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Rating Action:

Moody's takes actions on $615.6M of US Scratch and Dent RMBS issued by Various Issuers

04 Feb 2013

New York, February 04, 2013 -- Moody's Investors Service has upgraded the rating of five tranches, downgraded the rating of 20 tranches, and affirmed the rating of 49 tranches from 12 transactions, backed by Scratch and Dent loans.

RATINGS RATIONALE

The actions are a result of recent performance review of these deals and reflect Moody's updated loss expectations on these pools.

Today's rating actions constitute of a number of upgrades and downgrades. The upgrades on five tranches are due to an increase in the credit enhancement that is provided by subordination, overcollateralization, and excess spread.

The majority of the downgrades are primarily due to the weak interest shortfall reimbursement mechanism. Moody's caps the ratings of tranches with weak interest shortfall reimbursement at A3 as long as they have not experienced any shortfall.

The tranches downgraded do not have interest shortfalls but in the event of an interest shortfall structural limitations in the transactions will prevent recoupment of interest shortfalls even if funds are available in subsequent periods. Missed interest payments on mezzanine tranches can only be made up from excess interest and in many cases after the overcollateralization is built to a target amount. In these transactions where overcollateralization is already below target due to poor performance, any missed interest payments to mezzanine tranches is unlikely to be paid.

The methodologies used in this rating were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008, and "US RMBS Surveillance Methodology for Scratch and Dent" published in May 2011. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's adjusts the methodologies noted above for Moody's current view on loan modifications. As a result of an extension of the Home Affordable Modification Program (HAMP) to 2013 and an increased use of private modifications, Moody's is extending its previous view that loan modifications will only occur through the end of 2012. It is now assuming that the loan modifications will continue at current levels until the end of 2013.

The primary source of assumption uncertainty is the uncertainty in our central macroeconomic forecast and performance volatility due to servicer-related issues. The unemployment rate fell from 9.0% in September 2011 to 7.9% in January 2013. Moody's forecasts a further drop to 7.5% by 2014. Moody's expects house prices to drop another 1% from their 4Q2011 levels before gradually rising towards the end of 2013. Performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

Complete rating actions are as follows:

Issuer: Aames Mortgage Investment Trust 2005-3

Cl. A2, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A3, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M1, Affirmed A3 (sf); previously on May 20, 2011 Downgraded to A3 (sf)

Cl. M2, Affirmed Baa3 (sf); previously on May 20, 2011 Downgraded to Baa3 (sf)

Cl. M3, Affirmed Ba1 (sf); previously on May 20, 2011 Downgraded to Ba1 (sf)

Cl. M4, Affirmed Ba3 (sf); previously on Jul 25, 2012 Confirmed at Ba3 (sf)

Cl. M5, Affirmed B1 (sf); previously on Jul 25, 2012 Confirmed at B1 (sf)

Cl. M6, Affirmed B2 (sf); previously on May 20, 2011 Downgraded to B2 (sf)

Issuer: Bear Stearns Asset Backed Securities I Trust 2004-BO1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Affirmed Baa1 (sf); previously on Apr 24, 2009 Downgraded to Baa1 (sf)

Cl. M-5, Affirmed Baa3 (sf); previously on May 20, 2011 Downgraded to Baa3 (sf)

Cl. M-6, Affirmed B1 (sf); previously on May 20, 2011 Downgraded to B1 (sf)

Cl. M-7, Affirmed Ca (sf); previously on May 20, 2011 Downgraded to Ca (sf)

Cl. M-8, Affirmed C (sf); previously on May 20, 2011 Downgraded to C (sf)

Cl. I-A-3, Affirmed Aaa (sf); previously on Nov 24, 2004 Assigned Aaa (sf)

Cl. II-A-1, Affirmed Aaa (sf); previously on Nov 24, 2004 Assigned Aaa (sf)

Cl. II-A-2, Affirmed Aaa (sf); previously on Nov 24, 2004 Assigned Aaa (sf)

Issuer: Bear Stearns Asset Backed Securities Trust 2006-2

Cl. A-2, Affirmed Aa1 (sf); previously on May 20, 2011 Downgraded to Aa1 (sf)

Cl. A-3, Affirmed Aa1 (sf); previously on May 20, 2011 Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Affirmed B2 (sf); previously on May 20, 2011 Downgraded to B2 (sf)

Cl. M-4, Affirmed Caa3 (sf); previously on May 20, 2011 Downgraded to Caa3 (sf)

Cl. M-5, Affirmed C (sf); previously on May 20, 2011 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on Apr 24, 2009 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Apr 24, 2009 Downgraded to C (sf)

Issuer: Citigroup Mortgage Loan Trust, Series 2003-HE4

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba1 (sf); previously on Jun 26, 2012 Confirmed at Ba2 (sf)

Cl. M-3, Upgraded to Ba3 (sf); previously on Jun 26, 2012 Confirmed at B2 (sf)

Cl. M-4, Upgraded to Caa3 (sf); previously on Jun 26, 2012 Confirmed at Ca (sf)

Cl. A, Affirmed Aa2 (sf); previously on Jun 26, 2012 Downgraded to Aa2 (sf)

Underlying Rating: Affirmed Aa2 (sf); previously on Jun 26, 2012 Downgraded to Aa2 (sf)*

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. M-5, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

Cl. M-6, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

Cl. M-7, Affirmed C (sf); previously on Oct 17, 2007 Downgraded to C (sf)

Issuer: Credit Suisse Mortgage Capital Trust 2006-CF1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Ba2 (sf); previously on May 24, 2011 Downgraded to B1 (sf)

Cl. A-1, Affirmed Aaa (sf); previously on Feb 20, 2006 Assigned Aaa (sf)

Cl. B-1, Affirmed Caa3 (sf); previously on Jun 26, 2012 Confirmed at Caa3 (sf)

Cl. B-2, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on May 24, 2011 Downgraded to C (sf)

Issuer: CSFB Mortgage Pass-Through Certificates, Series 2005-CF1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Affirmed Ba1 (sf); previously on Jun 14, 2011 Downgraded to Ba1 (sf)

Cl. B, Affirmed Caa2 (sf); previously on Jun 26, 2012 Downgraded to Caa2 (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Sep 30, 2005 Assigned Aaa (sf)

Issuer: GSAMP Trust 2005-SD2

Cl. M-2, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Affirmed B3 (sf); previously on May 4, 2009 Downgraded to B3 (sf)

Cl. B-1, Affirmed Ca (sf); previously on May 4, 2009 Downgraded to Ca (sf)

Cl. B-2, Affirmed C (sf); previously on May 4, 2009 Downgraded to C (sf)

Cl. B-3, Affirmed C (sf); previously on May 4, 2009 Downgraded to C (sf)

Issuer: GSRPM Mortgage Loan Trust 2003-1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Affirmed Ba1 (sf); previously on May 19, 2011 Downgraded to Ba1 (sf)

Cl. B-2, Affirmed Caa1 (sf); previously on Jul 3, 2012 Confirmed at Caa1 (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Aug 8, 2008 Upgraded to Aaa (sf)

Underlying Rating: Affirmed Aaa (sf); previously on Jun 26, 2008 Assigned Aaa (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 8, 2008 Upgraded to Aaa (sf)

Underlying Rating: Affirmed Aaa (sf); previously on Jun 26, 2008 Assigned Aaa (sf)

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Cl. B-3, Affirmed Ca (sf); previously on May 19, 2011 Downgraded to Ca (sf)

Issuer: Soundview Home Loan Trust 2003-1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa1 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba1 (sf); previously on May 20, 2011 Downgraded to Baa3 (sf)

Cl. M-4, Downgraded to B3 (sf); previously on May 20, 2011 Downgraded to B2 (sf)

Cl. M-5, Affirmed Caa3 (sf); previously on May 20, 2011 Downgraded to Caa3 (sf)

Issuer: Truman Capital Mortgage Loan Trust 2002-1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Upgraded to Caa2 (sf); previously on Jun 21, 2012 Confirmed at Caa3 (sf)

Cl. B, Affirmed C (sf); previously on Aug 22, 2008 Downgraded to C (sf)

Issuer: Truman Capital Mortgage Loan Trust 2004-1

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Affirmed B3 (sf); previously on Jun 21, 2012 Upgraded to B3 (sf)

Cl. M-3, Affirmed C (sf); previously on Nov 27, 2007 Downgraded to C (sf)

Issuer: Truman Capital Mortgage Loan Trust 2004-2

Cl. M-1, Downgraded to A3 (sf); previously on Jan 10, 2013 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa1 (sf); previously on Apr 9, 2009 Upgraded to A3 (sf)

Cl. A-1, Affirmed Aaa (sf); previously on Oct 26, 2004 Assigned Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Oct 26, 2004 Assigned Aaa (sf)

Cl. M-3, Affirmed Ba3 (sf); previously on Mar 30, 2009 Downgraded to Ba3 (sf)

Cl. M-4, Affirmed Caa2 (sf); previously on Mar 30, 2009 Downgraded to Caa2 (sf)

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

Excel: http://moodys.com/viewresearchdoc.aspx?docid=PBS_SF315464

A list of updated estimated pool losses and sensitivity analysis is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF247004

REGULATORY DISCLOSURES

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the rating.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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.

Max Sauray
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Bruce D. Fabrikant
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's takes actions on $615.6M of US Scratch and Dent RMBS issued by Various Issuers
No Related Data.
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