II-A, Downgraded to Baa1 (sf); previously on Jul 5, 2012 Downgraded to A1 (sf)

Cl. III-A, Downgraded to Ba2 (sf); previously on Jul 5, 2012 Downgraded to Baa2 (sf)

Cl. B-1, Downgraded to B3 (sf); previously on Jul 5, 2012 Downgraded to B1 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2004-SD4

Cl. A-1, Downgraded to Aa3 (sf); previously on Jul 5, 2012 Confirmed at Aaa (sf)

Cl. A-2, Downgraded to A1 (sf); previously on May 20, 2011 Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to Baa2 (sf); previously on May 20, 2011 Downgraded to A3 (sf)

Cl. M-2, Downgraded to B1 (sf); previously on May 20, 2011 Downgraded to Ba3 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2005-4

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

Issuer: Bear Stearns Asset Backed Securities Trust 2005-SD1

Cl. I-M-3, Downgraded to Ba2 (sf); previously on Jul 5, 2012 Confirmed at Baa3 (sf)

Cl. I-M-4, Downgraded to B2 (sf); previously on May 20, 2011 Downgraded to Ba3 (sf)

Cl. I-M-5, Downgraded to Caa2 (sf); previously on Jul 5, 2012 Confirmed at B3 (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2007-1

Cl. A-1, Downgraded to B3 (sf); previously on Jul 5, 2012 Downgraded to Ba3 (sf)

Issuer: Bear Stearns Asset-Backed Securities Trust 2003-SD1

Cl. A, Downgraded to Baa1 (sf); previously on Jul 5, 2012 Downgraded to A2 (sf)

Cl. M-1, Downgraded to Ba2 (sf); previously on Jul 5, 2012 Downgraded to Baa3 (sf)

Issuer: Bear Stearns Asset-Backed Securities Trust 2004-SD2

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

Cl. II-A, Downgraded to Baa2 (sf); previously on Jul 5, 2012 Downgraded to A1 (sf)

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

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

Issuer: GSAMP Trust 2007-SEA1

Cl. A, Upgraded to Ba2 (sf); previously on Jul 3, 2012 Upgraded to B2 (sf)

Issuer: GSRPM Mortgage Loan Trust 2006-1

Cl. A-1, Upgraded to A3 (sf); previously on Jul 3, 2012 Confirmed at Baa1 (sf)

Cl. A-3, Upgraded to Baa1 (sf); previously on Jul 3, 2012 Confirmed at Baa2 (sf)

Cl. M-1, Upgraded to Caa1 (sf); previously on Jul 3, 2012 Downgraded to Caa3 (sf)

Issuer: RAAC Series 2005-RP1 Trust

Cl. M-2, Upgraded to A2 (sf); previously on Jul 3, 2012 Upgraded to Baa3 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Jul 3, 2012 Upgraded to Caa3 (sf)

Issuer: RAAC Series 2005-RP2 Trust

Cl. M-2, Upgraded to Baa1 (sf); previously on Jul 3, 2012 Confirmed at Ba2 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Jul 3, 2012 Confirmed at Ca (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on May 4, 2009 Downgraded to C (sf)

Issuer: RAAC Series 2005-RP3 Trust

Cl. M-1, Upgraded to Baa1 (sf); previously on Jul 3, 2012 Upgraded to Ba3 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on May 4, 2009 Downgraded to C (sf)

Issuer: RAAC Series 2006-RP1 Trust

Cl. A-2, Upgraded to Aa3 (sf); previously on May 19, 2011 Confirmed at A1 (sf)

Cl. A-3, Upgraded to Aa3 (sf); previously on May 19, 2011 Confirmed at A1 (sf)

Cl. M-1, Upgraded to Baa1 (sf); previously on Jul 3, 2012 Upgraded to Ba3 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on May 4, 2009 Downgraded to C (sf)

Issuer: RAAC Series 2006-RP2 Trust

Cl. A, Upgraded to Baa2 (sf); previously on Jul 3, 2012 Upgraded to Ba3 (sf)

Issuer: RAAC Series 2006-RP4 Trust

Cl. A, Upgraded to Ba1 (sf); previously on Jul 3, 2012 Confirmed at B3 (sf)

Cl. M-1, Upgraded to Ca (sf); previously on May 4, 2009 Downgraded to C (sf)

Issuer: RAAC Series 2007-RP1 Trust

Cl. A, Upgraded to B3 (sf); previously on Jul 3, 2012 Confirmed at Caa3 (sf)

Issuer: RAAC Series 2007-RP2 Trust

Cl. A, Upgraded to B3 (sf); previously on Jul 3, 2012 Confirmed at Caa2 (sf)

Issuer: RFSC Series 2004-RP1 Trust

M-2, Upgraded to Baa3 (sf); previously on Jul 3, 2012 Upgraded to Ba3 (sf)

RATINGS RATIONALE

The actions are a result of recent performance review of these deals and reflect Moody's updated loss expectations on these pools.

Today's rating actions constitute of a number of upgrades and downgrades. The upgrades are primarily driven by an increase in the available credit enhancement. In many of the transactions, there has been sufficient excess spread to absorb losses and maintain the overcollateralization levels. In addition, many of the transactions are failing their performance triggers which helped in building the enhancement available for the most senior certificates. The downgrades are in transactions with weak performance as well as declining credit enhancement available to the bonds.

The methodologies used in these ratings were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, "US RMBS Surveillance Methodology for Scratch and Dent" published in May 2011, and "Rating Transactions Based on the Credit Substitution Approach: Letter of Credit backed, Insured and Guaranteed Debts" published in March 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's adjusts the methodologies noted above for 1) Moody's current view on loan modifications and 2) small pool volatility.

Loan Modifications

Moody's adjusts the methodologies noted above for Moody's current view on loan modifications. As a result of an extension of the Home Affordable Modification Program (HAMP) to 2013 and an increased use of private modifications, Moody's is extending its previous view that loan modifications will only occur through the end of 2012. It is now assuming that the loan modifications will continue at current levels until the end of 2013.

Small Pool Volatility

The above RMBS approach only applies to structures with at least 40 loans and a pool factor of greater than 5%. Moody's can withdraw its rating when the pool factor drops below 5% and the number of loans in the deal declines to 40 loans or lower. If, however, a transaction has a specific structural feature, such as a credit enhancement floor, that mitigates the risks of small pool size, Moody's can choose to continue to rate the transaction. Please refer further to Moody's Investors Service's Withdrawal Policy, which can be found on our website, www.moodys.com.

For pools with loans less than 100, Moody's adjusts its projections of loss to account for the higher loss volatility of such pools. For small pools, a few loans becoming delinquent would greatly increase the pools' delinquency rate.

To project losses on scratch and dent pools with fewer than 100 loans, Moody's first calculates an annualized delinquency rate based on strength of the collateral, number of loans remaining in the pool and the level of current delinquencies in the pool. For scratch and dent, Moody's first applies a baseline delinquency rate of 11% for standard transactions and 3% for strongest prime-like deals. Once the loan count in a pool falls below 76, this rate of delinquency is increased by 1% for every loan fewer than 76. For example, for a standard pool with 75 loans, the adjusted rate of new delinquency is 11.1%. Further, to account for the actual rate of delinquencies in a small pool, Moody's multiplies the rate calculated above by a factor ranging from 0.75 to 2.5 for current delinquencies that range from less than 2.5% to greater than 30% respectively. Moody's then uses this final adjusted rate of new delinquency to project delinquencies and losses for the remaining life of the pool under the approach described in the methodology publication.

When assigning the final ratings to the bonds, in addition to the methodologies described above, we considered the volatility of the projected losses and timeline of the expected defaults.

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 8.5% in December 2011 to 7.5% in April 2013. Moody's forecasts a unemployment central range of 7.0% to 8.0% for the 2013 year. Moody's expects housing 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_SF330044

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://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF247004

REGULATORY DISCLOSURES

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 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.

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.

Brian Kirimdar
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

Amita Shrivastava
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 $638 Million of US Scratch and Dent RMBS issued by various trusts.
No Related Data.
© 2019 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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