Global Header | Moody's
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
ACE Securities Corp. Home Equity Loan Trust, Series 2005-SL1
ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASL1
ACE Securities Corp. Home Equity Loan Trust, Series 2006-SL1
ACE Securities Corp. Home Equity Loan Trust, Series 2006-SL2
ACE Securities Corp. Home Equity Loan Trust, Series 2006-SL3
ACE Securities Corp. Home Equity Loan Trust, Series 2006-SL4
ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASL1
ACE Securities Corp. Home Equity Loan Trust, Series 2007-SL1
Alliance Bancorp Trust 2007-S1
American Home Mortgage Assets Trust 2007-3
American Home Mortgage Investment Tr 2006-3
American Home Mortgage Investment Trust 2005-1
American Home Mortgage Investment Trust 2005-2
American Home Mortgage Investment Trust 2005-4
American Home Mortgage Investment Trust 2005-SD1
American Home Mortgage Investment Trust 2006-2
American Home Mortgage Investment Trust 2007-2
American Home Mortgage Investment Trust 2007-A
Bear Stearns Home Loan Owner Trust 2001-A
Bear Stearns Mortgage Funding Trust 2006-SL1
Bear Stearns Mortgage Funding Trust 2006-SL2
Bear Stearns Mortgage Funding Trust 2006-SL3
Bear Stearns Mortgage Funding Trust 2006-SL4
Bear Stearns Mortgage Funding Trust 2006-SL5
Bear Stearns Mortgage Funding Trust 2006-SL6
Bear Stearns Mortgage Funding Trust 2007-SL1
Bear Stearns Mortgage Funding Trust 2007-SL2
Bond Securitization Asset-Backed Certificates, Series 2003-1
C-Bass Mortgage Loan Asset Backed Notes, Series 2001-CB4
C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1
Citigroup HELOC Trust 2006-NCB1
Conseco Finance Home Improvement Loan Trust 2000-E
Conseco Finance Home Loan Trust 1999-G
Credit Suisse First Boston Mortgage Acceptance Corp. Series 2002-HI23
CSFB Home Equity Mortgage Trust 2005-3
CSFB Home Equity Mortgage Trust 2005-4
CSFB Home Equity Mortgage Trust 2005-5
CSFB Home Equity Mortgage Trust 2005-HF1
CSFB Home Equity Mortgage Trust 2006-1
CSFB Home Equity Mortgage Trust 2006-3
CSFB Home Equity Mortgage Trust 2006-4
CSFB Home Equity Mortgage Trust 2006-6
CSFB Home Equity Pass-Through Certificates, Series 2004-5
CSFB Home Equity Pass-Through Certificates, Series 2004-6
CSFB Mortgage Pass-Through Certificates, Series 2001-S6
CWABS Asset-Backed Certificates Trust 2006-SPS1
CWABS Asset-Backed Certificates Trust 2006-SPS2
CWABS Master Trust Revolving Home Equity Loan Asset Backed Notes, Series 2004-A
CWABS Master Trust Revolving Home Equity Loan Asset Backed Notes, Series 2004-B
CWABS Master Trust Revolving Home Equity Loan Asset Backed Notes, Series 2004-C
CWABS Master Trust, Series 2002-E
CWABS Master Trust, Series 2002-F
CWABS Master Trust, Series 2002-G
CWABS Master Trust, Series 2002-H
CWABS Master Trust, Series 2003-A
CWABS Master Trust, Series 2003-B
CWABS Master Trust, Series 2003-C
CWABS Master Trust, Series 2003-D
CWABS Master Trust, Series 2003-E
CWABS Revolving Home Equity Asset-Backed Notes, Series 2004-O
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-D
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-E
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-F
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-G
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-J
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-K
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-L
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-M
CWABS Revolving Home Equity Loan Asset Backed Notes, Series 2004-Q
CWABS Revolving Home Equity Loan Trust, Series 2004-S
CWABS Revolving Home Equity Loan Trust, Series 2004-U
CWABS, Inc. Asset-Backed Certificates, Series 2002-S1
CWABS, Inc. Asset-Backed Certificates, Series 2002-S2
CWABS, Inc. Asset-Backed Certificates, Series 2003-S2
CWABS, Inc. Asset-Backed Certificates, Series 2004-S1
CWABS, Inc., Asset-Backed Certificates, Series 2002-SC1
CWABS, INC., Asset-Backed Certificates, Series 2003-S1
CWABS, Inc., Asset-Backed Certificates, Series 2003-SC1
CWABS, Inc., Asset-Backed Pass-Through Certificates, Series 2002-S3
CWABS, Inc., Asset-Backed Pass-Through Certificates, Series 2002-S4
CWHEQ Home Equity Loan Trust, Series 2006-S1
CWHEQ Home Equity Loan Trust, Series 2006-S10
CWHEQ Home Equity Loan Trust, Series 2006-S2
CWHEQ Home Equity Loan Trust, Series 2006-S3
CWHEQ Home Equity Loan Trust, Series 2006-S4
CWHEQ Home Equity Loan Trust, Series 2006-S5
CWHEQ Home Equity Loan Trust, Series 2006-S6
CWHEQ Home Equity Loan Trust, Series 2006-S7
CWHEQ Revolving Home Equity Loan Trust, 2007-C
CWHEQ Revolving Home Equity Loan Trust, 2007-G
CWHEQ Revolving Home Equity Loan Trust, Series 2005-B
CWHEQ Revolving Home Equity Loan Trust, Series 2005-G
CWHEQ Revolving Home Equity Loan Trust, Series 2005-H
CWHEQ Revolving Home Equity Loan Trust, Series 2005-K
CWHEQ Revolving Home Equity Loan Trust, Series 2005-L
CWHEQ Revolving Home Equity Loan Trust, Series 2006-A
CWHEQ Revolving Home Equity Loan Trust, Series 2006-D
CWHEQ Revolving Home Equity Loan Trust, Series 2006-H
DLJ ABS Trust Series 2000-6
Empire Funding Home Loan Owner Trust 1998-1
FFMLT 2007-FFB-SS, Mortgage Pass-Through Certificates, Series 2007-FFB-SS
Fieldstone Mortgage Investment Trust 2006-S1
Fifth Third Home Equity Loan Trust 2003-1
First Franklin Mortgage Loan Trust 2002-FFA
First Franklin Mortgage Loan Trust 2003-FFA
First Franklin Mortgage Loan Trust 2003-FFB
First Franklin Mortgage Loan Trust 2003-FFC
First Franklin Mortgage Loan Trust 2004-FFA
First Franklin Mortgage Loan Trust 2004-FFB
First Franklin Mortgage Loan Trust 2004-FFC
First Franklin Mortgage Loan Trust 2005-FFA
First Franklin Mortgage Loan Trust 2006-FFA
First Franklin Mortgage Loan Trust 2006-FFB
First Franklin Mortgage Loan Trust Series 2007-FFA
First Horizon ABS Trust 2004-HE1
First Horizon ABS Trust 2004-HE3
First Horizon ABS Trust 2004-HE4
First Horizon HELOC Notes 2006-HE1
First-Citizens HELOC Trust 2005-1
FIRSTPLUS Home Loan Owner Trust 1998-2
FIRSTPLUS Home Loan Owner Trust 1998-3
FIRSTPLUS Home Loan Owner Trust 1998-4
FIRSTPLUS Home Loan Owner Trust 1998-5
GMACM Home Equity Loan Trust 2001-HE3
GMACM Home Equity Loan Trust 2002-HE3
GMACM Home Equity Loan Trust 2002-HE4
GMACM Home Equity Loan Trust 2003-HE1
GMACM Home Equity Loan Trust 2003-HE2
GMACM Home Equity Loan Trust 2004-HE1
GMACM Home Equity Loan Trust 2004-HE2
GMACM Home Equity Loan Trust 2004-HE5
GMACM Home Equity Loan Trust 2005-HE1
GMACM Home Equity Loan Trust 2005-HE2
GMACM Home Equity Loan Trust 2005-HE3
GMACM Home Equity Loan Trust 2006-HE1
GMACM Home Equity Loan Trust 2006-HE2
GMACM Home Equity Loan Trust 2006-HE3
GMACM Home Equity Loan Trust 2006-HE5
GMACM Home Equity Loan Trust 2007-HE2
GMACM Home Equity Loan Trust 2007-HE3
GMACM Home Equity Loan Trust Series 2002-HE1
GMACM Home Equity Loan-Backed Term Notes, Series 2001-HE2
GMACM Home Equity Notes 2004 Variable Funding Trust Notes
GMACM Home Loan Trust 2001-HLTV1
GMACM Home Loan Trust 2002-HLTV1
GMACM Home Loan Trust 2004-HLTV1
GMACM Home Loan Trust 2006-HLTV1
Green Tree Home Improvement Loans 1994-BI
Green Tree Home Improvement Loans 1994-CI
Green Tree Home Improvement Loans 1994-D
Green Tree Home Improvement Loans 1995-A
Green Tree Home Improvement Loans 1995-C
Green Tree Home Improvement Loans 1995-D
Green Tree Home Improvement Loans 1995-F
Green Tree Home Improvement Loans 1996-A
Green Tree Home Improvement Loans 1996-B
GreenPoint Home Equity Loan Trust 2004-2
GreenPoint Home Equity Loan Trust 2004-4
Greenpoint Mortgage Funding Trust 2005-HE2
Greenpoint Mortgage Funding Trust 2005-HE4
Greenpoint Mortgage Funding Trust 2006-HE1
GRMT Mortgage Pass-Through Certificates, Series 2001-1
GSAA Home Equity Trust 2006-S1
GSAA Home Equity Trust 2007-S1
GSAMP Trust 2005-S1
GSAMP Trust 2005-S2
GSAMP Trust 2006-S1
GSAMP Trust 2006-S2
GSAMP Trust 2006-S3
GSAMP Trust 2006-S4
GSAMP Trust 2006-S5
GSAMP Trust 2006-S6
GSR Mortgage Loan Trust 2005-HEL1
HLTV Mortgage Loan Trust 2004-1
Home Equity Loan Trust 1998-HI2 (RFC)
Home Equity Mortgage Trust 2003-6
Home Equity Mortgage Trust 2003-7
Home Equity Mortgage Trust 2004-1
Home Equity Mortgage Trust 2004-2
Home Equity Mortgage Trust 2004-4
Home Equity Mortgage Trust 2005-1
Home Equity Mortgage Trust 2005-2
Home Equity Mortgage Trust 2006-2
Home Equity Mortgage Trust 2006-5
Home Equity Mortgage-Backed Pass-Through Certificates, Series 2004-3
Home Loan Trust 2000-HL1
Home Loan Trust 2003-HI4
HomeBanc Mortgage Trust 2005-2
Homebanc Mortgage Trust 2007-1
IndyMac Home Equity Mortgage Loan Asset-Backed Trust 2006-H1
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INDS 2006-1
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INDS 2006-2B
IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INDS 2006-A
IndyMac Residential Asset-Backed Trust, Series 2004-LH1
Irwin Home Equity Loan Trust 2002-1
Irwin Home Equity Loan Trust 2003-1
Irwin Home Equity Loan Trust 2004-1
Irwin Home Equity Loan Trust 2005-1
Irwin Home Equity Loan Trust 2006-1
Irwin Home Equity Loan Trust 2006-2
Irwin Home Equity Loan Trust 2006-3
Irwin Home Equity Loan Trust 2006-P1
Irwin Home Equity Loan Trust 2007-1
Irwin Whole Loan Home Equity Trust 2002-A
Irwin Whole Loan Home Equity Trust 2003-A
Irwin Whole Loan Home Equity Trust 2003-B
Irwin Whole Loan Home Equity Trust 2003-D
Irwin Whole Loan Home Equity Trust 2005-A
Irwin Whole Loan Home Equity Trust 2005-B
Irwin Whole Loan Home Equity Trust 2005-C
Keystone Owner Trust 1998-P1
Keystone Owner Trust 1998-P2
Lehman ABS Corporation Home Equity Loan Asset-Backed Notes, Series 2004-2
Lehman ABS Corporation Home Equity Loan Asset-Backed Notes, Series 2005-1
Long Beach Mortgage Loan Trust 2006-A
MASTR Second Lien Trust 2005-1
MASTR Second Lien Trust 2006-1
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-A
Merrill Lynch Mortgage Investors Trust 2005-NCA
Merrill Lynch Mortgage Investors Trust 2005-SL2
Merrill Lynch Mortgage Investors Trust 2006-SL1
Merrill Lynch Mortgage Investors Trust 2006-SL2
Merrill Lynch Mortgage Investors Trust Series 2004-SL1
Merrill Lynch Mortgage Investors Trust Series 2004-SL2
Merrill Lynch Mortgage Investors Trust Series 2005-NCB
Merrill Lynch Mortgage Investors Trust Series 2005-SL1
Merrill Lynch Mortgage Investors Trust Series 2005-SL3
Merrill Lynch Mortgage Investors Trust, Series 2007-SL1
Morgan Stanley Mortgage Loan Trust 2005-8SL
Morgan Stanley Mortgage Loan Trust 2006-10SL
Morgan Stanley Mortgage Loan Trust 2006-14SL
Morgan Stanley Mortgage Loan Trust 2006-4SL
Morgan Stanley Mortgage Loan Trust 2007-4SL
MSCC HELOC Trust 2007-1, HELOC Asset-Backed Notes, Series 2007-1
MSDWCC HELOC Trust 2003-1
MSDWCC HELOC Trust 2003-2
MSDWCC HELOC Trust 2005-1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S2
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S3
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S4
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-S1
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-S2
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-S3
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-S4
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2006-S5
Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-S1
PHH Mortgage Trust, Series 2007-SL1
PSB Lending Home Loan Owner Trust 1997-4
RFMSII Home Equity Loan Trust 2001-HS2
RFMSII Home Equity Loan Trust 2001-HS3
RFMSII Home Equity Loan Trust 2002-HS1
RFMSII Home Equity Loan Trust 2002-HS2
RFMSII Home Equity Loan Trust 2002-HS3
RFMSII Home Equity Loan Trust 2003-HS1
RFMSII Home Equity Loan Trust 2003-HS2
RFMSII Home Equity Loan Trust 2003-HS3
RFMSII Home Equity Loan Trust 2003-HS4
RFMSII Home Equity Loan Trust 2004-HS1
RFMSII Home Equity Loan Trust 2004-HS2
RFMSII Home Equity Loan Trust 2004-HS3
RFMSII Home Equity Loan Trust 2005-HI3
RFMSII Home Equity Loan Trust 2005-HS1
RFMSII Home Equity Loan Trust 2005-HS2
RFMSII Home Equity Loan Trust 2005-HSA1
RFMSII Home Loan Trust 1999-HI1
RFMSII Home Loan Trust 1999-HI4
RFMSII Home Loan Trust 1999-HI6
RFMSII Home Loan Trust 1999-HI8
RFMSII Home Loan Trust 2000-HI1
RFMSII Home Loan Trust 2000-HI2
RFMSII Home Loan Trust 2000-HI3
RFMSII Home Loan Trust 2000-HI4
RFMSII Home Loan Trust 2000-HI5
RFMSII Home Loan Trust 2001-HI1
RFMSII Home Loan Trust 2001-HI2
RFMSII Home Loan Trust 2001-HI3
RFMSII Home Loan Trust 2001-HI4
RFMSII Home Loan Trust 2002-HI1
RFMSII Home Loan Trust 2002-HI2
RFMSII Home Loan Trust 2002-HI3
RFMSII Home Loan Trust 2002-HI4
RFMSII Home Loan Trust 2002-HI5
RFMSII Home Loan Trust 2003-HI1
RFMSII Home Loan Trust 2003-HI2
RFMSII Home Loan Trust 2003-HI3
RFMSII Home Loan Trust 2004-HI1
RFMSII Home Loan Trust 2004-HI2
RFMSII Home Loan Trust 2004-HI3
RFMSII Home Loan Trust 2005-HI1
RFMSII Home Loan Trust 2005-HI2
RFMSII Home Loan Trust 2006-HI1
RFMSII Home Loan Trust 2006-HI2
RFMSII Home Loan Trust 2006-HI3
RFMSII Home Loan Trust 2006-HI4
RFMSII Home Loan Trust 2006-HI5
RFMSII Home Loan Trust 2007-HI1
RFMSII Series 2006-HSA1 Trust
RFMSII Series 2006-HSA2 Trust
SACO I Trust 2004-2
SACO I Trust 2004-3
SACO I Trust 2005-1
SACO I Trust 2005-10
SACO I Trust 2005-2
SACO I Trust 2005-3
SACO I Trust 2005-4
SACO I Trust 2005-5
SACO I Trust 2005-6
SACO I Trust 2005-7
SACO I Trust 2005-8
SACO I Trust 2005-9
SACO I Trust 2005-GP1
SACO I Trust 2005-WM1
SACO I Trust 2005-WM2
SACO I Trust 2005-WM3
SACO I Trust 2006-10
SACO I Trust 2006-12
SACO I Trust 2006-3
SACO I Trust 2006-4
SACO I Trust 2006-5
SACO I Trust 2006-6
SACO I Trust 2006-7
SACO I Trust 2006-9
SACO I Trust 2007-1
SACO I Trust 2007-2, Mortgage-Backed Certificates, Series 2007-2
Sequoia HELOC Trust 2004-1
Soundview Home Loan Trust 2005-A
Soundview Home Loan Trust 2005-B
Soundview Home Loan Trust 2006-A
Structured Asset Securities Corp 2003-S2
Structured Asset Securities Corp Trust 2004-S2
Structured Asset Securities Corp Trust 2004-S3
Structured Asset Securities Corp Trust 2004-S4
Structured Asset Securities Corp Trust 2005-S2
Structured Asset Securities Corp Trust 2005-S3
Structured Asset Securities Corp Trust 2005-S5
Structured Asset Securities Corp Trust 2005-S6
Structured Asset Securities Corp Trust 2005-S7
Structured Asset Securities Corp Trust 2006-S1
Structured Asset Securities Corp Trust 2006-S2
Structured Asset Securities Corp Trust 2006-S3
Structured Asset Securities Corporation 2005-S1
Structured Asset Securities Corporation 2006-S4
Structured Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2002-4H
Summitt PELs Trust 2002
Terwin Mortgage Trust 2003-3SL
Terwin Mortgage Trust 2003-5SL
Terwin Mortgage Trust 2003-7SL
Terwin Mortgage Trust 2004-10SL
Terwin Mortgage Trust 2004-18SL
Terwin Mortgage Trust 2004-22SL
Terwin Mortgage Trust 2004-2SL
Terwin Mortgage Trust 2004-4SL
Terwin Mortgage Trust 2004-6SL
Terwin Mortgage Trust 2005-11
Terwin Mortgage Trust 2005-13SL
Terwin Mortgage Trust 2005-1SL
Terwin Mortgage Trust 2005-3SL
Terwin Mortgage Trust 2005-5SL
Terwin Mortgage Trust 2005-7SL
Terwin Mortgage Trust 2005-9HGS
Terwin Mortgage Trust 2006-1
Terwin Mortgage Trust 2006-12SL
Terwin Mortgage Trust 2006-2HGS
Terwin Mortgage Trust 2006-4SL
Terwin Mortgage Trust 2006-6
Terwin Mortgage Trust 2006-8
Terwin Mortgage Trust 2007-1SL
Terwin Mortgage Trust 2007-3SL
Terwin Mortgage Trust, Series TMTS 2004-23HELOC
United National Home Loan Owner Trust 1999-1
United National Home Loan Owner Trust 1999-2
Wachovia Asset Securitization Issuance II, LLC 2007-HE1 Trust
Wachovia Asset Securitization Issuance II, LLC 2007-HE2 Trust
Wachovia Asset Securitization Issuance, LLC 2003-HE3 Trust
Wachovia Asset Securitization Issuance, LLC 2004-HE1 Trust
Wachovia Asset Securitization Issuance, LLC 2004-HEMM2 Trust
Wachovia Asset Securitization, Inc. 2002-HE1 Trust
Wachovia Asset Securitization, Inc. 2002-HE2 Trust
Wachovia Asset Securitization, Inc. 2003-HE1 Trust
Wachovia Asset Securitization, Inc. 2003-HE2 Trust
WASI Financial Limited Partnership Credit Linked Securities 2006-HES1
Rating Action:

Moody's updates loss projections for US second lien RMBS

18 Mar 2010

New York, March 18, 2010 -- Moody's Investors Service has revised its loss projections for 2005-2007 second lien U.S. residential mortgage backed securities (RMBS). Moody's expects cumulative losses to average approximately 25-55% of outstanding balance for non-subprime closed-end second (CES) pools, 70-85% for subprime CES pools, and 40-50% for HELOC pools. These updated numbers represent more than a 50% increase for non-subprime CES, and nearly a 20% relative increase for subprime CES and HELOC pools. Second lien pools issued prior to 2005 are expected to realize lower cumulative loss levels as compared to the recent vintages, but are still experiencing rising loss rates and are therefore also subject to increased loss expectations. As a result of the increasing loss expectations, Moody's placed 948 tranches of second lien RMBS with an original balance of $113 billion and an outstanding balance of $35 billion on review for possible downgrade. The review action includes all vintages of second lien RMBS.

Second lien mortgage pools have experienced elevated loss rates during the past few years as a result of the sharp decline in home values. The most important predictor of mortgage default in the past several years has been the degree to which borrowers have negative equity in their homes. Borrowers with second liens, particularly those originated in more recent years, are almost universally in a negative equity position; most had combined loan to value ratios approaching 100% at origination and home prices have already dropped by nearly 30% since. In addition, since defaulting on a second lien does not typically result in foreclosure, borrowers might choose to default on their second lien loan in favor of making payments on their first lien loan in order to remain in their home. All of these factors contribute to a very high borrower propensity to default on second lien loans.

Subprime CES annual loss rates, measured as total annual losses against the pool balance at the start of the related year, averaged 38% over the past year, recently dropping to 37% from their high of 40% about 6 months ago. Non-subprime CES and HELOC average annual loss rates were slower to take off, but in the past year have reached 14%, though HELOCs have shown signs of stabilizing at these levels. Non-subprime CES loss rates are still on the rise, having increased from 5% to 14% over the course of the past year. This trend is tracking the increasing delinquencies in the prime-first lien sector, where delinquencies have risen from 3% to 9% in the past 12 months.

Going forward, we expect continued severe pressure on second lien borrowers, as 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 7%, reaching a peak-to-trough decline of approximately 34%. Adding to borrowers' financial pressure, unemployment is now projected to peak at 10.3%. Both measures are expected to reach their peaks in the second half of 2010, after which recovery is expected to be slow.

Estimation of Losses

To estimate losses, Moody's first established baseline annual default and prepayment rates, which correspond to current loan performance. The baseline default rates were based on a combination of recent default rates and the current proportion of delinquent loans, and the baseline prepayment rates were based on recent voluntary prepayment rates. These rates represent total annual defaults or prepayments against a pool's balance at the beginning of the related year.

Moody's developed a forecast of future default and prepayment rates based on expected trends for each of the second lien sectors. Default rates on subprime CES are expected to remain fairly level for the coming year, while default rates for HELOC and non-subprime CES pools are expected to increase over the near-term. Default rates beyond the coming year are expected to decline with improving economic and housing conditions.

To estimate defaults on subprime CES pools, Moody's held the baseline default rate constant for one year, and then applied a reduction to the baseline rate of 15% for the second year, 50% for the third year and thereafter to reflect the projected improving economic environment. To estimate defaults on non-subprime CES, Moody's applied an increase of 40% to the baseline default rate for one year before applying a reduction of 10% to the baseline for the second year, 45% for the third year, and 60% for years 4 and beyond. For HELOC pools, Moody's applied an increase of 10% to the baseline default rate for one year, and then applied a reduction of 20% for the second year, 60% for the third year, and 70% for years 4 and after. In each asset category, prepayment rates were held at today's rates in the low single-digits for the lives of the pools, and no recoveries were expected for defaulted loans.

Moody's will release a special report in the coming weeks that will detail its methodology for determining revised loss projections for second lien transactions.

Rating Actions

To assess the rating implications of the updated loss levels on second lien RMBS, Moody's will compare updated loss projections to available credit enhancement in the form of subordination, excess spread and payment priority.

The announced review impacts all securities within the second lien U.S. RMBS sector currently rated Ca and above. 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, nearly all outstanding second lien securities issued in 2005 through 2007 will be rated B or lower, although rating transitions for most of these bonds will be muted since over 82% are already at these rating levels. Ratings on earlier vintage bonds are also expected to see substantial downgrades but will maintain generally higher ratings relative to the 2005 through 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. Moody's also publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

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

http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198504

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 second lien RMBS
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
Global Footer | Moody's