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Rating Action:

Moody's takes action on $917 Million of subprime RMBS issued by various issuers

15 Jul 2013

New York, July 15, 2013 -- Moody's Investors Service has upgraded the ratings of 34 tranches from 15 transactions, backed by Subprime mortgage loans

Complete rating actions are as follows:

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R4

Cl. M-1, Upgraded to A3 (sf); previously on Apr 14, 2010 Downgraded to Baa2 (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Aug 21, 2012 Upgraded to B1 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Jul 18, 2011 Downgraded to Ca (sf)

Cl. M-4, Upgraded to Ca (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R7

Cl. M-1, Upgraded to Baa1 (sf); previously on Apr 14, 2010 Downgraded to Baa2 (sf)

Cl. M-2, Upgraded to Ba2 (sf); previously on Aug 21, 2012 Confirmed at B3 (sf)

Cl. M-3, Upgraded to Caa2 (sf); previously on Aug 21, 2012 Upgraded to Ca (sf)

Issuer: BNC Mortgage Loan Trust 2006-2

Cl. A4, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: BNC Mortgage Loan Trust 2007-1

Cl. A3, Upgraded to Ba1 (sf); previously on Aug 21, 2012 Upgraded to Ba3 (sf)

Issuer: CWABS Asset-Backed Certificates Trust 2005-BC1

Cl. M-4, Upgraded to A3 (sf); previously on Aug 23, 2012 Upgraded to Baa1 (sf)

Cl. M-5, Upgraded to Ba1 (sf); previously on Aug 23, 2012 Upgraded to B1 (sf)

Cl. M-6, Upgraded to B3 (sf); previously on Apr 14, 2010 Downgraded to Caa3 (sf)

Issuer: Ellington Loan Acquisition Trust 2007-1

Cl. A-2a1, Upgraded to Baa1 (sf); previously on Aug 9, 2012 Upgraded to Ba1 (sf)

Cl. A-2a2, Upgraded to Baa1 (sf); previously on Aug 9, 2012 Upgraded to Ba1 (sf)

Issuer: GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-1

Cl. M-1, Upgraded to Caa3 (sf); previously on Aug 9, 2012 Upgraded to Ca (sf)

Cl. A-2c, Upgraded to Baa2 (sf); previously on Aug 9, 2012 Upgraded to Ba1 (sf)

Issuer: MASTR Asset Backed Securities Trust 2005-FRE1

Cl. A-5, Upgraded to A1 (sf); previously on Aug 6, 2012 Confirmed at A3 (sf)

Issuer: MASTR Asset Backed Securities Trust 2006-HE1

Cl. A-3, Upgraded to Ba1 (sf); previously on Aug 6, 2012 Upgraded to Ba2 (sf)

Cl. A-4, Upgraded to Ba3 (sf); previously on Aug 6, 2012 Upgraded to Caa1 (sf)

Cl. M-1, Upgraded to Ca (sf); previously on May 5, 2010 Downgraded to C (sf)

Issuer: MASTR Asset Backed Securities Trust 2006-NC1

Cl. A-3, Upgraded to Ba3 (sf); previously on May 5, 2010 Downgraded to B1 (sf)

Cl. A-4, Upgraded to B3 (sf); previously on Aug 6, 2012 Confirmed at Caa2 (sf)

Issuer: Speciality Underwriting and Residential Finance 2005-AB3

Cl. A-1A, Upgraded to Ba3 (sf); previously on Aug 14, 2012 Confirmed at Caa2 (sf)

Cl. A-2C, Upgraded to Ba3 (sf); previously on Aug 14, 2012 Confirmed at Caa3 (sf)

Issuer: Specialty Underwriting and Residential Finance Series 2005-AB1

Cl. M-1, Upgraded to Baa2 (sf); previously on Aug 14, 2012 Upgraded to Ba2 (sf)

Cl. M-2, Upgraded to Caa1 (sf); previously on Aug 14, 2012 Upgraded to Ca (sf)

Issuer: Specialty Underwriting and Residential Finance Series 2005-AB2

Cl. A-1C, Upgraded to A2 (sf); previously on Aug 14, 2012 Upgraded to A3 (sf)

Cl. A-1D, Upgraded to A3 (sf); previously on Aug 14, 2012 Upgraded to Baa2 (sf)

Cl. M-1, Upgraded to Baa2 (sf); previously on Aug 14, 2012 Upgraded to Ba3 (sf)

Cl. M-2, Upgraded to B3 (sf); previously on Aug 14, 2012 Upgraded to Caa3 (sf)

Cl. M-3, Upgraded to Caa3 (sf); previously on Aug 14, 2012 Confirmed at C (sf)

Issuer: Specialty Underwriting and Residential Finance Series 2005-BC4

Cl. A-1A, Upgraded to A3 (sf); previously on Aug 14, 2012 Upgraded to Baa1 (sf)

Cl. A-2C, Upgraded to Baa2 (sf); previously on Aug 14, 2012 Upgraded to Ba2 (sf)

Issuer: Specialty Underwriting and Residential Finance Trust, Series 2005-BC1

Cl. M-3, Upgraded to B2 (sf); previously on Aug 14, 2012 Confirmed at 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 improving performance of the related pools and faster pay-down of the bonds due to high prepayments/faster liquidations.

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 source of assumption uncertainty is the uncertainty in our central macroeconomic forecast and performance volatility due to servicer-related issues. The unemployment rate fell from 8.2% in June 2012 to 7.6% in June 2013. Moody's forecasts an unemployment central range of 7.0% to 8.0% for the 2013 year. Moody's expects house 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:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF335652

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

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

Bruce D. Fabrikant
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 $917 Million of subprime RMBS issued by various issuers
No Related Data.
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