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Rating Action:

Moody's takes action on $722.4 Million of RMBS issued from 2005 to 2007

27 Aug 2015

New York, August 27, 2015 -- Moody's Investors Service has upgraded the ratings of nine tranches, downgraded the ratings of three tranches, and confirmed the ratings of 13 tranches from ten transactions backed by Alt-A and Option ARM RMBS loans, and issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Bear Stearns ARM Trust 2005-11

Cl. I-A-1, Upgraded to Ba3 (sf); previously on Jun 7, 2010 Downgraded to B2 (sf)

Cl. II-A-1, Upgraded to Ba3 (sf); previously on Jun 7, 2010 Downgraded to B3 (sf)

Cl. III-A-1, Upgraded to Ba3 (sf); previously on Jun 7, 2010 Downgraded to B3 (sf)

Cl. IV-A-1, Upgraded to Ba3 (sf); previously on Jul 20, 2015 B2 (sf) Placed Under Review Direction Uncertain

Cl. V-A-1, Upgraded to Ba2 (sf); previously on Jun 7, 2010 Downgraded to B2 (sf)

Cl. V-A-2, Upgraded to Caa1 (sf); previously on Jun 7, 2010 Downgraded to Ca (sf)

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series 2006-OA2

Cl. A-1, Confirmed at Ca (sf); previously on Jul 20, 2015 Ca (sf) Placed Under Review Direction Uncertain

Cl. A-5, Confirmed at Ca (sf); previously on Jul 20, 2015 Ca (sf) Placed Under Review Direction Uncertain

Cl. A-7, Confirmed at Ca (sf); previously on Jul 20, 2015 Ca (sf) Placed Under Review Direction Uncertain

Issuer: GMACM Mortgage Loan Trust 2005-AA1

Cl. 1-A-1, Confirmed at Caa3 (sf); previously on Jul 20, 2015 Caa3 (sf) Placed Under Review Direction Uncertain

Issuer: Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2005-1

Cl. 3-A-1, Downgraded to Caa2 (sf); previously on May 11, 2010 Downgraded to B3 (sf)

Cl. 3-A-X, Downgraded to Caa2 (sf); previously on May 11, 2010 Downgraded to B3 (sf)

Cl. 4-A, Downgraded to Caa2 (sf); previously on May 11, 2010 Downgraded to Caa1 (sf)

Cl. 5-A-1, Confirmed at Caa2 (sf); previously on Jul 20, 2015 Caa2 (sf) Placed Under Review Direction Uncertain

Cl. 5-A-6, Confirmed at Caa1 (sf); previously on Jul 20, 2015 Caa1 (sf) Placed Under Review Direction Uncertain

Issuer: IndyMac INDA Mortgage Loan Trust 2006-AR1

Cl. A-1, Confirmed at B2 (sf); previously on Jul 20, 2015 B2 (sf) Placed Under Review Direction Uncertain

Cl. A-2, Confirmed at B2 (sf); previously on Jul 20, 2015 B2 (sf) Placed Under Review Direction Uncertain

Cl. A-2X, Confirmed at B2 (sf); previously on Jul 20, 2015 B2 (sf) Placed Under Review Direction Uncertain

Cl. A-3, Confirmed at B2 (sf); previously on Jul 20, 2015 B2 (sf) Placed Under Review Direction Uncertain

Issuer: IndyMac INDX Mortgage Loan Trust 2005-AR31

Cl. 5-A-1, Confirmed at Caa3 (sf); previously on Jul 20, 2015 Caa3 (sf) Placed Under Review Direction Uncertain

Issuer: MASTR Resecuritization 2006-1CI

Cl. N4, Upgraded to Ba3 (sf); previously on Sep 26, 2012 Upgraded to B3 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2006-A3

Cl. I-A, Upgraded to Caa3 (sf); previously on Oct 1, 2010 Downgraded to Ca (sf)

Cl. V-A-1, Upgraded to B3 (sf); previously on Jul 20, 2015 Caa1 (sf) Placed Under Review Direction Uncertain

Issuer: Morgan Stanley Mortgage Loan Trust 2007-14AR

Cl. 6-A-1, Confirmed at Caa3 (sf); previously on Jul 20, 2015 Caa3 (sf) Placed Under Review Direction Uncertain

Issuer: RALI Series 2005-QA3 Trust

Cl. NB-I, Confirmed at Ca (sf); previously on Jul 20, 2015 Ca (sf) Placed Under Review Direction Uncertain

RATINGS RATIONALE

The actions are a result of the recent performance of the underlying pools and reflect Moody's updated loss expectation on the pools. The rating upgrades are due to the improvement in credit enhancement available to the bonds and better collateral performance. The rating downgrades are due to the erosion of credit enhancement and weaker collateral performance.

Today's rating actions on all transactions excluding MASTR Resecuritization 2006-1CI also reflect updates and corrections to the cash-flow models used by Moody's in rating these transactions. The changes to the models primarily pertain to the calculation of senior percentage, cross collateralization, principal and interest payments, and losses applicable to the bonds. The rating on Class N-4 of MASTR Resecuritization 2006-1CI has been upgraded due to the fast amortization of the bond.

Additionally, today's rating actions conclude the review actions on 15 tranches from nine transactions, announced on July 20, 2015 relating to the existence of an error in the calculation of the net weighted average coupon (net WAC) that was used in the prior cash flow models. In previous surveillance of these bonds, the net WAC was calculated using the periodic interest collections from the asset pools, rather than the promised net coupons on the assets in the pools. As interest payments to the bonds are capped by the net WAC and periodic interest collections from the collateral could be lower than the promised coupons due to delinquent assets in the pool, this approach results in lower interest payments and higher remaining funds to amortize the bonds than may be appropriate. The calculation has now been corrected, and the information considered in connection with today's rating actions reflects the net WAC calculated using promised net coupons on the collateral, as well as updated performance data for the collateral. The ratings on Class IV-A-1 of Bear Stearns ARM Trust 2005-11 and Class V-A-1 of Merrill Lynch Mortgage Investors Trust 2006-A3 have been upgraded due to improvement in credit enhancement and performance of underlying collateral. The ratings of the remaining tranches previously placed on review have been confirmed.

The methodology used in rating MASTR Resecuritization 2006-1CI was "Moody's Approach to Rating Resecuritizations" published in February 2014. The principal methodology used in the other ratings was "US RMBS Surveillance Methodology" published in November 2013.Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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 5.3% in July 2015 from 6.2% in July 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://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF416632

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 Alt-A: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF198174

Excel Option ARM: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF225686

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.

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.

Wenzhao Wu
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
Senior Vice President
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 $722.4 Million of RMBS issued from 2005 to 2007
No Related Data.
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