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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 $1.5 billion of Subprime RMBS issued from 2005 to 2007

17 Dec 2018

New York, December 17, 2018 -- Moody's Investors Service ("Moody's") has upgraded the ratings of 41 tranches from 18 transactions backed by Subprime mortgage loans.

Complete rating actions are as follows:

Issuer: Soundview Home Loan Trust 2006-EQ1

Cl. A-4, Upgraded to Ba1 (sf); previously on Jul 5, 2017 Upgraded to Ba3 (sf)

Issuer: Soundview Home Loan Trust 2006-OPT3

Cl. I-A-1, Upgraded to Aa2 (sf); previously on May 18, 2017 Upgraded to A2 (sf)

Cl. II-A-3, Upgraded to Aa2 (sf); previously on May 18, 2017 Upgraded to A2 (sf)

Cl. II-A-4, Upgraded to A1 (sf); previously on May 18, 2017 Upgraded to Baa1 (sf)

Issuer: Soundview Home Loan Trust 2006-WF2

Cl. M-2, Upgraded to B3 (sf); previously on Jan 17, 2017 Upgraded to Caa3 (sf)

Issuer: Soundview Home Loan Trust 2007-1

Cl. I-A-1, Upgraded to Ba2 (sf); previously on Mar 24, 2017 Upgraded to B3 (sf)

Cl. II-A-3, Upgraded to Baa2 (sf); previously on Mar 24, 2017 Upgraded to Ba3 (sf)

Cl. II-A-4, Upgraded to Baa2 (sf); previously on Mar 24, 2017 Upgraded to Ba3 (sf)

Issuer: Structured Asset Investment Loan Trust 2005-10

Cl. A1, Upgraded to Aaa (sf); previously on Nov 22, 2016 Upgraded to A1 (sf)

Cl. A2, Upgraded to Aaa (sf); previously on Nov 22, 2016 Upgraded to A2 (sf)

Cl. A6, Upgraded to Aaa (sf); previously on Nov 22, 2016 Upgraded to A1 (sf)

Cl. M1, Upgraded to B3 (sf); previously on Nov 22, 2016 Upgraded to Caa2 (sf)

Issuer: Structured Asset Investment Loan Trust 2005-7

Cl. M1, Upgraded to Aaa (sf); previously on May 5, 2017 Upgraded to Aa1 (sf)

Cl. M2, Upgraded to Ba2 (sf); previously on May 5, 2017 Upgraded to B2 (sf)

Issuer: Structured Asset Investment Loan Trust 2005-9

Cl. M1, Upgraded to Baa2 (sf); previously on Oct 2, 2017 Upgraded to Ba3 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-BC6

Cl. A1, Upgraded to Baa2 (sf); previously on Dec 29, 2016 Upgraded to Ba2 (sf)

Cl. A4, Upgraded to A1 (sf); previously on Dec 29, 2016 Upgraded to Baa1 (sf)

Cl. A5, Upgraded to Ba1 (sf); previously on Dec 29, 2016 Upgraded to B1 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-EQ1

Cl. A1, Upgraded to A1 (sf); previously on Dec 29, 2016 Upgraded to Baa1 (sf)

Cl. A4, Upgraded to Aaa (sf); previously on Mar 10, 2016 Upgraded to Aa3 (sf)

Cl. A5, Upgraded to Baa1 (sf); previously on Dec 29, 2016 Upgraded to Ba1 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-OPT1

Cl. A1, Upgraded to Aa1 (sf); previously on May 18, 2017 Upgraded to A2 (sf)

Cl. A5, Upgraded to Aaa (sf); previously on May 18, 2017 Upgraded to A1 (sf)

Cl. A6, Upgraded to Aa1 (sf); previously on May 18, 2017 Upgraded to A2 (sf)

Issuer: Structured Asset Securities Corp Trust 2006-WF2

Cl. A4, Upgraded to Aaa (sf); previously on May 5, 2017 Upgraded to Aa1 (sf)

Cl. M1, Upgraded to Aa3 (sf); previously on May 5, 2017 Upgraded to Baa3 (sf)

Cl. M2, Upgraded to Caa2 (sf); previously on May 5, 2017 Upgraded to Ca (sf)

Issuer: Structured Asset Securities Corp Trust 2007-BC4

Cl. A1, Upgraded to Ba1 (sf); previously on Dec 29, 2016 Upgraded to B2 (sf)

Issuer: Terwin Mortgage Trust, Series TMTS 2005-10HE

Cl. M-3, Upgraded to Aa3 (sf); previously on Mar 6, 2018 Upgraded to A3 (sf)

Cl. M-4, Upgraded to Ba1 (sf); previously on Mar 6, 2018 Upgraded to Ba3 (sf)

Issuer: Washington Mutual Asset-Backed Certificates, WMABS Series 2006-HE3 Trust

Cl. I-A, Upgraded to Caa1 (sf); previously on Feb 27, 2018 Upgraded to Caa3 (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2005-1 Trust

Cl. M-6, Upgraded to B1 (sf); previously on Feb 27, 2018 Upgraded to B2 (sf)

Cl. M-7, Upgraded to B1 (sf); previously on Feb 27, 2018 Upgraded to Caa2 (sf)

Cl. M-8, Upgraded to Caa1 (sf); previously on Mar 14, 2013 Affirmed C (sf)

Cl. M-9, Upgraded to Ca (sf); previously on Mar 14, 2013 Affirmed C (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust

Cl. M-7, Upgraded to B1 (sf); previously on Jun 20, 2017 Upgraded to B2 (sf)

Cl. M-8, Upgraded to Caa3 (sf); previously on Mar 14, 2013 Affirmed C (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2006-2 Trust

Cl. M-1, Upgraded to Aaa (sf); previously on Feb 27, 2018 Upgraded to A3 (sf)

Cl. M-2, Upgraded to Baa3 (sf); previously on Feb 27, 2018 Upgraded to Ba2 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on Feb 27, 2018 Upgraded to Ca (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2007-2 Trust

Cl. A-3, Upgraded to B1 (sf); previously on Jun 20, 2017 Upgraded to B3 (sf)

RATINGS RATIONALE

The actions reflect the recent performance of the underlying pools and reflect Moody's updated loss expectations. The rating upgrades are a result of the improving performance of the related pools and an increase in the credit enhancement available to the tranches. Most of the affected tranches currently benefit from a sequntial pay structure as the transactions have failed their performance triggers. The rating upgrades on Structured Asset Securities Corp Trust 2007-BC4 reflect the payments distributed to the transactions in September 2018 pursuant to a settlement between Lehman and certain RMBS investors.

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.

The Credit Ratings for above mentioned deals were assigned in accordance with Moody's existing Methodology entitled "US RMBS Surveillance Methodology," dated 1/31/2017. Please note that on 11/14/2018, Moody's released a Request for Comment, in which it has requested market feedback on potential revisions to its Methodology for pre-2009 US RMBS Prime Jumbo, Alt-A, Option ARM, Subprime, Scratch and Dent, Second Lien and Manufactured Housing transactions. If the revised Methodology is implemented as proposed, the Credit Ratings on above mentioned deals are not expected to be affected. Please refer to Moody's Request for Comment, titled "Proposed Update to US RMBS Surveillance Methodology," for further details regarding the implications of the proposed Methodology revisions on certain Credit Ratings.

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 3.7% in November 2018 from 4.1% in November 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. 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_SF476775

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.

Surbhi Khandelwal
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

Ola Hannoun-Costa
VP - Sr Credit Officer/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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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.

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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.

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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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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."

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