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Rating Action:

Moody's takes action on SASCO scratch and dent transactions

05 Mar 2009

New York, March 05, 2009 -- Moody's Investors Service has downgraded the ratings of seventy five tranches issued in twelve transactions from the Structured Asset Securities Corporation GEL shelf. The collateral backing each tranche consists primarily of first lien adjustable-rate and fixed-rate "scratch and dent" mortgage loans. Scratch and dent loans in the GEL shelf consist mainly of subprime or Alt-A loans. A majority of the loans represent either one or more permitted or unintentional underwriting exceptions to applicable guidelines. The most prevalent of the exceptions include delinquency history of the borrower, combined loan-to-value ratios, missing or incomplete documentation, borrower's debt-to-income ratios or borrower's credit score.

The actions are triggered by higher than anticipated delinquency levels and severity of loss as well as well as slower than anticipated voluntary prepayments, resulting in higher updated loss expectation for the underlying collateral and lower coverage for the rated debt given available credit enhancement.

The ratings on the securities are monitored by evaluating factors determined to be applicable to the credit profile of the securities, such as i) the nature, sufficiency, and quality of historical performance information regarding the asset class ii) an analysis of the collateral being securitized, iii) an analysis of the transaction's allocation of collateral cash flow and capital structure, and (iv) a comparison of these attributes against those of other similar transactions.

General loss estimation methodology is outlined below, separately for recent and for more seasoned vintages.

For recent vintages (2005 and later), Moody's calculates estimated losses for Scratch and Dent RMBS in a two-step process. First, serious delinquencies are projected through late 2009, primarily based upon recent performance. These projected delinquencies are converted into projected losses using lifetime roll rates (the probability of transition to default) averaging 60% for 60-day delinquencies, 90% for delinquencies greater than 90 days, 100% for foreclosure and 100% for REO, and severity assumption based on the higher of actual severities and 65%.

The second step is to determine losses beyond 2009. Depending on a deal's performance, as well as collateral credit characteristics, such as loan type, or loan-to-value ratios and geographic concentrations of remaining current loans, Moody's assumes varying degrees of slowing in the loss rate (which is measured by loss-to-liquidation) for the remaining life of the deal. Typical degrees of slowing in loss rate after late 2009 range from 65 to 85%.

For more seasoned vintages (before 2005), Moody's calculates estimated losses for Scratch and Dent RMBS as follows:

- Current delinquencies are used to project pipeline losses.

- Annual roll rates are assumed at 0% for 30 days, 15% for 60 days, 30% for 90 days, 65% for foreclosures and 90% for REO.

- Severities used are higher of 65% or actual historical severity for each transaction.

- Loss is calculated for the previous year. Expected annual loss is then derived from a weighted average of previous year loss and expected pipeline loss. The transaction expected loss is projected out over the deal's expected remaining life. Depending on a transaction's time of origination, a 75% weight can be applied to pipeline loss when it is considered to be more representative of future expected performance than the previous year's losses.

- Expected loss is finally compared to credit enhancement to derive a rating.

Loss estimates are subject to variability and, as a result, realized losses could ultimately turn out higher or lower than our current expectations. Moody's will continue to evaluate performance data as it becomes available and will assess the pattern of potential future defaults and adjust loss expectations accordingly if necessary.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

Complete rating actions are as follows:

Structured Asset Securities Corp Trust 2007-TC1

Cl. A, Downgraded to Baa2; previously on 7/6/2007 Assigned Aaa

Cl. A-IO, Downgraded to Baa2; previously on 7/6/2007 Assigned Aaa

Cl. M-1, Downgraded to Ba2; previously on 7/6/2007 Assigned Aa2

Cl. M-2, Downgraded to B1; previously on 7/6/2007 Assigned A1

Cl. M-3, Downgraded to Caa2; previously on 7/6/2007 Assigned A3

Cl. M-4, Downgraded to C; previously on 7/6/2007 Assigned Baa1

Cl. M-5, Downgraded to C; previously on 7/6/2007 Assigned Baa3

Structured Asset Securities Corporation 2006-GEL1

Cl. A2, Downgraded to Baa2; previously on 2/27/2006 Assigned Aaa

Cl. M1, Downgraded to B3; previously on 2/27/2006 Assigned Aa2

Cl. M2, Downgraded to C; previously on 7/28/2008 Downgraded to Ba1

Cl. M3, Downgraded to C; previously on 7/28/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Structured Asset Securities Corporation 2006-GEL2

Cl. A2, Downgraded to B1; previously on 7/28/2008 Downgraded to Aa3

Cl. M1, Downgraded to C; previously on 7/28/2008 Downgraded to B1

Cl. M2, Downgraded to C; previously on 7/28/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to C; previously on 7/28/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to C; previously on 7/28/2008 Downgraded to Caa2

Cl. M5, Downgraded to C; previously on 7/28/2008 Downgraded to Ca

Structured Asset Securities Corporation 2006-GEL3

Cl. A2, Downgraded to B3; previously on 7/28/2008 Downgraded to A2

Cl. A3, Downgraded to Ca; previously on 7/28/2008 Downgraded to Baa1

Cl. M1, Downgraded to C; previously on 7/28/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to C; previously on 7/28/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to C; previously on 7/28/2008 Downgraded to Caa1

Cl. M4, Downgraded to C; previously on 7/28/2008 Downgraded to Caa2

Cl. M5, Downgraded to C; previously on 7/28/2008 Downgraded to Caa3

Cl. M6, Downgraded to C; previously on 7/28/2008 Downgraded to Ca

Structured Asset Securities Corporation 2006-GEL4

Cl. A2, Downgraded to B1; previously on 7/28/2008 Downgraded to A2

Cl. A3, Downgraded to Ca; previously on 7/28/2008 Downgraded to Baa1

Cl. M1, Downgraded to C; previously on 7/28/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to C; previously on 7/28/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to C; previously on 7/28/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to C; previously on 7/28/2008 Downgraded to Caa1

Cl. M5, Downgraded to C; previously on 7/28/2008 Downgraded to Caa2

Cl. M6, Downgraded to C; previously on 7/28/2008 Downgraded to Caa3

Cl. M7, Downgraded to C; previously on 7/28/2008 Downgraded to Ca

Structured Asset Securities Corporation 2007-GEL1

Cl. A1, Downgraded to Caa1; previously on 2/16/2007 Assigned Aaa

Cl. A2, Downgraded to C; previously on 2/16/2007 Assigned Aaa

Cl. A3, Downgraded to C; previously on 7/28/2008 Downgraded to Aa1

Cl. M1, Downgraded to C; previously on 7/28/2008 Downgraded to B2

Cl. M2, Downgraded to C; previously on 7/28/2008 Downgraded to Caa1

Cl. M3, Downgraded to C; previously on 7/28/2008 Downgraded to Caa2

Cl. M4, Downgraded to C; previously on 7/28/2008 Downgraded to Caa3

Cl. M5, Downgraded to C; previously on 7/28/2008 Downgraded to Caa3

Cl. M6, Downgraded to C; previously on 7/28/2008 Downgraded to Ca

Structured Asset Securities Corporation 2007-GEL2

Cl. A1, Downgraded to Ba1; previously on 5/18/2007 Assigned Aaa

Cl. A2, Downgraded to Caa2; previously on 5/18/2007 Assigned Aaa

Cl. A3, Downgraded to Ca; previously on 5/18/2007 Assigned Aaa

Cl. M1, Downgraded to C; previously on 7/28/2008 Downgraded to A2

Cl. M2, Downgraded to C; previously on 7/28/2008 Downgraded to Baa2

Cl. M3, Downgraded to C; previously on 7/28/2008 Downgraded to Ba3

Cl. M4, Downgraded to C; previously on 7/28/2008 Downgraded to Caa1

Cl. M5, Downgraded to C; previously on 7/28/2008 Downgraded to Caa2

Cl. M6, Downgraded to C; previously on 7/28/2008 Downgraded to Caa3

Cl. M7, Downgraded to C; previously on 7/28/2008 Downgraded to Caa3

Cl. M8, Downgraded to C; previously on 7/28/2008 Downgraded to Ca

Cl. B1, Downgraded to C; previously on 7/28/2008 Downgraded to Ca

Structured Asset Securities Corporation 2005-GEL1

Cl. M1, Downgraded to A1; previously on 9/17/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. M2, Downgraded to Baa3; previously on 9/17/2008 A2 Placed Under Review for Possible Downgrade

Cl. M3, Downgraded to B2; previously on 9/17/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. M4, Downgraded to Ca; previously on 9/17/2008 Baa3 Placed Under Review for Possible Downgrade

Cl. B, Downgraded to C; previously on 7/28/2008 Downgraded to Caa3

Structured Asset Securities Corporation 2005-GEL2

Cl. M1, Downgraded to Baa1; previously on 7/8/2005 Assigned Aa2

Cl. M2, Downgraded to B2; previously on 7/8/2005 Assigned A2

Cl. M3, Downgraded to C; previously on 7/8/2005 Assigned Baa2

Cl. M4, Downgraded to C; previously on 7/28/2008 Downgraded to Ba3

Cl. B, Downgraded to C; previously on 7/28/2008 Downgraded to Caa3

Structured Asset Securities Corporation 2005-GEL3

Cl. M3, Downgraded to Caa1; previously on 7/22/2005 Assigned A2

Cl. M4, Downgraded to C; previously on 7/22/2005 Assigned Baa1

Cl. M5, Downgraded to C; previously on 7/28/2008 Downgraded to B3

Structured Asset Securities Corporation 2005-GEL4

Cl. M2, Downgraded to A1; previously on 10/21/2005 Assigned Aa3

Cl. M3, Downgraded to Caa2; previously on 4/23/2008 Downgraded to Ba2

Cl. M4, Downgraded to C; previously on 7/28/2008 Downgraded to Caa1

Cl. M5, Downgraded to C; previously on 7/28/2008 Downgraded to Ca

SASCO Mortgage Loan Trust 2003-GEL1

Cl. M3, Downgraded to Caa1; previously on 9/21/2006 Upgraded toA3

Cl. M4, Downgraded to C; previously on 12/8/2003 Assigned Baa3

Cl. B, Downgraded to C; previously on 8/22/2008 Downgraded to Ca

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF156647

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Odile Grisard Boucher
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on SASCO scratch and dent transactions
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