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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.

 

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Rating Action:

Moody's upgrades $146 million of Second Lien RMBS issued between 2001 and 2007

26 Jun 2017

New York, June 26, 2017 -- Moody's Investors Service has upgraded the ratings of 29 tranches from 17 transactions backed by second-lien RMBS loans.

Complete rating actions are as follows:

Issuer: Bear Stearns Second Lien Trust 2007-SV1

Cl. A-2, Upgraded to Baa1 (sf); previously on Aug 18, 2016 Upgraded to Baa3 (sf)

Underlying Rating: Upgraded to Baa1 (sf); previously on Aug 18, 2016 Upgraded to Baa3 (sf)

Financial Guarantor: Syncora Guarantee Inc. (Insured Rating Withdrawn Nov 08, 2012)

Cl. A-3, Upgraded to Baa1 (sf); previously on Aug 18, 2016 Upgraded to Baa3 (sf)

Underlying Rating: Upgraded to Baa1 (sf); previously on Aug 18, 2016 Upgraded to Baa3 (sf)

Financial Guarantor: Syncora Guarantee Inc. (Insured Rating Withdrawn Nov 08, 2012)

Cl. M-1, Upgraded to Caa2 (sf); previously on Aug 18, 2016 Upgraded to Ca (sf)

Issuer: CSFB Home Equity Pass-Through Certificates, Series 2004-6

Cl. M-2, Upgraded to Ba2 (sf); previously on Dec 16, 2010 Downgraded to B1 (sf)

Issuer: CWABS Master Trust Revolving Home Equity Loan Asset Backed Notes, Series 2004-A

Notes, Upgraded to Ba2 (sf); previously on Oct 23, 2015 Upgraded to B2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: First Franklin Mortgage Loan Trust 2004-FFA

Cl. M3-A, Upgraded to Baa2 (sf); previously on Aug 18, 2016 Upgraded to Ba1 (sf)

Cl. M3-F, Upgraded to Baa2 (sf); previously on Aug 18, 2016 Upgraded to Ba1 (sf)

Issuer: GMACM Home Equity Loan Trust 2002-HE4

Cl. A-2, Upgraded to A3 (sf); previously on Aug 16, 2016 Upgraded to Baa2 (sf)

Underlying Rating: Upgraded to A3 (sf); previously on Aug 16, 2016 Upgraded to Baa2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: GMACM Home Equity Loan Trust 2003-HE2

Cl. A-4, Upgraded to A3 (sf); previously on Aug 16, 2016 Upgraded to Baa2 (sf)

Underlying Rating: Upgraded to A3 (sf); previously on Aug 16, 2016 Upgraded to Baa2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Cl. A-5, Upgraded to A3 (sf); previously on Aug 16, 2016 Upgraded to Baa2 (sf)

Underlying Rating: Upgraded to A3 (sf); previously on Aug 16, 2016 Upgraded to Baa2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: GMACM Home Equity Loan Trust 2007-HE3

Cl. I-A-1, Upgraded to Ba1 (sf); previously on Aug 25, 2016 Upgraded to Ba3 (sf)

Cl. I-A-2, Upgraded to Ba2 (sf); previously on Aug 25, 2016 Upgraded to B2 (sf)

Issuer: GMACM Home Equity Loan-Backed Term Notes, Series 2001-HE2

Cl. I-A-2, Upgraded to B2 (sf); previously on May 21, 2010 Downgraded to Caa2 (sf)

Underlying Rating: Upgraded to B2 (sf); previously on May 21, 2010 Downgraded to Caa2 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: Irwin Home Equity Loan Trust 2002-1

Cl. IIB-1, Upgraded to Baa1 (sf); previously on Aug 16, 2016 Upgraded to Baa2 (sf)

Cl. IIM-1, Upgraded to A1 (sf); previously on Aug 16, 2016 Upgraded to A3 (sf)

Cl. IIM-2, Upgraded to A3 (sf); previously on Aug 16, 2016 Upgraded to Baa1 (sf)

Issuer: Irwin Home Equity Loan Trust 2006-2

Cl. IIA-2, Upgraded to Baa3 (sf); previously on Aug 8, 2016 Upgraded to Ba1 (sf)

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Issuer: Irwin Whole Loan Home Equity Trust 2005-C

Cl. 1B-1, Upgraded to Ba1 (sf); previously on Oct 6, 2015 Upgraded to Ba3 (sf)

Cl. 1B-2, Upgraded to Ba3 (sf); previously on Oct 6, 2015 Upgraded to B2 (sf)

Cl. 1M-3, Upgraded to A3 (sf); previously on Feb 24, 2015 Upgraded to Baa2 (sf)

Cl. 1M-4, Upgraded to Baa2 (sf); previously on Feb 24, 2015 Upgraded to Ba1 (sf)

Issuer: Lehman ABS Corporation Home Equity Loan Asset-Backed Notes, Series 2005-1

Cl. A, Upgraded to Baa1 (sf); previously on Aug 8, 2016 Upgraded to Ba1 (sf)

Underlying Rating: Upgraded to Baa1 (sf); previously on Aug 8, 2016 Upgraded to Ba1 (sf)

Financial Guarantor: Ambac Assurance Corporation (Insured Rating Withdrawn Apr 07, 2011)

Issuer: Terwin Mortgage Trust 2004-10SL

Cl. B-1, Upgraded to Baa3 (sf); previously on Oct 19, 2015 Upgraded to Ba2 (sf)

Cl. B-2, Upgraded to B2 (sf); previously on Oct 19, 2015 Upgraded to Caa1 (sf)

Issuer: Terwin Mortgage Trust 2004-6SL

Cl. B-1, Upgraded to Baa3 (sf); previously on Oct 20, 2015 Upgraded to Ba2 (sf)

Cl. B-2, Upgraded to Ba3 (sf); previously on Oct 20, 2015 Upgraded to B2 (sf)

Issuer: Terwin Mortgage Trust 2005-1SL

Cl. M-2, Upgraded to Baa1 (sf); previously on Oct 20, 2015 Upgraded to Baa3 (sf)

Issuer: Terwin Mortgage Trust 2005-3SL

Cl. M-1, Upgraded to Baa1 (sf); previously on Oct 19, 2015 Upgraded to Baa3 (sf)

Issuer: Terwin Mortgage Trust 2005-7SL

Cl. M-1, Upgraded to Ba2 (sf); previously on Oct 20, 2015 Upgraded to B2 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools and Moody's updated loss expectations on these pools. The tranches upgraded are primarily due to the build-up in credit enhancement available to the bonds.

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

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

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 4.3% in May 2017 from 4.7% in May 2016. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2017 year. Deviations from this central scenario could lead to rating actions in the sector.

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

Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

A list of these actions including CUSIP identifiers and the associated pool losses may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF454697

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.

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.

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

Eric Fellows
Senior Vice President/Manager
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.
© 2020 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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