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Rating Action:

Moody's takes action on $834 Million of Subprime RMBS issued from 2002 -- 2007

04 Sep 2013

New York, September 04, 2013 -- Moody's Investors Service has downgraded the ratings of 12 tranches and confirmed the ratings of 8 tranches backed by Subprime RMBS loans, issued by various trusts.

Complete rating actions are as follows:

Issuer: MASTR Asset Backed Securities Trust 2004-OPT1

Cl. M-1, Downgraded to Ba2 (sf); previously on Jun 14, 2013 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa3 (sf); previously on Jun 14, 2013 B3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca (sf); previously on Jun 14, 2013 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: MASTR Asset Backed Securities Trust 2007-HE2

Cl. A-2, Confirmed at Ba3 (sf); previously on Jun 14, 2013 Ba3 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2002-2

Cl. M-1, Confirmed at Caa1 (sf); previously on Jun 14, 2013 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Confirmed at Caa1 (sf); previously on Jun 14, 2013 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2002-3

Cl. A-1, Confirmed at B1 (sf); previously on Jun 14, 2013 B1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Confirmed at Ba2 (sf); previously on Jun 14, 2013 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Caa1 (sf); previously on Jun 14, 2013 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2003-2

Cl. M-1, Confirmed at B1 (sf); previously on Jun 14, 2013 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2003-3

Cl. A-1, Confirmed at Baa1 (sf); previously on Jun 14, 2013 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2003-6

Cl. A-1, Downgraded to Baa1 (sf); previously on Mar 18, 2011 Downgraded to A2 (sf)

Cl. A-2, Downgraded to Baa1 (sf); previously on Jun 14, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Baa3 (sf); previously on Apr 23, 2012 Downgraded to Baa1 (sf)

Cl. M-1, Downgraded to B2 (sf); previously on Jun 14, 2013 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2006-2

Cl. II-A-2, Downgraded to Ca (sf); previously on Jun 14, 2013 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2006-3

Cl. I-A-1, Downgraded to Ca (sf); previously on Aug 6, 2010 Downgraded to Caa3 (sf)

Cl. II-A-2, Downgraded to Ca (sf); previously on Jun 14, 2013 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2007-1

Cl. II-A-2, Downgraded to Ca (sf); previously on Jun 14, 2013 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2007-5

Cl. II-A-2, Downgraded to Ca (sf); previously on Jun 14, 2013 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Option One Mortgage Loan Trust 2007-FXD2

Cl. II-A-1, Current Rating A2 (sf); previously on Jan 18, 2013 Downgraded to A2 (sf)

Underlying Rating: Downgraded to Caa2 (sf); previously on Jun 14, 2013 B1 (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: Assured Guaranty Municipal Corp (Downgraded to A2, Outlook Stable on Jan 17, 2013)

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 downgrades are a result of deteriorating performance or structural features resulting in higher expected losses for the bonds than previously anticipated.

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 8.2% in July 2012 to 7.4% in July 2013. Moody's forecasts an unemployment central range of 7.0% to 8.0% for 2013. Moody's expects housing prices to continue to rise in 2013. 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_SF341230

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:

http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_SF198689 and http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237255

For more information please see www.moodys.com.

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.

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

Eric Fellows
VP - Senior Credit Officer
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 $834 Million of Subprime RMBS issued from 2002 -- 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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