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Rating Action:

Moody's takes action on $747 million of Subprime RMBS issued by Equity One in 1998 through 2004

07 Mar 2011

New York, March 07, 2011 -- Moody's Investors Service has downgraded the ratings of 63 tranches and has confirmed the ratings of 8 tranches from 15 Subprime deals issued by Equity One. The collateral backing these deals primarily consists of first-lien, fixed and adjustable rate Subprime residential mortgages.

RATINGS RATIONALE

The actions are a result of deteriorating performance of Subprime pools securitized before 2005. Although most of these pools have paid down significantly, the remaining loans are affected by the housing and macroeconomic conditions that remain under duress.

The actions reflect Moody's updated loss expectations on Subprime pools securitized before 2005.

The principal methodology used in these ratings was "Pre-2005 US RMBS Surveillance Methodology" published in January 2011.

Moody's final rating actions are based on current ratings, level of credit enhancement, collateral performance and updated pool-level loss expectations relative to current level of credit enhancement. Moody's took into account credit enhancement provided by seniority, cross-collateralization, excess spread, time tranching, and other structural features within the senior note waterfalls.

The above mentioned approach " Pre-2005 US RMBS Surveillance Methodology " is adjusted slightly when estimating losses on pools left with a small number of loans to account for the volatile nature of small pools. Even if a few loans in a small pool become delinquent, there could be a large increase in the overall pool delinquency level due to the concentration risk. To project losses on pools with fewer than 100 loans, Moody's first estimates a "baseline" average rate of new delinquencies of 11% for pools originated and securitized before 2005. The baseline rate is generally higher than the average rate of new delinquencies for larger pools. Once the baseline rate is set, further adjustments are made based on 1) the number of loans remaining in the pool and 2) the level of current delinquencies in the pool. The fewer the number of loans remaining in the pool, the higher the volatility in performance. Once the loan count in a pool falls below 75, the rate of delinquency is increased by 1% for every loan less than 75. For example, for a pool with 74 loans from the 2004 vintage, the adjusted rate of new delinquency would be 11.11%. In addition, if the current delinquency level in a small pool is low, future delinquencies are expected to reflect this trend. To account for that, the rate calculated above is multiplied by a factor ranging from 0.85 to 2.25 for current delinquencies ranging from less than 10% to greater than 50% respectively. Delinquencies for subsequent years and ultimate expected losses are projected using the approach described in the methodology publication.

Certain securities, as noted below, are insured by financial guarantors. For securities insured by a financial guarantor, the rating on the securities is the higher of (i) the guarantor's financial strength rating and (ii) the current underlying rating (i.e., absent consideration of the guaranty) on the security. The principal methodology used in determining the underlying rating is the same methodology for rating securities that do not have a financial guaranty and is as described earlier. RMBS securities wrapped by Ambac Assurance Corporation are rated at their underlying rating without consideration of Ambac's guaranty.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment levels remain high, and weakness persists in the housing market. Overall, Moody's assumes a further 5% decline in home prices with stabilization in late 2011, accompanied by continued stress in national employment levels through that timeframe.

For more information please see www.moodys.com.

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets or financial instruments in this transaction and the due diligence reports had a neutral impact on the rating.

Complete rating actions are as follows:

Issuer: Equity One ABS, Inc. 1998-1

A-1, Downgraded to Caa1 (sf); previously on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

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

Underlying Rating: Downgraded to Caa1 (sf); previously on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

A-2, Downgraded to Caa1 (sf); previously on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

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

Underlying Rating: Downgraded to Caa1 (sf); previously on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 1999-1

A-1, Downgraded to Caa1 (sf); previously on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade

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

Underlying Rating: Downgraded to Caa1 (sf); previously on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2001-3

AF-4, Confirmed at B3 (sf); previously on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade

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

Underlying Rating: Confirmed at B3 (sf); previously on Apr 8, 2010 B3 (sf) Placed Under Review for Possible Downgrade

AV-1, Downgraded to B3 (sf); previously on Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade

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

Underlying Rating: Downgraded to B3 (sf); previously on Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2002-1

Cl. AV-1, Confirmed at Aaa (sf) ; previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa1 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3 (sf); previously on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to C (sf); previously on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2002-2

Cl. AF-4, Downgraded to B3 (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

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

Underlying Rating: Downgraded to B3 (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2002-3

Cl. AV-1, Downgraded to Aa1 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at A3 (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1 (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa3 (sf); previously on Apr 8, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2002-4

Cl. AV-1A, Downgraded to Aa2 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: Assured Guaranty Municipal Corp (Confirmed at Aa3, Outlook Negative on Nov 12, 2009)

Underlying Rating: Downgraded to Aa2 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. AV-1B, Downgraded to Aa2 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa2 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3 (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B, Downgraded to C (sf); previously on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2002-5

M-1, Downgraded to Baa1 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

M-2, Downgraded to Caa2 (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

B, Downgraded to C (sf); previously on Apr 8, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2003-1

M-1, Downgraded to Ba1 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

M-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

B, Downgraded to C (sf); previously on Apr 8, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2003-2

AV-1, Downgraded to Aa1 (sf); previously on May 19, 2003 Assigned Aaa (sf)

M-1, Downgraded to Baa1 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

M-2, Downgraded to B2 (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

M-3, Downgraded to C (sf); previously on Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2003-3

AF-4, Downgraded to Aa3 (sf); previously on Aug 18, 2003 Assigned Aaa (sf)

M-1, Downgraded to Baa3 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

M-2, Downgraded to Ca (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

M-3, Downgraded to C (sf); previously on Apr 8, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2003-4

AV-1, Downgraded to Aa2 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

AV-2, Downgraded to Aa2 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

AF-5, Confirmed at Aaa (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

AF-6, Confirmed at Aaa (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

M-1, Downgraded to Baa2 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

M-2, Downgraded to B2 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

M-3, Downgraded to C (sf); previously on Apr 8, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

M-4, Downgraded to C (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

B-1, Downgraded to C (sf); previously on Apr 8, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2004-1

AV-1, Downgraded to Aa1 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

AV-2, Downgraded to Aa1 (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

AF-4, Confirmed at Aaa (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

AF-5, Confirmed at Aaa (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

AF-6, Confirmed at Aaa (sf); previously on Apr 8, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

M-1, Downgraded to Baa1 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

M-2, Downgraded to B2 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

M-3, Downgraded to Ca (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

M-4, Downgraded to C (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2004-2

Cl. AV-1, Downgraded to Aa2 (sf); previously on Jun 24, 2004 Assigned Aaa (sf)

Cl. AV-2, Downgraded to Aa2 (sf); previously on Jun 24, 2004 Assigned Aaa (sf)

Cl. AF-4, Downgraded to Aa1 (sf); previously on Jun 24, 2004 Assigned Aaa (sf)

Cl. AF-5, Downgraded to Aa1 (sf); previously on Jun 24, 2004 Assigned Aaa (sf)

Cl. AF-6, Downgraded to Aa1 (sf); previously on Jun 24, 2004 Assigned Aaa (sf)

Cl. M-1, Downgraded to Baa2 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Equity One Mortgage Pass-Through Trust 2004-3

Cl. AV-1, Downgraded to Aa2 (sf); previously on Sep 28, 2004 Assigned Aaa (sf)

Cl. AV-2, Downgraded to Aa2 (sf); previously on Sep 28, 2004 Assigned Aaa (sf)

Cl. AF-4, Downgraded to Aa1 (sf); previously on Sep 28, 2004 Assigned Aaa (sf)

Cl. AF-5, Downgraded to Aa1 (sf); previously on Sep 28, 2004 Assigned Aaa (sf)

Cl. AF-6, Downgraded to Aa1 (sf); previously on Sep 28, 2004 Assigned Aaa (sf)

Cl. M-1, Downgraded to Baa1 (sf); previously on Apr 8, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B2 (sf); previously on Apr 8, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Apr 8, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C (sf); previously on Apr 8, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to C (sf); previously on Apr 8, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to C (sf); previously on Apr 8, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF238820

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_SF237255

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Jayesh Joseph
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on $747 million of Subprime RMBS issued by Equity One in 1998 through 2004
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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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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