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Rating Action:

Moody's takes actions on $1.13 Billion of Subprime RMBS issued between 2004 to 2007

25 May 2017

New York, May 25, 2017 -- Moody's Investors Service has upgraded the ratings of 41 tranches from 18 transactions and downgraded the rating of one tranche from one transaction, issued by various issuers, and backed by subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Accredited Mortgage Loan Trust 2005-1, Asset-Backed Notes, Series 2005-1

Cl. A-2C, Upgraded to Aaa (sf); previously on Jul 29, 2016 Upgraded to Aa1 (sf)

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2004-RM1

Cl. B-1, Upgraded to Caa3 (sf); previously on Mar 15, 2011 Downgraded to C (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Jul 29, 2016 Upgraded to B2 (sf)

Cl. M-4, Upgraded to B2 (sf); previously on Jul 29, 2016 Upgraded to B3 (sf)

Cl. M-5, Upgraded to B2 (sf); previously on Jul 29, 2016 Upgraded to Caa1 (sf)

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE6

Cl. M-1, Downgraded to B1 (sf); previously on Sep 2, 2015 Upgraded to Ba3 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Apr 14, 2010 Downgraded to C (sf)

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP4

Cl. A-1, Upgraded to Caa1 (sf); previously on Apr 14, 2010 Downgraded to Caa2 (sf)

Cl. A-2C, Upgraded to Caa1 (sf); previously on Apr 14, 2010 Downgraded to Caa3 (sf)

Cl. A-2D, Upgraded to Caa2 (sf); previously on Apr 14, 2010 Downgraded to Ca (sf)

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-CW1

Cl. A-1, Upgraded to Caa1 (sf); previously on Apr 14, 2010 Downgraded to Caa2 (sf)

Issuer: Aegis Asset Backed Securities Trust 2004-6

Cl. M3, Upgraded to Ca (sf); previously on Mar 13, 2011 Downgraded to C (sf)

Issuer: BNC Mortgage Loan Trust 2006-2

Cl. A4, Upgraded to Caa1 (sf); previously on Jul 22, 2016 Upgraded to Caa2 (sf)

Issuer: Bravo Mortgage Asset Trust 2006-1

Cl. A-2, Upgraded to Aa2 (sf); previously on Jul 22, 2016 Upgraded to A2 (sf)

Cl. A-3, Upgraded to Aa3 (sf); previously on Jul 22, 2016 Upgraded to A3 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on May 1, 2014 Downgraded to Caa2 (sf)

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5

Cl. M-2, Upgraded to Caa2 (sf); previously on Aug 10, 2015 Upgraded to Ca (sf)

Issuer: Citicorp Residential Mortgage Trust Series 2006-2

Cl. M-1, Upgraded to B2 (sf); previously on Aug 3, 2016 Upgraded to Caa1 (sf)

Issuer: HSI Asset Securitization Corporation Trust 2005-OPT1

Cl. A-4, Upgraded to Aaa (sf); previously on Jul 22, 2016 Upgraded to Aa1 (sf)

Issuer: IXIS Real Estate Capital Trust 2005-HE4

Cl. M-1, Upgraded to B1 (sf); previously on Sep 22, 2015 Upgraded to B3 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp. 2006-RM1

Cl. A-1A, Upgraded to B3 (sf); previously on Dec 14, 2010 Downgraded to Caa2 (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-CH1, Asset-Backed Pass-Through Certificates, Series 2007-CH1

Cl. AF-4, Upgraded to Caa1 (sf); previously on Dec 28, 2010 Upgraded to Caa2 (sf)

Cl. AF-6, Upgraded to B3 (sf); previously on Jul 22, 2016 Upgraded to Caa1 (sf)

Cl. AV-1, Upgraded to Aaa (sf); previously on Jul 22, 2016 Upgraded to Aa1 (sf)

Cl. AV-5, Upgraded to Aaa (sf); previously on Jul 22, 2016 Upgraded to Aa2 (sf)

Cl. MV-5, Upgraded to B1 (sf); previously on Feb 19, 2015 Upgraded to B2 (sf)

Cl. MV-6, Upgraded to B1 (sf); previously on Feb 19, 2015 Upgraded to Caa1 (sf)

Cl. MV-7, Upgraded to Caa1 (sf); previously on May 1, 2014 Upgraded to Caa3 (sf)

Cl. MV-8, Upgraded to Caa3 (sf); previously on Jun 12, 2009 Downgraded to C (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2005-1

Cl. AV-1A, Upgraded to Aaa (sf); previously on Jul 29, 2016 Upgraded to Aa2 (sf)

Cl. AV-1B, Upgraded to Aaa (sf); previously on Jul 29, 2016 Upgraded to Aa3 (sf)

Cl. AV-2, Upgraded to Aaa (sf); previously on Jul 29, 2016 Upgraded to Aa3 (sf)

Cl. M-2, Upgraded to Ca (sf); previously on Jul 21, 2010 Downgraded to C (sf)

Issuer: SG Mortgage Securities Trust 2006-OPT2

Cl. A-1, Upgraded to Ba1 (sf); previously on Jul 22, 2016 Upgraded to B2 (sf)

Cl. A-2, Upgraded to B3 (sf); previously on May 5, 2010 Downgraded to Caa3 (sf)

Cl. A-3B, Upgraded to Caa2 (sf); previously on Jul 17, 2014 Downgraded to Caa3 (sf)

Cl. A-3C, Upgraded to Caa3 (sf); previously on May 5, 2010 Downgraded to Ca (sf)

Cl. A-3D, Upgraded to Caa3 (sf); previously on May 5, 2010 Downgraded to Ca (sf)

Issuer: Soundview Home Loan Trust 2006-1

Cl. A-4, Upgraded to Aa3 (sf); previously on Jul 29, 2016 Upgraded to A2 (sf)

Issuer: Soundview Home Loan Trust 2007-OPT4

Cl. II-A-2, Upgraded to Caa1 (sf); previously on Jun 17, 2010 Downgraded to Caa2 (sf)

Cl. II-A-3, Upgraded to Caa1 (sf); previously on Jun 17, 2010 Downgraded to Caa3 (sf)

Cl. X-2, Upgraded to Caa1 (sf); previously on Feb 22, 2012 Downgraded to Caa3 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to the total credit enhancement available to the bonds. The rating downgrade on Class M-1 from ACE 2005-HE6 is due to the outstanding unpaid interest shortfall that is unlikely to be recouped. The actions reflect the recent performance of the underlying pools and Moody's updated loss expectation on these pools.

Class X-2 from Soundview Home Loan Trust 2007-OPT4 is an Interest-Only (IO) bond linked to Classes II-A-2 and II-A-3, thus this IO bond should carry the same rating following the upgrade actions on Classes II-A-2 and II-A-3.

The rating actions on Classes MV-5, MV-7 and MV-8 from JPMAC 2007-CH1 also partially reflect a correction to the cash-flow model previously used by Moody's in rating this transaction. In prior rating actions, the cash flow model overestimated the excess spread available to be paid as principal. This error has now been corrected, and today's rating actions reflect this change.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in January 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Additionally, the methodology used in rating Cl. X-2 from Soundview Home Loan Trust 2007-OPT4 was "Moody's Approach to Rating Structured Finance Interest-Only Securities" published in October 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Please note that on February 27, 2017, Moody's released a Request for Comment (RFC), in which it has requested market feedback on potential revisions to its cross-sector rating methodology for rating structured finance IO securities. Please refer to Moody's RFC titled "Moody's Proposes Revised Approach to Rating Structured Finance Interest-Only (IO) Securities " for further details regarding the implications of the proposed methodology revisions on certain Credit Ratings.

Factors that would lead to an upgrade or downgrade of the ratings:

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 4.4% in April 2017 from 5.0% in April 2016. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2017 year. Deviations from this central scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2017. Lower increases than Moody's expects or decreases could lead to negative rating actions.

Finally, 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 and the associated pool losses and tranche recoveries may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF453181

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Veronica Huang
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Mark Branton
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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