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Citigroup Mortgage Loan Trust, Series 2005-HE4
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CSFB Home Equity Asset Trust 2005-7
CSFB Home Equity Asset Trust 2005-8
CSFB Home Equity Asset Trust 2005-9
CSFB Home Equity Asset Trust 2006-1
CSFB Home Equity Asset Trust 2006-2
CSFB Home Equity Asset Trust 2006-3
CSFB Home Equity Asset Trust 2006-4
CSFB Home Equity Asset Trust 2006-5
CSFB Home Equity Asset Trust 2006-6
CSFB Home Equity Asset Trust 2006-7
CSFB Home Equity Asset Trust 2006-8
CSFB Home Equity Asset Trust 2007-1
CSFB Home Equity Asset Trust 2007-2
CSFB Home Equity Asset Trust 2007-3
CSFB Home Equity Pass-Through Certificates, Series 2005-1
CSFB Home Equity Pass-Through Certificates, Series 2005-2
CSFB Home Equity Pass-Through Certificates, Series 2005-3
CSFB Home Equity Pass-Through Certificates, Series 2005-4
CSFB Home Equity Pass-Through Certificates, Series 2005-5
CWABS Asset-Backed Certificates Trust 2005-1
CWABS Asset-Backed Certificates Trust 2005-10
CWABS Asset-Backed Certificates Trust 2005-11
CWABS Asset-Backed Certificates Trust 2005-12
CWABS Asset-Backed Certificates Trust 2005-13
CWABS Asset-Backed Certificates Trust 2005-14
CWABS Asset-Backed Certificates Trust 2005-15
CWABS Asset-Backed Certificates Trust 2005-16
CWABS Asset-Backed Certificates Trust 2005-17
CWABS Asset-Backed Certificates Trust 2005-2
CWABS Asset-Backed Certificates Trust 2005-3
CWABS Asset-Backed Certificates Trust 2005-4
CWABS Asset-Backed Certificates Trust 2005-5
CWABS Asset-Backed Certificates Trust 2005-6
CWABS Asset-Backed Certificates Trust 2005-7
CWABS Asset-Backed Certificates Trust 2005-8
CWABS Asset-Backed Certificates Trust 2005-AB1
CWABS Asset-Backed Certificates Trust 2005-AB2
CWABS Asset-Backed Certificates Trust 2005-AB3
CWABS Asset-Backed Certificates Trust 2005-AB4
CWABS Asset-Backed Certificates Trust 2005-AB5
CWABS Asset-Backed Certificates Trust 2005-BC1
CWABS Asset-Backed Certificates Trust 2005-BC2
CWABS Asset-Backed Certificates Trust 2005-BC4
CWABS Asset-Backed Certificates Trust 2005-BC5
CWABS Asset-Backed Certificates Trust 2006-1
CWABS Asset-Backed Certificates Trust 2006-10
CWABS Asset-Backed Certificates Trust 2006-11
CWABS Asset-Backed Certificates Trust 2006-12
CWABS Asset-Backed Certificates Trust 2006-13
CWABS Asset-Backed Certificates Trust 2006-14
CWABS Asset-Backed Certificates Trust 2006-15
CWABS Asset-Backed Certificates Trust 2006-16
CWABS Asset-Backed Certificates Trust 2006-17
CWABS Asset-Backed Certificates Trust 2006-18
CWABS Asset-Backed Certificates Trust 2006-19
CWABS Asset-Backed Certificates Trust 2006-2
CWABS Asset-Backed Certificates Trust 2006-20
CWABS Asset-Backed Certificates Trust 2006-21
CWABS Asset-Backed Certificates Trust 2006-22
CWABS Asset-Backed Certificates Trust 2006-23
CWABS Asset-Backed Certificates Trust 2006-24
CWABS Asset-Backed Certificates Trust 2006-25
CWABS Asset-Backed Certificates Trust 2006-26
CWABS Asset-Backed Certificates Trust 2006-3
CWABS Asset-Backed Certificates Trust 2006-4
CWABS Asset-Backed Certificates Trust 2006-5
CWABS Asset-Backed Certificates Trust 2006-6
CWABS Asset-Backed Certificates Trust 2006-7
CWABS Asset-Backed Certificates Trust 2006-8
CWABS Asset-Backed Certificates Trust 2006-9
CWABS Asset-Backed Certificates Trust 2006-ABC1
CWABS Asset-Backed Certificates Trust 2006-BC1
CWABS Asset-Backed Certificates Trust 2006-BC2
CWABS Asset-Backed Certificates Trust 2006-BC3
CWABS Asset-Backed Certificates Trust 2006-BC4
CWABS Asset-Backed Certificates Trust 2006-BC5
CWABS Asset-Backed Certificates Trust 2007-1
CWABS Asset-Backed Certificates Trust 2007-10
CWABS Asset-Backed Certificates Trust 2007-11
CWABS Asset-Backed Certificates Trust 2007-12
CWABS Asset-Backed Certificates Trust 2007-13
CWABS Asset-Backed Certificates Trust 2007-2
CWABS Asset-Backed Certificates Trust 2007-3
CWABS Asset-Backed Certificates Trust 2007-4
CWABS Asset-Backed Certificates Trust 2007-5
CWABS Asset-Backed Certificates Trust 2007-6
CWABS Asset-Backed Certificates Trust 2007-7
CWABS Asset-Backed Certificates Trust 2007-8
CWABS Asset-Backed Certificates Trust 2007-9
CWABS Asset-Backed Certificates Trust 2007-BC1
CWABS Asset-Backed Certificates Trust 2007-BC2
CWABS Asset-Backed Certificates Trust 2007-BC3
Ellington Loan Acquisition Trust 2007-1
Ellington Loan Acquisition Trust 2007-2
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Encore Credit Receivables Trust 2005-2
Encore Credit Receivables Trust 2005-3
Encore Credit Receivables Trust 2005-4
EquiFirst Loan Securitization Trust 2007-1
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FBR Securitization Trust 2005-3
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Fieldstone Mortgage Investment Trust 2006-1
Fieldstone Mortgage Investment Trust 2006-2
Fieldstone Mortgage Investment Trust 2006-3
Fieldstone Mortgage Investment Trust 2007-1
Fieldstone Mortgage Investment Trust, 2005-3
First Franklin Mortgage Loan Trust 2005-FF1
First Franklin Mortgage Loan Trust 2005-FF11
First Franklin Mortgage Loan Trust 2005-FF12
First Franklin Mortgage Loan Trust 2005-FF2
First Franklin Mortgage Loan Trust 2005-FF3
First Franklin Mortgage Loan Trust 2005-FF4
First Franklin Mortgage Loan Trust 2005-FF7
First Franklin Mortgage Loan Trust 2005-FF8
First Franklin Mortgage Loan Trust 2005-FFH1
First Franklin Mortgage Loan Trust 2005-FFH2
First Franklin Mortgage Loan Trust 2005-FFH3
First Franklin Mortgage Loan Trust 2005-FFH4
First Franklin Mortgage Loan Trust 2006-FF1
First Franklin Mortgage Loan Trust 2006-FF10
First Franklin Mortgage Loan Trust 2006-FF11
First Franklin Mortgage Loan Trust 2006-FF12
First Franklin Mortgage Loan Trust 2006-FF13
First Franklin Mortgage Loan Trust 2006-FF14
First Franklin Mortgage Loan Trust 2006-FF15
First Franklin Mortgage Loan Trust 2006-FF16
First Franklin Mortgage Loan Trust 2006-FF17
First Franklin Mortgage Loan Trust 2006-FF18
First Franklin Mortgage Loan Trust 2006-FF3
First Franklin Mortgage Loan Trust 2006-FF4
First Franklin Mortgage Loan Trust 2006-FF5
First Franklin Mortgage Loan Trust 2006-FF6
First Franklin Mortgage Loan Trust 2006-FF7
First Franklin Mortgage Loan Trust 2006-FF8
First Franklin Mortgage Loan Trust 2006-FF9
First Franklin Mortgage Loan Trust 2006-FFH1
First Franklin Mortgage Loan Trust 2007-FF1
First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed Certificates, Series 2007-FF2
First Franklin Mortgage Loan Trust Series 2005-FF6
First NLC Trust 2005-1
First NLC Trust 2005-2
First NLC Trust 2005-3
First NLC Trust 2005-4
First NLC Trust Mortgage-Backed Certificates, Series 2007-1
Fremont Home Loan Trust 2005-1
Fremont Home Loan Trust 2005-2
Fremont Home Loan Trust 2005-A
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Fremont Home Loan Trust 2005-C
Fremont Home Loan Trust 2005-D
Fremont Home Loan Trust 2005-E
Fremont Home Loan Trust 2006-1
Fremont Home Loan Trust 2006-2
Fremont Home Loan Trust 2006-3
Fremont Home Loan Trust 2006-A
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Fremont Home Loan Trust 2006-C
Fremont Home Loan Trust 2006-D
Fremont Home Loan Trust 2006-E
GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-1
GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-2
GE-WMC Asset-Backed Pass-Through Certificates, Series 2006-1
GSAA Home Equity Trust 2005-1
GSAA Home Equity Trust 2005-10
GSAA Home Equity Trust 2005-2
GSAA Home Equity Trust 2006-2
GSAMP Trust 2005-AHL
GSAMP Trust 2005-AHL2
GSAMP Trust 2005-HE1
GSAMP Trust 2005-HE2
GSAMP Trust 2005-HE3
GSAMP Trust 2005-HE4
GSAMP Trust 2005-HE5
GSAMP Trust 2005-HE6
GSAMP Trust 2005-NC1
GSAMP Trust 2005-WMC1
GSAMP Trust 2005-WMC2
GSAMP Trust 2005-WMC3
GSAMP Trust 2006-FM1
GSAMP Trust 2006-FM2
GSAMP Trust 2006-FM3
GSAMP Trust 2006-HE1
GSAMP Trust 2006-HE2
GSAMP Trust 2006-HE3
GSAMP Trust 2006-HE4
GSAMP Trust 2006-HE5
GSAMP Trust 2006-HE6
GSAMP Trust 2006-HE7
GSAMP Trust 2006-HE8
GSAMP Trust 2006-NC1
GSAMP Trust 2006-NC2
GSAMP Trust 2007-FM1
GSAMP Trust 2007-FM2
GSAMP Trust 2007-H1
GSAMP Trust 2007-HE1
GSAMP Trust 2007-HE2
GSAMP Trust 2007-HSBC1
GSAMP Trust 2007-NC1
HASCO 2006-WMC1
Home Equity Loan Asset-Backed Certificates, Series 2007-FRE1
Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-B
Home Loan Mortgage Loan Trust 2005-1
Home Loan Mortgage Loan Trust 2006-1
HSBC Home Equity Loan Trust (USA) 2006-1
HSBC Home Equity Loan Trust (USA) 2006-2
HSBC Home Equity Loan Trust (USA) 2006-3
HSBC Home Equity Loan Trust (USA) 2006-4
HSBC Home Equity Loan Trust (USA) 2007-1
HSBC Home Equity Loan Trust (USA) 2007-2
HSBC Home Equity Loan Trust (USA) 2007-3
HSBC Home Equity Loan Trust 2005-1
HSBC Home Equity Loan Trust 2005-2
HSBC Home Equity Loan Trust 2005-3
HSI Asset Securitization Corporation Trust 2005-I1
HSI Asset Securitization Corporation Trust 2005-NC1
HSI Asset Securitization Corporation Trust 2005-NC2
HSI Asset Securitization Corporation Trust 2005-OPT1
HSI Asset Securitization Corporation Trust 2006-HE1
HSI Asset Securitization Corporation Trust 2006-HE2
HSI Asset Securitization Corporation Trust 2006-NC1
HSI Asset Securitization Corporation Trust 2006-OPT1
HSI Asset Securitization Corporation Trust 2006-OPT2
HSI Asset Securitization Corporation Trust 2006-OPT3
HSI Asset Securitization Corporation Trust 2006-OPT4
HSI Asset Securitization Corporation Trust 2007-HE1
HSI Asset Securitization Corporation Trust 2007-HE2
HSI Asset Securitization Corporation Trust 2007-NC1
HSI Asset Securitization Corporation Trust 2007-OPT1
HSI Asset Securitization Corporation Trust 2007-WF1
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-A
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-B
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-C
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-D
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-A
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-B
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2006-C
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-D
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-E
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2007-A
IndyMac INDB Mortgage Loan Trust 2006-1
IXIS Real Estate Capital Trust 2005-HE1
IXIS Real Estate Capital Trust 2005-HE2
IXIS Real Estate Capital Trust 2005-HE3
IXIS Real Estate Capital Trust 2005-HE4
IXIS Real Estate Capital Trust 2006-HE1
IXIS Real Estate Capital Trust 2006-HE2
IXIS Real Estate Capital Trust 2006-HE3
IXIS Real Estate Capital Trust 2007-HE1
J.P. Morgan Mortgage Acquisition Corp. 2005-FLD1
J.P. Morgan Mortgage Acquisition Corp. 2005-FRE1
J.P. Morgan Mortgage Acquisition Corp. 2005-OPT1
J.P. Morgan Mortgage Acquisition Corp. 2005-OPT2
J.P. Morgan Mortgage Acquisition Corp. 2005-WMC1
J.P. Morgan Mortgage Acquisition Corp. 2006-ACC1
J.P. Morgan Mortgage Acquisition Corp. 2006-CW1
J.P. Morgan Mortgage Acquisition Corp. 2006-FRE1
J.P. Morgan Mortgage Acquisition Corp. 2006-FRE2
J.P. Morgan Mortgage Acquisition Corp. 2006-HE1, Asset-Backed Pass-Through Certificates, Series 2006-HE1
J.P. Morgan Mortgage Acquisition Corp. 2006-HE2
J.P. Morgan Mortgage Acquisition Corp. 2006-RM1
J.P. Morgan Mortgage Acquisition Corp. 2006-WMC1
J.P. Morgan Mortgage Acquisition Corp. 2006-WMC2
J.P. Morgan Mortgage Acquisition Corp. 2006-WMC3
J.P. Morgan Mortgage Acquisition Trust 2006-CH1
J.P. Morgan Mortgage Acquisition Trust 2006-CH2
J.P. Morgan Mortgage Acquisition Trust 2006-CW2
J.P. Morgan Mortgage Acquisition Trust 2006-HE3
J.P. Morgan Mortgage Acquisition Trust 2006-NC1
J.P. Morgan Mortgage Acquisition Trust 2006-NC2
J.P. Morgan Mortgage Acquisition Trust 2006-WMC4
J.P. Morgan Mortgage Acquisition Trust 2007-CH1, Asset-Backed Pass-Through Certificates, Series 2007-CH1
J.P. Morgan Mortgage Acquisition Trust 2007-CH2, Asset-Backed Pass-Through Certificates, Series 2007-CH2
J.P. Morgan Mortgage Acquisition Trust 2007-CH3, Asset-Backed Pass-Through Certificates, Series 2007-CH3
J.P. Morgan Mortgage Acquisition Trust 2007-CH4, Asset-Backed Pass-Through Certificates, Series 2007-CH4
J.P. Morgan Mortgage Acquisition Trust 2007-CH5
J.P. Morgan Mortgage Acquisition Trust 2007-HE1
Lehman ABS Mortgage Loan Trust 2007-1
Long Beach Mortgage Loan Trust 2005-1
Long Beach Mortgage Loan Trust 2005-2
Long Beach Mortgage Loan Trust 2005-3
Long Beach Mortgage Loan Trust 2005-WL1
Long Beach Mortgage Loan Trust 2005-WL2
Long Beach Mortgage Loan Trust 2005-WL3
Long Beach Mortgage Loan Trust 2006-1
Long Beach Mortgage Loan Trust 2006-10
Long Beach Mortgage Loan Trust 2006-11
Long Beach Mortgage Loan Trust 2006-2
Long Beach Mortgage Loan Trust 2006-3
Long Beach Mortgage Loan Trust 2006-4
Long Beach Mortgage Loan Trust 2006-5
Long Beach Mortgage Loan Trust 2006-6
Long Beach Mortgage Loan Trust 2006-7
Long Beach Mortgage Loan Trust 2006-8
Long Beach Mortgage Loan Trust 2006-9
Long Beach Mortgage Loan Trust 2006-WL1
Long Beach Mortgage Loan Trust 2006-WL2
Long Beach Mortgage Loan Trust 2006-WL3
MASTR Asset Backed Securities Trust 2005-FRE1
MASTR Asset Backed Securities Trust 2005-HE1
MASTR Asset Backed Securities Trust 2005-HE2
MASTR Asset Backed Securities Trust 2005-NC1
MASTR Asset Backed Securities Trust 2005-NC2
MASTR Asset Backed Securities Trust 2005-OPT1
MASTR Asset Backed Securities Trust 2005-WF1
MASTR Asset Backed Securities Trust 2005-WMC1
MASTR Asset Backed Securities Trust 2006-AM1
MASTR Asset Backed Securities Trust 2006-AM2
MASTR Asset Backed Securities Trust 2006-AM3
MASTR Asset Backed Securities Trust 2006-FRE1
MASTR Asset Backed Securities Trust 2006-FRE2
MASTR Asset Backed Securities Trust 2006-HE1
MASTR Asset Backed Securities Trust 2006-HE2
MASTR Asset Backed Securities Trust 2006-HE3
MASTR Asset Backed Securities Trust 2006-HE4
MASTR Asset Backed Securities Trust 2006-HE5
MASTR Asset Backed Securities Trust 2006-NC1
MASTR Asset Backed Securities Trust 2006-NC2
MASTR Asset Backed Securities Trust 2006-NC3
MASTR Asset Backed Securities Trust 2006-WMC1
MASTR Asset Backed Securities Trust 2006-WMC2
MASTR Asset Backed Securities Trust 2006-WMC3
MASTR Asset Backed Securities Trust 2006-WMC4
MASTR Asset Backed Securities Trust 2007-HE1
MASTR Asset Backed Securities Trust 2007-HE2
Mastr Asset Backed Securities Trust 2007-NCW
MASTR Asset Backed Securities Trust 2007-WMC1
Meritage Mortgage Loan Trust 2005-1
Meritage Mortgage Loan Trust 2005-2
Meritage Mortgage Loan Trust 2005-3
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-1
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-5
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1
Merrill Lynch Mortgage Investors Trust 2005-AR1
Merrill Lynch Mortgage Investors Trust 2005-FM1
Merrill Lynch Mortgage Investors Trust 2006-AHL1
Merrill Lynch Mortgage Investors Trust 2006-AR1
Merrill Lynch Mortgage Investors Trust 2006-FF1
Merrill Lynch Mortgage Investors Trust 2006-FM1
Merrill Lynch Mortgage Investors Trust 2006-MLN1
Merrill Lynch Mortgage Investors Trust 2006-OPT1
Merrill Lynch Mortgage Investors Trust 2006-RM1
Merrill Lynch Mortgage Investors Trust 2006-RM2
Merrill Lynch Mortgage Investors Trust 2006-RM3
Merrill Lynch Mortgage Investors Trust 2006-RM4
Merrill Lynch Mortgage Investors Trust 2006-RM5
Merrill Lynch Mortgage Investors Trust 2006-WMC1
Merrill Lynch Mortgage Investors Trust 2006-WMC2
Merrill Lynch Mortgage Investors Trust 2007-MLN1
Merrill Lynch Mortgage Investors Trust Series 2005-HE1
Merrill Lynch Mortgage Investors Trust Series 2006-HE1
Merrill Lynch Mortgage Investors Trust Series 2006-HE2
Merrill Lynch Mortgage Investors Trust Series 2006-HE3
Merrill Lynch Mortgage Investors Trust Series 2006-HE4
Merrill Lynch Mortgage Investors Trust Series 2006-HE5
Merrill Lynch Mortgage Investors Trust Series 2006-HE6
Merrill Lynch Mortgage Investors Trust Series 2007-HE2
Merrill Lynch Mortgage Investors Trust Series 2007-HE3
Merrill Lynch Mortgage Investors Trust, Series 2007-HE1
Merrill Lynch Mortgage Investors, Inc. 2005-NC1
Merrill Lynch Mortgage Investors, Inc. 2005-WMC1
Merrill Lynch Mortgage Investors, Inc. 2005-WMC2
Morgan Stanley ABS Capital I Inc. Trust 2005-HE1
Morgan Stanley ABS Capital I Inc. Trust 2005-HE2
Morgan Stanley ABS Capital I Inc. Trust 2005-HE3
Morgan Stanley ABS Capital I Inc. Trust 2005-HE4
Morgan Stanley ABS Capital I Inc. Trust 2005-HE5
Morgan Stanley ABS Capital I Inc. Trust 2005-HE6
Morgan Stanley ABS Capital I Inc. Trust 2005-HE7
Morgan Stanley ABS Capital I Inc. Trust 2005-NC1
Morgan Stanley ABS Capital I Inc. Trust 2005-NC2
Morgan Stanley ABS Capital I Inc. Trust 2005-WMC1
Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2
Morgan Stanley ABS Capital I Inc. Trust 2005-WMC3
Morgan Stanley ABS Capital I Inc. Trust 2005-WMC4
Morgan Stanley ABS Capital I Inc. Trust 2005-WMC5
Morgan Stanley ABS Capital I Inc. Trust 2005-WMC6
Morgan Stanley ABS Capital I Inc. Trust 2006-HE2
Morgan Stanley ABS Capital I Inc. Trust 2006-HE3
Morgan Stanley ABS Capital I Inc. Trust 2006-HE4
Morgan Stanley ABS Capital I Inc. Trust 2006-HE5
Morgan Stanley ABS Capital I Inc. Trust 2006-HE6
Morgan Stanley ABS Capital I Inc. Trust 2006-HE7
Morgan Stanley ABS Capital I Inc. Trust 2006-HE8
Morgan Stanley ABS Capital I Inc. Trust 2006-NC1
Morgan Stanley ABS Capital I Inc. Trust 2006-NC3
Morgan Stanley ABS Capital I Inc. Trust 2006-NC4
Morgan Stanley ABS Capital I Inc. Trust 2006-NC5
Morgan Stanley ABS Capital I Inc. Trust 2006-WMC1
Morgan Stanley ABS Capital I Inc. Trust 2006-WMC2
Morgan Stanley ABS Capital I Inc. Trust 2007-HE1
Morgan Stanley ABS Capital I Inc. Trust 2007-HE2
Morgan Stanley ABS Capital I Inc. Trust 2007-HE3
Morgan Stanley ABS Capital I Inc. Trust 2007-HE4
Morgan Stanley ABS Capital I Inc. Trust 2007-HE5
Morgan Stanley ABS Capital I Inc. Trust 2007-HE6
Morgan Stanley ABS Capital I Inc. Trust 2007-HE7
Morgan Stanley ABS Capital I Inc. Trust 2007-NC1
Morgan Stanley ABS Capital I Inc. Trust 2007-NC2
Morgan Stanley ABS Capital I Inc. Trust 2007-NC3
Morgan Stanley Capital I Inc. Trust 2006-HE1
Morgan Stanley Capital I Inc. Trust 2006-NC2
Morgan Stanley Home Equity Loan Trust 2005-1
Morgan Stanley Home Equity Loan Trust 2005-2
Morgan Stanley Home Equity Loan Trust 2005-3
Morgan Stanley Home Equity Loan Trust 2005-4
Morgan Stanley Home Equity Loan Trust 2006-1
Morgan Stanley Home Equity Loan Trust 2006-2
Morgan Stanley Home Equity Loan Trust 2006-3
Morgan Stanley Home Equity Loan Trust 2007-1
Morgan Stanley Home Equity Loan Trust 2007-2
Morgan Stanley IXIS Real Estate Capital Trust 2006-1
Morgan Stanley IXIS Real Estate Capital Trust 2006-2
Morgan Stanley Structured Trust I 2007-1
Nationstar Home Equity Loan Asset-Backed Certificates, Series 2007-C
Nationstar Home Equity Loan Trust 2006-B
Nationstar Home Equity Loan Trust 2007-A
Nationstar Home Equity Loan Trust 2007-B
Natixis Real Estate Capital Trust 2007-HE2
New Century Home Equity Loan Trust 2005-3
New Century Home Equity Loan Trust 2005-4
New Century Home Equity Loan Trust 2006-1
New Century Home Equity Loan Trust 2006-2
New Century Home Equity Loan Trust, Series 2005-1
New Century Home Equity Loan Trust, Series 2005-2
New Century Home Equity Loan Trust, Series 2005-B
New Century Home Equity Loan Trust, Series 2005-C
New Century Home Equity Loan Trust, Series 2005-D
Newcastle Mortgage Securities Trust 2006-1
Newcastle Mortgage Securities Trust 2007-1
Nomura Home Equity Loan Trust 2005-FM1
Nomura Home Equity Loan Trust 2005-HE1
Nomura Home Equity Loan Trust 2006-FM1
Nomura Home Equity Loan Trust 2006-FM2
Nomura Home Equity Loan Trust 2006-HE1
Nomura Home Equity Loan Trust 2006-HE2
Nomura Home Equity Loan Trust 2006-WF1
Nomura Home Equity Loan, Inc. Home Equity Loan Trust, Series 2007-2
Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3
Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-3
NovaStar Mortgage Funding Trust 2005-3
NovaStar Mortgage Funding Trust 2007-1
NovaStar Mortgage Funding Trust 2007-2
NovaStar Mortgage Funding Trust Series 2006-4
NovaStar Mortgage Funding Trust, Series 2005-1
NovaStar Mortgage Funding Trust, Series 2005-2
NovaStar Mortgage Funding Trust, Series 2005-4
NovaStar Mortgage Funding Trust, Series 2006-1
NovaStar Mortgage Funding Trust, Series 2006-2
NovaStar Mortgage Funding Trust, Series 2006-3
NovaStar Mortgage Funding Trust, Series 2006-5
NovaStar Mortgage Funding Trust, Series 2006-6
Option One Mortgage Loan Trust 2005-2
Option One Mortgage Loan Trust 2005-3
Option One Mortgage Loan Trust 2005-4
Option One Mortgage Loan Trust 2005-5
Option One Mortgage Loan Trust 2006-1
Option One Mortgage Loan Trust 2006-2
Option One Mortgage Loan Trust 2006-3
Option One Mortgage Loan Trust 2007-1
Option One Mortgage Loan Trust 2007-2
Option One Mortgage Loan Trust 2007-3
Option One Mortgage Loan Trust 2007-4
Option One Mortgage Loan Trust 2007-5
Option One Mortgage Loan Trust 2007-6
Option One Mortgage Loan Trust 2007-CP1
Option One Mortgage Loan Trust 2007-FXD1
Option One Mortgage Loan Trust 2007-FXD2
Option One Mortgage Loan Trust 2007-HL1
OwnIt Mortgage Loan Trust 2005-1
OwnIt Mortgage Loan Trust 2005-2
Ownit Mortgage Loan Trust 2005-4
Ownit Mortgage Loan Trust 2005-5
Ownit Mortgage Loan Trust 2006-1
Ownit Mortgage Loan Trust 2006-2
Ownit Mortgage Loan Trust 2006-3
Ownit Mortgage Loan Trust 2006-4
Ownit Mortgage Loan Trust 2006-5
Ownit Mortgage Loan Trust 2006-6
Ownit Mortgage Loan Trust 2006-7
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCH1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW2
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCW3
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ1
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ2
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ3
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ4
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WLL1
People's Choice Home Loan Securities Trust 2005-1
People's Choice Home Loan Securities Trust 2005-2
People's Choice Home Loan Securities Trust 2005-3
Peoples Choice Home Loan Securities Trust 2005-4
People's Choice PFRMS 2006-1
Popular ABS Mortgage Pass-Through Trust 2005-1
Popular ABS Mortgage Pass-Through Trust 2005-2
Popular ABS Mortgage Pass-Through Trust 2005-3
Popular ABS Mortgage Pass-Through Trust 2005-4
Popular ABS Mortgage Pass-Through Trust 2005-5
Popular ABS Mortgage Pass-Through Trust 2005-6
Popular ABS Mortgage Pass-Through Trust 2005-A
Popular ABS Mortgage Pass-Through Trust 2005-B
Popular ABS Mortgage Pass-Through Trust 2005-C
Popular ABS Mortgage Pass-Through Trust 2005-D
Popular ABS Mortgage Pass-Through Trust 2006-A
Popular ABS Mortgage Pass-Through Trust 2006-B
Popular ABS Mortgage Pass-Through Trust 2006-C
Popular ABS Mortgage Pass-Through Trust 2006-D
Popular ABS Mortgage Pass-Through Trust 2006-E
Popular ABS Mortgage Pass-Through Trust 2007-A
RAMP Series 2005-EFC1 Trust
RAMP Series 2005-EFC2 Trust
RAMP Series 2005-EFC3 Trust
RAMP Series 2005-EFC4 Trust
RAMP Series 2005-EFC5 Trust
RAMP Series 2005-EFC6 Trust
RAMP Series 2005-EFC7 Trust
RAMP Series 2005-NC1 Trust
RAMP Series 2005-RS1 Trust
RAMP Series 2005-RS2 Trust
RAMP Series 2005-RS3 Trust
RAMP Series 2005-RS4 Trust
RAMP Series 2005-RS5 Trust
RAMP Series 2005-RS6 Trust
RAMP Series 2005-RS7 Trust
RAMP Series 2005-RS8 Trust
RAMP Series 2005-RS9 Trust
RAMP Series 2006-EFC1 Trust
RAMP Series 2006-EFC2 Trust
RAMP Series 2006-NC1 Trust
RAMP Series 2006-NC2 Trust
RAMP Series 2006-NC3 Trust
RAMP Series 2006-RS1 Trust
RAMP Series 2006-RS2 Trust
RAMP Series 2006-RS3 Trust
RAMP Series 2006-RS4 Trust
RAMP Series 2006-RS5 Trust
RAMP Series 2006-RS6 Trust
RAMP Series 2007-RS1 Trust
RAMP Series 2007-RS2 Trust
RASC Series 2005-AHL1 Trust
RASC Series 2005-AHL2 Trust
RASC Series 2005-AHL3 Trust
RASC Series 2005-EMX1 Trust
RASC Series 2005-EMX3 Trust
RASC Series 2005-EMX4 Trust
RASC Series 2005-EMX5 Trust
RASC Series 2005-KS1 Trust
RASC Series 2005-KS10 Trust
RASC Series 2005-KS11 Trust
RASC Series 2005-KS12 Trust
RASC Series 2005-KS2 Trust
RASC Series 2005-KS3 Trust
RASC Series 2005-KS4 Trust
RASC Series 2005-KS5 Trust
RASC Series 2005-KS6 Trust
RASC Series 2005-KS7 Trust
RASC Series 2005-KS8 Trust
RASC Series 2005-KS9 Trust
RASC Series 2006-EMX1 Trust
RASC Series 2006-EMX2 Trust
RASC Series 2006-EMX3 Trust
RASC Series 2006-EMX4 Trust
RASC Series 2006-EMX5 Trust
RASC Series 2006-EMX6 Trust
RASC Series 2006-EMX7 Trust
RASC Series 2006-EMX8 Trust
RASC Series 2006-EMX9 Trust
RASC Series 2006-KS1 Trust
RASC Series 2006-KS2 Trust
RASC Series 2006-KS3 Trust
RASC Series 2006-KS4 Trust
RASC Series 2006-KS5 Trust
RASC Series 2006-KS6 Trust
RASC Series 2006-KS7 Trust
RASC Series 2006-KS8 Trust
RASC Series 2006-KS9 Trust
RASC Series 2007-EMX1 Trust
RASC Series 2007-KS1 Trust
RASC Series 2007-KS2 Trust
RASC Series 2007-KS3 Trust
RASC Series 2007-KS4 Trust
Renaissance Home Equity Loan Trust 2005-1
Renaissance Home Equity Loan Trust 2005-2
Renaissance Home Equity Loan Trust 2005-3
Renaissance Home Equity Loan Trust 2005-4
Renaissance Home Equity Loan Trust 2006-1
Renaissance Home Equity Loan Trust 2006-2
Renaissance Home Equity Loan Trust 2006-3
Renaissance Home Equity Loan Trust 2006-4
Renaissance Home Equity Loan Trust 2007-1
Renaissance Home Equity Loan Trust 2007-2
Renaissance Home Equity Loan Trust 2007-3
ResMAE Mortgage Loan Trust 2006-1, ResMAE Asset-Backed Pass-Through Certificates, Series 2006-1
ResMae Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2007-1
Saxon Asset Securities Trust 2005-1
Saxon Asset Securities Trust 2005-2
Saxon Asset Securities Trust 2005-3
Saxon Asset Securities Trust 2005-4
Saxon Asset Securities Trust 2006-1
Saxon Asset Securities Trust 2006-2
Saxon Asset Securities Trust 2006-3
Saxon Asset Securities Trust 2007-1, Mortgage Loan Asset Backed Certificates, Series 2007-1
Saxon Asset Securities Trust 2007-2
Saxon Asset Securities Trust 2007-3
Saxon Asset Securities Trust 2007-4
Securitized Asset Backed Receivables LLC Trust 2005-EC1
Securitized Asset Backed Receivables LLC Trust 2005-FR1
Securitized Asset Backed Receivables LLC Trust 2005-FR2
Securitized Asset Backed Receivables LLC Trust 2005-FR3
Securitized Asset Backed Receivables LLC Trust 2005-FR4
Securitized Asset Backed Receivables LLC Trust 2005-FR5
Securitized Asset Backed Receivables LLC Trust 2005-HE1
Securitized Asset Backed Receivables LLC Trust 2005-OP1
Securitized Asset Backed Receivables LLC Trust 2005-OP2
Securitized Asset Backed Receivables LLC Trust 2006-CB1
Securitized Asset Backed Receivables LLC Trust 2006-FR1
Securitized Asset Backed Receivables LLC Trust 2006-FR2
Securitized Asset Backed Receivables LLC Trust 2006-FR3
Securitized Asset Backed Receivables LLC Trust 2006-FR4
Securitized Asset Backed Receivables LLC Trust 2006-HE1
Securitized Asset Backed Receivables LLC Trust 2006-HE2
Securitized Asset Backed Receivables LLC Trust 2006-NC1
Securitized Asset Backed Receivables LLC Trust 2006-NC2
Securitized Asset Backed Receivables LLC Trust 2006-NC3
Securitized Asset Backed Receivables LLC Trust 2006-OP1
Securitized Asset Backed Receivables LLC Trust 2006-WM1
Securitized Asset Backed Receivables LLC Trust 2006-WM2
Securitized Asset Backed Receivables LLC Trust 2006-WM3
Securitized Asset Backed Receivables LLC Trust 2006-WM4
Securitized Asset Backed Receivables LLC Trust 2007-BR1
Securitized Asset Backed Receivables LLC Trust 2007-BR2
Securitized Asset Backed Receivables LLC Trust 2007-BR3
Securitized Asset Backed Receivables LLC Trust 2007-BR4
Securitized Asset Backed Receivables LLC Trust 2007-BR5
Securitized Asset Backed Receivables LLC Trust 2007-HE1
Securitized Asset Backed Receivables LLC Trust 2007-NC1
Securitized Asset Backed Receivables LLC Trust 2007-NC2
SG Mortgage Securities Trust 2005-OPT1
SG Mortgage Securities Trust 2006-FRE1
SG Mortgage Securities Trust 2006-FRE2
SG Mortgage Securities Trust 2006-OPT2
SG Mortgage Securities Trust 2007-NC1
Soundview Home Loan Trust 2005-1
Soundview Home Loan Trust 2005-2
Soundview Home Loan Trust 2005-3
Soundview Home Loan Trust 2005-4
Soundview Home Loan Trust 2005-CTX1
Soundview Home Loan Trust 2005-DO1
Soundview Home Loan Trust 2005-OPT1
Soundview Home Loan Trust 2005-OPT2
Soundview Home Loan Trust 2006-1
Soundview Home Loan Trust 2006-2
Soundview Home Loan Trust 2006-3
Soundview Home Loan Trust 2006-EQ1
Soundview Home Loan Trust 2006-EQ2
Soundview Home Loan Trust 2006-NLC1
Soundview Home Loan Trust 2006-OPT1
Soundview Home Loan Trust 2006-OPT2
Soundview Home Loan Trust 2006-OPT3
Soundview Home Loan Trust 2006-OPT4
Soundview Home Loan Trust 2006-OPT5
Soundview Home Loan Trust 2006-WF2
Soundview Home Loan Trust 2007-1
Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1
Soundview Home Loan Trust 2007-OPT1
Soundview Home Loan Trust 2007-OPT2
Soundview Home Loan Trust 2007-OPT3
Soundview Home Loan Trust 2007-OPT4
Soundview Home Loan Trust 2007-OPT5
Soundview Home Loan Trust 2007-WMC1
Speciality Underwriting and Residential Finance 2005-AB3
Speciality Underwriting and Residential Finance 2006-AB3
Speciality Underwriting and Residential Finance 2006-BC2
Speciality Underwriting and Residential Finance Trust, Series 2007-AB1
Specialty Underwriting and Residential Finance Series 2005-AB1
Specialty Underwriting and Residential Finance Series 2005-AB2
Specialty Underwriting and Residential Finance Series 2005-BC3
Specialty Underwriting and Residential Finance Series 2005-BC4
Specialty Underwriting and Residential Finance Series 2006-AB1
Specialty Underwriting and Residential Finance Series 2006-AB2
Specialty Underwriting and Residential Finance Series 2006-BC1
Specialty Underwriting and Residential Finance Series 2006-BC3
Specialty Underwriting and Residential Finance Series 2006-BC4
Specialty Underwriting and Residential Finance Series 2006-BC5
Specialty Underwriting and Residential Finance Series 2007-BC1
Specialty Underwriting and Residential Finance Trust, Series 2005-BC1
Specialty Underwriting and Residential Finance Trust, Series 2005-BC2
Specialty Underwriting and Residential Finance Trust, Series 2007-BC2
Structured Asset Investment Loan Trust 2005-1
Structured Asset Investment Loan Trust 2005-10
Structured Asset Investment Loan Trust 2005-11
Structured Asset Investment Loan Trust 2005-2
Structured Asset Investment Loan Trust 2005-3
Structured Asset Investment Loan Trust 2005-4
Structured Asset Investment Loan Trust 2005-5
Structured Asset Investment Loan Trust 2005-6
Structured Asset Investment Loan Trust 2005-7
Structured Asset Investment Loan Trust 2005-8
Structured Asset Investment Loan Trust 2005-9
Structured Asset Investment Loan Trust 2005-HE1
Structured Asset Investment Loan Trust 2005-HE2
Structured Asset Investment Loan Trust 2005-HE3
Structured Asset Investment Loan Trust 2006-1
Structured Asset Investment Loan Trust 2006-2
Structured Asset Investment Loan Trust 2006-3
Structured Asset Investment Loan Trust 2006-4
Structured Asset Investment Loan Trust 2006-BNC1
Structured Asset Investment Loan Trust 2006-BNC2
Structured Asset Investment Loan Trust 2006-BNC3
Structured Asset Securities Corp 2006-W1
Structured Asset Securities Corp 2006-Z
Structured Asset Securities Corp Trust 2005-NC1
Structured Asset Securities Corp Trust 2005-NC2
Structured Asset Securities Corp Trust 2005-WF1
Structured Asset Securities Corp Trust 2005-WF2
Structured Asset Securities Corp Trust 2005-WF4
Structured Asset Securities Corp Trust 2006-AM1
Structured Asset Securities Corp Trust 2006-BC1
Structured Asset Securities Corp Trust 2006-BC2
Structured Asset Securities Corp Trust 2006-BC6
Structured Asset Securities Corp Trust 2006-EQ1
Structured Asset Securities Corp Trust 2006-NC1
Structured Asset Securities Corp Trust 2006-OPT1
Structured Asset Securities Corp Trust 2006-WF1
Structured Asset Securities Corp Trust 2006-WF2
Structured Asset Securities Corp Trust 2006-WF3
Structured Asset Securities Corp Trust 2007-BC1
Structured Asset Securities Corp Trust 2007-BC2
Structured Asset Securities Corp Trust 2007-BC3
Structured Asset Securities Corp Trust 2007-BC4
Structured Asset Securities Corp Trust 2007-MLN1
Structured Asset Securities Corp Trust 2007-OSI
Structured Asset Securities Corp Trust 2007-WF1
Structured Asset Securities Corp, Mortgage Pass-Through Certificates, Series 2006-BC3
Structured Asset Securities Corp. Trust 2007-EQ1
Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Series 2007-WF2
Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-BC4
Structured Asset Securities Corporation Series 2005-AR1
Structured Asset Securities Corporation Trust 2006-BC5
Terwin Mortgage Trust 2006-1
Terwin Mortgage Trust 2006-11ABS
Terwin Mortgage Trust 2006-3
Terwin Mortgage Trust 2006-5
Terwin Mortgage Trust 2006-7
Terwin Mortgage Trust 2007-4HE
Terwin Mortgage Trust, Series TMTS 2005-10HE
Terwin Mortgage Trust, Series TMTS 2005-14HE
Terwin Mortgage Trust, Series TMTS 2005-16HE
Terwin Mortgage Trust, Series TMTS 2005-4HE
Terwin Mortgage Trust, Series TMTS 2005-6HE
Wachovia Mortgage Loan Trust 2005-WMC1
WaMu Asset-Backed Certificates, WaMu Series 2007-HE1 Trust
WaMu Asset-Backed Certificates, WaMu Series 2007-HE2 Trust
WaMu Asset-Backed Certificates, WaMu Series 2007-HE3 Trust
WaMu Asset-Backed Certificates, WaMu Series 2007-HE4 Trust
WaMu Mortgage Pass-Through Certificates, WMABS Series 2006-HE1 Trust
WaMu Mortgage Pass-Through Certificates, WMABS Series 2006-HE2 Trust
Washington Mutual Asset-Backed Certificates, WMABS Series 2006-HE3 Trust
Washington Mutual Asset-Backed Certificates, WMABS Series 2006-HE4 Trust
Washington Mutual Asset-Backed Certificates, WMABS Series 2006-HE5 Trust
Washington Mutual Asset-Backed Certificates, WMABS Series 2007-HE1 Trust
Washington Mutual Asset-Backed Certificates, WMABS Series 2007-HE2 Trust
Wells Fargo Home Equity Asset-Backed Securities 2005-1 Trust
Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust
Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust
Wells Fargo Home Equity Asset-Backed Securities 2006-1 Trust
Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust
Wells Fargo Home Equity Asset-Backed Securities 2006-3 Trust
Wells Fargo Home Equity Asset-Backed Securities 2007-1 Trust
Wells Fargo Home Equity Asset-Backed Securities 2007-2 Trust
Related Research
Rating Action:

Moody's updates loss projections for US Subprime RMBS issued in 2005-2007

13 Jan 2010

New York, January 13, 2010 -- Moody's Investors Service has revised its loss projections for US subprime residential mortgage backed securities (RMBS) issued between 2005 and 2007. On average, Moody's is now projecting cumulative losses of 18.7% for 2005 securitizations, 38.4% for 2006 securitizations, and 48.1% for 2007 securitizations, reported as a percentage of original balance. As a result of the revision, Moody's has now placed 5,698 tranches of subprime RMBS with an original balance of $584 billion and outstanding balance of $319 billion, on review for possible downgrade.

On October 29, 2009, Moody's announced that it would update certain assumptions underlying loss projections for each of the major RMBS sectors. Since March 2009, when Moody's last announced a revision to its subprime loss projections, serious delinquencies (loans that are 60 or more days delinquent, including loans in foreclosure and homes that are held for sale) in subprime pools from 2005, 2006, and 2007 have increased to 48% from 43%, 56% from 51%, and 55% from 47%, respectively (reported as a percentage of outstanding pool balance).

Even though the Case-Shiller index in recent months has reported very modest home price gains, Moody's believes the overhang of impending foreclosures will impact home prices negatively in the coming months. Moody's Economy.com (MEDC) expects home prices to fall by an additional 11% to reach a peak-to-trough decline of approximately 37%. Adding to borrowers' financial pressure, unemployment is now projected to peak at around 10.5%. Both measures are expected to reach their peaks sometime in the second half of 2010, after which recovery is expected to be slow.

Estimation of Losses

To estimate losses, Moody's first projected delinquencies through the second half of 2010. Moody's estimated that the proportion of contractually current or 30-day delinquent loans that will become seriously delinquent by the second half of 2010 will be 23%, 35%, and 35%, for the 2005, 2006, and 2007 vintages, respectively.

Growth in new delinquency levels beyond the second half of 2010 is expected to decline with improving economic and housing conditions. To estimate delinquencies beyond 2010, Moody's applied a reduction to the new delinquency rate of 25% for 2011, 40% for 2012, 50% for 2013, and 50% for 2014 and beyond. This deceleration reflects home price and unemployment projections by MEDC for years beyond 2010.

To calculate the default rate on the projected delinquencies, Moody's assumed an average roll rate (probability of transition from delinquency into default) of 95%. The loss on the loan upon default (severity of loss) is expected to be around 70% on average.

In addition, the government's effort to curb loan defaults and foreclosures through loan modification has failed to gain traction; prompting Moody's to reduce the average modification benefit to projected losses across vintages from 15% in March to less than 5% going forward.

Moody's will release a special report in the coming weeks that will detail its methodology for determining revised loss projections for subprime transactions issued from 2005 to 2007.

Rating Actions

To assess the rating implications of the updated loss levels on subprime RMBS, Moody's will analyze each transaction through a variety of scenarios in the Structured Finance Workstation (SFW), the cash flow engine provided by Moody's Wall Street Analytics. The scenarios incorporate ninety-six different combinations of loss levels, loss timing (CDR) and prepayment (CPR) curves.

The announced review impacts all securities within the subprime RMBS sector issued from 2005 to 2007 and currently rated Ca and above, excluding well-enhanced bonds expected to pay off in the next few months. The anticipated actions will vary, and certain bonds placed on review may have their rating confirmed to the extent credit support and/or payment priority offer sufficient protection against updated loss projections to maintain their current ratings. Moody's expects that upon conclusion of this review, a large majority of 2006 and 2007 senior bonds will be rated Caa or lower, although transitions for most of these bonds will be muted since over 40% are already at these rating levels. Ratings on 2005 vintage senior bonds are expected to see substantial downgrades but will maintain generally higher ratings relative to the 2006 and 2007 vintages.

Moody's rates securities B2 or higher if they are likely to be paid off under an expected scenario. If a security is likely to take a loss under an expected scenario, it will typically be rated B3 or lower. Securities with expected recoveries of 65% to 95% are rated in the Caa range. Securities with expected recoveries of 35% to 65% are rated Ca, while securities with expected recoveries below 35% are rated C.

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 Rating Methodologies subdirectory.

A list of the review actions associated with this announcement may be found at:

http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF191058

New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph Rocco
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's updates loss projections for US Subprime RMBS issued in 2005-2007
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