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Rating Action:

Moody's upgrades $1.08 Billion of RMBS issued between 2004-2007

19 Jul 2018

New York, July 19, 2018 -- Moody's Investors Service has upgraded the ratings of 48 tranches from 16 transactions issued by various issuers, backed by Alt-A, Option ARM and Prime Jumbo loans.

Complete rating actions are as follows:

Issuer: BankUnited Trust 2005-1

Cl. I-A-1, Upgraded to Baa1 (sf); previously on Jun 30, 2015 Upgraded to Ba2 (sf)

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

Issuer: Bear Stearns ALT-A Trust 2005-7

Cl. I-1A-1, Upgraded to Aaa (sf); previously on Apr 13, 2017 Upgraded to A1 (sf)

Cl. I-1A-2, Upgraded to Aa2 (sf); previously on Mar 21, 2018 Upgraded to Baa1 (sf)

Cl. I-2A-3, Upgraded to Aa2 (sf); previously on Mar 21, 2018 Upgraded to Baa1 (sf)

Cl. I-2A-1, Upgraded to Aaa (sf); previously on Apr 13, 2017 Upgraded to A1 (sf)

Cl. I-2A-2, Upgraded to Aa1 (sf); previously on Mar 21, 2018 Upgraded to A3 (sf)

Cl. I-M-1, Upgraded to Caa3 (sf); previously on Jul 2, 2010 Downgraded to C (sf)

Issuer: Bear Stearns Alt-A Trust 2006-5

Cl. I-A-1, Upgraded to Caa3 (sf); previously on Sep 16, 2010 Downgraded to Ca (sf)

Issuer: Bear Stearns ALT-A Trust 2007-2

Cl. I-A-1, Upgraded to Caa3 (sf); previously on Sep 16, 2010 Downgraded to Ca (sf)

Cl. II-A-1, Upgraded to Caa3 (sf); previously on Sep 16, 2010 Downgraded to Ca (sf)

Issuer: Bear Stearns Mortgage Funding Trust 2006-AR4

Cl. A-1, Upgraded to Baa3 (sf); previously on Dec 7, 2010 Downgraded to Caa3 (sf)

Cl. A-2, Upgraded to B2 (sf); previously on Dec 7, 2010 Downgraded to C (sf)

Underlying Rating: Upgraded to B2 (sf); previously on Dec 7, 2010 Downgraded to C (sf)

Ambac Assurance Corporation (Segregated Account - Unrated)

Issuer: Chase Mortgage Finance Trust, Series 2005-S1

Cl. 1-A1, Upgraded to B2 (sf); previously on Sep 11, 2012 Downgraded to B3 (sf)

Cl. 1-A2, Upgraded to Caa1 (sf); previously on Sep 11, 2012 Downgraded to Ca (sf)

Cl. 2-A1, Upgraded to Baa3 (sf); previously on Sep 11, 2012 Downgraded to B2 (sf)

Cl. 1-A4, Upgraded to B2 (sf); previously on Sep 11, 2012 Downgraded to Caa1 (sf)

Cl. 1-A11, Upgraded to B2 (sf); previously on Sep 11, 2012 Downgraded to B3 (sf)

Cl. 1-A12, Upgraded to Caa1 (sf); previously on Sep 11, 2012 Downgraded to C (sf)

Cl. I-A13, Upgraded to B2 (sf); previously on Sep 11, 2012 Downgraded to Caa1 (sf)

Cl. I-A14, Upgraded to B2 (sf); previously on Sep 11, 2012 Downgraded to Caa1 (sf)

Cl. I-A15, Upgraded to B2 (sf); previously on Sep 11, 2012 Downgraded to Caa1 (sf)

Cl. 2-A2, Upgraded to Baa3 (sf); previously on Sep 11, 2012 Downgraded to B2 (sf)

Cl. 2-A3, Upgraded to Baa3 (sf); previously on Sep 11, 2012 Downgraded to B2 (sf)

Issuer: ChaseFlex Trust Series 2007-2

Cl. A-1, Upgraded to B3 (sf); previously on Oct 20, 2010 Downgraded to Caa2 (sf)

Issuer: CHL Mortgage Pass-Through Trust 2004-HYB7

Cl. 1-A-3, Upgraded to Baa2 (sf); previously on Sep 1, 2017 Upgraded to Baa3 (sf)

Cl. M, Upgraded to B2 (sf); previously on Sep 1, 2017 Upgraded to Caa2 (sf)

Issuer: J.P. Morgan Alternative Loan Trust 2005-A2

Cl. 1-A-1, Upgraded to Aaa (sf); previously on Apr 30, 2018 Upgraded to Aa1 (sf)

Cl. 1-A-2, Upgraded to Aaa (sf); previously on Apr 30, 2018 Upgraded to Aa2 (sf)

Cl. 1-M-1, Upgraded to B1 (sf); previously on Jun 15, 2017 Upgraded to Caa3 (sf)

Issuer: J.P. Morgan Alternative Loan Trust 2006-A4

Cl. A-3, Upgraded to Caa2 (sf); previously on Apr 4, 2013 Downgraded to Caa3 (sf)

Cl. A-5, Upgraded to Caa2 (sf); previously on Apr 4, 2013 Affirmed Caa3 (sf)

Cl. A-6, Upgraded to Caa3 (sf); previously on Apr 4, 2013 Affirmed Ca (sf)

Cl. A-7, Upgraded to Caa3 (sf); previously on Apr 4, 2013 Affirmed Ca (sf)

Cl. A-8, Upgraded to Caa2 (sf); previously on Apr 4, 2013 Affirmed Caa3 (sf)

Issuer: J.P. Morgan Alternative Loan Trust 2006-S4

Cl. A-3A, Upgraded to Caa1 (sf); previously on Sep 17, 2010 Downgraded to Caa2 (sf)

Cl. A-3-B, Upgraded to Caa1 (sf); previously on Sep 17, 2010 Downgraded to Caa2 (sf)

Cl. A-4, Upgraded to Caa3 (sf); previously on Sep 17, 2010 Downgraded to Ca (sf)

Cl. A-5, Upgraded to Caa3 (sf); previously on Sep 17, 2010 Downgraded to Ca (sf)

Issuer: Prime Mortgage Trust 2005-4

Cl. II-A-10, Upgraded to B3 (sf); previously on Aug 11, 2010 Downgraded to Caa1 (sf)

Issuer: Prime Mortgage Trust 2006-CL1

Cl. A-1, Upgraded to Ba3 (sf); previously on Sep 14, 2015 Upgraded to B2 (sf)

Cl. A-2, Upgraded to Ba3 (sf); previously on Sep 14, 2015 Upgraded to B2 (sf)

Issuer: Structured Asset Mortgage Investments II Trust 2005-AR3

Cl. 1-A-1, Upgraded to B1 (sf); previously on Jun 28, 2016 Upgraded to B3 (sf)

Cl. II-A-1, Upgraded to Baa1 (sf); previously on Jun 28, 2016 Upgraded to Baa3 (sf)

Issuer: Structured Asset Mortgage Investments II Trust 2005-AR6

Cl. I-A-1, Upgraded to Baa3 (sf); previously on Jan 30, 2017 Upgraded to Ba1 (sf)

Cl. II-A-1, Upgraded to Ba1 (sf); previously on Jun 28, 2016 Upgraded to B2 (sf)

Cl. X-1, Upgraded to Caa2 (sf); previously on Dec 20, 2017 Confirmed at Caa3 (sf)

Issuer: Structured Asset Mortgage Investments II Trust 2006-AR6

Cl. II-A-1, Upgraded to Caa2 (sf); previously on Dec 14, 2010 Downgraded to Caa3 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to the increase in credit enhancement to the bonds as a result of payments distributed to the transactions in May 2018 pursuant to a settlement between J.P.Morgan and certain RMBS investors. The upgrade on Cl. A-2 from Bear Stearns Mortgage Funding Trust 2006-AR4 also reflects the funds received by the deal in February 2018 pursuant to the Second Amended Plan of Rehabilitation of the Segregated account of Ambac Assurance Corporation, which resulted in full recoupment of cumulative realized loss on Cl. A-1. The actions further reflect the recent performance of the underlying pools, Moody's updated loss expectations on the pools and an update in the approach used in analyzing the transaction structures.

The principal methodology used in rating Chase Mortgage Finance Trust, Series 2005-S1 Cl. 1-A1, Cl. 1-A4, Cl. 1-A11, Cl. I-A13, Cl. I-A14, Cl. I-A15, Cl. 2-A1, Cl. 2-A2, Cl. 1-A2 and Cl. 1-A12, CHL Mortgage Pass-Through Trust 2004-HYB7 Cl. 1-A-3 and Cl. M. BankUnited Trust 2005-1 Cl. I-A-1 and Cl. I-A-2, Bear Stearns ALT-A Trust 2005-7 Cl. I-1A-1, Cl. I-1A-2, Cl. I-2A-1, Cl. I-2A-2, Cl. I-2A-3 and Cl. I-M-1, Bear Stearns Alt-A Trust 2006-5 Cl. I-A-1, Bear Stearns ALT-A Trust 2007-2 Cl. I-A-1 and Cl. II-A-1, Bear Stearns Mortgage Funding Trust 2006-AR4 Cl. A-2 and Cl. A-1, ChaseFlex Trust Series 2007-2 Cl. A-1, J.P. Morgan Alternative Loan Trust 2005-A2 Cl. 1-A-1, Cl. 1-A-2 and Cl. 1-M-1, J.P. Morgan Alternative Loan Trust 2006-A4 Cl. A-3, Cl. A-5, Cl. A-6, Cl. A-7 and Cl. A-8, J.P. Morgan Alternative Loan Trust 2006-S4 Cl. A-4, Cl. A-3A, Cl. A-3-B and Cl. A-5, Prime Mortgage Trust 2005-4 Cl. II-A-10, Prime Mortgage Trust 2006-CL1 Cl. A-1, Structured Asset Mortgage Investments II Trust 2005-AR3 Cl. 1-A-1 and Cl. II-A-1 , Structured Asset Mortgage Investments II Trust 2005-AR6 Cl. I-A-1 and Cl. II-A-1, Structured Asset Mortgage Investments II Trust 2006-AR6 Cl. II-A-1 was "US RMBS Surveillance Methodology" published in January 2017. The methodologies used in rating Chase Mortgage Finance Trust, Series 2005-S1 Cl. 2-A3, Prime Mortgage Trust 2006-CL1 Cl. A-2 and Structured Asset Mortgage Investments II Trust 2005-AR6 Cl. X-1 were "US RMBS Surveillance Methodology" published in January 2017 and "Moody's Approach to Rating Structured Finance Interest-Only (IO) Securities" published in June 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

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

Ratings in the US RMBS sector remain exposed to macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 4.0% in June 2018 from 4.3% in June 2017. Moody's forecasts an unemployment central range of 3.5% to 4.5% for the 2018 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 2018. 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.

An IO bond may be upgraded or downgraded, within the constraints and provisions of the IO methodology, based on lower or higher realized and expected loss due to an overall improvement or decline in the credit quality of the reference bonds and/or pools.

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_SF472998

For more information please see www.moodys.com.

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.

Chloe Zhang
Associate Lead 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

Deepika Kothari
Senior Vice President
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.
© 2022 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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