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Review Of 48 U.S. RMBS Deals From 2001-2008 Yields 103 Downgrades, One Upgrade, And 151 Affirmations Jan 12

  • ID: 2042119
  • January 2012
  • Region: United States
  • Standard & Poors
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OVERVIEW We reviewed 48 U.S. RMBS transactions backed by mixed mortgage loan collateral issued between 2001 and 2008. We lowered our ratings on 103 classes from 35 of the reviewed transactions and removed 20 of them from CreditWatch with negative implications. We upgraded one class from a single transaction. We affirmed our ratings on 151 classes from 35 of the reviewed transactions and removed 12 of them from CreditWatch negative. We withdrew our ratings on 10 interest-only classes from three transactions, two of which were on CreditWatch negative. The downgrades reflect our belief that projected credit enhancement for the affected classes will be insufficient to cover projected losses at the previous rating levels. The upgrade reflects, among other factors, our...

Action: Affirmed
Action: Downgraded
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Asset Backed Securities Corporation Home Equity Loan Trust, Series 2003-HE4,Structured Asset Securities Corp.,Bear Stearns Asset Backed Securities Trust 2001-3,GSAMP Trust 2002-NC1,CSFB Mortgage-Backed Trust Series 2002-34,RAMP Series 2003-RZ2 Trust,EMC Mortgage Loan Trust 2003-A,SASCO Mortgage Loan Trust 2003-HEL1,RAMP Series 2003-RZ5 Trust,RAMP Series 2004-RZ2 Trust,Park Place Securities, Inc. ,MASTR Adjustable Rate Mortgages Trust 2004-14,GSAA Home Equity Trust 2005-2 ,RAMP Series 2005-RZ1 Trust,EMC Mortgage Loan Trust 2005-A,CSFB Mortgage-Backed Trust Series 2005-4,CHL Mortgage Pass-Through Trust 2005-16,RAMP Series 2005-RZ2 Trust ,RAMP Series 2005-RZ3 Trust,Security National Mortgage Loan Trust 2005-2,RAMP Series 2005-RZ4 Trust,Saxon Asset Securities Trust 2005-4,RAMP Series 2006-RZ1 Trust,Bear Stearns Asset Backed Securities I Trust 2006-HE2,RAMP Series 2006-RZ2 Trust,Saxon Asset Securities Trust 2006-2,RAMP Series 2006-RZ3 Trust ,Bear Stearns Asset Backed Securities Trust 2006-3,RAMP Series 2006-RZ4 Trust ,Soundview Home Loan Trust 2006-EQ2,JPMorgan Mortgage Acquisition Trust 2007-CH1,Soundview Home Loan Trust 2008-1,RAMP Series 2006-RZ5 Trust

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Note: Product cover images may vary from those shown