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Related Issuers
Bear Stearns Asset Backed Securities I Trust 2005-AQ1
Bear Stearns Asset Backed Securities I Trust 2005-AQ2
Bear Stearns Asset Backed Securities I Trust 2005-EC1
Bear Stearns Asset Backed Securities I Trust 2005-FR1
Bear Stearns Asset Backed Securities I Trust 2005-HE1
Bear Stearns Asset Backed Securities I Trust 2005-HE10
Bear Stearns Asset Backed Securities I Trust 2005-HE11
Bear Stearns Asset Backed Securities I Trust 2005-HE12
Bear Stearns Asset Backed Securities I Trust 2005-HE2
Bear Stearns Asset Backed Securities I Trust 2005-HE4
Bear Stearns Asset Backed Securities I Trust 2005-HE5
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Bear Stearns Asset Backed Securities I Trust 2005-HE7
Bear Stearns Asset Backed Securities I Trust 2005-HE8
Bear Stearns Asset Backed Securities I Trust 2005-HE9
Bear Stearns Asset Backed Securities I Trust 2005-TC1
Bear Stearns Asset Backed Securities I Trust 2005-TC2
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Bear Stearns Asset Backed Securities I Trust 2006-EC2
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Bear Stearns Asset Backed Securities I Trust 2006-HE2
Bear Stearns Asset Backed Securities I Trust 2006-HE3
Bear Stearns Asset Backed Securities I Trust 2006-HE4
Bear Stearns Asset Backed Securities I Trust 2006-HE5
Bear Stearns Asset Backed Securities I Trust 2006-HE6
Bear Stearns Asset Backed Securities I Trust 2006-HE7
Bear Stearns Asset Backed Securities I Trust 2006-HE8
Bear Stearns Asset Backed Securities I Trust 2006-HE9
Bear Stearns Asset Backed Securities I Trust 2006-PC1
Bear Stearns Asset Backed Securities I Trust 2007-AQ1
Bear Stearns Asset Backed Securities I Trust 2007-AQ2
Bear Stearns Asset Backed Securities I Trust 2007-FS1
Bear Stearns Asset Backed Securities I Trust 2007-HE1
Bear Stearns Asset Backed Securities I Trust 2007-HE2
Bear Stearns Asset Backed Securities I Trust 2007-HE3
Bear Stearns Asset Backed Securities I Trust 2007-HE4
Bear Stearns Asset Backed Securities I Trust 2007-HE5
Bear Stearns Asset Backed Securities I Trust 2007-HE6
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Bear Stearns Structured Products Trust 2007-EMX1
Rating Action:

Moody's takes action on certain Bear Stearns subprime RMBS

24 Mar 2009

New York, March 24, 2009 -- Moody's Investors Service has downgraded 254 ratings and confirmed 59 ratings from 42 Bear Stearns subprime residential mortgage-backed securities (RMBS) transactions.

The collateral backing these transactions consists primarily of first-lien, fixed- and adjustable-rate, subprime residential mortgage loans. The actions are triggered by a combination of factors that can include increased delinquencies, higher loss severities, slower prepayments and mounting losses in the underlying collateral. Additionally, the continued deterioration of the housing market has also contributed to the increased loss expectations for subprime pools. The actions listed below reflect Moody's updated loss projections for the subprime RMBS sector first announced in a press release on February 29, 2009, and are part of Moody's on-going review process.

Moody's final rating actions are based on collateral performance and updated pool-level loss expectations relative to current levels of tranche-specific credit enhancement. Moody's took into account credit enhancement provided by subordination, cross-collateralization, excess spread, time tranching, and other structural features.

The principal methodology used in rating these transactions was "Subprime RMBS Loss Projection Update: March 2009", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found on this page.

Moody's approach to analyzing more seasoned pools (prior to the 2nd half of 2005) takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses annualized roll rates of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO, respectively. Moody's then applies deal-specific severity assumptions to arrive at projected losses. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

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:

Bear Stearns ABS I Trust 2005-FR1

Cl. I-A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns ABS I Trust 2006-HE2

Cl. I-A-2, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to A1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa3; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ca; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2005-HE1

Cl. M-1, Confirmed at Aa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba1; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B1; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ca; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ca; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2005-HE2

Cl. M-1, Confirmed at A1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Confirmed at Ba1; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Confirmed at Ba3; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa3; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2005-HE4

Cl. M-1, Downgraded to Aa3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B2; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ca; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2005-HE5

Cl. M-1, Confirmed at A1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B3; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2005-HE6

Cl. M-1, Confirmed at Aa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B1; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ca; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2005-HE8

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2007-HE3

Cl. I-A-1, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B3; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Caa2; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to Caa2; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Caa2; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. III-A, Downgraded to Caa2; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2007-HE4

Cl. I-A-1, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B1; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to B2; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to B3; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to B2; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2007-HE5

Cl. I-A-1, Downgraded to A3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Ba2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ba3; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to B1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Ba3; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. III-A, Downgraded to Ba1; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Sec I Tr 2007-HE6

Cl. I-A-1, Confirmed at Baa1; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B1; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to B1; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa2; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2005-AQ1

Cl. I-A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Aa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Confirmed at A2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa3; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ca; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2005-AQ2

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to A1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B2; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2005-EC1

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Aa1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa1; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2005-HE10

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2005-HE11

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B1; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2005-HE12

Cl. I-A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba3; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ca; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2005-HE9

Cl. I-A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-TC1

Cl A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Confirmed at Aa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa3; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba1; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ba2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ba3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to B1; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to Ca; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2005-TC2

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba2; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B1; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to B2; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to B3; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to Ca; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-AQ1

Cl. I-1A-1, Downgraded to A2; previously on 10/16/2008 Aa2 Placed Under Review for Possible Downgrade

Cl. I-1A-2, Downgraded to B3; previously on 10/16/2008 A1 Placed Under Review for Possible Downgrade

Cl. I-1A-3, Downgraded to Caa2; previously on 10/16/2008 A2 Placed Under Review for Possible Downgrade

Cl. I-2A, Downgraded to B3; previously on 10/16/2008 Aa3 Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to B3; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to Ca; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-EC2

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa3; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE1

Cl. I-A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to Aa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-3, Downgraded to Aa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. I-M-2, Downgraded to Baa3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. I-M-3, Downgraded to Ba3; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. I-M-4, Downgraded to Caa3; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. I-M-5, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. I-M-6, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to A2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. II-M-2, Downgraded to Ba1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. II-M-3, Downgraded to B1; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. II-M-4, Downgraded to Caa2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. II-M-5, Downgraded to C; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. II-M-6, Downgraded to C; previously on 2/26/2009 B1 Placed Under Review for Possible Downgrade

Cl. II-M-7, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE10

Cl. I-A-1, Downgraded to A1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Ba1; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ba2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. II-1A-1, Downgraded to A1; previously on 10/16/2008 Aa3 Placed Under Review for Possible Downgrade

Cl. II-1A-2, Downgraded to B3; previously on 10/16/2008 A2 Placed Under Review for Possible Downgrade

Cl. II-1A-3, Downgraded to Caa1; previously on 10/16/2008 A3 Placed Under Review for Possible Downgrade

Cl. II-2A, Downgraded to B3; previously on 10/16/2008 Aa3 Placed Under Review for Possible Downgrade

Cl. II-3A, Downgraded to B3; previously on 10/16/2008 Aa1 Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to B1; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. I-M-2, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. I-M-3, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE3

Cl. A-2, Downgraded to Aa3; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to A1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba2; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B3; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE4

Cl. I-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ca; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Caa2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE5

Cl. I-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Ba1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ba2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Ba1; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B3; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE6

Cl. I-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B1; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to B2; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. II-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Confirmed at A3; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. II-A-3, Confirmed at Baa1; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to Ca; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. I-M-2, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. II-M-1, Confirmed at B2; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. II-M-2, Confirmed at Ca; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE7

Cl. I-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B3; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Caa1; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. II-1A-1, Downgraded to Aa3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-2, Downgraded to B3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-3, Downgraded to Caa2; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-2A, Downgraded to B3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE8

Cl. I-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B3; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Caa2; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. II-1A-1, Confirmed at Aaa; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-2, Downgraded to Baa1; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-3, Downgraded to Baa2; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-2A, Downgraded to Baa2; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. I-M-1, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to B2; previously on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade

Cl. II-M-2, Downgraded to Ca; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. II-M-3, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-HE9

Cl. I-A-1, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Caa2; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to B3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. III-A, Downgraded to B3; previously on 2/26/2009 Baa3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2006-PC1

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa2; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba3; previously on 2/26/2009 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2007-AQ1

Cl. A-1, Downgraded to B3; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. A-2, Confirmed at Caa3; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Ca; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2007-AQ2

Cl. A-1, Downgraded to B3; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Caa3; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ca; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2007-FS1

Cl. I-A-1, Downgraded to Ba3; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B3; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Caa2; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to Ca; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Cl. II-A, Downgraded to Caa2; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2007-HE1

Cl. I-A-1, Downgraded to B3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa3; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ca; previously on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade

Cl. II-1A-1, Downgraded to Ba3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-2, Downgraded to B2; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-3, Downgraded to B3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-2A, Downgraded to B2; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-3A, Downgraded to B2; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to Ca; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. II-M-2, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. II-M-3, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Backed Secs I Tr 2007-HE2

Cl. I-A-1, Downgraded to Baa2; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to Caa1; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to Ca; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to Ca; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. II-1A-1, Downgraded to Aa3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-2, Downgraded to B2; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-3, Downgraded to B3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-1A-4, Downgraded to Caa1; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-2A, Downgraded to B3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-3A, Downgraded to B3; previously on 10/16/2008 Aaa Placed Under Review for Possible Downgrade

Cl. II-M-1, Downgraded to C; previously on 2/26/2009 B3 Placed Under Review for Possible Downgrade

Cl. II-M-2, Downgraded to C; previously on 2/26/2009 Ca Placed Under Review for Possible Downgrade

Bear Stearns Asset Bkd Sec I Tr 2005-HE7

Cl. I-A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-1, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. II-A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Bear Stearns Asset Bkd Sec I Tr 2006-EC1

Cl. A-2, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A1; previously on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B1; previously on 2/26/2009 A2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ca; previously on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on 2/26/2009 Caa2 Placed Under Review for Possible Downgrade

Bear Stearns Asset Bkd Sec I Tr 2007-HE7

Cl. M-1, Downgraded to C; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on 2/26/2009 Caa3 Placed Under Review for Possible Downgrade

Bear Stearns Structured Products Tr 2007-EMX1

Cl. A-1, Downgraded to A1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Baa1; previously on 2/26/2009 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba2; previously on 2/26/2009 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B1; previously on 2/26/2009 A3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B3; previously on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2; previously on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ca; previously on 2/26/2009 Ba3 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on 2/26/2009 B2 Placed Under Review for Possible Downgrade

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF160969

A list of updated estimated pool losses is being updated regularly and may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF159460

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
Mark Branton
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on certain Bear Stearns subprime RMBS
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