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Rating Action:

Moody's upgrades $2.4 Billion of Subprime RMBS

26 Aug 2016

New York, August 26, 2016 -- Moody's Investors Service has upgraded the ratings of 52 tranches issued by 21 transactions backed by Subprime RMBS loans.

Complete rating actions are as follows:

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R7

Cl. M-4, Upgraded to B2 (sf); previously on Nov 3, 2015 Upgraded to Caa2 (sf)

Issuer: Carrington Mortgage Loan Trust, Series 2006-RFC1

Cl. A-3, Upgraded to Baa1 (sf); previously on Dec 2, 2015 Upgraded to Ba1 (sf)

Cl. A-4, Upgraded to Baa2 (sf); previously on Dec 2, 2015 Upgraded to Ba2 (sf)

Cl. M-1, Upgraded to B2 (sf); previously on Dec 2, 2015 Upgraded to Caa2 (sf)

Issuer: Fremont Home Loan Trust 2006-A

Cl. 1-A-1, Upgraded to Baa3 (sf); previously on Nov 16, 2015 Upgraded to Ba2 (sf)

Issuer: GSAMP Trust 2006-HE3

Cl. A-1, Upgraded to Ba3 (sf); previously on Nov 3, 2015 Upgraded to B1 (sf)

Cl. A-2C, Upgraded to Ba3 (sf); previously on Nov 3, 2015 Upgraded to B3 (sf)

Cl. A-2D, Upgraded to B1 (sf); previously on Nov 3, 2015 Upgraded to Caa1 (sf)

Issuer: GSAMP Trust 2006-NC1

Cl. A-2, Upgraded to A1 (sf); previously on Nov 3, 2015 Upgraded to Baa1 (sf)

Cl. A-3, Upgraded to Baa1 (sf); previously on Nov 3, 2015 Upgraded to Ba1 (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Nov 3, 2015 Upgraded to Caa1 (sf)

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-A

Cl. M-6, Upgraded to B2 (sf); previously on Dec 2, 2015 Upgraded to Caa1 (sf)

Issuer: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, INABS 2005-D

Cl. A-I-1, Upgraded to Aa2 (sf); previously on Dec 2, 2015 Upgraded to A2 (sf)

Cl. A-I-2, Upgraded to A3 (sf); previously on Dec 2, 2015 Upgraded to Baa3 (sf)

Cl. A-II-3, Upgraded to A1 (sf); previously on Dec 2, 2015 Upgraded to Baa1 (sf)

Cl. A-II-4, Upgraded to A3 (sf); previously on Dec 2, 2015 Upgraded to Baa3 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Dec 2, 2015 Upgraded to Caa2 (sf)

Issuer: New Century Home Equity Loan Trust 2006-2

Cl. A-1, Upgraded to Caa1 (sf); previously on Nov 3, 2015 Upgraded to Caa2 (sf)

Issuer: NovaStar Mortgage Funding Trust 2005-3

Cl. M-1, Upgraded to Aa3 (sf); previously on Nov 3, 2015 Upgraded to A1 (sf)

Cl. M-2, Upgraded to Baa2 (sf); previously on Nov 3, 2015 Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to Caa1 (sf); previously on May 1, 2014 Upgraded to Caa3 (sf)

Cl. A-2D, Upgraded to Aa1 (sf); previously on Nov 3, 2015 Upgraded to Aa3 (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2007-A

Cl. A-2, Upgraded to B2 (sf); previously on Dec 28, 2010 Upgraded to Caa2 (sf)

Cl. A-3, Upgraded to B3 (sf); previously on Dec 28, 2010 Upgraded to Caa3 (sf)

Issuer: Saxon Asset Securities Trust 2006-2

Cl. A-1, Upgraded to A1 (sf); previously on Dec 2, 2015 Upgraded to Baa1 (sf)

Cl. A-2, Upgraded to A1 (sf); previously on Dec 2, 2015 Upgraded to Baa1 (sf)

Cl. A-3C, Upgraded to A2 (sf); previously on Dec 2, 2015 Upgraded to Baa2 (sf)

Cl. A-3D, Upgraded to A3 (sf); previously on Dec 2, 2015 Upgraded to Baa3 (sf)

Cl. M-1, Upgraded to Ba3 (sf); previously on Dec 2, 2015 Upgraded to B1 (sf)

Issuer: Saxon Asset Securities Trust 2007-1, Mortgage Loan Asset Backed Certificates, Series 2007-1

Cl. A-1, Upgraded to Caa2 (sf); previously on Jul 16, 2010 Downgraded to Caa3 (sf)

Cl. A-2c, Upgraded to B1 (sf); previously on Dec 2, 2015 Upgraded to B3 (sf)

Cl. A-2d, Upgraded to B2 (sf); previously on Dec 2, 2015 Upgraded to Caa1 (sf)

Issuer: Saxon Asset Securities Trust 2007-3

Cl. 1-A, Upgraded to B3 (sf); previously on Jul 16, 2010 Downgraded to Caa2 (sf)

Cl. 2-A2, Upgraded to Caa1 (sf); previously on Jul 16, 2010 Downgraded to Caa3 (sf)

Issuer: Soundview Home Loan Trust 2006-EQ1

Cl. A-3, Upgraded to B1 (sf); previously on Nov 3, 2015 Upgraded to Caa1 (sf)

Cl. A-4, Upgraded to B3 (sf); previously on Jun 17, 2010 Downgraded to Ca (sf)

Issuer: Soundview Home Loan Trust 2006-OPT2

Cl. A-3, Upgraded to Ba1 (sf); previously on Jun 17, 2010 Downgraded to Ba3 (sf)

Cl. A-4, Upgraded to Ba2 (sf); previously on Nov 3, 2015 Upgraded to B2 (sf)

Issuer: Soundview Home Loan Trust 2007-NS1, Asset-Backed Certificates, Series 2007-NS1

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

Cl. A-4, Upgraded to Caa2 (sf); previously on Jun 17, 2010 Downgraded to Ca (sf)

Issuer: Terwin Mortgage Trust 2006-11ABS

Cl. A-1, Upgraded to B1 (sf); previously on Nov 3, 2015 Upgraded to B3 (sf)

Issuer: Terwin Mortgage Trust 2006-5

Cl. I-A-1, Upgraded to A1 (sf); previously on Nov 3, 2015 Upgraded to Baa1 (sf)

Cl. I-A-2b, Upgraded to Ba1 (sf); previously on Nov 3, 2015 Upgraded to B1 (sf)

Cl. I-A-2c, Upgraded to B2 (sf); previously on Feb 6, 2015 Upgraded to Caa2 (sf)

Issuer: Terwin Mortgage Trust, Series TMTS 2005-6HE

Cl. M-3, Upgraded to Aa2 (sf); previously on Nov 3, 2015 Upgraded to Aa3 (sf)

Cl. M-4, Upgraded to A1 (sf); previously on Nov 3, 2015 Upgraded to Baa1 (sf)

Cl. M-5, Upgraded to Baa3 (sf); previously on Nov 3, 2015 Upgraded to B1 (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2006-1 Trust

Cl. A-4, Upgraded to Aa1 (sf); previously on Dec 2, 2015 Upgraded to Aa3 (sf)

Cl. M-3, Upgraded to B1 (sf); previously on Dec 2, 2015 Upgraded to B3 (sf)

Cl. M-4, Upgraded to Ca (sf); previously on Jun 3, 2010 Downgraded to C (sf)

Issuer: Wells Fargo Home Equity Asset-Backed Securities 2006-3 Trust

Cl. A-2, Upgraded to Baa1 (sf); previously on Dec 2, 2015 Upgraded to Baa3 (sf)

Cl. A-3, Upgraded to Ba1 (sf); previously on Dec 2, 2015 Upgraded to Ba2 (sf)

RATINGS RATIONALE

The rating upgrades are primarily due to the total credit enhancement available to the bonds. The actions reflect the recent performance of the underlying pools and Moody's updated loss expectations on the pools.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013. Please see the Ratings 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 4.9% in July 2016 from 5.3% in July 2015. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2016 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 2016. 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 may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF437880

A list of updated estimated transaction pool losses are being posted on an ongoing basis for the duration of this review period and may be found at:

Excel:http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF345728

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.

Claire Masters
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Mark Branton
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2021 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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