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