TCR_Public/090517.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, May 17, 2009, Vol. 13, No. 135

                            Headlines

ABACUS 2006-11: S&P Downgrades Ratings on Two Notes to 'D'
ABACUS 2007-AC1: S&P Downgrades Ratings on Class A-1 Notes to 'D'
ABN AMRO: S&P Affirms 'B' Rating on $850 Mil. Fixed Securities
ADVANTA BUSINESS: S&P Downgrades Ratings on All Classes of Notes
AJAX RE: A.M. Best Cuts Rating Series 1 Class A Notes to "d"

APHEX CAPITAL: Moody's Upgrades Ratings on 2005-D1 Notes to 'Ba3'
AUCTION RATE: S&P Downgrades Ratings on $50 Mil. Certs. to 'B'
AUCTION RATE: S&P Downgrades Ratings on $75 Mil. Certs. to 'B'
AUGUSTA FUNDING: Moody's Upgrades Ratings on Two Classes of Bonds
AUGUSTA FUNDING: Moody's Upgrades Ratings on Various Bonds

BANC OF AMERICA: Fitch Holds Low-B on 2004-6 M, N & O Certificates
BANC OF AMERICA: Moody's Downgrades Ratings on 329 Tranches
BANK OF AMERICA: Moody's Reviews 'D' Financial Strength Rating
BEA CBO: Fitch Revises Ratings on $20 Mil. Notes to 'C/DR5'
BENNINGTON COLLEGE: Moody's Withdraws 'Ba1' Rating on 1999 Bonds

BERNARD NATIONAL: Moody's Downgrades Ratings on Various Notes
BLACK DIAMOND: Fitch Downgrades Ratings; Puts Negative Outlooks
BLUEGRASS ABS: Fitch Junks Rating on $188.7 Million Notes
CAPSTAN MASTER: S&P Downgrades Ratings on Four Tranches
CASHEL ROCK: Moody's Downgrades Ratings on Various Classes

CIT HOME: Moody's Downgrades Ratings on 17 Securities
CITICORP MORTGAGE: Moody's Downgrades Ratings on Seven Classes
CITIGROUP COMMERCIAL: Interest Shortfalls Cue S&P's 'D' Rating
CITIGROUP MORTGAGE: Moody's Cuts Ratings on 20 Certificates
CLARK ATLANTA: Moody's Affirms 'Ba1' Rating on $19 Mil. Bonds

CONSECO FINANCE: Fitch Affirms 'C/RR6' Ratings on Three Notes
CORTS TRUST: Moody's Cuts Ratings on $57.380 Mil. Certs. to 'Ba1'
CTS HOME: Moody's Downgrades Ratings on Three Classes of Notes
DA VINCI: S&P Downgrades Ratings on Three Classes of Notes
DELTA FUNDING: Moody's Downgrades Ratings on 24 Securities

DEKANIA CDO I: A.M. Best Removes "bb" Ratings From Under Review
DEUTSCHE MORTGAGE: Moody's Downgrades Ratings on 20 Certificates
DUKE FUNDING: Fitch Downgrades Ratings on Six Classes of Notes
DVI RECEIVABLES: Fitch Takes Rating Actions on Various Notes
EMC MORTGAGE: Moody's Downgrades Ratings on Four Tranches

EQUINOX FUNDING: Moody's Downgrades Ratings on Various Notes
FALCON FRANCHISE: Fitch Puts Ratings on Classes on Negative Watch
FIRST ALLIANCE: Moody's Confirms Ratings on 35 Classes of Notes
FIXED INCOME: S&P Downgrades Ratings on 2007-A Certificates to 'B'
FORD CREDIT: Fitch Affirms Ratings on 2008-B and 2008-C Notes

FRONTIER FUNDING: S&P Downgrades Rating on Class A Notes to 'BB'
GCCFC 2004-FL2: Fitch Downgrades Rating on Class L to 'B-'
GMAC COMMERCIAL: S&P Puts Ratings on 2005-C1 Notes on Neg. Watch
GREENWICH CAPITAL: S&P Cuts Ratings on Four 2006-GG7 Certs. to 'D'
GREENWICH CAPITAL: Fitch Affirms Ratings on 2004-GG1 Certificates

GSMSC 2008-1R: Moody's Downgrades Ratings on Two Certificates
HELIOS FINANCE: Fitch Downgrades Ratings on Five Classes of Notes
HERCULES OFFSHORE: S&P Downgrades Corporate Credit Rating to 'B+'
HIGH INCOME TRUST: Moody's Downgrades Ratings on 2003-1 Notes
ISTAR FINANCIAL: Challenged Liquidity Cues Moody's Junk Rating

IXION PLC: Write-Downs Cue S&P's Rating Cut on Notes to 'D'
KINGSWAY LINKED: S&P Downgrades Global Scale Rating to 'B-'
LE MONDE: Moody's Assigns 'Ca' Ratings on Two Classes of Notes
LEHMAN BROTHERS: Moody's Downgrades Ratings on Various CDO Deals
LENOX HILL: Fitch Affirms 'BB' Rating on $130.5 Mil. 2001 Bonds

LONE STAR: Moody's Downgrades Ratings on Class B Notes to 'Ba3'
LONG BEACH: Moody's Downgrades Ratings on 44 Securities
MASTR ALTERNATIVE: Moody's Downgrades Ratings on 195 Tranches
MERRILL LYNCH: Moody's Downgrades Ratings on 61 Tranches
MEZZ CAP: S&P Downgrades Ratings on 28 Classes of Certificates

MIDWEST FAMILY: S&P Puts 'BB+' Rating on Negative CreditWatch
MONTEREY CDO: Fitch Junks Ratings on $825 Million Notes
MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on Class IIA Notes
NEW ORLEANS: S&P Raises Rating on Sewer Bonds to 'BBB' From 'B'
NEWTON CDO: Moody's Downgrades Ratings on Two Notes to 'B1'

NICHOLAS-APPLEGATE CBO: Moody's Junks Ratings on Three 2013 Notes
ONONDAGA COUNTY: S&P Assigns Negative Outlook on BB-Rated Bonds
ORKNEY RE: S&P Changes Senior Debt Rating on A-2 Notes to 'D'
PASS-THROUGH AUCTION: S&P Cuts Ratings on 2007-1 Certs. to 'B'
PREFERRED PASS-THROUGH: S&P Cuts Ratings on 2006-B Certs. to 'B'

PREFERREDPLUS TRUST: S&P Cuts Rating on $25 Mil. Certs. to 'B'
PRIME MORTGAGE: Moody's Downgrades Ratings on Nine Tranches
RAMP SERIES: Moody's Downgrades Ratings on Nine Tranches
RESIDENTIAL REINSURANCE: S&P Assigns Low-B Ratings on 3 Classes
RESTRUCTURED ASSET: S&P Cuts Ratings on 2004-25-TR Notes to 'D'

RFMSI SERIES: Moody's Downgrades Ratings on 102 Tranches
ROBECO CDO: Moody's Downgrades Ratings on Various Classes of Notes
RUTLAND RATED: S&P Downgrades Ratings on $20 Mil. Notes to 'D'
SACO I: Moody's Downgrades Ratings on Six 2000-1 Tranches
SALOMON BROTHERS: Moody's Downgrades Ratings on 2001-2 Tranches

SATURNS TRUST: S&P Downgrades Rating on $63 Mil. Units to 'B'
SEQUOIA MORTGAGE: Moody's Downgrades Ratings on 34 Tranches
SIGNUM VERMILION: Moody's Cuts Rating on $24.3 Mil. Notes to 'Ca'
SIGNUM VERMILION: Moody's Cuts Ratings on 2007-03 Notes to 'Ca'
SOVEREIGN COMMERCIAL: Fitch Downgrades Ratings on 2007-C1 Certs.

SPGS SPC: Write-Downs Cue S&P's 'D' Rating on 2006-IIC Notes
SVG DIAMOND: Fitch Downgrades Ratings on Seven Classes of Notes
SVG DIAMOND: Fitch Downgrades Ratings on Six Classes of Notes
TENZING CFO: Fitch Downgrades Ratings on Six Classes of Notes
TEXAS MIDWEST: S&P Assigns 'BB' Rating on 2009 Revenue Bonds

TRICADIA CDO: S&P Downgrades Ratings on Three 2004-2 Notes
WHITE MARLIN: Moody's Downgrades Ratings on Class E 2007-1 Notes

* DBRS Downgrades 1,441 Classes from 195 RMBS Transactions
* Moody's Corrects Ratings on Three Insured Tranches by Trust CDOs
* Moody's Reviews Ratings on Securities by Four Bank Companies
* Moody's Downgrades Ratings on 160 Certs. By Four Transactions
* S&P Downgrades Ratings on Six U.S. Synthetic CDO Tranches

* S&P Downgrades Ratings on 13 Classes from 11 Prime RMBS Deals
* S&P Downgrades Ratings on 17 Classes from a Hybrid CDO to 'D'
* S&P Downgrades Ratings on 18 Tranches from Five Hybrid CDO Deals
* S&P Affirms Ratings on 18 Emerging Market Securities Deals
* S&P Downgrades Ratings on 22 Tranches from Eight Hybrid CDOs

* S&P Downgrades Ratings on 155 Classes from 32 RMBS Transactions
* S&P Puts Ratings on 199 Tranches on Negative CreditWatch



                            *********


ABACUS 2006-11: S&P Downgrades Ratings on Two Notes to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B and class B Ser2 notes issued by Abacus 2006-11 Ltd. to
'D' from 'CCC-'.

The lowered ratings follow a number of recent write-downs to the
transaction's underlying reference entities, which has caused the
class B and class B Ser2 notes to incur partial principal losses.

                         Ratings Lowered

                       Abacus 2006-11 Ltd.

                                 Rating
                                 ------
                    Class      To       From
                    -----      --       ----
                    B          D        CCC-
                    B Ser2     D        CCC-

                    Other Ratings Outstanding

                       Abacus 2006-11 Ltd.

                    Class             Rating
                    -----             ------
                    A                 CCC-
                    A-2 Ser1          CCC-
                    A-2 Ser2          CCC-
                    C                 D
                    D                 D


ABACUS 2007-AC1: S&P Downgrades Ratings on Class A-1 Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A-1 notes issued by Abacus 2007-AC1 Ltd. to 'D' from 'CCC-'.

The lowered rating follows a number of recent write-downs of
underlying reference entities that caused the class A-1 notes to
incur a partial principal loss.

                          Rating Lowered

                       Abacus 2007-AC1 Ltd.

                                     Rating
                                     ------
                    Class          To     From
                    -----          --     ----
                    A-1            D      CCC-

                     Other Rating Outstanding

                       Abacus 2007-AC1 Ltd.

                     Class            Rating
                     -----            ------
                     A-2              D


ABN AMRO: S&P Affirms 'B' Rating on $850 Mil. Fixed Securities
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' rating on ABN
AMRO North America Holding Preferred Capital Repackaging Trust I's
$850 million fixed- and floating-rate noncumulative trust
securities and removed the rating from CreditWatch with negative
implications, where it was placed May 7, 2009.

The rating on the securities is dependent on the lower of the
rating assigned to ABN AMRO North America Holdings Capital Funding
LLC's I through XIV floating-rate noncumulative perpetual
preferred securities ('B'), the underlying securities, and the
rating assigned to ABN AMRO Bank N.V. (A+/Stable/A-1), the swap
counterparty.

The rating actions reflect the May 8, 2009, affirmation of S&P's
'B' ratings on the underlying securities and the removal of those
ratings from CreditWatch negative, where they were placed May 4,
2009.  Bank of America Corp. acquired ABN AMRO North America
Holding Co. in 2007.  ABN AMRO North America Holdings
Capital Funding LLC I through XIV are indirect subsidiaries of ABN
AMRO North America Holding Co.


ADVANTA BUSINESS: S&P Downgrades Ratings on All Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on all
classes of notes issued out of Advanta Business Card Master Trust
and placed them on CreditWatch with negative implications, with
the exception of the 'AA' rating on class A (2005-A5), which S&P
affirmed, as the accumulation amount held on deposit in the
collection account is sufficient to retire the entire class
balance of $200 million on the May distribution date.

The lowered ratings follow Advanta Corp.'s (CC/Negative/C) May 11,
2009, announcement that it intends to close the open-to-buy lines
associated with cardholder accounts in the ABCMT, which means that
Advanta will no longer fund new purchases associated with existing
cardholders.  The company also stated that the trust will likely
enter early amortization on June 10, 2009, a reflection that
Advanta expects the excess spread amount trigger to be breached as
of May 2009, although this in and of itself would not typically
result in a rating action.

Additionally, Advanta announced that it plans to make a cash
tender offer for the ABCMT class A senior notes at a price between
65% and 75% of their face value in a modified Dutch Auction.  S&P
would likely not view such an exchange as a default on the senior
notes unless S&P view it as a distressed offer under S&P's current
criteria.

Standard & Poor's would most likely treat Advanta's proposed cash
tender offer as de facto restructuring, equivalent to a default,
if both of these criteria are met:

  -- The offer, in S&P's view, implies that investors will receive
     less value than the promise of the original securities; and

  -- The offer, in S&P's view, is distressed, rather than purely
     opportunistic.

S&P generally view an offer as distressed if in S&P's opinion,
apart from the offer, there is a realistic possibility of a
conventional default (i.e., S&P believes the issuer would face
insolvency, bankruptcy, or imminent payment default on the notes
if the offer was not executed).  S&P does not, however, currently
believe the class A noteholders are at such risk.

Based on past experience with the NextCard Credit Card Master Note
and First Consumer Credit Card Master Note Trusts, where the open-
to-buy lines were shut down, S&P expects the performance of ABCMT
to deteriorate precipitously as cardholders lose the ability to
use their credit cards.  While S&P view these precedents as
relevant comparables, performance of the ABCMT trust could differ,
as NextCard's and FCNB's obligor base was consumers, whereas
ABCMT's obligor base is small businesses.  First, as stronger
obligors payoff their balances and exit the trust, the credit
quality of the portfolio will likely deteriorate.  This
deterioration will likely be due to adverse selection, as the pool
will migrate toward lower-quality obligors.  As a result, S&P
believes the payment rate could decline substantially, potentially
dropping to the mid-single digit range from its present level of
18-20%.

In addition, S&P believes there is a high likelihood that
delinquencies and charge-offs, which are already at elevated
levels (11.9% and 16.5%, respectively, at the end of March 2009)
will increase significantly.  A declining pool balance will cause
higher loss rates on a percentage basis.  S&P believes losses may
rise to 30%-40% in the next six-12 months--given current
delinquencies and a projected declining pool balance resulting
from Advanta's decision to close its credit lines.

As S&P has stated in previous press releases on this trust, ABCMT
exhibited rapid growth in 2006 and 2007 in states that have been
most affected by significant home price declines and higher
unemployment rates, such as California and Florida.

Given S&P's May 12, 2009, downgrade of Advanta and Advanta Bank
Corp. (the originator and servicer of the underlying credit card
receivables in the master trust to CC/Negative/C, coupled with the
expected loss of credit card utility, S&P has lowered its purchase
rate assumptions at all rating categories to zero.

Standard & Poor's will continue to monitor the performance of the
key risk indicators associated with the aforementioned trust and
will continue to inform the market of its views as events continue
to unfold.

        Ratings Lowered And Placed On Creditwatch Negative

                Advanta Business Card Master Trust
                          AdvantaSeries

                                     Rating
                                     ------
              Class          To                From
              -----          --                ----
              A              BBB-/Watch Neg    AA
              B              BB-/Watch Neg     BBB+
              C              B-/Watch Neg      BB+
              D              CCC/Watch Neg     B+

                         Rating Affirmed

                      Class          Rating
                      -----          ------
                      A(2005-A5)     AA


AJAX RE: A.M. Best Cuts Rating Series 1 Class A Notes to "d"
------------------------------------------------------------
A.M. Best Co. has downgraded the debt rating to "d" from "c" of
the USD 100 million Series 1, Class A principal at risk variable
rate notes issued by Ajax Re Limited (Cayman Islands).
Concurrently, A.M. Best has withdrawn the debt rating on the
notes. The previous rating had a negative outlook.

This rating action reflects the inability of Ajax Re to make the
full payment on the outstanding principal amount of the notes on
the May 8, 2009 redemption date.


APHEX CAPITAL: Moody's Upgrades Ratings on 2005-D1 Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service upgraded its rating of one class of
notes issued by Aphex Capital, Motive Series 2005-D1 Trust, a
collateralized debt obligation transaction referencing a portfolio
of corporate entities.

Moody's explained that the rating action taken is the result of
changes made to the Corporate Synthetic CDO in an Amended and
Restated Confirmation dated as of May 5, 2009, and entered into
among Nomura International plc and Aphex Capital, MOTIVE Series
2005-D1 Trust.  These changes included a restructuring of the
portfolio of reference entities as well as a reduction of the
credit enhancement available to the rated notes.  The rating
action reflects the improvement in the credit quality of the
transaction's underlying reference portfolio which more than
offsets the credit risk associated with the reduction in credit
enhancement.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic CDOs as described in Moody's Special Report:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

The rating action is:

Class Description: Rated Class

  -- Current Rating: Ba3
  -- Previous Rating Action: Downgraded to B3 from A3
  -- Previous Rating Action Date: 3/5/2009


AUCTION RATE: S&P Downgrades Ratings on $50 Mil. Certs. to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Auction
Rate Securities Trust 2007-2's $50 million class A and B trust
certificates to 'B' from 'BB-'.

The ratings on the trust certificates are dependent on the rating
on the underlying security, Bank of America Corp.'s noncumulative
perpetual floating-rate preferred stock series E notes.

The rating actions reflect the May 4, 2009, lowering of the rating
on the underlying security to 'B' from 'BB-' and its placement on
CreditWatch with negative implications, and the subsequent May 8,
2009, affirmation of the 'B' rating on the underlying security and
its removal from CreditWatch negative.


AUCTION RATE: S&P Downgrades Ratings on $75 Mil. Certs. to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Auction
Rate Securities Trust 2007-1's $75 million class A and B trust
certificates to 'B' from 'BB-'.

The ratings on the trust certificates are dependent on the rating
on the underlying security, Merrill Lynch & Co. Inc.'s
noncumulative perpetual floating-rate preferred stock series 5
notes.

The rating actions reflect (1) the May 4, 2009, lowering of the
rating on the underlying security to 'B' from 'BB-' and its
placement on CreditWatch with negative implications, and (2) the
subsequent May 8, 2009, affirmation of the 'B' rating on the
underlying security and its removal from CreditWatch negative.


AUGUSTA FUNDING: Moody's Upgrades Ratings on Two Classes of Bonds
-----------------------------------------------------------------
Moody's Investors Service upgraded its ratings these bonds issued
by Augusta Funding Limited VII:

(1) $149,430,000 Floating Rate Secured Guaranteed Class F-1 Bonds
    Due 2013, Upgraded to Baa3; previously on 02/18/09 B3;

(2) $162,672,492 8.25% Secured Guaranteed Class A-1 Bonds Due
    2036, Upgraded to Ba1; previously on 02/18/09 B3;

The ratings assigned by Moody's to the Bonds are linked to several
factors, including, but not limited to, various series of
perpetual and long-dated floating rate notes owned by the Company
("FRNs"), and the Swap Counterparty and will change upon changes
in Moody's ratings of these factors.  The Bonds also benefit from
a financial insurance agreement entered into between the Company
and MBIA Insurance Corporation, as a successor to Capital Markets
Assurance Corporation.

The actions reflect the changes in credit quality of the FRNs and
are not based solely on the rating of MBIA whose insurance
financial strength rating was downgraded by Moody's to B3 on
02/18/09.  The rating actions are consistent with Moody's modified
approach to rating structured finance securities wrapped by
financial guarantors as described in a press release dated
November 10, 2008, titled "Moody's modifies approach to rating
structured finance securities wrapped by financial guarantors."


AUGUSTA FUNDING: Moody's Upgrades Ratings on Various Bonds
----------------------------------------------------------
Moody's Investors Service upgraded its ratings these bonds issued
by Augusta Funding Limited V:

(1) $93,886,250 6.40% Secured Guaranteed Class A-2 Bonds Due 2011,
    Upgraded to Baa3; previously on 02/18/09 B3;

(2) $10,000,000 Floating Rate Secured Guaranteed Class F-1 Bonds
    Due 2011, Upgraded to Baa3; previously on 02/18/09 B3;

(3) $33,651,503 7.15% Secured Guaranteed Class A-3 Bonds Due 2036,
    Upgraded to Ba1; previously on 02/18/09 B3;

(4) $30,000,000 Floating Rate Secured Guaranteed Class F-2 Bonds
    Due 2036, Upgraded to Ba1; previously on 02/18/09 B3;

The ratings assigned by Moody's to the Bonds are linked to several
factors, including, but not limited to, various series of
perpetual and long-dated floating rate notes owned by the Company
and the Swap Counterparty and will change upon changes in Moody's
ratings of these factors.  The Bonds also benefit from a financial
insurance agreement entered into between the Company and MBIA
Insurance Corporation, as a successor to Capital Markets Assurance
Corporation.

The actions reflect the changes in credit quality of the FRNs and
are not based solely on the rating of MBIA whose insurance
financial strength rating was downgraded by Moody's to B3 on
02/18/09.  The rating actions are consistent with Moody's modified
approach to rating structured finance securities wrapped by
financial guarantors as described in a press release dated
November 10, 2008, titled "Moody's modifies approach to rating
structured finance securities wrapped by financial guarantors."


BANC OF AMERICA: Fitch Holds Low-B on 2004-6 M, N & O Certificates
------------------------------------------------------------------
Fitch Ratings affirms and assigns Rating Outlooks to Banc of
America Commercial Mortgage Corp., series 2004-6 commercial
mortgage pass-through certificates,:

  -- $184.8 million class A-2 at 'AAA'; Outlook Stable;
  -- $220.8 million class A-3 at 'AAA'; Outlook Stable;
  -- $35.4 million class A-4 at 'AAA'; Outlook Stable;
  -- $35.6 million class A-AB at 'AAA'; Outlook Stable;
  -- $237.4 million class A-5 at 'AAA'; Outlook Stable;
  -- $56.2 million class A-J at 'AAA'; Outlook Stable;
  -- Interest-only class XC at 'AAA'; Outlook Stable;
  -- Interest-only class XP at 'AAA'; Outlook Stable;
  -- $19.1million class B at 'AA'; Outlook Stable;
  -- $9.6 million class C at 'AA-'; Outlook Stable;
  -- $17.9 million class D at 'A'; Outlook Stable;
  -- $9.6 million class E at 'A-'; Outlook Stable;
  -- $14.3 million class F at 'BBB+'; Outlook Stable;
  -- $9.6 million class G at 'BBB'; Outlook Stable;
  -- $13.1 million class H at 'BBB-'; Outlook Stable;
  -- $6.0 million class J at 'BB+'; Outlook Stable;
  -- $4.8 million class K at 'BB'; Outlook Stable;
  -- $4.8 million class L at 'BB-'; Outlook Stable;
  -- $3.6 million class M at 'B+'; Outlook Stable;
  -- $3.6 million class N at 'B'; Outlook Negative;
  -- $4.8 million class O at 'B-'; Outlook Negative;

Class A-1 has paid in full. Fitch does not rate the $14.3 million
class P.

The ratings affirmations are the result of stable performance and
minimal paydown since issuance.  As of the April 2009 remittance
report, the transaction has paid down 5.4% to $905.4 million from
$956.6 million at issuance.  In total, seven loans (10.9%) have
defeased.

The Negative Outlooks to classes N and O reflect the pool's
exposure to Fitch loans of concern (8.9%) including one loan
(7.0%) sponsored by General Growth Properties whose special
purpose entity has been included in GGP's bankruptcy filing.
Rating Outlooks reflect the likely direction of any rating changes
over the next one to two years.

In total, six loans are considered Fitch loans of concern
including two specially serviced loans (7.6%).  The largest
specially serviced loan, Steeplegate Mall (7.0%), is a GGP-
sponsored loan and is collateralized by a retail property located
in Concord, New Hampshire.  The loan is current, but it was
transferred to special servicing due to its inclusion in GGP's
bankruptcy filing on April 16, 2009.  As of year-end 2008, the
servicer reported debt service coverage ratio was 1.53 times (x)
and occupancy was 97%.

The second specially serviced loan (0.6%) is collateralized by an
office property located in North Charleston, South Carolina.  As
of February 2009, the property had occupancy of 67%, down from 92%
at issuance and year-end 2008 servicer reported DSCR of 1.06x.
Fitch expects any losses to be absorbed by the non-rated class P.

The top 10 non-defeased loans represent 44% of the total deal;
excluding the specially serviced loan, each loan has had stable
performance since issuance with none having servicer reported
DSCRs below 1.4x.  The largest loan, Post Oak Central (10.8%) is
an office in Houston, Texas and has a servicer reported year-end
2008 DSCR and occupancy of 2.8x and 92%, respectively, compared to
1.7x and 91% at issuance.  The second largest loan is the
Steeplegate Mall.  The third largest loan, Upper Valley Mall
(5.3%) is located in Springfield, OH and is sponsored by Simon
Property Group.  Servicer reported year-end 2008 DSCR and
occupancy of 1.4x and 93%, respectively, compared to 1.3x and 87%
at issuance.


BANC OF AMERICA: Moody's Downgrades Ratings on 329 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded 329 tranches and
confirmed 9 tranches from 11 Banc of America Funding Trust and
Banc of America Mortgage Trust deals issued in 2006 and 2007.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable rate, Jumbo mortgage loans.  The
actions are triggered by the quickly deteriorating performance --
marked by rising delinquencies and loss severities, along with
concerns about the continuing drop in housing prices nationwide
and the rising unemployment levels.  The actions reflect Moody's
updated expected losses on the jumbo sector announced in a press
release on March 19th, 2009, and are part of Moody's on-going
review process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

Banc of America Funding 2006-1 Trust

  -- Cl. 1-A-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-27, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-28, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Ba3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. X-IO, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-PO, Downgraded to Ba2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

Banc of America Funding 2006-2 Trust

  -- Cl. 1-A-1, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Ba2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-10, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-11, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-12, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-13, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-14, Downgraded to Ba2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-15, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-16, Downgraded to Ba1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-17, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-18, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-19, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-20, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-21, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-22, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Aa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Baa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to A2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to Baa2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to Ba2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-3, Downgraded to A2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-2, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-3, Downgraded to Ba2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-4, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. X-IO, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-PO, Downgraded to Ba2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. X-M-1, Downgraded to Caa3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

Banc of America Funding 2006-4 Trust

  -- Cl. A-1, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Ba3; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Ca; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-24, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-26, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-28, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-29, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 30-IO, Downgraded to Baa3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 30-PO, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Banc of America Funding 2006-5 Trust

  -- Cl. 1-A-1, Downgraded to Ba3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Ba3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Baa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Ba1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-10, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-11, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-12, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-13, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to Caa1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-4, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Ba1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to Baa3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-4, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-5, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-6, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-7, Downgraded to Baa3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-8, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 30-IO, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 30-PO, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

Banc of America Funding 2006-6 Trust

  -- Cl. 1-A-1, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Ba1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Confirmed at A1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. 3-A-2, Confirmed at A1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. 3-A-3, Confirmed at A2; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. 3-A-4, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 30-IO, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 30-PO, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to Caa1; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

Banc of America Funding 2006-B Trust

  -- Cl. 1-A-1, Downgraded to Caa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Ca; previously on 3/19/2009 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Caa1; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-2, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A-2, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

Banc of America Mortgage 2006-1 Trust

  -- Cl. A-1, Downgraded to B2; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on 3/19/2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3; previously on 3/19/2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B3; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B2; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Confirmed at Ba3; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B3; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 30-IO, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 30-PO, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on 3/19/2009 Caa2 Placed
     Under Review for Possible Downgrade

Banc of America Mortgage 2006-2 Trust

  -- Cl. A-1, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Ba1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Baa3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-24, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-26, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-28, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-29, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-32, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-33, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-34, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-35, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 30-IO, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 30-PO, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to Ca; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

Banc of America Mortgage 2006-3 Trust

  -- Cl. 1-A-1, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Ba3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Ba3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Ba3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to A3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to A3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 30-IO, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 30-PO, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

Banc of America Mortgage 2007-1 Trust

  -- Cl. 1-A-1, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to A3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Baa2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to A3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to B2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-27, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-28, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-29, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-30, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-31, Downgraded to B1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-32, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-IO, Downgraded to A3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-M, Downgraded to Ca; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. 1-PO, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Baa3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Baa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Baa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to Caa1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-10, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-11, Downgraded to Baa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-12, Downgraded to Caa1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-13, Downgraded to Baa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-14, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-16, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-17, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-18, Downgraded to Caa1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-19, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-20, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-21, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-22, Downgraded to Caa1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-23, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-24, Downgraded to B1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-25, Downgraded to Caa1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-26, Downgraded to B2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-IO, Downgraded to Baa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-M, Downgraded to C; previously on 3/19/2009 B1 Placed
     Under Review for Possible Downgrade

  -- Cl. 2-PO, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

Banc of America Mortgage 2007-2 Trust

  -- Cl. A-3, Confirmed at Caa3; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B2; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-6, Confirmed at B3; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B2; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-11, Confirmed at Caa3; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

i) the nature, sufficiency, and quality of historical performance
information available for the asset class as well as for the
transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
interests of the key parties to the transaction, most notably the
originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
cashflow and capital structure,

v) an analysis of the transaction's governance and legal
structure, and

vi) a comparison of these attributes against those of other
similar transactions.


BANK OF AMERICA: Moody's Reviews 'D' Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service put on review for possible upgrade the D
bank financial strength rating of the U.S. bank subsidiaries of
Bank of America Corporation.  The rating agency also changed the
ratings outlook on BAC's non-cumulative preferred securities to
developing from negative, and changed the outlook on the BAC's
junior subordinated trust preferred securities to stable from
negative.  All other ratings of BAC and its subsidiaries (holdco
senior unsecured at A2, bank deposits at Aa3) were affirmed with a
stable outlook.

These actions had no impact on the ratings of the FDIC-guaranteed
debt issued by BAC and its lead bank subsidiary, which remain at
Aaa with a stable outlook.

"The review of the BFSR reflects Moody's view that BAC's capital
raising initiatives, if successful, should strengthen BAC's
capital position without impairing BAC's franchise or future
earnings power," said Moody's Senior Vice President, David Fanger.
BAC's capital raising initiatives are being undertaken in response
to the U.S. government's Supervisory Capital Assessment Program.
Moody's will focus on the likelihood that BAC will succeed in its
efforts during the review.

"By strengthening BAC's tangible common equity position, the
proposed capital increase would reduce the likelihood of the U.S.
government needing to provide additional capital support to BAC.
The BFSR is intended to express an opinion about the likelihood of
such an event," explained Mr. Fanger.

In reponse to BAC's capital raising initiatives, Moody's also
changed the rating outlook on BAC's preferred stock and trust
preferred securities.  The outlook on BAC's B3 preferred stock
rating was changed to developing from negative.  "The previous
negative outlook reflected the risk that BAC could suspend
preferred dividends or even offer a distressed exchange to
preferred shareholders in order to boost its common equity
position, said Mr. Fanger.  Moody's believe that BAC's capital
raising initiatives, if successful, should reduce that risk."  The
developing outlook reflects the remaining uncertainty regarding
BAC's ability to avoid a dividend omission or distressed exchange
while the capital raising initiatives are still pending.

The outlooks on BAC's junior-subordinated-backed trust preferred
securities, rated Baa3, and BAC's Hybrid Income Trust Securities,
rated Ba3, were changed to stable from negative.  Similar to the
preferred stock, the previous negative outlook on the ratings of
these instruments also reflected the risk of a dividend deferral
or distressed exchange, although their higher ratings also
reflected Moody's view that this risk was more remote than for
BAC's preferred stock.  The inclusion of new common equity
issuance and asset sale gains in BAC's capital raising initiatives
makes it more unlikely that BAC will need to defer dividends on,
or seek conversion of, its junior subordinated-backed trust
preferred securities or the HITS.  In light of this, Moody's
believes that a stable outlook is now more appropriate for the
ratings on these securities.

Although the capital raising should improve BAC's capital
position, Moody's noted that BAC continues to face significant
challenges stemming from the current economic environment, as well
as the ongoing integration of Merrill Lynch.  "After loan loss
provisions, Moody's does not expect Bank of America to generate
sizable earnings until the second half of 2010 at the earliest,"
Mr. Fanger noted.  Higher unemployment, a weak U.S. economy, and
challenging real estate markets are likely to contribute to a rise
in delinquent and problem loans, most notably in credit cards,
residential mortgages, and commercial real estate loans.  This
will require significant additional loan loss provisions in 2009
and into 2010.  "The bank's decision to end negotiations to
acquire asset protection from the U.S. government on a pool of
$118 billion in legacy capital markets assets also leaves it more
exposed to adverse developments in the capital markets," Mr.
Fanger added.  Until there is greater clarity on the economic
outlook and the likely future trends in BAC's asset quality, these
challenges are likely to limit the extent of any upgrade of BAC's
BFSR.

At the same time, Moody's affirmed the ratings for BAC's deposits,
senior debt and senior subordinated debt, which continue to have a
stable outlook.  Those ratings are based on Moody's expectation of
very high systemic support for these instruments, and the view
that such support will enable the substantial value of BAC's
franchise to materialize in the medium to long-term.

The rating actions are consistent with Moody's recent announcement
that it is recalibrating some of the weights and relative
importance attached to certain rating factors within its current
bank rating methodologies.  Capital adequacy, in particular, takes
on increasing importance in determining the BFSR in the current
environment.  Meanwhile, debt and deposit ratings will reflect the
fact that Moody's expects that its support assumptions will
continue to increase for systemically important institutions
during this global financial crisis.
The last rating action on BAC was on March 25, 2009, when Moody's
lowered BAC's senior unsecured debt rating to A2 from A1.  The
last rating action on BAC Capital Trust XII and BAC Capital Trust
XIV was on April 24, 2009, when Moody's lowered the ratings on the
HITS to Ba3 from Baa3.

These ratings and outlooks were affected:

Bank of America, N.A., Merrill Lynch Bank & Trust Company, and
Merrill Lynch Bank USA:

  -- Bank Financial Strength Rating Placed on Review for Possible
     Upgrade, currently D

  -- Outlook Changed To Rating Under Review From Stable(m)

Outlook Changed To Developing From Negative for these Issuers:

  -- BAC AAH Capital Funding LLC I
  -- BAC AAH Capital Funding LLC II
  -- BAC AAH Capital Funding LLC III
  -- BAC AAH Capital Funding LLC IV
  -- BAC AAH Capital Funding LLC IX
  -- BAC AAH Capital Funding LLC V
  -- BAC AAH Capital Funding LLC VI
  -- BAC AAH Capital Funding LLC VII
  -- BAC AAH Capital Funding LLC VIII
  -- BAC AAH Capital Funding LLC X
  -- BAC AAH Capital Funding LLC XI
  -- BAC AAH Capital Funding LLC XII
  -- BAC AAH Capital Funding LLC XIII
  -- BAC AAH Capital Funding LLC XIV
  -- BAC AAH Capital Funding LLC XIX
  -- BAC AAH Capital Funding LLC XV
  -- BAC AAH Capital Funding LLC XVI
  -- BAC AAH Capital Funding LLC XVIII
  -- BAC LB Capital Funding LLC I
  -- BAC LB Capital Funding LLC II
  -- BAC North America Holding Company
  -- Banc of America Preferred Funding Corp.
  -- BankBoston Corporation
  -- Barnett Banks, Incorporated (Old)
  -- LaSalle National Corporation
  -- Shawmut National Corporation
  -- Summit Bancorp

Outlook Changed To Stable From Negative for these Issuers:

  -- BAC Capital Trust I
  -- BAC Capital Trust II
  -- BAC Capital Trust III
  -- BAC Capital Trust IV
  -- BAC Capital Trust IX
  -- BAC Capital Trust V
  -- BAC Capital Trust VI
  -- BAC Capital Trust VII
  -- BAC Capital Trust VIII
  -- BAC Capital Trust X
  -- BAC Capital Trust XI
  -- BAC Capital Trust XII
  -- BAC Capital Trust XIII
  -- BAC Capital Trust XIV
  -- BAC Capital Trust XIX
  -- BAC Capital Trust XV
  -- BAC Capital Trust XVI
  -- BAC Capital Trust XVII
  -- BAC Capital Trust XVIII
  -- BAC Capital Trust XX
  -- BankAmerica Capital I
  -- BankAmerica Capital II
  -- BankAmerica Capital III
  -- BankAmerica Institutional Capital A
  -- BankAmerica Institutional Capital B
  -- BankBoston Capital Trust III
  -- BankBoston Capital Trust IV
  -- Barnett Capital Trust III
  -- Countrywide Capital III
  -- Countrywide Capital IV
  -- Countrywide Capital V
  -- Fleet Capital Trust II
  -- Fleet Capital Trust IX
  -- Fleet Capital Trust V
  -- Fleet Capital Trust VII
  -- Fleet Capital Trust VIII
  -- MBNA Capital A
  -- MBNA Capital B
  -- MBNA Capital C
  -- MBNA Capital D
  -- MBNA Capital E
  -- MBNA Capital F
  -- MBNA Capital G
  -- Merrill Lynch Capital Trust I
  -- Merrill Lynch Capital Trust II
  -- Merrill Lynch Capital Trust III
  -- Merrill Lynch Preferred Capital Trust III
  -- Merrill Lynch Preferred Capital Trust IV
  -- Merrill Lynch Preferred Capital Trust V
  -- Merrill Lynch Preferred Capital Trust VI
  -- Merrill Lynch Preferred Funding I, L.P.
  -- Merrill Lynch Preferred Funding II, L.P.
  -- Merrill Lynch Preferred Funding III, L.P.
  -- Merrill Lynch Preferred Funding IV, L.P.
  -- Merrill Lynch Preferred Funding V, L.P.
  -- Merrill Lynch Preferred Funding VI, L.P.
  -- NB Capital Trust I
  -- NB Capital Trust II
  -- NB Capital Trust III
  -- NB Capital Trust IV
  -- NB Capital Trust V


BEA CBO: Fitch Revises Ratings on $20 Mil. Notes to 'C/DR5'
-----------------------------------------------------------
Fitch Ratings has affirmed the classes of BEA CBO 1998-2
Ltd./Corp.:

  -- $864,693 class A-1 at 'AAA'; Outlook Stable;
  -- $1,360,722 class A-2 at 'AAA'; Outlook Stable.

Fitch has also affirmed and revised the $20,000,000 class A-3 to
'C/RR5' from 'C/DR5'.

BEA 1998-2 is a collateralized bond obligation managed by Credit
Suisse Asset Management that closed on Dec. 3, 1998.  The final
maturity of the transaction is Dec. 15, 2010.  The remaining
collateral of BEA 1998-2 is composed of high yield corporate
bonds.  Payments are made semi-annually in June and December and
the reinvestment period ended in June 2003.

The transaction is currently in an event of default due to the
failure to maintain an overcollateralization test at least equal
to 90% of the OC trigger.  Although the class A-1 and A-2 are
wrapped by Financial Security Assurance Inc., which was downgraded
by Fitch to 'AA+' from 'AAA' and remains on Rating Watch Negative,
the affirmation of the classes reflects Fitch's expectations that
these notes will pay in full on the next payment date in June
2009.  As of the May 2, 2009 trustee report, there is $3.28
million in the principal collections account.

The affirmation of class A-3 is based upon the continued lower
recovery expectations on the remaining securities in the portfolio
and the significant undercollateralization of the class.  The
class has been deferring interest payments and the deferred
interest balance currently stands at $6.3 million.  According to
the trustee report, of the $12.6 million in collateral debt
securities, $8.4 million has defaulted and the remaining
securities bear issuer default ratings in the 'CCC' category or
lower.

The ratings on the class A-1, A-2 and A-3 notes address the
likelihood that investors will receive full and timely payments of
interest, as per the governing documents, as well as the stated
balance of principal by the legal final maturity date.

The Distressed Recovery rating on the classes of notes has been
revised to RR to reflect Fitch's updated Rating Definitions
Criteria released March 3, 2009.


BENNINGTON COLLEGE: Moody's Withdraws 'Ba1' Rating on 1999 Bonds
----------------------------------------------------------------
Moody's Investors Service has withdrawn its Ba1 long-term rating
assigned to Bennington College's Series 1999 bonds, issued through
the Vermont Educational and Health Buildings Financing Agency.
The rating has been withdrawn due to the defeasance of all of the
maturities of the bonds.  The College no longer has any debt with
a Moody's rating.

The last rating action and report with respect to the long-term
rating of Bennington College was published on March 20, 2008, when
the Ba1 rating of Bennington College was affirmed and the outlook
was revised to negative from stable.


BERNARD NATIONAL: Moody's Downgrades Ratings on Various Notes
-------------------------------------------------------------
Moody's Investors Service downgraded its ratings of these notes
issued by Bernard National Loan Investors, Ltd.:

  -- US$50,000,000 Class A-1 Senior Secured Term Notes due
     March 28, 2013, Downgraded to Baa1; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$739,000,000 Class A-2 Senior Secured Revolving Notes
     due March 28, 2013, Downgraded to Baa1; previously on March
     4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$163,200,000 Class A-3a Senior Secured Revolving Notes
     Due 2013, Downgraded to A1; previously on September 29, 2006
     Assigned Aaa;

  -- US$12,000,000 Class A-3b Senior Secured Term Notes due
     March 28, 2013, Downgraded to Baa3; previously on March 4,
     2009 Aaa Placed Under Review for Possible Downgrade;

  -- US$64,800,000 Class A-3c Senior Secured Revolving Notes
     due March 28, 2013, Downgraded to B2; previously on March 4,
     2009 Aa3 Placed Under Review for Possible Downgrade;

  -- US$141,000,000 Class B Senior Secured Deferrable Interest
     Notes Due March 2013, Downgraded to Ca; previously on March
     4, 2009 Baa3 Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), and an increase in
the dollar amount of defaulted securities.  As of the last trustee
report, dated March 20, 2009, defaulted securities represented
approximately 55% of the collateral pool.  In addition, the
transaction was failing both its Class A Overcollateralization
Ratio Test and Class B Overcollateralization Ratio Test, and these
failures have been continuing since August of 2008.  Moody's also
assessed the collateral pool's elevated concentration risk in a
small number of industries.  This includes a significant
concentration in debt obligations of companies in the finance and
real estate industries, which Moody's views to be more strongly
correlated in the current market environment.  These two
industries account for approximately 18.76% of the transaction's
underlying collateral pool, based on the March trustee report.


BLACK DIAMOND: Fitch Downgrades Ratings; Puts Negative Outlooks
---------------------------------------------------------------
Fitch Ratings has downgraded and assigned a Negative Outlook to
one class of notes issued by Black Diamond International Funding
Ltd./Inc., and affirmed commercial paper notes issued by Black
Diamond USA Funding Corp.  These rating actions are effective
immediately:

Black Diamond International Funding Ltd.

  -- $468,621,225 senior variable funding notes downgraded to 'AA'
     from 'AAA', Outlook Negative.

Black Diamond USA Funding Corp.

  -- $500,000,000 commercial paper notes rated 'F1'.

This downgrade is a result of the increased credit risk of the
underlying portfolio which in Fitch's view outweighs the
improvement in the credit enhancement levels to the SVFN.  The par
notional of the portfolio has increased to $1,589 million as of
April 2, 2009 from $762 million as of Oct. 2, 2008, due to the
investment of the proceeds from the additional issuance of the
income notes and SVFN and trading activity since October 2008.
According to the most recent report, as of April 2, 2009, the
average credit quality of the portfolio is 'CCC+'/'CCC' vs. 'B-
'/'CCC+' in October 2008.  The percentage of defaulted assets is
currently 12.3%, assets rated 'CCC' and lower excluding defaults
22.5%, assets on Rating Watch Negative 4.8% and with a Negative
Outlook 23.3%.  These numbers were 5.4%, 24.7%, 3.8%, and 40.3%,
respectively, as of Oct. 2, 2008.

The Negative Outlook reflect the notes' sensitivity to realized
recoveries on future defaults, which in Fitch's view can come in
below those observed historically.

BDIF is a revolving collateralized loan obligation managed by
Black Diamond Capital Management, L.L.C., which closed Sept. 30,
1999 and was subsequently amended to increase the stated notional
amount of the SVFN to $490 million from the initial notional of
$290 million and issue another senior class of notes not rated by
Fitch.  The two classes of senior notes have different maturity
and reinvestment periods.  The SVFN mature on Jan. 15 2016, with
the formal end of reinvestment period on Jan. 15, 2011.

Black Diamond USA receives the proceeds from the sale of CP or
from drawing upon liquidity facilities provided on a pro rata
basis by three banks, up to the maximum commitment amount of $500
million.  The CP notes have not been issued since October 2007 and
the current outstanding balance of the CP notes is zero.  Instead,
the liquidity facilities were drawn upon in the amount of $480
million in October of 2008, in addition to the $10 million which
had been drawn previously.  Accordingly, at the end of October
2008, the outstanding balance of the SVFN stood at $490 million.
The structure allows Black Diamond USA to reissue CP papers in the
future.  Therefore, Fitch maintains its 'F1' rating for the CP
program.  In addition to drawing upon the liquidity facilities,
BDIF increased the aggregate principal amount of the income notes,
a first loss tranche, over the course of November 2008-January
2009, increasing it from $224.5 million as of Oct. 2, 2008 to
$415.7 million as of April 2, 2009.

Fitch placed the SVFN and CP notes on Rating Watch Negative on
Oct. 23, 2008 and stated that the resolution of the Rating Watch
Negative was contingent on the deployment of the available cash
and future credit migration in the portfolio.  The current review
has been performed after the proceeds from the additional issuance
of notes were invested.

The failure of the senior over collateralization test, currently
at 128.9% vs. the required 139.2%, since January 2009 triggered a
special redemption and the two classes of senior notes have been
paying down on a pro rata basis on the last two payment dates.  As
a result, the SVFN has received $21.4 million since the beginning
of this year.  As of April 2, 2009, both senior over
collateralization and required funding tests continued to fail.
Fitch expects that there will be limited trading activity and the
senior notes will continue to pay down in the near-term future.

The rating of the SVFN addresses the likelihood that investors
will receive full and timely payments of interest, as per the
transaction's governing documents, as well as the stated balance
of principal by the legal final maturity date.  The rating on the
CP notes is directly related to the rating of the SVFN as well as
the ratings of Black Diamond USA's liquidity providers.  The
liquidity providers meet Fitch's current counterparty criteria.


BLUEGRASS ABS: Fitch Junks Rating on $188.7 Million Notes
---------------------------------------------------------
Fitch Ratings downgrades $188.7 million from five and affirms
$71.5 million from three classes of notes issued by Bluegrass ABS
CDO II, Ltd.:

  -- $0 class A-1LT notes downgraded to 'CCC' from 'B';

  -- $0 class A-1MM notes downgraded to 'C' from 'B';

  -- $43,624,035 class A-1MT-a notes downgraded to 'CCC' from 'B',
     ;

  -- $100,626,108 class A-1MT-b notes downgraded to 'CCC' from
     'B';

  -- $44,497,025 class A-2 notes downgraded to 'CC' from 'CCC';

  -- $52,800,000 class B notes affirmed at 'CC';

  -- $12,540,136 class C-1 notes affirmed at 'C';

  -- $6,186,467 class C-2 notes affirmed at 'C'.

Fitch also removes the class A-1MT-a and A-1MT-b notes from Rating
Watch Negative.

The rating actions are due to Fitch's recently adjusted default
and recovery rate assumptions for analyzing structured finance
collateralized debt obligations, in addition to negative credit
migration in the underlying portfolio.  Since the last rating
action in September 2008, 54.2% of the portfolio has been
downgraded.  Assets rated below investment grade comprise 56.2% of
the portfolio, of which 32.2% of the portfolio is considered 'CCC'
or below.

Par coverage to all of the notes has continued to erode due to
defaulted and distressed assets, specifically residential
mortgage-backed securities.  According to the April 2009 trustee
report, the class A/B, and C overcollateralization and interest
coverage tests are all failing.  There are no Events of Default
triggered by OC test failures.  The class A/B OC test level has
dropped to 65.8% versus a trigger of 107.5%.  As a result of the
coverage test failures, interest proceeds otherwise available to
pay subordinated notes are being used to pay down the senior notes
sequentially until all of the OC tests are cured.  The pro rata
class A-1MT-a and class A-1MT-b (together, class A-1) notes have
amortized 41.3% since closing and still represent 55.4% of the
remaining rated notes.  Credit enhancement to the class A-1 notes
may easily be eroded by losses on below investment grade
collateral, and even though the class A-1 notes are the only notes
receiving any principal payments due to the class A/B coverage
test failures, the continued deterioration of the portfolio
decreases the likelihood of full principal repayment to class A-1.

Furthermore, the continued credit deterioration of the portfolio
decreases the likelihood of full principal and interest payments
to the class A-2, B, C-1, and C-2 notes.  The class A-2 and B
notes are currently receiving full interest payments; however,
principal proceeds are currently used to pay the remaining
interest due to the class B notes as interest proceeds could not
cover the complete interest payment.  Fitch expects the class A-2
and B notes to continue to receive future interest payments, but
principal payments are not expected as all principal payments are
going to the class A-1 notes.

The pro rata class C-1 and C-2 (together, class C) notes are
currently shut off from interest payments as a result of the
failing class A/B coverage tests and have been deferring their
interest payments since January 2008. Due to the continued credit
deterioration of the portfolio, Fitch does not expect any future
interest or principal payments to the class C notes.

Bluegrass II is a static CDO which closed in April 2004 with a
portfolio selected by Invesco Institutional N.A. Inc. Bluegrass II
is composed of 58.7% RMBS from the 2002 through 2007 vintages,
13.9% consumer asset-backed securities, 12.9% commercial mortgage-
backed securities, 8.7% SF CDOs from the 2003 and 2004 vintages,
3.7% commercial ABS, and 2.2% corporate CDOs from the 2006
vintage.

The rating actions resolve the 'Under Analysis' status issued on
Oct. 14, 2008 following Fitch's announcement of its proposed
criteria revision for analyzing structured finance SF CDOs.  The
revised criteria report, 'Global Rating Criteria for Structured
Finance CDOs' was published in its final form on Dec. 16, 2008
along with an updated version of the Fitch Portfolio Credit Model
that includes additional functionality for analyzing SF CDOs.  As
part of this review, Fitch makes standard adjustments for any
names on Rating Watch Negative or with a Negative Outlook,
downgrading such ratings for default analysis purposes by three
and one notches, respectively.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


CAPSTAN MASTER: S&P Downgrades Ratings on Four Tranches
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
tranches from Capstan Master Trust's series 1, 2, 3, and 4 and
removed them from CreditWatch with negative implications.

The four synthetic collateralized debt obligation tranche ratings
have a direct link to the ratings on their respective reference
obligations, which S&P lowered and removed from CreditWatch on May
7, 2009.  The affected tranches have a total issuance amount of
$600 million.

                          Rating Actions

                      Capstan Master Trust
                            Series 1

                           Rating
                           ------
          Class       To                  From
          -----       --                  ----
          Tranche     BB-                 BBB/Watch Neg

                      Capstan Master Trust
                            Series 2

                           Rating
                           ------
          Class       To                  From
          -----       --                  ----
          Tranche     BB-                 BBB/Watch Neg

                      Capstan Master Trust
                            Series 3

                           Rating
                           ------
          Class       To                  From
          -----       --                  ----
          Tranche     BB-                 BBB/Watch Neg

                      Capstan Master Trust
                            Series 4

                           Rating
                           ------
          Class       To                  From
          -----       --                  ----
          Tranche     BB-                 BBB/Watch Neg


CASHEL ROCK: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Cashel
Rock CBO, Ltd.:

* US$217,400, Class A-1 Senior Secured Floating Rate
  Notes Due 2014, Downgraded to Aa2; previously on November 15,
  2001 Assigned Aaa;

* US$12,500, Class A-2 Variable Interest Participating
  Notes Due 2014, Downgraded to Aa3; previously on November 15,
  2001 Assigned Aaa;

* US$20,000, Class A-3 Senior Contingent Performance
  Notes Due 2014, Downgraded to Ba1; previously on September 12,
  2008 Upgraded to A1;

* US$25,650, Class B Senior Subordinated Floating Rate
  Notes due 2014, Downgraded to Caa3; previously on September 12,
  2008 Downgraded to Ba1.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009.  Moody's analysis also reflects the expectation that
recoveries for high-yield corporate bonds will be below their
historical averages, consistent with Moody's research.

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an occurrence of new
defaults, and an increase in the proportion of securities from
issuers rated Caa1 and below.  The weighted average rating factor
has significantly increased over the last few months and it is
currently at 3821 versus a test level of 2700 as of the last
trustee report, dated April 2, 2009.  Based on the same report,
Caa1 and below rated securities make up 27.8% of the transaction's
underlying portfolio.

Cashel Rock CBO, Ltd., issued in November of 2001, is a
collateralized bond obligation backed primarily by a portfolio of
senior unsecured bonds.


CIT HOME: Moody's Downgrades Ratings on 17 Securities
-----------------------------------------------------
Moody's Investors Service has downgraded the ratings of 17
securities from 3 transactions issued by CIT.  These actions are
part of an ongoing review of subprime RMBS transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
effected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 75% to
80%.  The results of these two calculations - Recent Losses and
Pipeline Losses - are weighted to arrive at the lifetime
cumulative loss projection.

The complete rating actions are:

CIT Home Equity Loan Trust 2002-1

  -- Cl. AF-5, Downgraded to Aa2; previously on 6/25/2002 Assigned
     Aaa

  -- Cl. AF-6, Downgraded to Aa2; previously on 6/25/2002 Assigned
     Aaa

  -- Cl. AF-7, Downgraded to Aa2; previously on 6/25/2002 Assigned
     Aaa

  -- Cl. BF, Downgraded to C; previously on 8/31/2007 Downgraded
     to Caa1

  -- Cl. BV, Downgraded to C; previously on 8/31/2007 Downgraded
     to Caa2

  -- Cl. MF-1, Downgraded to Baa2; previously on 7/13/2006
     Downgraded to Aa3

  -- Cl. MF-2, Downgraded to B3; previously on 7/13/2006
     Downgraded to Baa3

  -- Cl. MV-1, Downgraded to Baa3; previously on 6/25/2002
     Assigned Aa2

  -- Cl. MV-2, Downgraded to B3; previously on 8/31/2007
     Downgraded to Baa2

CIT Home Equity Loan Trust 2002-2

  -- Cl. BF, Downgraded to Ca; previously on 7/13/2006 Downgraded
     to Ba1

  -- Cl. BV, Downgraded to C; previously on 7/13/2006 Downgraded
     to Ba2

  -- Cl. MF-1, Downgraded to Baa1; previously on 9/3/2002 Assigned
     Aa2

  -- Cl. MF-2, Downgraded to Ba3; previously on 7/13/2006
     Downgraded to A3

  -- Cl. MV-1, Downgraded to Baa2; previously on 9/3/2002 Assigned
     Aa2

  -- Cl. MV-2, Downgraded to B2; previously on 9/3/2002 Assigned
     A2

CIT Home Equity Loan Trust 2003-1

  -- Cl. M-2, Downgraded to Baa2; previously on 6/25/2003 Assigned
     A2

  -- Cl. B, Downgraded to B2; previously on 6/25/2003 Assigned
     Baa2


CITICORP MORTGAGE: Moody's Downgrades Ratings on Seven Classes
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of seven
classes, upgraded the rating of one class and confirmed the rating
of one class of notes issued by Citicorp Mortgage Securities Inc.
The Class A tranche of Citicorp Mortgage Securities Inc 1992-07 is
supported by an insurance policy issued by MBIA Insurance
Corporation.

The current rating on the insured security is consistent with
Moody's practice of rating insured securities at the higher of (1)
the guarantor's insurance financial strength rating and (2) the
underlying rating of the security, based on Moody's modified
approach to rating structured finance securities wrapped by
financial guarantors.  The underlying rating reflects the
intrinsic credit quality of the security in the absence of the
guarantee.

The ratings (underlying ratings for the insured securities) are
based on the methodology applied to all transactions with small
pool factors.  Moody's defines low pool factor deals as those that
meet one of these two criteria: (1) the outstanding collateral
balance is less than $1 million, and the pool factor is less than
5% or (2) the pool has fewer than 50 loans remaining

Moody's uses these methodology to estimate losses on low pool
factor deals:

First, gross defaults are determined by applying assumed lifetime
roll-rates (probabilities of transition to default) to the
transactions' current delinquency buckets ("delinquency pipeline")
and a pipeline multiplier.  The pipeline multiplier accounts for
further possible defaults that might arise from borrowers that are
current.  The pipeline multiplier differs for each deal based on
the number of loans remaining in the pool - greater the number of
loans remaining, the higher the multiplier.  The estimated
defaults are subject to a floor -- a minimum default.  The minimum
default also differs based on the number loans remaining in the
pool.  The fewer the number of loans remaining in the pool the
higher the minimum default since each loan represents a higher
percentage of the pool.

The final default number is then multiplied by expected loss
severity to arrive at Moody's expected loss estimate.  Loss
severity differs by transaction and is higher for more recent
vintages.

Complete rating action:

Citicorp Mtg Sec Inc 1988-01

  -- A-3, Downgraded to A2; previously on 3/18/2003 Upgraded to
     Aaa

Citicorp Mtg Sec Inc 1988-11

  -- A-1, Downgraded to A2; previously on 8/25/1995 Upgraded to
     Aaa

Citicorp Mtg Sec Inc 1988-17

  -- A, Downgraded to A2; previously on 3/18/2003 Upgraded to Aaa

Citicorp Mtg Sec Inc 1989-01

  -- A-1, Downgraded to A2; previously on 3/18/2003 Upgraded to
     Aaa

Citicorp Mtg Sec Inc 1989-13

  -- P-T, Downgraded to A2; previously on 8/25/1995 Upgraded to
     Aaa

Citicorp Mtg Sec Inc 1989-19

  -- A, Downgraded to A2; previously on 3/18/2003 Upgraded to Aaa

Citicorp Mtg Sec Inc 1991-05

  -- A, Upgraded to A2; previously on 7/14/1998 Downgraded to Caa1

Citicorp Mtg Sec Inc 1992-07

  -- A, Confirmed at A2; previously on 11/16/2008 A2 Placed Under
     Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

Citicorp Mtg Sec Inc 1994-03

  -- B-01, Downgraded to B1; previously on 2/23/1994 Assigned Baa3


CITIGROUP COMMERCIAL: Interest Shortfalls Cue S&P's 'D' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'D' from
'BB' on the class L commercial mortgage pass-through certificates
from Citigroup Commercial Mortgage Trust 2004-FL1.  The rating was
previously on CreditWatch with negative implications.
Concurrently, S&P affirmed its ratings on three other classes and
removed them from CreditWatch, where they were placed with
negative implications on April 7, 2009.

The downgrade of the class L certificates reflects interest
shortfalls associated with special servicing fees related to the
specially serviced Jamestown Mall loan, which is the remaining
loan in the pool.  The interest shortfalls reduced the available
distribution amount due to the class L certificates.  Based on
S&P's recent discussion with the special servicer, the Jamestown
Mall loan was recently resolved through a discounted payoff.
As a result of the DPO, S&P expects a principal loss to the class
L certificates, which may be reflected as early as in the May 2009
trustee remittance report.

The affirmation of the rating on the class K certificates follows
S&P's analysis of the Jamestown Mall loan.  At this time, S&P
believes that there is adequate credit enhancement available to
support the current rating on the class K certificates.

The Jamestown Mall loan, secured by 320,274 sq. ft. of in-line
space within a 1.1 million-sq.-ft. regional mall in Florissant,
Missouri, has a trust balance of $3.4 million and a whole-loan
balance of $5.1 million.  This loan was transferred to the special
servicer, CT Investment Management Co. LLC, on April 18, 2008, due
to a maturity default.  As of Dec. 31, 2008, net operating income
had declined 30% since 2007, and occupancy at the property was
57%.  S&P expects the property's performance to continue to
deteriorate, as tenants occupying 19% of the gross leasable area
have given notice to terminate their leases this year, which will
bring occupancy down to 38%.  The shadow anchors, Dillard's and
Sears, have since vacated the premises, while Macy's and
JCPenney's are the two remaining shadow anchors.

       Rating Lowered And Removed From Creditwatch Negative

           Citigroup Commercial Mortgage Trust 2004-FL1
          Commercial mortgage pass-through certificates

                 Rating
                 ------
   Class       To       From            Credit enhancement (%)
   -----       --       ----            ----------------------
   L           D        BB/Watch Neg                       N/A

      Ratings Affirmed And Removed From Creditwatch Negative

          Citigroup Commercial Mortgage Trust 2004-FL1
          Commercial mortgage pass-through certificates

                    Rating
                    ------
    Class          To    From            Credit enhancement (%)
    -----          --    ----            ----------------------
    K              BBB+  BBB+/Watch Neg                   91.43
    X-2GMAC        AAA   AAA/Watch Neg                      N/A
    X-3GMAC-MULTI  AAA   AAA/Watch Neg                      N/A

                      N/A -- Not applicable.


CITIGROUP MORTGAGE: Moody's Cuts Ratings on 20 Certificates
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 20
certificates issued in 3 resecuritized transactions.

The certificates in the resecuritizations are backed by one or
more securities which in turn are backed by residential mortgage
loans.  These rating actions have been triggered by changes in
Moody's ratings on the underlying residential mortgage-backed
securities (underlying securities).  The rating on the
certificates in the resecuritization is based on:

(i) The updated expected loss of the pool of loans backing the
underlying securities portfolio and the updated ratings on the
underlying securities portfolio

(ii) The available credit enhancement on the underlying securities
and

(iii) The structure of the resecuritization transaction and the
presence of certificate insurance if any.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

The ratings on the underlying securities are used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations.  Weights are
assigned to each Rating Factor based on the contribution (by
current balance) of the underlying security to the resecuritized
transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings of the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are arrived at after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued the weighted average portfolio rating as
    determined in step 1 is the rating assigned to the
    tranche.  Where multiple securities are issued the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e. the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as that for the lowest rated
underlying certificate.  However, Moody's anticipates a higher
loss severity on the junior   -- Class due to its subordinate
position (both in terms of principal distribution and loss
allocation), and smaller size (when compared to underlying
certificate).  Therefore, the ratings on junior certificates in
the resecuritization are lower than the portfolio rating of the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the rating of the underlying certificate and its
mortgage pool performance, any rating action on the underlying
certificate may trigger a further review of the ratings on the
certificates in the resecuritization.  As a result, any further
change in the ratings on the underlying securities will trigger
further analysis of the ratings on the resecuritization
certificates.  The ratings on the certificates in the
resecuritization address the ultimate payment of promised interest
and principal and do not address any other amounts that may be
payable on the certificates.

Complete Rating Action are;

Citigroup Mortgage Loan Trust 2007-11

  -- Cl. I-A-1, Downgraded to Caa1; previously on 12/3/2007
     Assigned Aaa

  -- Cl. I-A-1B, Downgraded to Ca; previously on 12/3/2007
     Assigned Aa1

  -- Cl. I-A-2, Downgraded to Caa1; previously on 12/3/2007
     Assigned Aaa

  -- Cl. I-A-3, Downgraded to Ca; previously on 12/3/2007 Assigned
     Aa1

  -- Cl. I-A-4, Downgraded to B3; previously on 12/3/2007 Assigned
     Aaa

  -- Cl. I-A-5, Downgraded to Ca; previously on 12/3/2007 Assigned
     Aaa

Citigroup Mortgage Loan Trust 2007-9

  -- Cl. I-A-1, Downgraded to Caa2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ca; previously on 11/14/2008 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Caa2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Caa2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Caa2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to Caa2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to Caa2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to Caa2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Caa1; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-12, Downgraded to Ca; previously on 11/14/2008 Aa1
     Placed Under Review for Possible Downgrade

Citigroup Mortgage Loan Trust 2008-RR1

  -- Cl. A-1A1, Downgraded to A2; previously on 6/9/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1A2, Downgraded to Caa3; previously on 6/9/2008 Aaa
     Placed Under Review for Possible Downgrade


CLARK ATLANTA: Moody's Affirms 'Ba1' Rating on $19 Mil. Bonds
-------------------------------------------------------------
Moody's Investors Service has affirmed its Ba1 rating on Clark
Atlanta University's $19 million of Series 1995 Revenue Bonds.
The rating carries a stable outlook.  The bonds were issued
through the Development Authority of Fulton County.

Legal Security: General obligation secured by certain unrestricted
revenues and a mortgage on the 1995 student housing facility.
Debt service reserve fund.  Additional bonds tests.

Interest Rate Derivatives: None.

                            Strengths

* Solid market niche as a historically black institution with an
  applied studies and research focus with net tuition per student
  of $12,837 in fiscal year 2008.  While full-time equivalent
  enrollment has continued to edge downward to 3,819 students in
  the fall of 2008 from 4,253 in the fall of 2006, overall net
  tuition revenue has grown, increasing 7% in FY 2007 and 2% in FY
  2008.  Management reports that confirmed students for next
  fall's entering undergraduate and graduate classes are running
  slightly ahead of last year.  Revenue diversity is aided by
  research enterprise with $9.4 million in research expenses in FY
  2008.

* Improved operating performance resulting from past program cuts
  and careful expense control.  Moody's calculation of average
  operating performance of 3.7% at the end of fiscal year 2008
  proves sharp contrast to the -6.1% average at the end of 2004.
  Cash flow from operations supported 1.6 times debt service
  coverage in FY 2008.  Early in calendar year 2009, the
  University terminated the employment of approximately 50 faculty
  members and 30 staff members, signaling an ongoing commitment to
  balanced operations.

* Clear management focus on information systems and processes with
  a goal of responding to prospective students quickly and
  efficiently.  The information technology focus should also
  enhance the University's abilities around donor cultivation,
  faculty resource utilization decisions, and other key management
  responsibilities.

* Substantial, even if reduced, donor support with gift revenue
  averaging $8.5 million over the last three years.

* Conservative debt structure with no put risk.  While the
  University has some variable rate debt, it is all under The
  Historically Black College and University Capital Financing
  Program with interest costs near to short term U.S. Treasury
  rates and no put risk.

                           Challenges

* Competitive market environment for students as indicated in 22%
  yield rate for the fall 2008 freshmen class for tuition-
  dependent university (student charges provided 72% of operating
  revenues in FY 2008).  Economic climate could drive some
  potential students to seek lower cost alternatives including
  public universities.

* Thin financial resource base relative to debt and operations.
  At the end of FY 2008, expendable financial resources of $28.9
  million cushions $49.6 million of pro forma direct debt by 0.6
  times and 33% of annual operating expenses.  Comprehensive debt
  (which includes $56.5 million of indirect debt including $50
  million of indirect student housing debt as well as Clark
  Atlanta's share of energy services contract related debt) is
  cushioned just 0.3 times by expendable resources.  Assuming a
  30% reduction in expendable financial resources from investment
  losses and endowment spending, reduced expendable financial
  resources cushion pro forma direct debt 0.4 times.

* Significant capital needs on campus which has had constrained
  resources to invest in its plant, with age of plant at 10.6
  years.  The University has borrowed an additional approximately
  $10 million in the current fiscal year to finance housing
  facility improvements.  The additional debt was issued under The
  Historically Black College and University Capital Financing
  Program.

Recent Developments:

Through the end of April the University reports an approximately -
26% return on its endowment assets.  As of May 11, 2009 the asset
allocation (with a lag on alternative investment valuations) was
65% global equities, 22% fixed income, 8% alternatives, and 4%
cash.  Moody's view manager concentration as a potential credit
risk as one domestic equity manager holds 38% of assets (as of May
11, 2009), one fixed income manager holds 19% of assets and
another domestic equity manager with nearly 12% of assets.

                             Outlook

The stable outlook is based on Moody's expectation that the
University will continue to generate solid debt service coverage
from operations.  Moody's expect the recent trend of gradual
growth in net tuition revenue and continued emphasis on cost
containment to continue.  Moody's stable outlook is also based on
the expectation of no additional borrowing plans.

                What Could Change the Rating - UP

Growth in financial resources through fundraising, sponsored
programs and operating surpluses; limited future borrowing; and
improvement in student market position.

               What Could Change the Rating - DOWN

Decline in net tuition revenue; ongoing decline in financial
resources or debt service coverage.

Key Indicators (Fall 2008 enrollment, FY 2008 Financial
Information):

* Numbers in parentheses estimate the impact of a 30% decline in
  financial resources

* Full-time equivalent enrollment: 3,819 students

* Selectivity rate: 57%

* Matriculation rate: 22%

* Expendable Resources to pro forma Direct Debt: 0.6 times (0.4
  times)

* Expendable Resources to pro forma Comprehensive Debt: 0.3 times
  (0.2 times)

* Total financial resources: $48.6 million ($34.1 million)

* Total pro forma Direct Debt: $49.6 million

* Expendable financial resources to operations: 0.33 times (0.23
  times)

* Average operating margin: 3.7%

* Average debt service coverage: 2.0 times

* Operating Revenues: $90.8 million

Rated Debt:

  -- Series 1995 Revenue Bonds: Ba1; insured by Ambac (Connie Lee)
     with current financial strength rating of Ba3 with a
     developing outlook

The last rating action on the Series 1995 Bonds was on December
21, 2006 when the rating was upgraded to Ba1 from Ba2.


CONSECO FINANCE: Fitch Affirms 'C/RR6' Ratings on Three Notes
-------------------------------------------------------------
Fitch Ratings affirms Conseco Finance Vehicle Trust 2000-B:

  -- Class M-1 notes affirmed at 'C/RR6';
  -- Class M-2 notes affirmed at 'C/RR6';
  -- Class B notes affirmed at 'C/RR6'.

The recovery rating changes reflect reduction in collateral Fitch
expects will be available to support each class in the
transaction.  Anticipated recoveries are determined by Fitch's
cash flow model and consider stressed remaining losses, prepayment
rates, recovery rates, and unique structural characteristics, etc.
The trust is backed by sales contracts and loan agreements secured
by commercial trucks and trailers made by Conseco Finance Corp.
The loans are now serviced by the indentured trustee U.S. Bank,
N.A.

Recovery Ratings are issued on a scale of 'RR1' (highest) to 'RR6'
(lowest) to denote the range of recovery prospects given a
currently distressed or defaulted security.


CORTS TRUST: Moody's Cuts Ratings on $57.380 Mil. Certs. to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service downgraded its ratings of $57,380,000
principal amount of CorTS(R) Class A Certificates and $57,380,000
aggregate notional amount of CorTS(R) Class B Certificates issued
by CorTS Trust For Weyerhaeuser Company Debentures.

The rating actions are :

Class Description: $57,380,000 principal amount of CorTS(R) Class
A Certificates

  -- Current Rating: Ba1
  -- Prior Rating: Baa2 on review for possible downgrade
  -- Prior Rating Date: 02/19/09

Class Description: $57,380,000 aggregate notional amount of
CorTS(R) Class B Certificates

  -- Current Rating: Ba1
  -- Prior Rating: Baa2 on review for possible downgrade
  -- Prior Rating Date: 02/19/09

The transaction is a structured note whose ratings change with the
ratings of the Underlying Debentures.  The rating actions are a
result of the change of the rating 7.375% Debentures due March 15,
2032 issued by Weyerhaeuser Company which were downgraded on May
6, 2009.


CTS HOME: Moody's Downgrades Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
classes and confirmed the rating of four class of notes issued by
CTS Home Equity Loan Trust and CTS Adjustable Rate Mortgage Trust.
Moody's Investors Service has also confirmed the ratings of three
classes of notes and upgraded two classes of notes issued by Mego
Mortgage FHA Title I Loan Trust.  The securities are supported by
insurance policies issued by MBIA Insurance Corporation.

The current ratings on the securities are consistent with Moody's
practice of rating insured securities at the higher of (1) the
guarantor's insurance financial strength rating and (2) the
underlying rating, based on Moody's modified approach to rating
structured finance securities wrapped by financial guarantors.

As part of evaluating the current ratings for the securities,
Moody's Investors Service also reviewed the underlying ratings.
The underlying ratings reflect the intrinsic credit quality of the
securities in the absence of the guarantee.

The underlying ratings on the securities are based on the
methodology applied to all transactions with small pool factors.
Moody's defines low pool factor deals as those that meet one of
these two criteria: (1) the outstanding collateral balance is less
than $1 million, and the pool factor is less than 5% or (2) the
pool has fewer than 50 loans remaining

First, gross defaults are determined by applying assumed lifetime
roll-rates (probabilities of transition to default) to the
transactions' current delinquency buckets ("delinquency pipeline")
and a pipeline multiplier.  The pipeline multiplier accounts for
further possible defaults that might arise from borrowers that are
current.  The pipeline multiplier differs for each deal based on
the number of loans remaining in the pool - greater the number of
loans remaining the higher the multiplier.  The estimated defaults
are subject to a floor -- a minimum default.  The minimum default
also differs based on the number loans remaining in the pool.  The
fewer the number of loans remaining in the pool the higher the
minimum default since each loan represents a higher percentage of
the pool.

The final default number is then multiplied by expected loss
severity to arrive at Moody's expected loss estimate.  Loss
severity also differs by transaction and is higher for more recent
vintages.

Complete rating action:

CTS Adjustable Rate Mortgage Trust 1994-2

  -- Class A, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

CTS Home Equity Loan Trust 1993-4

  -- Class A, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

  -- Class S, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

CTS Home Equity Loan Trust 1995-1

  -- Class A, Downgraded to Ba1; previously on 11/16/2008 A2
     Placed Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

CTS Home Equity Loan Trust 1995-2

  -- Class A, Downgraded to Ba3; previously on 11/16/2008 A2
     Placed Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

  -- Class S, Downgraded to Ba3; previously on 11/16/2008 A2
     Placed Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

CTS Home Equity Loan Trust 1996-1

  -- Class A, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

Issuer: Mego Mortgage FHA Title I Loan Trust 1996-1

  -- Class S, Confirmed at A2; previously on 11/16/2008 Placed
     Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

Issuer: Mego Mortgage FHA Title I Loan Trust 1996-2

  -- Class S, Confirmed at A2; previously on 11/16/2008 Placed
     Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

Issuer: Mego Mortgage FHA Title I Loan Trust 1996-3

  -- Class IS, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

  -- Class IIA, Upgraded to Aaa; previously on 11/16/2008 A2
     Placed Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

  -- Class IIS, Upgraded to Aaa; previously on 11/16/2008 A2
     Placed Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)


DA VINCI: S&P Downgrades Ratings on Three Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
classes from the Da Vinci Synthetic PLC securitization.  The
ratings remain on CreditWatch with negative implications, where
they were placed on June 12, 2008, due to the pending auction
liquidation sale of certain regional jets that secure Alitalia
reference obligations in this securitization.

The downgrades primarily reflect S&P's view of ongoing declines in
the value of the transaction's reference aircraft portfolio,
weakened financial and liquidity outlooks of some of the airlines
in the portfolio, and the Jan. 28, 2009, credit event notice due
to Alitalia's August 2008 bankruptcy filing.  Furthermore, S&P
believes the deepening global economic downturn will continue to
pressure the value of the reference portfolio and the airline
industry and, and in S&P's view, could further lessen the credit
quality of the airlines in the pool of reference obligations.

Some of the planes in the portfolio, particularly MD80s, 50-seat
regional jets, B737-300s, and B737-500s, representing
approximately 19% of the transaction's reference portfolio, have
depreciated faster than originally anticipated because of their
lower fuel-efficiency compared with many other models.

The eight ERJ 145 Alitalia aircraft collateral, representing 15.8%
of the reference obligations, are currently being offered for sale
through auction liquidation.  Weakened demand for this type of
regional jet, near-term aircraft maintenance checks, and a
potential distressed sale would, in S&P's view, substantially
depress the sale proceeds and subsequent recovery for the
associated loans in the portfolio.

Though the sale of the Alitalia collateral will likely reduce
available credit enhancement to class A notes in this transaction,
S&P believes the projected remaining credit enhancement, in the
form of subordination, will be adequate to support these notes at
the 'BBB' rating.  This transaction, unlike a typical ABS aircraft
securitization backed by operating leases, benefits from the loan
amortization in the reference portfolio, which, in general,
exceeds the depreciating value of the aircraft, effectively de-
leveraging the loan portfolio over time.  Therefore, the exposure
to potential loss during amortization period decreases over the
time, even with significant stresses applied to the value of the
aircraft.  The portfolio will reach the end of its revolving
period on the Dec. 20, 2009, final replenishment date, at which
time it will amortize down going forward.

Standard & Poor's will continue to review the ratings remaining on
CreditWatch and take additional rating actions as appropriate.

         Ratings Lowered; Remain On Creditwatch Negative

                     Da Vinci Synthetic PLC

                                 Rating
                                 ------
         Class          To                  From
         -----          --                  ----
         A              BBB/Watch Neg       A/Watch Neg
         B              BB-/Watch Neg       BBB/Watch Neg
         C              CCC/Watch Neg       BB+/Watch Neg


DELTA FUNDING: Moody's Downgrades Ratings on 24 Securities
----------------------------------------------------------
Moody's Investors Service has downgraded the rating of 24
securities from 13 transactions issued by Delta
Funding/Renaissance.  These actions are part of an ongoing review
of subprime RMBS transactions.  In addition, Moody's corrected the
rating for the class A-1A tranche of Delta Funding Home Equity
Loan Trust 1999-1.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
effected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 30% to
70%.  The results of these two calculations - Recent Losses and
Pipeline Losses - are weighted to arrive at the lifetime
cumulative loss projection.

Moody's Investors Service also reviewed underlying ratings of
insured certificates.  The underlying rating reflects the
intrinsic credit quality of the certificate in the absence of the
guarantee.  The current ratings are consistent with Moody's
practice of rating insured securities at the higher of the
guarantor's insurance financial strength rating and the underlying
rating based on Moody's modified approach to rating structured
finance securities wrapped by financial guarantors.

Moody's Investors Service also has corrected the rating of the
class A-1A tranche of Delta Funding Home Equity Loan Trust 1999-1
to Aa2.  This is a change from the B3 rating announced on June 18,
2008, in which Moody's did not account for the full subordination
available to the class A-1A tranche.  In making this correction,
Moody's has applied appropriate subordination for the
aforementioned senior note.

The class A-1A tranche of Delta Funding Home Equity Loan Trust
1999-1 has the benefit of a financial guarantee policy issued by
MBIA Insurance Corporation.  MBIA was rated Aaa under review for
possible downgrade on June 4, 2008.  On June 19, 2008 MBIA was
downgraded to A2 with a negative outlook, and was subsequently
downgraded to Baa1 with a developing outlook on November 7, 2008.
On February 18, 2009 MBIA was downgraded to B3 with a developing
outlook.  The corrected rating therefore reflects the higher
underlying rating of this insured security.

The complete rating actions:

Delta Funding Home Equity Loan Trust 1996-1

  -- Cl. A-7, Downgraded to A3; previously on 6/19/2008 Downgraded
     to Aa2

  -- Current Underlying Rating: Downgraded to A3; previously on
     6/18/2008 Assigned Aa2

  -- Financial Guarantor: MBIA Insurance Corporation (Assigned B3,
     Outlook Developing on 2/18/2009)

Delta Funding Home Equity Loan Trust 1996-2

  -- Cl. A-5, Downgraded to Ba1; previously on 2/18/2009
     Downgraded to Baa2

  -- Current Underlying Rating: Downgraded to Ba1; previously on
     6/18/2008 Assigned Baa2

  -- Financial Guarantor: MBIA Insurance Corporation (Assigned B3,
     Outlook Developing on 2/18/2009)

Delta Funding Home Equity Loan Trust 1997-3

  -- Cl. B-1F, Downgraded to Caa2; previously on 6/13/2006
     Downgraded to B3

Delta Funding Home Equity Loan Trust 1999-1

  -- Cl. A-1A, Corrected to Aa2; previously on 2/18/2009
     Downgraded to B3

  -- Current Underlying Rating: Corrected to Aa2; previously on
     6/18/2008 Assigned B3

  -- Financial Guarantor: MBIA Insurance Corporation (Assigned B3,
     Outlook Developing on 2/18/2009)

  -- Cl. B, Downgraded to B3; previously on 3/30/1999 Assigned
     Baa3

DFC HEL Trust 2001-2

  -- Cl. M-1, Downgraded to A3; previously on 3/20/2009 Downgraded
     to A1 and Placed Under Review for Possible Downgrade

Renaissance Home Equity Loan Trust 2002-1

  -- Cl. M-2, Downgraded to Caa1; previously on 7/30/2007
     Downgraded to Baa2

  -- Cl. B, Downgraded to C; previously on 7/30/2007 Downgraded to
     Caa2

Renaissance Home Equity Loan Trust 2002-2

  -- Cl. M-1, Downgraded to Aa3; previously on 2/1/2008 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Baa3; previously on 2/1/2008 A2 Placed
     Under Review for Possible Downgrade

Renaissance Home Equity Loan Trust 2002-3

  -- Cl. M-2, Downgraded to Baa2; previously on 2/1/2008 A2 Placed
     Under Review for Possible Downgrade

Renaissance Home Equity Loan Trust 2002-4

  -- Cl. M-2, Confirmed at A2; previously on 2/1/2008 A2 Placed
     Under Review for Possible Downgrade

Renaissance Home Equity Loan Trust 2003-1

  -- Cl. M-1, Downgraded to Aa2; previously on 7/30/2007 Upgraded
     to Aaa

  -- Cl. B-F, Downgraded to Ba1; previously on 6/4/2003 Assigned
     Baa2

Renaissance Home Equity Loan Trust 2004-2

  -- Cl. M-8, Downgraded to Baa3; previously on 8/19/2004 Assigned
     Baa2

  -- Cl. M-9, Downgraded to Ba3; previously on 8/19/2004 Assigned
     Baa3

Renaissance Home Equity Loan Trust 2004-3

  -- Cl. M-6, Downgraded to Baa2; previously on 11/30/2004
     Assigned A3

  -- Cl. M-7, Downgraded to Baa3; previously on 11/30/2004
     Assigned Baa1

  -- Cl. M-9, Downgraded to B3; previously on 4/16/2008 Downgraded
     to Ba3

Renaissance Home Equity Loan Trust 2004-4

  -- Cl. MF-8, Downgraded to Baa3; previously on 1/27/2005
     Assigned Baa2

  -- Cl. MF-9, Downgraded to Ba1; previously on 1/27/2005 Assigned
     Baa3

  -- Cl. MV-1, Downgraded to A3; previously on 1/27/2005 Assigned
     Aa2

  -- Cl. MV-2, Downgraded to B2; previously on 1/27/2005 Assigned
     A2

  -- Cl. MV-3, Downgraded to Ca; previously on 4/16/2008
     Downgraded to Ba2

  -- Cl. MV-4, Downgraded to C; previously on 4/16/2008 Downgraded
     to Caa3


DEKANIA CDO I: A.M. Best Removes "bb" Ratings From Under Review
---------------------------------------------------------------
A.M. Best Co. has removed from under review with negative
implications and taken other rating actions on senior and
mezzanine notes of multi-tranche collateralized debt obligations
(CDO) co-issued by two bankruptcy remote special purpose vehicles,
Dekania CDO I, Ltd. (Grand Cayman, Cayman Islands) and Dekania CDO
I, Inc. (Delaware) (together known as issuers).  The outlook
assigned to the senior tranches is stable, while the outlook
assigned to all other tranches is negative.

The $248.5 million principal balance of the rated notes are
collateralized by a pool of trust preferred securities, surplus
notes and secondary market securities (collectively, the capital
securities) primarily issued by small to medium-sized U.S.
insurance entities. The current balance of the capital securities
total $261 million, a reduction of $39 million from the original
amount.  The capital securities are pledged as security to the
notes.  Interest paid by the U.S. insurance entities, the issuers
of the capital securities, is the primary source of funds to pay
operating expenses of the issuer and interest on the notes.
Repayment of the note principal will be primarily sourced from the
redemption of the capital securities either during the term or at
the legal maturity date of the notes.

Major considerations in rating the notes included collateral
default risk and associated recoveries, structural protection
through the "waterfall" and other mechanisms, counterparty swaps
protection, legal documentation and ongoing monitoring of the
transaction.

These rating actions take into consideration and reflect: (1)
"defaulted securities" and capital securities in deferred interest
mode, (2) capital securities redemption activity, (3) increased
stress upon the credit support/enhancement mechanisms of the
transaction and (4) movement of the issuer credit ratings of the
individual insurance companies in the pool. Collection of both
principal and outstanding unpaid interest on "defaulted
securities" is less than certain and will reduce the amount of
cash flow available to service liabilities of the issuers. As a
result, subordination levels -- credit support/enhancement for the
various individual debt tranches -- are under stress, subjecting
the lower rated tranches to greater risk. In addition, rising
defaults and early redemption activity decrease the availability
of excess spread (i.e., interest not directed towards specific
payments), which also is a credit enhancement to the various
tranches of debt.

These debt ratings have been affirmed, removed from under review
with negative implications and assigned a stable outlook:

Dekania CDO I --
   -- "aaa" on $90.8 million Class A-1 first priority senior
secured floating rate notes, due 2034

   -- "aaa" on $69.0 million Class A-2 second priority senior
secured floating rate notes, due 2034

These debt ratings have been downgraded, removed from under review
with negative implications and assigned a negative outlook:

Dekania CDO I --
   -- to "aa-" from "aa" on $40.0 million Class B third priority
senior secured floating rate notes, due 2034

   -- to "bb" from "a-" on $6.0 million Class C-1 fourth priority
secured floating rate notes, due 2034

   -- to "bb" from "a-" on $30.0 million Class C-2 fourth priority
secured fixed/floating rate notes, due 2034

   -- to "bb-" from "bbb" on $12.7 million Class D mezzanine
secured floating rate notes, due 2034


DEUTSCHE MORTGAGE: Moody's Downgrades Ratings on 20 Certificates
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 20
certificates issued in 5 resecuritized transactions.

The certificates in the resecuritizations are backed by one or
more securities which in turn are backed by residential mortgage
loans.  These rating actions have been triggered by changes in
Moody's ratings on the underlying residential mortgage-backed
securities (underlying securities).  The rating on the
certificates in the resecuritization is based on:

(i) The updated expected loss of the pool of loans backing the
underlying securities portfolio and the updated ratings on the
underlying securities portfolio

(ii) The available credit enhancement on the underlying securities
and

(iii) The structure of the resecuritization transaction and the
presence of certificate insurance if any.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

The ratings on the underlying securities are used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations.  Weights are
assigned to each Rating Factor based on the contribution (by
current balance) of the underlying security to the resecuritized
transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings of the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are arrived at after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued the weighted average portfolio rating as
    determined in step 1 is the rating assigned to the
    tranche.  Where multiple securities are issued the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e. the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as that for the lowest rated
underlying certificate.  However, Moody's anticipates a higher
loss severity on the junior   -- Class due to its subordinate
position (both in terms of principal distribution and loss
allocation), and smaller size (when compared to underlying
certificate).  Therefore, the ratings on junior certificates in
the resecuritization are lower than the portfolio rating of the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the rating of the underlying certificate and its
mortgage pool performance, any rating action on the underlying
certificate may trigger a further review of the ratings on the
certificates in the resecuritization.  As a result, any further
change in the ratings on the underlying securities will trigger
further analysis of the ratings on the resecuritization
certificates.  The ratings on the certificates in the
resecuritization address the ultimate payment of promised interest
and principal and do not address any other amounts that may be
payable on the certificates.

Complete Rating Actions are:

Deutsche ALT-A Sec Inc Re-Remic Tr 2007-RS1

  -- Cl. A-1, Downgraded to Ba2; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba3; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

Deutsche Alt-A Secs Inc Resec Tr 2007-2R

  -- Cl. 1-A-1, Downgraded to Ba2; previously on 8/2/2007 Assigned
     Aaa

Deutsche Mtge Sec, Inc. REMIC Trust 2008-RS1

  -- Cl. 3-A-1, Downgraded to Caa1; previously on 6/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to C; previously on 6/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to C; previously on 6/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-X, Downgraded to C; previously on 6/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Caa1; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to C; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to C; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-X, Downgraded to C; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

Deutsche Mtge Sec, Inc. REMIC Trust 2008-RS3

  -- Cl. A-1, Downgraded to Caa2; previously on 6/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on 6/13/2008 Aaa Placed
     Under Review for Possible Downgrade

Deutsche Mtge Sec, Inc. Re-REMIC Tr 2007-RS8

  -- Cl. 1-A-1, Downgraded to B3; previously on 12/27/2007
     Assigned Aaa

  -- Cl. 1-A-2, Downgraded to C; previously on 12/27/2007 Assigned
     Aaa

  -- Cl. 1-A-X, Downgraded to C; previously on 12/27/2007 Assigned
     Aaa

  -- Cl. 3-A-1, Downgraded to Caa1; previously on 12/1/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to C; previously on 12/1/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-X, Downgraded to C; previously on 12/1/2008 Aaa
     Placed Under Review for Possible Downgrade


DUKE FUNDING: Fitch Downgrades Ratings on Six Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded six and affirmed four classes of
notes issued by Duke Funding High Grade III, Ltd.:

  -- $423,832,167 class A-1A downgraded to 'CCC' from 'BB';

  -- $1,248,560,826 class A-1B1 downgraded to 'CCC' from 'BB';

  -- $1,248,560,826 class A-1B2 (IO) downgraded to 'CCC' from
     'BB';

  -- $102,000,000 class A-2 downgraded to 'CC' from 'B';

  -- $8,000,000 class B-1 downgraded to 'C' from 'CCC';

  -- $8,000,000 class B-2 downgraded to 'C' from 'CCC';

  -- $45,914,539 class C-1 affirmed at 'C';

  -- $46,006,372 class C-2 affirmed at 'C';

  -- $13,005,388 class D affirmed at 'C';

  -- $19,151,849 subordinated affirmed at 'C'.

Fitch has also removed the class A-1A, A-1B1, A1B2, and A-2 notes
from Rating Watch Negative.

The rating actions to the notes are the result of the negative
credit migration within the underlying portfolio, driven by the
weak performance of U.S. residential mortgage-backed securities.
The rating actions also reflect Fitch's recently adjusted view of
default and recovery rate assumptions for structured finance
collateralized debt obligations.

Since the last rating action in May 2008, the portfolio
experienced further negative credit migration within the
portfolio.  Approximately 73% of the portfolio has been downgraded
a weighted average of 8.5 notches.  Assets rated below investment
grade comprise 57.5% of the current portfolio, as compared to
16.3% at the time of the last rating action, of which assets rated
'CCC' and below comprise 36.6% of the current portfolio, up from
8.7% at the last review.

Consequently, the extensive collateral deterioration within the
portfolio, attributed to the weak performance of the subprime and
Alternative-A RMBS bonds, led to an event of default and
acceleration of the transaction.  Duke III declared an EOD on Dec.
12, 2008, following a drop of the class A overcollateralization
ratio to below 100%.  As of the latest Trustee report dated Feb.
25, 2009, the class A/B OC ratio is 76.1%, versus its trigger of
104.0%.  As a remedy to the EOD, on Jan. 28, 2009, the majority of
the class A-1A, A-1B1, and A1B2 (class A-1) noteholders elected to
accelerate the transaction.  Since the February 2009 distribution
date, all collected interest proceeds have been used to pay
transaction related fees and expenses, including management fees,
to satisfy hedge counterparty payments, if any due for the period,
and to pay current interest due on the class A-1 and A-2 notes.
The remaining interest proceeds, if any, have been transferred to
the principal collection account and used to amortize the class A-
1 notes until their principal is paid in full.

While the class A-1 notes benefit from the acceleration, the
overall impact will be marginal given the large outstanding
balance of the class A-1 notes relative to the entire capital
structure.  On the last payment date, $12.1 million, or 0.7%, of
the outstanding principal of class A-1 notes was paid down
bringing its collective balance to approximately $1.7 billion, or
87.4% of the current capital structure.  To date, $77.6 million,
or approximately 4.4%, of the original principal balance of class
A-1 notes has been amortized.  Interest on the class A-1 notes is
paid monthly while distributions of the principal are made
quarterly.  Fitch expects the class A-1 notes to continue
receiving their monthly interest payments in the foreseeable
future; however, it projects that only a portion of their
principal balance will be repaid by the stated maturity date in
August 2049.

On the Feb. 2, 2009 distribution date, the class A-2 notes
received $939,420 in interest.  Fitch expects the notes to
continue receiving their interest payments in the future.
Nevertheless, given the amount of the class A-1 notes that remains
outstanding, the composition and performance of the portfolio, the
notes are projected to experience a full loss of their principal.

As a result of the acceleration, interest due on the class B-1 and
B-2 notes began deferring on the Feb. 2, 2009 payment date and
will continue to do so until the principal of the class A-1, and
then class A-2 notes, is paid in full.  The class B-1 and B-2
notes are third in order of repayment priority therefore Fitch
does not expect the class B notes to receive any of its deferred
interest or any future principal payments.

Interest payments to the class C-1 and C-2 notes, as well as to
the class D notes, have been paid-in-kind since March 2008,
whereby the principal balance of the notes has been written up by
the amount of interest owed.  Fitch expects the class C-1, C-2 and
D notes to receive no further interest or principal distribution
in the future.

The subordinated notes have not received any additional
distributions since the November 2007 quarterly distribution date
on which the notes received a payment of $1.1 million.  As the
most junior class of notes in the capital structure, the
subordinated notes are not expected to receive any distributions
going forward.

Duke III is a cash flow CDO that closed on Aug. 3, 2005 and is
managed by Duke Funding Management, LLC.  The portfolio comprises
primarily U.S. RMBS bonds of the 2005, 2006, and 2007 vintages.
Currently, approximately 44.2% of the current portfolio consists
of subprime RMBS; Alt-A RMBS assets represent 49.7% of the total
portfolio balance The remaining 9.7% of the portfolio is composed
of prime RMBS (5.2%), Manufactured Housing RMBS bonds (0.5%), and
one Real Estate CDO (0.5%).

These rating actions resolve the 'Under Analysis' status issued on
Oct. 14, 2008 following Fitch's announcement of its proposed
criteria revision for analyzing SF CDOs.  The revised criteria
report, 'Global Rating Criteria for Structured Finance CDOs' was
published in its final form on Dec. 16, 2008 along with an updated
version of the Fitch Portfolio Credit Model that includes
additional functionality for analyzing SF CDOs.  As part of this
review, Fitch makes standard adjustments for any names on Rating
Watch Negative or with a Negative Outlook, downgrading such
ratings for default analysis purposes by three and one notches,
respectively.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


DVI RECEIVABLES: Fitch Takes Rating Actions on Various Notes
------------------------------------------------------------
Fitch Ratings takes these actions on the long-term and Distressed
Recovery ratings for the DVI transactions:

DVI Receivables XIV LLC, Series 2001-1

  -- Class A-4 notes downgraded to 'D/RR3' from 'CC/DR2';
  -- Class B notes downgraded to 'D/RR6' from 'C/DR5';
  -- Class C, D, and E notes downgraded to 'D/RR6' from 'C/DR6'.

DVI Receivables XVI LLC, Series 2001-2

  -- Class A-3 notes downgraded to 'D/RR6' from 'CC/DR5';
  -- Class A-4 notes downgraded to 'C/RR6' from 'CC/DR5';
  -- Class B, C, D, and E notes revised to 'C/RR6' from 'C/DR6'.

DVI Receivables XVII LLC, Series 2002-1

  -- Class A-3a and A-3b notes downgraded to 'C/RR6' from
     'CC/DR5';

  -- Class B, C, D, and E notes revised to 'C/RR6' from 'C/DR6'.

DVI Receivables XVIII LLC, Series 2002-2

  -- Class A-3a and A-3b notes revised to 'CCC/RR2' from
     'CCC/DR1';

  -- Class B notes downgraded to 'C/RR6' from 'CC/DR4';

  -- Class C, D, and E notes revised to 'C/RR6' from 'C/DR6'.

DVI Receivables XIX LLC, Series 2003-1

  -- Class A-3a and A-3b notes revised to 'CC/RR5' from 'CC/DR4';

  -- Class B, C-1, C-2, D-1, D-2, E-1, and E-2 notes revised to
     'C/RR6' from 'C/DR6'.

Fitch's actions are based on continued loan performance
deterioration as reflected in the servicer reports dated April 13,
2009.  While recent recoveries from previously defaulted obligors
have provided nominal benefit to the senior notes, Fitch remains
concerned with the high level of delinquencies in each
transaction.  Utilizing default and recovery assumptions
consistent with historical DVI securitization performance, Fitch
ran a series of cash flow runs for each transaction to determine
the appropriate rating movements, if any.

Classes which have not received their full principal payment as of
their stated maturity date constitute an indenture event of
default and were downgraded to 'D', consistent with Fitch's rating
definitions detailed in 'Definitions of Ratings and Other Scales'
published on March 3, 2009.

Fitch will continue to closely monitor performance of the
transactions, will have regular contact with the servicer, US Bank
Portfolio Services, and may raise, lower or withdraw ratings as
appropriate.


EMC MORTGAGE: Moody's Downgrades Ratings on Four Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
tranches issued in two transactions from the EMC Mortgage Loan
Trust shelf.  The collateral backing each tranche consists
primarily of first lien adjustable-rate and fixed-rate "scratch
and dent" mortgage loans.  Scratch and dent loans in the EMC shelf
include loans with missing original notes replaced with a lost
note affidavit, called loans, loans under a bankruptcy plan, loans
with previous serious delinquency history and loans with current
delinquency issues.

The actions are triggered by higher than anticipated delinquency
levels and severity of loss as well as slower than anticipated
voluntary prepayments, resulting in higher updated loss
expectation for the underlying collateral and lower coverage for
the rated debt given available credit enhancement.

The ratings on the securities are monitored by evaluating factors
determined to be applicable to the credit profile of the
securities, such as i) the nature, sufficiency, and quality of
historical performance information regarding the asset class ii)
an analysis of the collateral being securitized, iii) an analysis
of the transaction's allocation of collateral cash flow and
capital structure, and (iv) a comparison of these attributes
against those of other similar transactions.

General loss estimation methodology is outlined.

For seasoned vintages (before 2005), Moody's calculates estimated
losses for Scratch and Dent RMBS:

  -- Current delinquencies are used to project pipeline losses.

  -- Annual roll rates are assumed at 0% for 30 days, 15% for 60
     days, 30% for 90 days, 65% for foreclosures and 90% for REO.

  -- Severities used are higher of 65% or actual historical
     severity for each transaction.

  -- Loss is calculated for the previous year. Expected annual
     loss is then derived from a weighted average of previous year
     loss and expected pipeline loss.  The transaction expected
     loss is projected out over the deal's expected remaining
     life.  Depending on a transaction's time of origination, a
     75% weight can be applied to pipeline loss when it is
     considered to be more representative of future expected
     performance than the previous year's losses.

  -- Expected loss is finally compared to credit enhancement to
     derive a rating.

Loss estimates are subject to variability and, as a result,
realized losses could ultimately turn out higher or lower than
Moody's current expectations.  Moody's will continue to evaluate
performance data as it becomes available and will assess the
pattern of potential future defaults and adjust loss expectations
accordingly if necessary.

Complete rating actions are:

Issuer: EMC Mortgage Loan Trust 2002-A

  -- Cl. M-1, Downgraded to A3; previously on 4/13/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to B3; previously on 4/13/2002 Assigned
     A2

  -- Cl. B, Downgraded to Ca; previously on 4/13/2002 Assigned
     Baa2

Issuer: EMC Mortgage Loan Trust 2003-A (Reperforming Mortgage
Loans)

  -- Cl. A-1, Downgraded to Aa2; previously on 6/26/2003 Assigned
     Aaa


EQUINOX FUNDING: Moody's Downgrades Ratings on Various Notes
------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Equinox
Funding, a collateralized debt obligation transaction referencing
CBO and CLO entities:

  -- US$37,500,000 Class A Floating Rate Notes due November 15,
     2012, Downgraded to Ba2 and remains on Review for Possible
     Downgrade; previously on 12/8/2003 Downgraded to A1

  -- US$22,500,000 Class B Floating Rate Notes due November 15,
     2012, Downgraded to Caa3 and remains on Review for Possible
     Downgrade; previously on 12/8/2003 Downgraded to B1

  -- US$16,875,000 Class C Floating Rate Notes due November 15,
     2012, Downgraded to Ca; previously on 12/8/2003 Downgraded to
     Caa3

  -- US$30,000,000 Class D Floating Rate Notes due November 15,
     2012, Downgraded to C; previously on 12/8/2003 Downgraded to
     Ca

Equinox Funding is a synthetic transaction referencing 57 CBO and
CLO entities with a total original notional amount of 750 million.
This transaction has experienced significant deterioration in its
reference pool.  As of March 2009, of the remaining notional
amount of $129.25M, $41.0M were rated Ca or C by Moody's.  One
entity with a notional of $6.2M has defaulted.  The original
subordination level for Class D was $15M, as compared to $8.8M
now.

Moody's explained that in addition, the rating actions reflect
certain updates and projections and recent rating actions on
underlying assets on the asset classes.

Moody's announced revisions and updates to certain key
assumptions, including Default Probability and Diversity Score,
that it uses to rate and monitor collateralized loan obligations
in a Press Release published on February 4, 2009.  According to
the press release, Moody's expects that the revised assumptions
will have a significant impact on mezzanine and junior CLO
tranches, resulting in a downgrade of their ratings by three to
six notches on average.  On March 4, 2009, Moody's placed all but
the senior-most CLO tranches on review for downgrade.  The
completion of the first stage of its two-stage review of U.S. and
EMEA cash flow CLOs was announced on March 27, 2009.  As of March
23, Moody's had downgraded approximately 2,071 tranches from 668
transactions.

Moody's explained that the rating actions taken incorporate the
application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of SF
CDOs.  The revisions affect the three key parameters in Moody's
model for rating SF CDOs: asset correlation, default probability
and recovery rate.  Moody's announced the changes to these
assumptions in a press release titled "Moody's Updates its Key
Assumptions for Rating Structured Finance CDOs," published on
December 11, 2008.


FALCON FRANCHISE: Fitch Puts Ratings on Classes on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has placed these classes in the Falcon Franchise
Loan Transactions on Rating Watch Negative:

Falcon Franchise Loan Trust Certificates, Series 1999-1

  -- Class A-2 notes 'AAA';
  -- Class B notes 'AA';
  -- Class C notes 'A';
  -- Class D notes 'BBB';
  -- Class E notes 'BB'.

Falcon Franchise Loan Trust Certificates, Series 2000-1

  -- Class A-2 notes 'AAA';
  -- Class B notes 'AA-';
  -- Class C notes 'A-';
  -- Class D notes 'BBB-';
  -- Class E notes 'B'.

Falcon Auto Dealership LLC, Series 2001-1

  -- Class A-1 notes 'AAA';
  -- Class A-2 notes 'AA+';
  -- Class B notes 'A';
  -- Class C notes 'BBB-';
  -- Class D notes 'B-';
  -- Class E notes 'CC/RR5'.

Falcon Auto Dealership LLC, Series 2003-1

  -- Class A-1 and A-2 notes 'AAA';
  -- Class B notes 'BBB';
  -- Class C notes 'BB';
  -- Class D notes 'B';
  -- Class E notes 'CCC/RR1'.

The placement of these classes on Rating Watch Negative reflects
Fitch's concern that the performance on all trusts could
significantly deteriorate if a number of the auto dealerships that
support each transaction are forced to close.  Both Chrysler and
General Motors, as part of their continued restructuring efforts,
have announced in recent weeks their intention to reduce
significantly the number of their affiliated U.S. dealerships,
each targeting 25% or more of their existing dealership base.

While it is unclear what the full impact will be on dealerships in
the Falcon transactions, it is probable that some loans will be
impaired as a result of these closures.  Furthermore, as the
number of vacant dealerships increases, Fitch expects that value
of these properties will suffer, leading to weaker recoveries on
current and future defaults.

Fitch will continue to monitor each transaction as the details of
the dealership closures become available and will take additional
rating actions as necessary.


FIRST ALLIANCE: Moody's Confirms Ratings on 35 Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of 35 classes
and downgraded two classes of notes issued by First Alliance
Mortgage Loan Trust.  The securities are supported by insurance
policies issued by MBIA Insurance Corporation or Financial
Security Assurance Inc.

The current ratings on the securities are consistent with Moody's
practice of rating insured securities at the higher of (1) the
guarantor's insurance financial strength rating and (2) the
underlying rating, based on Moody's modified approach to rating
structured finance securities wrapped by financial guarantors.

As part of evaluating the current ratings for the securities,
Moody's Investors Service also reviewed the underlying ratings.
The underlying ratings reflect the intrinsic credit quality of the
securities in the absence of the guarantee.

The underlying ratings on the securities are based on the
methodology applied to all transactions with small pool factors.
Moody's defines low pool factor deals as those that meet one of
these two criteria: (1) the outstanding collateral balance is less
than $1 million, and the pool factor is less than 5% or (2) the
pool has fewer than 50 loans remaining

Moody's uses these methodology to estimate losses on low pool
factor deals

First, gross defaults are determined by applying assumed lifetime
roll-rates (probabilities of transition to default) to the
transactions' current delinquency buckets ("delinquency pipeline")
and a pipeline multiplier.  The pipeline multiplier accounts for
further possible defaults that might arise from borrowers that are
current.  The pipeline multiplier differs for each deal based on
the number of loans remaining in the pool - greater the number of
loans remaining, the higher the multiplier.  The estimated
defaults are subject to a floor -- a minimum default.  The minimum
default also differs based on the number loans remaining in the
pool.  The fewer the number of loans remaining in the pool the
higher the minimum default since each loan represents a higher
percentage of the pool.

The final default number is then multiplied by expected loss
severity to arrive at Moody's expected loss estimate.  Loss
severity differs by transaction and is higher for more recent
vintages.

Complete rating action:

First Alliance Mortgage Loan Trust 1993-1

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1993-2

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1994-1

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-3, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1994-3

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1995-2

  -- A-3, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-4, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1996-1

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1996-2

  -- A-3, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-4, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1996-3

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1996-4

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1997-1

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1997-2

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1997-3

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1997-4

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-3, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1998-1A

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1998-2

  -- 2A, Downgraded to Aa3; previously on 7/21/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- 2F, Downgraded to Aa3; previously on 7/21/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3,
     previously on 11/21/2008 downgraded from Aaa)

First Alliance Mortgage Loan Trust 1998-3

  -- A-3, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-4, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1998-4

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1999-1

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1999-2

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1999-3

  -- Cl. A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Cl. A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

First Alliance Mortgage Loan Trust 1999-4

  -- Cl. A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Cl. A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review for Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)


FIXED INCOME: S&P Downgrades Ratings on 2007-A Certificates to 'B'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Fixed
Income Pass-Through Trust 2007-A's class A and B certificates to
'B' from 'BB-'.

The ratings on the class A and B certificates are dependent on the
rating on the underlying security, Merrill Lynch & Co. Inc.'s
noncumulative perpetual floating-rate preferred stock series 5
notes.

The rating actions reflect (i) the May 4, 2009, lowering of the
rating on the underlying security to 'B' from 'BB-' and its
placement on CreditWatch with negative implications; and (ii) the
subsequent May 8, 2009, affirmation of the 'B' rating on the
underlying security and its removal from CreditWatch negative.


FORD CREDIT: Fitch Affirms Ratings on 2008-B and 2008-C Notes
-------------------------------------------------------------
Fitch Ratings affirms Ford Credit Auto Owner Trusts 2008-B and
2008-C as part of its on going surveillance process.

The rating actions are:

2008-B

  --  Class A-2 notes affirmed at 'AAA'; Outlook Stable;
  --  Class A-3a notes affirmed at 'AAA'; Outlook Stable;
  --  Class A-3b notes affirmed at 'AAA'; Outlook Stable;
  --  Class A-4a notes affirmed at 'AAA'; Outlook Stable;
  --  Class A-4b notes affirmed at 'AAA'; Outlook Stable;
  --  Class B notes affirmed at 'A'; Outlook Positive;
  --  Class C notes affirmed at 'BBB'; Outlook Positive;
  --  Class D notes affirmed at 'BB'; Outlook Positive.

2008-C

  --  Class A-2a notes affirmed at 'AAA'; Outlook Stable;
  --  Class A-2b notes affirmed at 'AAA'; Outlook Stable;
  --  Class A-3 notes affirmed at 'AAA'; Outlook Stable;
  --  Class A-4a notes affirmed at 'AAA'; Outlook Stable;
  --  Class A-4b notes affirmed at 'AAA'; Outlook Stable;
  --  Class B notes affirmed at 'A'; Outlook Positive;
  --  Class C notes affirmed at 'BBB'; Outlook Positive;
  --  Class D notes affirmed at 'BB'; Outlook Positive.

The collateral continues to perform within Fitch's base case
expectations.  Currently, under the credit enhancement structure,
the securities can withstand stress scenarios consistent with the
rating categories and still make full payments of interest and
principal in accordance with the terms of the documents.

As before, the ratings reflect the quality of Ford Motor Credit
Co.'s retail auto loan originations, the sound financial and legal
structure of the transactions, and servicing provided by FMCC.


FRONTIER FUNDING: S&P Downgrades Rating on Class A Notes to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A note issued by Frontier Funding Co. V LLC, an asset-backed
securities transaction backed by equipment leases, to 'BB' from
'BBB' (see list).  The lowered rating is based on the financial
strength rating on CIFG Assurance North America Inc.
(BB/Developing/--), which provides a financial guarantee policy on
the class A note.

Under S&P's criteria, the rating on the Frontier class A note is
the higher of the financial strength rating on CIFG or Standard &
Poor's underlying rating on the securities.  Due to the higher-
than-expected losses on the underlying equipment leases and the
decrease in the credit enhancement as a percent of the amortizing
pool balance of the notes, the underlying rating is lower than the
financial strength rating on CIFG.

The transaction has a pool factor of 20.4% as of the March 31,
2009, cut-off date.  The cumulative net losses as of that date
were 12.1%, which is higher than S&P's expected base-case for the
given pool factor.  The class A note was enhanced at closing
through a funded reserve account, overcollateralization, and
subordination in the form of an unrated class B note.  As of the
March cut-off date, credit enhancement in the transaction consists
entirely of subordination.  The transaction no longer contains any
cash reserves or overcollateralization and the subordinated note
has been written down by $4.8 million to 20.3% of the current pool
balance.  In addition, a number of performance-based triggers
relating to cumulative net losses and delinquency metrics have
been breached resulting in a change in the priority of payments to
sequential from pro-rata.

                          Rating Lowered

                    Frontier Funding Co. V LLC

                                    Rating
                                    ------
                 Class           To         From
                 -----           --         ----
                 A               BB         BBB


GCCFC 2004-FL2: Fitch Downgrades Rating on Class L to 'B-'
----------------------------------------------------------
Fitch Ratings places this class of GCCFC 2004-FL2 on Rating Watch
Negative:

  -- $8 million class N-SO rated 'BBB-'.

In addition, Fitch downgrades and places this class on Rating
Watch Negative:

  -- $10.3 million class K to 'BBB' from 'BBB+'.

Fitch also downgrades this class and assigns an Outlook:

  -- $15.7 million class L to 'B-' from 'BBB-'; Outlook Negative.

Also, Fitch affirms and assigns Outlooks to these classes:

  -- $17.9 million class B at 'AAA'; Outlook Stable;
  -- $26.4 million class C at 'AAA'; Outlook Stable;
  -- $22.7 million class D at 'AAA'; Outlook Stable;
  -- $12.4 million class E at 'AAA'; Outlook Stable;
  -- $22.8 million class F at 'AAA'; Outlook Stable;
  -- $19.5 million class G at 'AAA'; Outlook Stable;
  -- $14.5 million class H at 'AA'; Outlook Stable;
  -- $23.1 million class J at 'A-'; Outlook Negative.

Classes A-1, A-2, H-ROSW, L-ROSW, N-ROSW, N-LH, N-MV, K-NO, M-NO,
N-NO, N-WV and interest-only class X-1 have been paid in full.

The placement of classes K and N-SO on Rating Watch Negative is
due to the transfer of the remaining two loans to special
servicing.  The loans transferred to special servicing on May 6
and May 7, of 2009 due to the imminent default caused by the
borrowers' inability to refinance the loans.

The downgrades reflect the performance deterioration of the
Aviation Mall property since Fitch's last rating action.  As of
the December 2007 distribution date, 79% of the transaction had
paid off.  The balance of the transaction is now $193.3 million,
including the $8 million Southfield rake class, reduced from
$921.7 million at issuance.

The Southfield Town Center loan (85.4%) is secured by a five-
building, 2,151,009 square feet of office space in Southfield,
Michigan.   The property has a weighted average occupancy of 82%
as of year end 2008, up from 73% at issuance.  Based on YE 2008
servicer provided operating statements, the Fitch stressed debt
service coverage ratio is 1.46 times (x) down from 1.51x at
issuance and maintains its investment grade rating.  The current
debt on the trust portion of the loan in this transaction is
$76.71 per sf.  There is additional debt of $44.16 per sf held
outside the trust.  The subordinate debt serves to minimize risks
to the pooled portion of the A note.

The loan is in its third of three one-year extension options with
a final maturity date of July 2009. Due to the inability of the
borrower to secure refinancing, the borrower has requested a loan
modification.

The Aviation Mall loan (14.6%) is secured by a 514,883 sf regional
retail center located in Queensbury, New York.  According to the
March 2009 rent roll, the property continues to be 100% occupied,
however revenue has declined substantially since issuance due to
weakening economic conditions.  Based on year end 2008 servicer
provided operating statements, the Fitch stressed DSCR is 0.90x,
down from 1.52x at issuance.  The loan no longer maintains an
investment grade rating.

The loan is in its second of two one-year extension options with a
final maturity date of July 2009.  Due to the inability of the
borrower to secure refinancing, the borrower has also requested a
loan modification.


GMAC COMMERCIAL: S&P Puts Ratings on 2005-C1 Notes on Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 11
classes of commercial mortgage pass-through certificates from GMAC
Commercial Mortgage Securities Inc.'s series 2005-C1 on
CreditWatch with negative implications.

The negative CreditWatch placements follow S&P's preliminary
analysis of the fifth-largest loan in the pool secured by real
estate, the 3301 N. Buffalo Drive loan ($57.7 million, 3.9%),
which was transferred to the special servicer, Helios AMC LLC, on
April 17, 2009, due to imminent default.  In addition, five other
assets ($52.2 million, 3.6%) are with the special servicer.  S&P
is also examining loans with reported low debt service coverage
and declining net cash flow, along with loans that are scheduled
to mature within the next two years and could face difficulties
with refinancing.

The 3301 North Buffalo Drive loan is secured by a first mortgage
encumbering a nine-building office park totaling 321,041 sq. ft.
in Las Vegas.  As of the year ended Dec. 31, 2008, the reported
DSC was 1.41x and occupancy was 59%.  The decrease in occupancy,
from 93% at issuance, primarily reflects two tenants that
exercised their options to vacate 116,550 sq. ft. of space (36% of
net rentable area) in 2008.  Leases on an additional 107,792 sq.
ft. of space (34% of NRA) expire in 2009, and tenants occupying
62,264 sq. ft. (19% of NRA) have indicated their intentions to
vacate.  The remaining five specially serviced assets total $52.2
million, or 3.6% of the pool.

Eight loans ($137.5 million, 9.4%) in the pool that are not in
special servicing have reported low DSC.  These loans are secured
by a variety of office, multifamily, warehouse, and self-storage
properties.  S&P's preliminary analysis indicates that six ($121.0
million, 8.3%) of the eight loans are likely to be credit concerns
due to low or declining DSC.

In addition, S&P believes the eight loans ($339.6 million, 23.2%)
in the pool that are scheduled to mature within the next two years
could face difficulties in refinancing, and S&P considered these
loans in S&P's analysis.

Standard & Poor's will resolve the CreditWatch negative placements
as more information on all of the assets with the special servicer
becomes available and after S&P review the credit characteristics
of the remaining loans in the pool.

              Ratings Placed On Creditwatch Negative

         GMAC Commercial Mortgage Securities Inc. 2005-C1
          Commercial mortgage pass-through certificates

                    Rating
                    ------
    Class     To                From   Credit enhancement (%)
    -----     --                ----   ----------------------
    A-J       AAA/Watch Neg     AAA                     12.58
    B         AA/Watch Neg      AA                      10.26
    C         AA-/Watch Neg     AA-                      9.44
    D         A/Watch Neg       A                        7.81
    E         A-/Watch Neg      A-                       6.71
    F         BBB/Watch Neg     BBB                      5.62
    G         BBB-/Watch Neg    BBB-                     4.53
    H         BB-/Watch Neg     BB-                      3.17
    J         B/Watch Neg       B                        2.76
    K         B-/Watch Neg      B-                       2.35
    L         CCC/Watch Neg     CCC                      1.80


GREENWICH CAPITAL: S&P Cuts Ratings on Four 2006-GG7 Certs. to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' from
'CCC-' on four classes of commercial mortgage pass-through
certificates from Greenwich Capital Commercial Funding Corp.'s
series 2006-GG7 and removed them from CreditWatch, where they were
placed with negative implications on April 7, 2009 .

The downgrades to 'D' are due to interest shortfalls reflected on
the May 12, 2009, trustee remittance report.  The shortfalls are
primarily associated with an upward revision in the appraisal
reduction amount taken against the West Oaks Mall asset.  The
interest shortfalls reduced the available distribution amounts due
to the class N, O, P, and Q certificates.  S&P expects the
shortfalls to recur for the foreseeable future.

The West Oaks Mall, the largest asset with the special servicer,
LNR Partners Inc., became real estate owned on Nov. 26, 2008.  The
asset encompasses 506,500 sq. ft. of a 1.1-million-sq.-ft.
regional mall in Houston, Texas.  To date, the total exposure is
$91.9 million, which includes $10.8 million of servicer advances.
The asset was transferred to LNR on June 26, 2007, due to imminent
default.  As of December 2008, occupancy for the in-line space,
excluding the specialty tenants, had declined to 58% from 82% in
June 2007.  The drop in occupancy is primarily attributable to the
loss of Linens 'N Things and Steve and Barry's, two bankrupt
tenants that previously accounted for 20% of the gross leasable
area.  Although it is not part of the trust collateral, Mervyn's,
the mall's bankrupt anchor, has also vacated the property.  The
asset reported debt service coverage of 0.66x as of December 2008.
LNR has retained Jones Lang LaSalle as the new property manager
and is currently exploring various exit strategies.  LNR revised
the ARA on May 6, 2009, to $56.9 million from $20.3 million, which
was based on a recently completed appraisal indicating a
significant decline in value.  The May ARA resulted in an
additional interest shortfall of approximately $221,900 per month.
At this time, S&P expects a severe loss upon the eventual
resolution of this asset.

      Ratings Lowered And Removed From Creditwatch Negative

            Greenwich Capital Commercial Funding Corp.
  Commercial mortgage pass-through certificates series 2006-GG7

                Rating
                ------
    Class     To       From              Credit enhancement (%)
    -----     --       ----              ----------------------
    N         D        CCC-/Watch Neg                      2.19
    O         D        CCC-/Watch Neg                      2.06
    P         D        CCC-/Watch Neg                      1.68
    Q         D        CCC-/Watch Neg                      1.43


GREENWICH CAPITAL: Fitch Affirms Ratings on 2004-GG1 Certificates
-----------------------------------------------------------------
Fitch Ratings has affirmed and assigned Rating Outlooks to
Greenwich Capital Commercial Mortgage Trust's commercial mortgage
pass-through certificates, series 2004-GG1:

  -- $44.9 million class A-3 at 'AAA'; Outlook Stable;
  -- $296 million class A-4 at 'AAA'; Outlook Stable;
  -- $381.8 million class A-5 at 'AAA'; Outlook Stable;
  -- $100 million class A-6 at 'AAA'; Outlook Stable;
  -- $1 billion class A-7 at 'AAA'; Outlook Stable;
  -- $61.8 million class B at 'AAA'; Outlook Stable;
  -- $26 million class C at 'AAA'; Outlook Stable;
  -- $52 million class D at 'AAA'; Outlook Stable;
  -- $32.5 million class E at 'AA'; Outlook Stable;
  -- $32.5 million class F at 'A+'; Outlook Stable;
  -- $26 million class G at 'A-'; Outlook Stable;
  -- $39 million class H at 'BBB'; Outlook Stable;
  -- $6.5 million class J at 'BB+'; Outlook Stable;
  -- $13 million class K at 'BB'; Outlook Stable;
  -- $13 million class L at 'BB-'; Outlook Stable;
  -- $9.8 million class M at 'B+'; Outlook Negative;
  -- $9.8 million class N at 'B'; Outlook Negative;
  -- $6.5 million class O at 'B-'; Outlook Negative;
  -- Interest-only classes XP and XC at 'AAA'; Outlook Stable;
  -- $10.1 million class OEA-B1 at 'BBB-'; Outlook Stable;
  -- $13.9 million class OEA-B2 at 'BBB-'; Outlook Stable.

Fitch does not rate the $42.3 million class P certificates.
Classes A-1 and A-2 have repaid in full.

The affirmations are the result of increased paydown since Fitch's
last rating action (6.5%), which has been offset by an increase in
specially serviced loans and Fitch Loans of Concern, currently
totaling 7.2% and 14.7% of the trust balance, respectively.  As of
the May 2009 distribution date, the pool's aggregate certificate
balance has decreased 15.4% to $2.22 billion, from $2.63 billion
at issuance.  In total, 17 loans (33.5%) have defeased, including
three (15.5%) of the top five loans in the transaction.   Rating
Outlooks reflect the likely direction of any changes to the
ratings over the next one to two years.

Currently, three loans (7.2%) are in special servicing.  The
largest specially serviced loan (3.6%) is secured by 1 million
square feet of the 1.3 million sf Southland Mall, located in
Hayward, California.  The loan transferred after it defaulted upon
maturity March 1, 2009.  The second largest specially serviced
loan (3.3%) likewise transferred subsequent to its March 1, 2009
maturity date.  The loan, Deerbrook Mall, is secured by 461,298 sf
of a 1.2 million sf regional mall located in Humble, Texas.  Each
of the two largest specially serviced loans is sponsored by
General Growth Properties, which filed for Chapter 11 bankruptcy
protection on April 16, 2009 and has listed the loans' collateral
within its filing.  While both malls are performing well, it is
expected that interest shortfalls will be incurred to the trust as
a result of the special servicing fees.  Fitch has removed the
shadow ratings of these loans.

The smallest specially serviced loan (0.3%) is secured by a 40,754
sf retail property located in Victorville, California.  The loan's
largest tenant (83%) was Circuit City, which filed for bankruptcy
protection and has liquidated all of its stores.  According to the
special servicer, the borrower is seeking interim relief while
attempting to re-lease the property.

Three loans (9.3%) maintain investment grade shadow ratings.  The
111 Eighth Avenue loan (6.5%) is secured by a 2.9 million sf, 17-
story office property located in the West Midtown South submarket
of Manhattan.  The loan is a $143.4 million pari passu A note
corresponding to a $479.7 million whole loan.  The whole loan
includes two B notes totaling $48 million, of which one ($24
million) is a non-pooled component of the trust.  Occupancy was
99% as of year-end 2008, compared to 90% at issuance, and the
Fitch net cash flow has increased approximately 29% since
issuance, due primarily to the signing of Google as a tenant.

The Water Tower Place loan (2.3%) is secured by 727,838 sf of
retail and 93,841 sf of office space located within a vertical
mall in Chicago, Illinois's central business district.  The loan
is a $51.4 million pari passu A note corresponding to a $171
million whole loan.  Occupancy as of Sept. 30, 2008 was 91%,
compared to 96% at issuance.  The loan is co-sponsored by GGP and
RREEF, but has not been listed in the GGP bankruptcy filing.

The 222 East 41st Street (0.4%) is secured by the fee interest in
19,700 sf of ground under a New York City office building.  The
land lease is absolute net, and the landlord has no obligations to
pay for or provide any services to the leasehold interest.

The transaction has limited near-term refinancing risk.  No
additional loans mature in 2009, and only one non-defeased loan
(2.3%), which is shadow rated investment grade, matures in 2010.
In 2011, three non-defeased loans (3.9%) mature.


GSMSC 2008-1R: Moody's Downgrades Ratings on Two Certificates
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 2
certificates issued in GSMSC 2008-1R resecuritized transaction.

The certificates in the resecuritization are backed by one or more
securities which in turn are backed by residential mortgage loans.
These rating actions have been triggered by changes in Moody's
ratings on the underlying residential mortgage-backed securities
(underlying securities).  The rating on the certificates in the
resecuritization is based on:

(i) The updated expected loss of the pool of loans backing the
underlying securities portfolio and the updated ratings on the
underlying securities portfolio

(ii) The available credit enhancement on the underlying securities
and

(iii) The structure of the resecuritization transaction and the
presence of certificate insurance if any.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

The ratings on the underlying securities are used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations.  Weights are
assigned to each Rating Factor based on the contribution (by
current balance) of the underlying security to the resecuritized
transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings of the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are arrived at after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued the weighted average portfolio rating as
    determined in step 1 is the rating assigned to the
    tranche.  Where multiple securities are issued the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e. the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as that for the lowest rated
underlying certificate.  However, Moody's anticipates a higher
loss severity on the junior   -- Class due to its subordinate
position (both in terms of principal distribution and loss
allocation), and smaller size (when compared to underlying
certificate).  Therefore, the ratings on junior certificates in
the resecuritization are lower than the portfolio rating of the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the rating of the underlying certificate and its
mortgage pool performance, any rating action on the underlying
certificate may trigger a further review of the ratings on the
certificates in the resecuritization.  As a result, any further
change in the ratings on the underlying securities will trigger
further analysis of the ratings on the resecuritization
certificates.  The ratings on the certificates in the
resecuritization address the ultimate payment of promised interest
and principal and do not address any other amounts that may be
payable on the certificates.

Complete Rating Action are:

Issuer: GSMSC Pass-Through Trust 2008-1R

  -- Cl. A1, Downgraded to Caa2; previously on 10/17/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to C; previously on 10/17/2008 Aaa Placed
     Under Review for Possible Downgrade



HELIOS FINANCE: Fitch Downgrades Ratings on Five Classes of Notes
-----------------------------------------------------------------
Fitch Ratings downgrades two and affirms five classes of asset-
backed notes of HELIOS Finance Limited Partnership 2007-S1 (2007-
S1), as:

  -- Class A-1 affirmed at 'AAA'; Outlook Stable;

  -- Class A-2 affirmed at 'AA'; Outlook Stable;

  -- Class A-3 affirmed at 'A'; Outlook Stable;

  -- Class B-1 affirmed at 'BBB'; Outlook Stable;

  -- Class B-2 affirmed at 'BB'; Outlook Negative;

  -- Class B-3 downgraded to 'CCC/RR3' from 'B-'; removed from
     Rating Watch Negative;

  -- Class B-4 downgraded to 'C/RR6' from 'CCC/DR 2'.

All classes of notes remain outstanding.  The class B-3 and B-4
notes have been downgraded because the revised lifetime cumulative
net losses of the transaction would result in a principal loss for
these tranches.  Additionally, the class B-3 and B-4 notes have
been assigned a recovery rating of RR3 (51%-70% recoveries) and
RR6 (0%-10% recoveries), respectively, under Fitch's analysis.

These rating actions reflect the continued weaker than expected
performance of 2007-S1 above Fitch's original base case
expectations for cumulative net losses.  Through month 23 (the
March collection period), total 30+ days delinquencies stood at
5.07% and CNLs were at 4.34%.  Fitch has noted that since placing
all the classes on Rating Watch Negative in 2008, delinquency,
monthly gross defaults, and CNLs are continuing to exhibit weaker
performance trends.  Fitch expects lifetime CNL in the 5.00%-6.00%
range which is approximately 25%-50% higher than Fitch's original
base case CNL proxy for the transaction.  The transaction's
payment waterfall continues to pay sequentially from the initial
modified pro-rata payment structure.

Fitch's current analysis of the transaction incorporated updated
stresses of the revised base case CNL assumptions, the timing of
the remaining losses, and various prepayment assumptions.  Based
on these new expectations, Fitch believes that current credit
enhancement available supports multiples consistent with the
affirmed and downgraded ratings.


HERCULES OFFSHORE: S&P Downgrades Corporate Credit Rating to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Hercules Offshore Inc. to 'B+' from 'BB-'.  At the same
time, S&P lowered the rating on Hercules' $1.05 billion bank
facilities to 'BB-' (one notch higher than the corporate credit
rating on the company) from 'BB'.  The recovery rating is '2',
indicating S&P's expectation of substantial (70%-90%) recovery in
the event of default.  The outlook is negative.

"The rating action reflects rapidly deteriorating market
conditions that have resulted in very low utilization and soft day
rates," said Standard & Poor's credit analyst Aniki Saha-
Yannopoulos.  "We believe the company's lower specification jackup
assets and its exposure to the unpredictable Gulf of Mexico market
make it highly unlikely that management will be able to improve
operations substantially over the near term, thus leading to
covenant concerns later in the year."  As of March 31, 2009,
Hercules had approximately $1.0 billion in debt, adjusted for
operating leases.  Hercules provides shallow-water drilling and
marine services to the oil and gas industry.

The negative outlook reflects Hercules' weaker financial
performance and credit metrics due to the decline in the North
American oil and gas industry, especially the soft U.S. Gulf of
Mexico market.  These conditions may lead to very tight cushion
under the company's debt to EBITDA covenants if not amended.  If
operations continue to deteriorate such that there is limited room
under the company's covenants, S&P may consider a downgrade.  S&P
may revise the outlook to stable should the company's performance
improve materially, which would limit covenant concerns.


HIGH INCOME TRUST: Moody's Downgrades Ratings on 2003-1 Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
notes issued by High Income Trust Securities, Series 2003-1

The rating action is:

  -- US$83,200,000 Floating Rate Notes due November 2036,
     Downgraded to B1; Previously on 8/5/2008 Downgraded to Ba3

  -- US$8,320,000 Floating Rate Notes due November 2036,
     Downgraded to C; Previously on 8/5/2008 Downgraded to Caa2
     and Remains on Review for Downgrade

  -- US$12,480,000 Floating Rate Notes due November 2036,
     Downgraded to C; Previously on 8/5/2008 Downgraded to Ca

The transaction is a repackaged security whose rating is based
primarily upon the transaction's structure and the credit quality
of the Underlying Security.  The rating action is a result of the
change in rating for the underlying security which is Class A-1L
Floating Rate Notes Due November 2036, issued by Mid Ocean CBO
2001-1 Ltd.  These Notes are currently rated Caa3.  Class A-1L
Floating Rate Notes were downgraded to Caa3 on 4/24/2009.


ISTAR FINANCIAL: Challenged Liquidity Cues Moody's Junk Rating
--------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured ratings
of iStar Financial to Caa1 from B2.  The rating outlook remains
negative.

The rating action is based on the REIT's challenged liquidity and
the limited visibility surrounding its ability to meet its short-
term funding obligations.  During its recent 1Q09 earnings call,
the REIT indicated that it had $500 million in cash and $500
million bank line availability to fund its $1 billion debt
maturities and $800 million funding commitments remaining in 2009.
iStar has approximately $540 million of unsecured bonds maturing
in 1Q10.  Additional sources include loan repayments and asset
sales; however, loan repayments are unpredictable given the
continued lack of liquidity in the real estate debt markets and
asset sales have relatively long lead times.  In addition, iStar
only retains 30% of any loan repayments from the Fremont portfolio
until the $1 billion A-participation interest is repaid.

The negative outlook reflects the risks surrounding asset
repayments, asset sales, and resolution of its non-performing
assets in the face of continued challenges in the debt capital
markets, especially for commercial real estate.  Moody's expects
iStar's non-performing assets to growth further and credit metrics
to remain weak.

A rating downgrade would likely result if iStar's liquidity
continues to be challenged, with a multi-notch downgrade possible
should vagueness remain about the sources available to meet its
2009 obligations.  In addition, any breach of bond or bank
covenants would also result in a downgrade.  Moody's stated that a
return to a stable outlook would be predicated upon iStar's
demonstrated ability to meet its funding needs over the next
twelve months.

These ratings were downgraded with a negative outlook:

* iStar Financial Inc. -- Senior unsecured debt to Caa1 from B2;
  preferred stock to Caa3 from Caa1; senior debt shelf to (P)Caa1
  from (P)B2; subordinated debt shelf to (P)Caa2 from (P)B3;
  preferred stock shelf to (P)Caa3 from (P)Caa1.

Moody's last rating action with respect to iStar Financial Inc.
was on February 27, 2009 when Moody's downgraded the senior
unsecured ratings to B2 from Ba3.  The rating outlook was
negative.

iStar Financial Inc. is a property finance company that elects
REIT status.  iStar provides structured mortgage, mezzanine and
corporate net lease financing.  iStar Financial is headquartered
in New York City, and had assets of $14.8 billion and equity of
$2.3 billion as of March 31, 2009.

iStar Financial's ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as i) the business risk and competitive position of the
company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of iStar's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.


IXION PLC: Write-Downs Cue S&P's Rating Cut on Notes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A and H notes issued by Ixion PLC's Matrix 2007-1 series 20,
a synthetic collateralized debt obligation of asset-backed
securities transaction, to 'D' from 'CCC-'.

The defaults follow recent write-downs of underlying reference
entities, which has caused the notes to incur a principal loss.


KINGSWAY LINKED: S&P Downgrades Global Scale Rating to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
linked return of capital preferred units issued by Kingsway Linked
Return of Capital Trust.

The lowering of these ratings mirrors the downgrade of the
Kingsway ROCGP's senior unsecured 10-year note, which is linked to
the LROC preferred units.

                         Ratings Lowered

             Kingsway Linked Return of Capital Trust

                                          Rating
                                          ------
          Class                      To            From
          -----                      --            ----
          LROC preferred units
          Canada national scale      P-4 (Low)     P-4
          Global scale               B-            B


LE MONDE: Moody's Assigns 'Ca' Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investors Service assigned long term ratings on these
notes issued by Le Monde CDO I, PLC:

(1) US$803,119,000 Class A-2MML - US Floating Rate Dollar Notes
    Due 2052, assigned Ca

(2) US$152,974,000 Class A-3MML - US Floating Rate Dollar Notes
    Due 2052, assigned Ca

Moody's explained that the ratings assigned incorporate the
application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of SF
CDOs.  The revisions affect the three key parameters in Moody's
model for rating SF CDOs: asset correlation, default probability
and recovery rate.  Moody's announced the changes to these
assumptions in a press release published on December 11, 2008.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Report:

  -- Moody's Approach to Rating SF CDOs (March 2009)

Moody's ratings of the Notes address the ultimate cash receipt of
all interest and principal payments required by the Notes'
governing documents, and are based on the expected loss posed to
holders of the Notes relative to the promise of receiving the
present value of such payments.  The ratings on the Notes are also
based upon the transaction's legal structure and the
characteristics of the collateral pool.

Le Monde CDO I, PLC is a collateralized debt obligation backed
primarily by a portfolio of structured finance securities.


LEHMAN BROTHERS: Moody's Downgrades Ratings on Various CDO Deals
----------------------------------------------------------------
Moody's Investors Service downgraded or removed from review for
possible downgrade its ratings of certain synthetic collateralized
debt obligation transactions.  These transactions are backed by a
credit default swap referencing a pool of corporate debts.  Lehman
Brothers Special Financing Inc., whose obligations are guaranteed
by Lehman Brothers Holdings Inc., acts as a CDS counterparty in
these CDOs.  The initial collateral securing the obligation to
make payments with respect to the notes in all these transactions
is the shares of the Lehman Brothers ABS Enhanced Libor Fund.

The Fund is invested in a portfolio of asset-backed securities
that were initially rated Aaa.  Moody's placed under review most
of the tranches of these CDOs in May 2008 when the Fund's
performance started to deteriorate.

Moody's explained further that following the bankruptcy of LBHI,
an Event of Default under the CDS in the CDOs occurred and
subsequently a notice of designation of an Early Termination Date
was released.  Following an acceleration of the notes, the Fund's
portfolio may be liquidated.  The proceeds of such liquidation may
not be sufficient to repay in full the amount due under the Notes.
Moody's took rating actions on the tranches of these CDOS in
September 2008.

Following a downgrade of the fund rating and the market risk
rating of the Fund in November 2008, Moody' s took another series
of rating actions on the tranches of these CDOS.

Based on further information received, Moody's understands that
LBSFI's counsel in bankruptcy challenged the designation of the
early termination date of the CDSs.  The case is pending a
decision by the bankruptcy court.  In the meantime, the CDSs are
not terminated, preventing the deals to be accelerated and the
repayment of the CDOs' liabilities to be made.  The defaulting CDS
protection buyer is no longer paying premium and the protection
against credit events provided by the CDOs are not deemed
effective.

Finally, Moody's downgraded the fund rating and the market risk
rating of the Fund on March 31, 2009 to Ca/MR5 from A/MR5
following the decision by the Fund's trustee, in consultation with
the Fund's manager, to suspend the subscriptions to and the
redemptions from the Fund.  Shareholders have been notified of its
intention to liquidate the ABS portfolio in an orderly manner.
The fund rating and the market risk rating of the Fund were
subsequently withdrawn.  (See press release published on March 31,
2009 Moody's downgrades fund rating of Lehman Brothers Enhanced
Libor Fund).  Based on the latest information provided to Moody's,
approximately 11% of the Fund investment in nominal amount is in
the form of cash, 30% consists of assets rated Aaa, 10% in the Aa
range, 14% in the A range, 3% rated in the Baa range, 9% in the Ba
range, 13% in the B range, 5% in the Caa range and 5% rated Ca or
C.

In two CDOs, Airlie CDO I, Ltd. and Airlie LCDO II (Pebble CREEK
2007-1), Ltd., the Fund's shares that serve as collateral for the
secured creditors of these CDOs have been redeemed.  The proceeds
were reinvested in Milestone Offshore Funds Daily Dollar
Portfolio, a money market fund currently rated Aaa/MR1+.  Aside
for the different collateral, these two transactions are in the
same situation than the others.

The rating actions are primarily driven by the last events and the
consideration of increased expected loss attributable to the notes
as a result of the potential liquidation of the Fund and the Money
Market Fund and, in the case of Aaa- and Aa-rated tranches that
are generally not interest-deferrable, the missed payment or
increased likelihood of a missed payment of interest (or
commitment fee).

In its rating analysis, Moody's assumes a sequential distribution
of the liquidation proceeds to repay the CDOs' notes according to
the waterfall and priority of payments provided by each indenture.
Moody's assumed a liquidation price of the Fund lower than the
last Net Asset Value reported by the Fund manager ($714.35 as of
March 24, 2009, compared to a net asset value per share of $1,000
as of March 2006).  With regards to Airlie CDO I, Ltd. and Airlie
LCDO II (Pebble CREEK 2007-1), Ltd., the Fund liquidation price
was approximately 85 cents on the dollar.  As the proceeds were
reinvested in a Aaa/MR1+ Money Market Fund, Moody's considered
that the redemption of the Money Market Fund will repay the same
dollar amount of proceeds.  Furthermore, LBSFI's claim for a
potential termination payment is assumed to be junior to the
repayment of the rated notes.

To assess the ability of each CDOs to repay its liabilities given
the uncertain liquidation prices, Moody's compares an advance rate
determined for each tranche with a set of break-even threshold
levels.  The advance rate is determined by summing the amounts due
for the relevant tranche and all liabilities senior to it, divided
by the aggregate nominal amount of the funds shares of the CDO.
For example, a threshold of 45% has been determined to be
consistent with a Baa2 rating, and 55% with a Ca rating.

In addition, the ratings of tranches with an O/C ratio lower than
30% but not receiving full payment of interest due (or commitment
fee due), or likely to not receive a full payment of interest (or
commitment fee) when due, have been downgraded to an A1 rating, if
previously rated at a higher level.

With the actions, Moody's has concluded its review of these
transactions and no tranche is under further review.  Moody's will
continue to closely monitor these transactions, especially with
regards to the impact of the bankruptcy proceedings of LBHI and
its affiliates.

Moody's initially analyzed and continues to monitor these
transactions using the parts of the methodologies for corporate
synthetic CDOs and for collateralized loan obligations that are
relevant to the particular circumstances of these transactions.
Methodologies are described in Moody's Special Reports:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

The rating actions are:

Transaction: Airlie CDO I, Ltd.

Class Description: US$306,000,000 Class A Contingent Funding Notes
Due 2014

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$17,000,000 Class B Floating Rate Deferrable
Notes Due 2014

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$19,000,000 Class C Floating Rate Deferrable
Notes Due 2014

  -- Current Rating: Baa2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$18,000,000 Class D Floating Rate Deferrable
Notes Due 2014

  -- Current Rating: Ba2

  -- Prior Rating Action: Ba2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Transaction: Airlie LCDO I (AVIV LCDO 2006-3), Ltd.

Class Description: $20,500,000 Class B-1 Contingent Funding Notes
Due 2011

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: $50,000,000 Class B-2 Floating Rate Notes Due
2011

  -- Current Rating: Caa2

  -- Prior Rating Action: downgrade to Ba2 on review for possible
     downgrade from Aa2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Class Description: $14,500,000 Class C Floating Rate Notes Due
2011

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to Caa1 on review for possible
     downgrade from Ba1 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: Airlie LCDO II (Pebble Creek 2007-1), Ltd.

Class Description: US$64,000,000 Class B Contingent Funding Notes
Due 2014

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$16,000,000 Class C Floating Rate Notes Due
2014

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$16,000,000 Class D Floating Rate Deferrable
Notes Due 2014

  -- Current Rating: Baa2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Transaction: Aviv LCDO 2006-1, Limited

Class Description: $55,000,000 Class B Floating Rate Notes Due
2011

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from A2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Class Description: $9,000,000 Class C Floating Rate Notes Due 2011

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to Caa1 on review for possible
     downgrade from Ba2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: AVIV LCDO 2006-2, Limited

Class Description: $92,000,000 Class B Contingent Funding Notes
Due 2011

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: $15,000,000 Class C Contingent Funding Notes
Due 2011

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: $15,000,000 Class D Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: Baa2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Transaction: Exum Ridge 2006-5

Class Description: Class A

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class B-1

  -- Current Rating: A1

  -- Prior Rating Action: Aa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class B-2

  -- Current Rating: A1

  -- Prior Rating Action: Aa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class C-1

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class C-2

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class D

  -- Current Rating: Baa2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class E

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from Ba2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: Exum Ridge 2007-1

Class Description: Class A

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class B

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class C

  -- Current Rating: Baa2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class D

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from Ba2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: EXUM RIDGE CBO 2006-1, LTD.

Class Description: US$225,000,000 Class A Contingent Funding Notes
Due 2011

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$15,000,000 Class B Floating Rate Notes Due
2011

  -- Current Rating: A1

  -- Prior Rating Action: Aa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$12,000,000 Class C Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: Baa2

  -- Prior Rating Action: downgrade to Baa2 on review for possible
     downgrade from A2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Class Description: US$12,000,000 Class D Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from Baa2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: Exum Ridge CBO 2006-2

Class Description: US$225,000,000 Class A Contingent Funding Notes
Due 2011-1

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$15,000,000 Class B Contingent Funding Notes
Due 2011

  -- Current Rating: A1

  -- Prior Rating Action: Aa1 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$12,000,000 Class C Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$12,000,000 Class D Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to Ba2 on review for possible
     downgrade from Baa2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: Exum Ridge CBO 2007-2, Ltd.

Class Description: US$226,250,000 Class A Contingent Funding Notes
Due 2014

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$16,000,000 Class B Floating Rate Notes Due
2014

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$14,250,000 Class C Floating Rate Deferrable
Notes Due 2014

  -- Current Rating: Ba2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$13,500,000 Class D Floating Rate Deferrable
Notes Due 2014

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from Ba2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: Exum Ridge CDO 2006-4

Class Description: Class A

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class B

  -- Current Rating: A1

  -- Prior Rating Action: Aa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class C

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class D

  -- Current Rating: Baa2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class E

  -- Current Rating: Ca

  -- Prior Rating Action: Ba2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Transaction: Pebble Creek LCDO 2006-1, Ltd.

Class Description: Class B Notes

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class C Notes

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: Class D Notes

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from Baa2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: Pebble Creek LCDO 2007-3, Ltd.

Class Description: US$65,500,000 Class B Contingent Funding Notes
Due 2014

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$12,000,000 Class C Floating Rate Notes Due
2014

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$12,000,000 Class D Floating Rate Deferrable
Notes Due 2014

  -- Current Rating: B2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: US$8,000,000 Class E Floating Rate Deferrable
Notes due 2014

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from Ba2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: SGS HY Credit Fund I (Exum Ridge CBO 2006-3), Ltd.

Class Description: $225,000,000 Class A Contingent Funding Notes
Due 2011

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: $650,000 Class X Floating Rate Notes Due 2011

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: $12,000,000 Class B Contingent Funding Notes
Due 2011

  -- Current Rating: A1

  -- Prior Rating Action: Aa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: $9,000,000 Class C Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: A2

  -- Prior Rating Action: A2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: $15,000,000 Class D Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: Ba2

  -- Prior Rating Action: Baa2 placed on review for possible
     downgrade

  -- Prior Rating Action Date: 5/16/2008

Class Description: $3,000,000 Class E-1 Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from Ba2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Class Description: $9,000,000 Class E-2 Floating Rate Deferrable
Notes Due 2011

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from Ba2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Transaction: White Marlin CDO 2007-1, Ltd.

Class Description: US$1,014,000,000 Class A Contingent Funding
Notes Due 2014

  -- Current Rating: A1
  -- Prior Rating Action: Aaa
  -- Prior Rating Action Date: 7/29/2007

Class Description: US$50,000,000 Class B-1 Contingent Funding
Notes Due 2014

  -- Current Rating: A1

  -- Prior Rating Action: Aaa placed on review for possible
     downgrade

  -- Prior Rating Action Date: 3/27/2008

Class Description: US$44,800,000 Class B-2 Floating Rate Notes Due
2014

  -- Current Rating: Ba2

  -- Prior Rating Action: downgrade to Baa2 on review for possible
     downgrade from Aaa on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Class Description: US$8,000,000 Class C-1 Floating Rate Notes Due
2014

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from A2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Class Description: US$10,000,000 Class C-2 Fixed Rate Notes Due
2014

  -- Current Rating: Ca

  -- Prior Rating Action: downgrade to B2 on review for possible
     downgrade from A2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008

Class Description: US$24,000,000 Class E Contingent Funding
Deferrable Notes Due 2014

  -- Current Rating: B2

  -- Prior Rating Action: downgrade to B1 on review for possible
     downgrade from Baa2 on review for possible downgrade

  -- Prior Rating Action Date: 11/6/2008


LENOX HILL: Fitch Affirms 'BB' Rating on $130.5 Mil. 2001 Bonds
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating on approximately
$130.5 million New York State Dormitory Authority (Lenox Hill
Hospital Obligated Group) revenue bonds, series 2001.  The Rating
Outlook has been revised to Negative from Stable.

The affirmation reflects Lenox Hill's substantial liquidity for
the 'BB' rating category and manageable debt burden.  It also
reflects the expected positive effect of the finalization of Lenox
Hill's merger with the Manhattan Eye, Ear, and Throat Hospital, as
well as recent physician gains, most notably the signing of a
large cardiology group.  However, Lenox Hill's ongoing negative
operating performance and lower patient volumes are significant
credit concern and the primary reason for the revision of the
Outlook to Negative.

At year end 2008, Lenox's Hill had 83.6 days cash on hand, a 7.5
times (x) cushion ratio and cash-to-debt of 98.8%, all solid
liquidity figures relative to Fitch's 'BB' category and consistent
with prior year figures.  Capital ratios over the last two years
compare favorably to Fitch's 'BB' category with maximum annual
debt service coverage at 2.7x and 2.3x, MADS as a percentage of
revenue at 3.2% and 3%, and Debt to EBIDA at 3.3x and 3.3x, for
2007 and 2008, respectively.  In December 2007, after numerous
delays, Lenox Hill finalized its merger with MEETH.  Fitch views
the MEETH merger with Lenox Hill as a credit positive; however,
delays in the merger were a strain on Lenox Hill's operations,
limiting its ability to move forward with plans to reconfigure the
MEETH site for outpatient services and physician offices.
Expenses related to the MEETH merger were offset by $25.1 million
in grant funding from New York State through its Healthcare
Efficiency and Affordability Law for New Yorkers program.

Credit concerns include Lenox Hill's continued negative operating
margins.  Lenox Hill has not posted a positive operating margin
since 2003.  In 2007 and 2008, operating margins were a negative
2.3% ($13.5 million operating loss) and a negative 5.8% ($36.2
million operating loss), respectively, controlling for one-time
items.  In 2007, Lenox Hill sold a building for $51.8 million,
and, in 2008, it received $25.1 million in HEAL IV grant funds.
The inclusion of these one-time items helped limit the affect of
these operating losses.  Further pressuring the negative operating
performance has been a significant drop-off in inpatient and
outpatient volumes, especially towards the last half of 2008 and
through the first two months of 2009.  In 2008, Lenox Hill missed
its budgeted inpatient admissions by 1,846 (more than 5% below
budget) and inpatient admissions dropped by 1,343 year over year.
Outpatient visits in 2008 were below budget by 5,516
(approximately 3% below budget) and dropped by 16,258 year over
year.  For 2009, Lenox Hill has lowered its budgeted volume
numbers and made cost cuts to better align expenses with the lower
utilization numbers.  Lenox Hill is budgeting for a $20 million
loss from operations in 2009, which would be an improvement over
2008.  Operations should be helped by recent improvements to payor
contracts and Lenox Hill's recent signing of a five year contract
with a large cardiac group that has a significant presence in
Queens.  Currently 13.9% of Lenox Hill's admissions comes from
Queens, and Lenox Hill estimates that the cardiology group will
generate approximately 1,200 new admissions a year.

The revision of the Outlook to Negative reflects the drop in Lenox
Hill's utilization and continued negative operating performance.
Additional credit concerns factored into the Negative Outlook
include Lenox Hill's alternative investments, future pension
obligations, and vulnerability to changes in state or federal
reimbursement due to the budgetary stress of the current economic
environment.  Approximately 35% ($54.1 million as of Dec. 31,
2008) of Lenox Hill's cash and unrestricted investments are
invested in alternative investments.  While overall Lenox Hill's
investment portfolio has performed relatively well through the
recent economic downturn (Lenox Hill had $10.4 million in
unrealized losses in 2008), with Lenox Hill's liquidity figures
remaining stable over the last year, this exposure to alternatives
is a concern, especially given Lenox Hill's reliance on its
liquidity as a key credit strength.  Mitigating this risk is that
approximately 40% of the alternative investments can be liquidated
immediately and another 40% can be liquidated quarterly.  In 2008,
the year end actuarial assessment of Lenox Hill's defined pension
plan had a negative $102 million adjustment, which lowered the
funding status of the plan to 64% from 88%.  Each of the next
three years Lenox Hill will have to increase its contribution to
the plan, by as much as an additional $5 to $15 million, in order
to comply with the Pension Protection Act of 2006.  Finally,
changes in reimbursement due to State and federal budgetary
pressures could affect Lenox Hill's already negative operations.
In 2009, Lenox Hill had to budget for an $8 million decrease due
to less state funding and additional state taxes.

Lenox Hill has other non-core real estate to sell which could help
offset the negative operating pressures.  However, once the non-
core real estate is sold and with HEAL NY grant funding ended,
Lenox Hill will no longer have access to one time infusions of
cash to offset operating losses.  Continued operating losses
coupled with additional pressure from any of the risks mentioned
(reimbursement changes, pension funding, continued declines in
volumes) may result in a rating downgrade.

Located in New York City, Lenox Hill operates 652 beds on two
hospital campuses.  Lenox Hill had total revenue of $626.2 million
in 2008.  Lenox Hill covenants to provide only annual audited
information to bondholders but voluntarily provides monthly
disclosure to bondholders through the NRMSIRs.  Lenox Hill's
monthly disclosure has been excellent to date and includes
management discussion and analysis, balance sheet, income
statement, cash flow statement, and utilization statistics.


LONE STAR: Moody's Downgrades Ratings on Class B Notes to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Lone
Star CBO Funding Ltd.:

  -- US$30,400,000 Class B Floating Rate Senior Subordinated Notes
     Due 2012, Downgraded to Ba3, previously on 3/10/2006
     Downgraded to Baa3

The actions reflect consideration of credit deterioration of the
underlying portfolio.  The revised assumptions that have been
applied to all corporate credits in the underlying portfolio are
described in the press release dated February 4, 2009.  Credit
deterioration of the collateral pool is observed in, among others,
a decline in the average credit rating (as measured through the
weighted average rating factor), an increase in the dollar amount
of defaulted securities, and an increase in the proportion of
securities from issuers rated Caa1 and below.  For example, the
Average Debt Rating is reported by the trustee as 1310, failing
the maximum allowable level of 610.  Also, the portfolio is
required to include less than 10% of assets with a Moody's Rating
of Ba3 or lower, however the portfolio is currently exceeding the
limit at 19.4%.  In addition, Moody's also assessed the collateral
pool's elevated concentration risk in a small number of
industries.  This includes a significant concentration in debt
obligations of companies in the banking, finance, real estate, and
insurance industries, which Moody's views to be more strongly
correlated in the current market environment.  Furthermore,
Moody's also noted that the transaction is negatively impacted by
a large pay-fixed, receive-floating interest rate swap, the
notional of which exceeds the current portfolio par.  Due to this
mismatch between the swap notional and the asset par, payments to
the hedge counterparty absorb a large portion of the excess spread
in the deal.

The rating actions taken on the notes are a result of applying
Moody's revised assumptions with respect to default probability,
the treatment of ratings on "Review for Possible Downgrade" or
with a "Negative Outlook," and the calculation of the Diversity
Score.


LONG BEACH: Moody's Downgrades Ratings on 44 Securities
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 44
securities from 14 transactions issued by Long Beach.  These
actions are part of an ongoing review of subprime RMBS
transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
effected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 70% to
80%.  The results of these two calculations - Recent Losses and
Pipeline Losses - are weighted to arrive at the lifetime
cumulative loss projection.

The complete rating actions are:

Long Beach Mortgage Loan Trust 2000-1

  -- Cl. AF-3, Downgraded to Aa2; previously on 12/21/2000
     Assigned Aaa

Long Beach Mortgage Loan Trust 2001-1

  -- Cl. M-1, Downgraded to Baa3; previously on 4/7/2005
     Downgraded to A1

  -- Cl. M-3, Downgraded to Ca; previously on 4/7/2005 Downgraded
     to Caa1

Long Beach Mortgage Loan Trust 2001-2

  -- Cl. M-1, Downgraded to Baa1; previously on 4/7/2005
     Downgraded to A1

Long Beach Mortgage Loan Trust 2001-4

  -- Cl. II-M1, Downgraded to Baa2; previously on 2/1/2008
     Downgraded to A1

Long Beach Mortgage Loan Trust 2002-2

  -- Cl. M3, Downgraded to Caa3; previously on 1/18/2008
     Downgraded to Caa1

Long Beach Mortgage Loan Trust 2002-5

  -- Cl. M-2, Downgraded to Baa1; previously on 11/14/2002
     Assigned A2

Long Beach Mortgage Loan Trust 2003-1

  -- Cl. M-2, Downgraded to Baa2; previously on 3/18/2003 Assigned
     A2

Long Beach Mortgage Loan Trust 2003-2

  -- Cl. M-1, Downgraded to A2; previously on 5/9/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba1; previously on 5/9/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba3; previously on 5/9/2003 Assigned
     A3

  -- Cl. M-4, Downgraded to Ca; previously on 11/7/2007 Downgraded
     to Ba1

  -- Cl. M-5, Downgraded to C; previously on 11/7/2007 Downgraded
     to B3

Long Beach Mortgage Loan Trust 2003-3

  -- Cl. M-2, Downgraded to Baa3; previously on 6/25/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Caa3; previously on 11/7/2007
     Downgraded to B3

  -- Cl. M-4, Downgraded to C; previously on 11/7/2007 Downgraded
     to Caa2

Long Beach Mortgage Loan Trust 2003-4

  -- Cl. M-2, Downgraded to Baa1; previously on 9/26/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa2; previously on 9/26/2003 Assigned
     A3

Long Beach Mortgage Loan Trust 2004-2

  -- Cl. M-2, Downgraded to Baa1; previously on 6/10/2004 Assigned
     A1

  -- Cl. M-3, Downgraded to Baa2; previously on 6/10/2004 Assigned
     A2

  -- Cl. M-4, Downgraded to Baa3; previously on 6/10/2004 Assigned
     A3

  -- Cl. M-5, Downgraded to Ba1; previously on 6/10/2004 Assigned
     Baa1

  -- Cl. M-6, Downgraded to Ba2; previously on 11/7/2007
     Downgraded to Baa3

  -- Cl. B, Downgraded to Ca; previously on 11/7/2007 Downgraded
     to Caa1

Long Beach Mortgage Loan Trust 2004-3

  -- Cl. M-3, Downgraded to A1; previously on 7/5/2004 Assigned
     Aa3

  -- Cl. M-4, Downgraded to A3; previously on 7/5/2004 Assigned A1

  -- Cl. M-5, Downgraded to Baa1; previously on 7/5/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Baa2; previously on 7/5/2004 Assigned
     A3

  -- Cl. M-7, Downgraded to Baa3; previously on 7/5/2004 Assigned
     Baa1

  -- Cl. M-8, Downgraded to Ba1; previously on 7/5/2004 Assigned
     Baa2

  -- Cl. M-9, Downgraded to Ba3; previously on 7/5/2004 Assigned
     Baa3

Long Beach Mortgage Loan Trust 2004-4

  -- Cl. M-3, Downgraded to A2; previously on 9/28/2004 Assigned
     Aa3

  -- Cl. M-4, Downgraded to Baa1; previously on 9/28/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Baa3; previously on 9/28/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Ba1; previously on 9/28/2004 Assigned
     A3

  -- Cl. M-7, Downgraded to Ba3; previously on 9/28/2004 Assigned
     Baa1

  -- Cl. M-8, Downgraded to B1; previously on 9/28/2004 Assigned
     Baa2

  -- Cl. M-9, Downgraded to Caa2; previously on 9/28/2004 Assigned
     Baa3

Long Beach Mortgage Loan Trust 2004-5

  -- Cl. A-6, Downgraded to A1; previously on 9/14/2004 Assigned
     Aa2

  -- Cl. M-1, Downgraded to Baa1; previously on 9/14/2004 Assigned
     Aa3

  -- Cl. M-2, Downgraded to Baa2; previously on 9/14/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa3; previously on 9/14/2004 Assigned
     A3

  -- Cl. M-4, Downgraded to Ba1; previously on 9/14/2004 Assigned
     Baa1

  -- Cl. M-5, Downgraded to Ba2; previously on 9/14/2004 Assigned
     Baa2


MASTR ALTERNATIVE: Moody's Downgrades Ratings on 195 Tranches
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 195
tranches from 22 Alt-A RMBS transactions issued by MASTR
Alternative Loan Trust and MASTR Adjustable Rate Mortgage Trust.
The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable-rate, Alt-A residential mortgage
loans.

These actions are a result of updated loss expectations on the
underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations - Recent Losses and Pipeline
Losses - are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination, over
collateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

MASTR Adjustable Rate Mortgages Trust 2003-3

  -- Cl. 1- A-1, Downgraded to A1; previously on 9/3/2003 Assigned
     Aaa

  -- Cl. 2- A-1, Downgraded to A1; previously on 9/3/2003 Assigned
     Aaa

  -- Cl. 2-A-X, Downgraded to A1; previously on 9/3/2003 Assigned
     Aaa

  -- Cl. 3- A-4, Downgraded to A1; previously on 9/3/2003 Assigned
     Aaa

  -- Cl. 3-A-X, Downgraded to A1; previously on 9/3/2003 Assigned
     Aaa

  -- Cl. 4- A-1, Downgraded to A1; previously on 9/3/2003 Assigned
     Aaa

MASTR Adjustable Rate Mortgages Trust 2003-4

  -- Cl. 1-A-1, Downgraded to Aa2; previously on 10/27/2003
     Assigned Aaa

  -- Cl. 2-A-1, Downgraded to Aa2; previously on 10/27/2003
     Assigned Aaa

  -- Cl. 3-A-1, Downgraded to A2; previously on 10/27/2003
     Assigned Aaa

MASTR Adjustable Rate Mortgages Trust 2003-5

  -- Cl. 1-A-1, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 1-A-2, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 1-A-X, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 2-A-1, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 2-A-X, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 3-A-1, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 4-A-1, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 4-A-2, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 4-A-3, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 4-A-X, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 5-A-1, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 6-A-1, Downgraded to Aa3; previously on 11/17/2003
     Assigned Aaa

  -- Cl. B-1, Downgraded to Baa2; previously on 11/17/2003
     Assigned Aa3

  -- Cl. B-2, Downgraded to Ba3; previously on 11/17/2003 Assigned
     A3

  -- Cl. B-3, Downgraded to Caa1; previously on 11/17/2003
     Assigned Baa3

  -- Cl. B-4, Downgraded to Ca; previously on 11/17/2003 Assigned
     Ba3

MASTR Adjustable Rate Mortgages Trust 2003-6

  -- Cl. 1-A-1X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 1- A-2, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 1-A-2X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 2- A-1, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 2- A-2, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 2-A-X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 3- A-1, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 3-A-X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 4- A-1, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 4- A-2, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 4-A-X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 5- A-1, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 5-A-X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 6- A-1, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 7- A-1, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 7-A-1X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 7- A-2, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 7-A-2X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 7-A-3, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 8- A-1, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. 8-A-X, Downgraded to A1; previously on 12/22/2003
     Assigned Aaa

  -- Cl. B-1, Downgraded to Baa3; previously on 12/22/2003
     Assigned Aa3

  -- Cl. B-2, Downgraded to B3; previously on 12/22/2003 Assigned
     A3

  -- Cl. B-3, Downgraded to Caa3; previously on 12/22/2003
     Assigned Baa3

MASTR Adjustable Rate Mortgages Trust 2003-7

  -- Cl. B-3, Downgraded to Ba1; previously on 1/13/2004 Assigned
     Baa3

MASTR Adjustable Rate Mortgages Trust 2004-1

  -- Cl. 1- A-1, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 2- A-1, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 2-A-X, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 3- A-1, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 3- A-2, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 3-A-3, Downgraded to Aa3; previously on 3/22/2004
     Assigned Aa1

  -- Cl. 3-A-X, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 4- A-1, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 4- A-2, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 4-A-X, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 5- A-1, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 5-A-X, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 6- A-1, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. B-2, Downgraded to Ba1; previously on 3/22/2004 Assigned
     A3

  -- Cl. B-3, Downgraded to Caa2; previously on 3/22/2004 Assigned
     Baa3

MASTR Adjustable Rate Mortgages Trust 2004-11

  -- Cl. B-1, Downgraded to Ba1; previously on 2/14/2005 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa1

MASTR Adjustable Rate Mortgages Trust 2004-15

  -- Cl. 1- A-1, Downgraded to Baa2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 2- A-1, Downgraded to A2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 2- A-2, Downgraded to A2; previously on 10/23/2008
     Downgraded to Aa2

  -- Cl. 3- A-1, Downgraded to Baa2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 4- A-1, Downgraded to Baa2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 5- A-1, Downgraded to Aa3; previously on 1/6/2005
     Assigned Aaa

  -- Cl. 7- A-1, Downgraded to Baa1; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 8- A-1, Downgraded to A2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 9- A-1, Downgraded to Aa2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. B-1, Downgraded to B2; previously on 10/23/2008
     Downgraded to A2

  -- Cl. B-2, Downgraded to Caa2; previously on 10/23/2008
     Downgraded to Ba1

  -- Cl. B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa2

  -- Cl. B-4, Downgraded to C; previously on 10/23/2008 Downgraded
     to Ca

MASTR Adjustable Rate Mortgages Trust 2004-3

  -- Cl. 1- A-1, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 1-A-X, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 2- A-1, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 2-A-X, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 3- A-1, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 3- A-2, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 3-A-3, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 3-A-4, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 3-A-X, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 4- A-1, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 4- A-2, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 4-A-X, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 5- A-1, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 5- A-2, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aa1

  -- Cl. 5-A-X, Downgraded to Aa2; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 6- A-1, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 6-A-X, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 7- A-1, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 7-A-X, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 8-A-1, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 8-A-2, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 8-A-3, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 8- A-4, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. 8-A-X, Downgraded to Aa3; previously on 4/23/2004
     Assigned Aaa

  -- Cl. B-1, Downgraded to Baa2; previously on 4/23/2004 Assigned
     Aa3

  -- Cl. B-2, Downgraded to Ba3; previously on 4/23/2004 Assigned
     A3

  -- Cl. B-3, Downgraded to Caa1; previously on 4/23/2004 Assigned
     Baa3

MASTR Adjustable Rate Mortgages Trust 2004-4

  -- Cl. 2- A-1, Downgraded to A1; previously on 5/10/2004
     Assigned Aaa

  -- Cl. 2- A-2, Downgraded to A1; previously on 5/10/2004
     Assigned Aaa

  -- Cl. 2-A-3, Downgraded to A1; previously on 5/10/2004 Assigned
     Aaa

  -- Cl. 2-A-X, Downgraded to A1; previously on 5/10/2004 Assigned
     Aaa

  -- Cl. 3- A-1, Downgraded to Aa3; previously on 5/10/2004
     Assigned Aaa

  -- Cl. 3-A-X, Downgraded to Aa3; previously on 5/10/2004
     Assigned Aaa

  -- Cl. 4- A-1, Downgraded to Aa1; previously on 5/10/2004
     Assigned Aaa

  -- Cl. 4- A-2, Downgraded to Aa1; previously on 5/10/2004
     Assigned Aaa

  -- Cl. 4-A-X, Downgraded to Aa1; previously on 5/10/2004
     Assigned Aaa

  -- Cl. 5- A-1, Downgraded to A1; previously on 5/10/2004
     Assigned Aaa

  -- Cl. 5-A-X, Downgraded to A1; previously on 5/10/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Baa3; previously on 5/10/2004 Assigned
     Aa3

  -- Cl. B-2, Downgraded to Caa1; previously on 5/10/2004 Assigned
     A3

  -- Cl. B-3, Downgraded to Caa3; previously on 10/23/2008
     Downgraded to Ba3

MASTR Adjustable Rate Mortgages Trust 2004-5

  -- Cl. 1- A-1, Downgraded to Aa3; previously on 6/8/2004
     Assigned Aaa

  -- Cl. 2- A-1, Downgraded to Aa3; previously on 6/8/2004
     Assigned Aaa

  -- Cl. 2-A-X, Downgraded to Aa3; previously on 6/8/2004 Assigned
     Aaa

  -- Cl. 3- A-1, Downgraded to Aa3; previously on 6/8/2004
     Assigned Aaa

  -- Cl. 6- A-1, Downgraded to Aa3; previously on 6/8/2004
     Assigned Aaa

  -- Cl. 6-A-X, Downgraded to Aa3; previously on 6/8/2004 Assigned
     Aaa

  -- Cl. 7- A-1, Downgraded to Aa3; previously on 6/8/2004
     Assigned Aaa

  -- Cl. B-1, Downgraded to Baa2; previously on 6/8/2004 Assigned
     Aa3

  -- Cl. B-2, Downgraded to Ba2; previously on 6/8/2004 Assigned
     A3

  -- Cl. B-3, Downgraded to Caa2; previously on 6/8/2004 Assigned
     Baa3

MASTR Adjustable Rate Mortgages Trust 2004-6

  -- Cl. 2- A-1, Downgraded to Aa3; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 3- A-1, Downgraded to Aa3; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 4-A-5, Downgraded to Aa2; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 4-A-6, Downgraded to Aa2; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 4-A-7, Downgraded to Aa3; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 4-A-8, Downgraded to Aa3; previously on 7/14/2004
     Assigned Aa1

  -- Cl. 4-A-9, Downgraded to Aa3; previously on 7/14/2004
     Assigned Aa1

  -- Cl. 4-A-X, Downgraded to Aa2; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 5- A-1, Downgraded to Aa3; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 6- A-1, Downgraded to Aa2; previously on 7/14/2004
     Assigned Aaa

  -- Cl. B-1, Downgraded to Baa2; previously on 7/14/2004 Assigned
     Aa3

  -- Cl. B-2, Downgraded to Ba3; previously on 10/23/2008
     Downgraded to Baa1

  -- Cl. B-3, Downgraded to Caa2; previously on 10/23/2008
     Downgraded to Ba2

MASTR Adjustable Rate Mortgages Trust 2004-7

  -- Cl. 1- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 2- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 3- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 4- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 4- A-2, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aa1

  -- Cl. 5- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 6-B-1, Downgraded to B2; previously on 10/23/2008
     Downgraded to Ba2

  -- Cl. 6-M-2, Downgraded to Baa3; previously on 10/23/2008
     Downgraded to Baa1

  -- Cl. B-2, Downgraded to Ba1; previously on 8/23/2004 Assigned
     A3

  -- Cl. B-3, Downgraded to B3; previously on 8/23/2004 Assigned
     Baa3

MASTR Adjustable Rate Mortgages Trust 2004-8

  -- Cl. 1- A-1, Downgraded to A2; previously on 10/23/2008
     Downgraded to Aa2

  -- Cl. 2- A-1, Downgraded to A2; previously on 10/23/2008
     Downgraded to Aa2

  -- Cl. 3- A-1, Downgraded to A2; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 4- A-1, Downgraded to A1; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 5- A-1, Downgraded to Aa2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 6- A-1, Downgraded to Aa3; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 7- A-1, Downgraded to A2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 8- A-1, Downgraded to Aa2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. 8-A-X, Downgraded to Aa2; previously on 10/23/2008
     Downgraded to Aa1

  -- Cl. B-1, Downgraded to Ba1; previously on 10/23/2008
     Downgraded to Baa1

  -- Cl. B-2, Downgraded to Caa3; previously on 10/23/2008
     Downgraded to Ba3

MASTR Adjustable Rate Mortgages Trust 2004-9

  -- Cl. B-1, Downgraded to Ba3; previously on 2/14/2005 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Ca; previously on 10/23/2008
     Downgraded to B3

  -- Cl. M-2, Downgraded to Baa2; previously on 2/14/2005 Assigned
     A3

MASTR Alternative Loan Trust 2003-5

  -- Cl. 30-B-3, Downgraded to Ba1; previously on 8/25/2003
     Assigned Baa3

  -- Cl. 30-B-4, Downgraded to Caa1; previously on 10/23/2008
     Downgraded to B2

MASTR Alternative Loan Trust 2004-4

  -- Cl. 1- A-1, Downgraded to Aa1; previously on 5/7/2004
     Assigned Aaa

  -- Cl. 9- A-1, Downgraded to Aa2; previously on 5/7/2004
     Assigned Aaa

  -- Cl. 11- A-1, Downgraded to Aa3; previously on 5/7/2004
     Assigned Aaa

  -- Cl. 30-PO, Downgraded to Aa3; previously on 5/7/2004 Assigned
     Aaa

  -- Cl. B-I-1, Downgraded to A1; previously on 5/7/2004 Assigned
     Aa3

  -- Cl. B-I-2, Downgraded to Baa2; previously on 5/7/2004
     Assigned A3

  -- Cl. B-I-3, Downgraded to Caa1; previously on 10/23/2008
     Downgraded to Ba3

MASTR Alternative Loan Trust 2004-5

  -- Cl. 2- A-1, Downgraded to Aa3; previously on 6/7/2004
     Assigned Aaa

  -- Cl. 3- A-1, Downgraded to Aa3; previously on 6/7/2004
     Assigned Aaa

MASTR Alternative Loan Trust 2004-7

  -- Cl. 2- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 3- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 5- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 7- A-1, Downgraded to Aa1; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 9- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 10- A-1, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 30-PO, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. 15-PO, Downgraded to Aa2; previously on 8/23/2004
     Assigned Aaa

  -- Cl. B-1, Downgraded to A2; previously on 8/23/2004 Assigned
     Aa3

  -- Cl. B-2, Downgraded to Baa3; previously on 8/23/2004 Assigned
     A3

  -- Cl. B-3, Downgraded to Ba3; previously on 8/23/2004 Assigned
     Baa3

MASTR Alternative Loan Trust 2004-9

  -- Cl. A-5, Downgraded to Aa1; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. A-6, Downgraded to Aa1; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. M-1, Downgraded to A1; previously on 9/7/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa2; previously on 9/7/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to B3; previously on 10/23/2008
     Downgraded to Ba1


MERRILL LYNCH: Moody's Downgrades Ratings on 61 Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded 61 tranches and confirmed
5 tranches from 7 Merrill Lynch Mortgage Investors Trust deals
issued in 2005

The collateral backing these transactions consists primarily of
first-lien, adjustable-rate, Jumbo mortgage loans.  The actions
are triggered by the quickly deteriorating performance -- marked
by rising delinquencies and loss severities, along with concerns
about the continuing drop in housing prices nationwide and the
rising unemployment levels.  The actions reflect Moody's updated
expected losses on the jumbo sector announced in a press release
on March 19th, 2009, and are part of Moody's on-going review
process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

Merrill Lynch Mortgage Investors Tr 2005-A10

  -- Cl. A, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ba3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ca; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 3/19/2009 Baa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-IO, Downgraded to Ba3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Merrill Lynch Mtge Investors Tr MLCC 2005-1

  -- Cl. 1-A, Downgraded to A2; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to A2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to B2; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Ca; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Merrill Lynch Mtge Investors Tr MLCC 2005-2

  -- Cl. 1-A, Downgraded to A1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. 2-A, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. 3-A, Downgraded to A1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ba3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Caa1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 3/19/2009 Baa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Merrill Lynch Mtge Investors Tr MLCC 2005-3

  -- Cl. I-A, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. I-A-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-IO, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-IO, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-IO, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. V-A, Confirmed at Aaa; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. V-A-IO, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ba2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Caa1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 3/19/2009 Baa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Merrill Lynch Mtge Investors Tr MLCC 2005-A

  -- Cl. A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to A3; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to B2; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to Ca; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Merrill Lynch Mtge Investors Tr MLCC 2005-B

  -- Cl. A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to A2; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to A2; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to Ba1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to C; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Merrill Lynch Mtge Investors Tr MLMI 2005-A4

  -- Cl. I-A, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-IO, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

i) the nature, sufficiency, and quality of historical performance
information available for the asset class as well as for the
transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
interests of the key parties to the transaction, most notably the
originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
cashflow and capital structure,

v) an analysis of the transaction's governance and legal
structure, and

vi) a comparison of these attributes against those of other
similar transactions.


MEZZ CAP: S&P Downgrades Ratings on 28 Classes of Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 28
classes of certificates from Mezz Cap Commercial Mortgage Trust's
series 2004-C1, 2004-C2, 2005-C3, 2006-C4, and 2007-C5 and removed
them from CreditWatch with negative implications.  Concurrently,
S&P affirmed its ratings on five other classes from these
transactions.

The downgrades reflect Standard & Poor's analysis of the specially
serviced loans and other credit-impaired loans in the
transactions.  S&P's analysis of these transactions assumed higher
loss severities than are typical for commercial mortgage-backed
securities loans due to the subordinated nature of the collateral,
which consists of class B notes.  As of the April 17, 2009,
remittance report, losses incurred in series 2004-C1, 2004-C2, and
2005-C3 had an average severity of 100%.  In addition, the
negative actions reflect the unfavorable performance of each of
the collateral pools, which have an average delinquency rate of
13.8%, and S&P's expectation that each pool will continue to
perform poorly in the future.  S&P downgraded seven classes from
series 2004-C1, 2006-C4, and 2007-C5 to 'D' because the classes
have accumulated outstanding interest shortfalls for more than a
year and S&P believes they are likely to continue to incur
interest shortfalls.

The affirmed ratings reflect S&P's expectation that the respective
interest-only classes will continue to receive interest payments
as described in the transactions' indentures.

In S&P's analysis of the specially serviced loans, S&P considered
the recent appraisal and broker opinions of value provided by the
respective special servicers of the A-note securitizations to
derive loss estimates for the collateral.  S&P also considered the
reported interest shortfalls as of the April 17, 2009, trustee
remittance reports and anticipated shortfalls for each of the
transactions.  The shortfalls occurred after the master servicer,
Wachovia Bank N.A., declared future payment advances
nonrecoverable on 67 (14%) of the 494 total loans in the five
transactions.  As a result, Standard & Poor's expects a
significant amount of interest shortfalls for each of the
respective transactions due to Wachovia's decision to stop
advancing on these assets.

Details of the five Mezz Cap Commercial Mortgage Trust series are:

  -- The collateral pool for series 2004-C1 consisted of 78 loans
     with an aggregate trust balance of $46.1 million as of the
     April 17, 2009, remittance report, compared with 85 loans
     totaling $50.5 million at issuance; $14.4 million (31%) of
     the loan collateral is defeased.  Ten loans totaling $9.1
     million are in special servicing, including five loans that
     are 90-plus days delinquent (10%), one that is 60-plus days
     delinquent (1%), and one that is in foreclosure (1%).  To
     date, the trust has experienced five losses totaling $2.2
     million.

  -- The collateral pool for series 2004-C2 consisted of 79 loans
     with an aggregate trust balance of $50.2 million as of the
     April 17, 2009, remittance report, compared with 81 loans
     totaling $52.4 million at issuance; $3.1 million (6%) of the
     loan collateral is defeased.  Seven loans totaling $3.3
     million are in special servicing, consisting of five loans
     that are 90-plus days delinquent (6%), one that is 30-plus
     days delinquent (2%), and one that is real estate owned (1%).
     To date, the trust has experienced two losses totaling $1.8
     million.

  -- The collateral pool for series 2005-C3 consisted of 106 loans
     with an aggregate trust balance of $61.9 million as of the
     April 17, 2009, remittance report, compared with 109 loans
     totaling $63.4 million at issuance; $2.0 million (3%) of the
     loan collateral is defeased.  Fifteen loans totaling $8.6
     million are in special servicing, consisting of six loans
     that are 90-plus days delinquent (5%), two that are 60-plus
     days delinquent (1%), two that are 30-plus days delinquent
      (1%), two that are in foreclosure (2%), and four that are
     REO (3%).  To date, the trust has experienced one loss
     totaling $436,742 million with a loss severity of 100%.

  -- The collateral pool for series 2006-C4 consisted of 142 loans
     with an aggregate trust balance of $84.8 million as of the
     April 17, 2009, remittance report, compared with 146 loans
     totaling $88.9 million at issuance.  Seventeen loans totaling
     $11.3 million are in special servicing, consisting of 14
     loans that are 90-plus days delinquent (11%), two that are
     60-plus days delinquent (2%), and one that is 30-plus days
     delinquent (1%).  One asset is REO (0.10%).  Three loans (3%)
     are delinquent and are not with the special servicer. To
     date, the trust has not experienced any losses.

  -- The collateral pool for series 2007-C5 consisted of 84 loans
     with an aggregate trust balance of $55.8 million as of the
     April 17, 2009, remittance report, compared with 86 loans
     totaling $56.3 million at issuance.  Fifteen loans totaling
     $10.9 million are in special servicing, consisting of 12
     loans that are 90-plus days delinquent (16%) and three that
     are 60-plus days delinquent.  Two loans (1%) are 30-plus days
     delinquent and are not with the special servicer.  To date,
     the trust has experienced two losses totaling $51,222, with
     an average loss severity of 50%.  In addition, the trust
     incurred a loss of $420,569 related to the liquidation of one
     asset that was with the special servicer and that also had a
     letter of credit as additional collateral.  The LOC was
     used to recover advances made by the master servicer for the
     trust.

      Ratings Lowered And Removed From Creditwatch Negative

               Mezz Cap Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C1

              Rating
              ------
    Class   To    From                  Credit enhancement (%)
    -----   --    ----                  ----------------------
    A       BBB   AAA/Watch Neg                          38.73
    B       BB+   AA+/Watch Neg                          32.70
    C       BB-   AA-/Watch Neg                          27.76
    D       B-    BBB+/Watch Neg                         21.72
    E       CCC-  BBB/Watch Neg                          18.57
    G       D     BB/Watch Neg                           12.67

                Mezz Cap Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C2

               Rating
               ------
    Class   To     From                  Credit enhancement (%)
    -----   --     ----                  ----------------------
    A       BBB-   AAA/Watch Neg                          32.14
    B       BB     AA/Watch Neg                           27.86
    C       B+     A/Watch Neg                            24.60
    D       B-     BBB/Watch Neg                          19.51
    E       CCC-   BB+/Watch Neg                          17.42

               Mezz Cap Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2005-C3

              Rating
              ------
    Class   To    From                   Credit enhancement (%)
    -----   --    ----                   ----------------------
    A       BB+   AAA/Watch Neg                           33.62
    B       BB    AA/Watch Neg                            30.87
    C       B+    A/Watch Neg                             27.80
    D       B-    BBB/Watch Neg                           22.67
    E       CCC   BBB-/Watch Neg                          19.72

               Mezz Cap Commercial Mortgage Trust
  Commercial mortgage pass-through certificates series 2006-C4

              Rating
              ------
    Class   To    From                   Credit enhancement (%)
    -----   --    ----                   ----------------------
    A       BB-   AAA/Watch Neg                           29.39
    B       B     AA/Watch Neg                            26.77
    C       CCC-  A/Watch Neg                             24.15
    D       D     BBB/Watch Neg                           19.95
    E       D     BBB-/Watch Neg                          18.51
    F       D     BB/Watch Neg                            15.50

    Mezz Cap Commercial Mortgage Trust
    Commercial mortgage pass-through certificates series 2007-C5

              Rating
              ------
    Class   To    From                  Credit enhancement (%)
    -----   --    ----                  ----------------------
    A       B+    AAA/Watch Neg                          29.53
    B       CCC+  AA/Watch Neg                           27.40
    C       CCC-  A/Watch Neg                            24.52
    D       D     BBB/Watch Neg                          20.39
    E       D     BBB-/Watch Neg                         18.51
    F       D     BB/Watch Neg                           15.38


                         Ratings Affirmed

                Mezz Cap Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C1

          Class     Rating        Credit enhancement (%)
          -----     ------        ----------------------
          X         AAA           N/A

                Mezz Cap Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C2

          Class     Rating        Credit enhancement (%)
          -----     ------        ----------------------
          X         AAA           N/A


                Mezz Cap Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2005-C3

          Class     Rating        Credit enhancement (%)
          -----     ------        ----------------------
          X         AAA           N/A


                Mezz Cap Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2006-C4

          Class     Rating        Credit enhancement (%)
          -----     ------        ----------------------
          X         AAA           N/A


                Mezz Cap Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2007-C5

          Class     Rating        Credit enhancement (%)
          -----     ------        ----------------------
          X         AAA           N/A


MIDWEST FAMILY: S&P Puts 'BB+' Rating on Negative CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'AA' underlying
rating on Midwest Family Housing LLC, Illinois's military housing
revenue bonds 2006 series A class I bonds on CreditWatch with
negative implications.  Standard & Poor's also placed its 'BBB-'
SPUR on Midwest Family Housing LLC's class II on CreditWatch with
negative implications, and its 'BB+' SPUR on the class III bonds
on CreditWatch with negative implications.  These actions reflect
the current rating of CIFG Assurance North America Inc.
(BB/Developing).  All of the affected issues receive enhancement
in the form of debt service reserve fund surety policies with CIFG
Assurance North America Inc.

According to its current criteria for military housing
privatizations, Standard & Poor's considers whether monies
deposited in the DSRF, which is generally sized in the amount of
at least six months debt service, is invested in investment grade
securities rated 'BBB-' or higher, and will be available to pay
debt service in the event of a shortfall.  Because CIFG is
currently rated below investment grade, its rating is no longer
consistent with S&P's minimum rating level for DSRF surety
policies.

Standard & Poor's examined all housing bond issues with credit
support from the above-mentioned surety provider, taking several
factors into consideration.  For military housing issues, which
represent the majority of the affected ratings, S&P considered
each issue's reliance on the DSRF surety policies to meet
potential shortfalls for bond payment obligations.  Should the
issuers act to replace or cash fund the DSRF in investment grade
securities, S&P will review the ratings upon the issuer's request.


MONTEREY CDO: Fitch Junks Ratings on $825 Million Notes
-------------------------------------------------------
Fitch Ratings downgrades $825 million from three classes and
affirms $110.7 million from five classes of notes issued by
Monterey CDO, Ltd./LLC:

  -- $224,111,334 class A-1A notes downgraded to 'CCC' from 'BB';
  -- $522,926,447 class A-1B notes downgraded to 'CCC' from 'BB';
  -- $77,961,611 class A-2 notes downgraded to 'CC' from 'CCC';
  -- $49,700,527 class A-3 notes affirmed at 'CC';
  -- $33,133,685 class B notes affirmed at 'CC';
  -- $6,821,641 class C notes affirmed at 'CC';
  -- $10,335,331 class D notes affirmed at 'C';
  -- $10,658,898 class E notes affirmed at 'C'.

Fitch also removed the class A-1A and A-1B notes from Rating Watch
Negative.

The rating actions are due to Fitch's recently adjusted default
and recovery rate assumptions for analyzing structured finance
collateralized debt obligations, in addition to negative credit
migration in the underlying portfolio.  Since the last rating
action in May 2008, 76.9% of the portfolio has been downgraded.
Assets rated below investment grade comprise 73.6% of the
portfolio, of which 54% of the portfolio is considered 'CCC' or
below.

Par coverage to all of the notes has continued to erode due to
defaulted and distressed assets, specifically residential
mortgage-backed securities.  According to the April 2009 trustee
report, the class A/B/C, D, and E overcollateralization tests are
all failing, in addition to the class A sequential pay test.
There are no Events of Default triggered by OC test failures, and
there are no interest coverage tests in the transaction.  The
class A/B/C OC test level has dropped to 44.3% versus a trigger of
101.4%.  As a result of the coverage test failures, interest
proceeds otherwise available to pay subordinated notes are being
used to pay down the senior notes sequentially until all of the OC
tests are cured.  In addition, the failure of the class A
sequential pay test permanently switches any principal payments to
the liabilities to be applied sequentially rather than a pro-rata
distribution of principal until the transaction's maturity.

The pro rata class A-1A and class A-1B (together, class A-1) notes
have amortized only 6.6% since closing and still represent 79.8%
of the remaining rated notes.  Credit enhancement to the class A-1
notes may be further eroded by losses on below investment grade
collateral, and even though the class A-1 notes are the only notes
receiving any principal payments due to the class A/B/C OC test
failure, the continued deterioration of the portfolio decreases
the likelihood of full principal repayment to class A-1.

Furthermore, the continued credit deterioration of the portfolio
decreases the likelihood of full principal and interest payments
to the class A-2, A-3, B, C, D and E notes.  The class A-2, A-3,
B, and C notes are currently receiving full interest payments and
are expected to continue to receive future interest payments, but
principal payments are not expected as all principal payments are
going to the class A-1 notes.  Principal proceeds are currently
used to pay partial interest due to the class A-2 notes and the
full amount of interest payments due to the class A-3, B, and C
notes as interest proceeds could not cover the complete interest
payment.  The class D and E notes have and will continue to pay in
kind, whereby the principal balances of the notes are written up
by the amount of interest owed due to the class A/B/C OC test
failure.  Fitch does not expect any future interest or principal
payments to the class D or E notes.

Monterey is a static CDO which closed in March 2006 with a
portfolio selected by Dynamic Credit Partners, LLC.  Monterey is
composed of 68.3% RMBS primarily from the 2005 and 2006 vintages,
27.3% SF CDOs from the 2003 through 2007 vintages, and 4.5%
corporate CDOs from the 2005 and 2006 vintages.

The rating actions resolve the 'Under Analysis' status issued on
Oct. 14, 2008 following Fitch's announcement of its proposed
criteria revision for analyzing structured finance SF CDOs.  The
revised criteria report, 'Global Rating Criteria for Structured
Finance CDOs', was published in its final form on Dec. 16, 2008
along with an updated version of the Fitch Portfolio Credit Model
that includes additional functionality for analyzing SF CDOs.  As
part of this review, Fitch makes standard adjustments for any
names on Rating Watch Negative or with a Negative Outlook,
downgrading such ratings for default analysis purposes by three
and one notches, respectively.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on Class IIA Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on the
class IIA notes issued by Morgan Stanley Managed ACES SPC's series
2007-4, a synthetic corporate investment-grade collateralized debt
obligation transaction.

Due to an administrative error, the rating on this class remained
outstanding beyond the class' Dec. 23, 2008, unwind date.

                         Rating Withdrawn

                 Morgan Stanley Managed ACES SPC
                          Series 2007-4

                              Rating
                              ------
              Class       To          From
              -----       --          ----
              IIA         NR          CCC-/Watch Neg

                         NR  --  Not rated.


NEW ORLEANS: S&P Raises Rating on Sewer Bonds to 'BBB' From 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its underlying rating,
with a stable outlook, on New Orleans Sewerage and Water Board,
Louisiana's sewer revenue debt to 'BBB-' from 'B' based on the
system's improved liquidity and ability to reduce its operating
expenditures to adjust to a reduced customer base.

In S&P's view, limiting credit factors include the system's
potential financial and political challenges related to the
implementation of its roughly $520.3 million capital improvement
plan during the next five years, including improvements mandated
by an EPA consent decree; and substantially reduced customer base
that has been slow to recover to its pre-Katrina levels.

Factors that provide support to the current rating include S&P's
opinion of the board's historical commitment and willingness to
adjust rates to support operations and capital needs; and ability
to make debt service payments without support from the federal or
state governments.

"We expect the board will maintain adequate debt service coverage
on all liens as it works through its sizable CIP," said Standard &
Poor's credit analyst Sarah Smaardyk.  "Because completing the CIP
requires consistent annual rate increases, S&P believes that
delays in passing rate increases could place pressure on the
system's financial operations."

Beginning in fiscal 2003, the board implemented sewerage rate
increases with a 15% increase, followed by a 15% increase again in
fiscal 2004, and 14% increases in fiscal 2005 and fiscal 2006.


NEWTON CDO: Moody's Downgrades Ratings on Two Notes to 'B1'
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings on these notes
issued by Newton CDO Ltd.:

  -- US$243,500,000 Class A-1 Floating Rate Senior Notes due
     March 27, 2014, Downgraded to B1; previously on June 30, 2008
     confirmed at A3;

  -- US$27,000,000 Class A-2 Fixed Rate Senior Notes due March
     27, 2014, Downgraded to B1; previously on March 19 2002,
     assigned A3.

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below.  The
Weighted Average Rating Factor of the portfolio has significantly
increased over the last few months and it is currently at 3523
versus a test level of 1900 as of the last trustee report, dated
April 10, 2009.  Based on the same trustee report, approximately
26% of the transaction's assets are rated Caa1 or below.  There
has also been an increased amount of defaults in the portfolio
over the last few months leading to a gradual erosion in the par
coverage for the Class A notes.  Based on the April 2009 trustee
report, the portfolio has over $16 million in defaults

In addition, the rating on Class A1 Notes reflects the actual
underlying rating of the Class A1 Notes.  This underlying rating
is based solely on the intrinsic credit quality of the Class A1
Notes in the absence of the guarantee from Syncora Guarantee Inc.,
whose insurance financial strength rating was downgraded from to
Ca on March 9, 2009.  The actions is a result of, and is
consistent with, Moody's modified approach to rating structured
finance securities wrapped by financial guarantors as described in
the press release dated November 10, 2008, titled "Moody's
modifies approach to rating structured finance securities wrapped
by financial guarantors."

Newton CDO Ltd., issued in March of 2002, is a collateralized bond
obligation backed primarily by a portfolio of senior unsecured
bonds.


NICHOLAS-APPLEGATE CBO: Moody's Junks Ratings on Three 2013 Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of these notes
issued by Nicholas-Applegate CBO II Ltd.:

  -- US$167,500,000 Class A Floating Rate Notes, Due 2013,
     Downgraded to Ba1; previously on September 23, 2008
     Downgraded to Aa1;

  -- US$32,400,000 Class B Floating Rate Notes, Due 2013,
     Downgraded to Ca; previously on September 23, 2008 Downgraded
     to Ba2;

  -- US$13,750,000 Class C Floating Rate Notes, Due 2013,
     Downgraded to C; previously on September 23, 2008 Downgraded
     to Caa3;

  -- US$10,000,000 Class D Floating Rate Notes, Due 2013,
     Downgraded to C; previously on September 23, 2008 Downgraded
     to Ca;

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below, and
failure of the Class B, C and D Par Value Tests as well as failure
of all four Interest Coverage Tests.  The weighted average rating
factor has significantly increased over the last few months and it
is currently at 4974 versus a test level of 2720 as of the last
trustee report, dated April 20, 2009.  The proportion of
securities from issuers rated Caa1 and below is currently at 34.8%
based on the same trustee report.  Additionally, interest payments
on the Class B, C and D Notes are presently being deferred as a
result of the failure of the Class A, B, C and D Interest Coverage
Tests.  Moody's also noted that the transaction is negatively
impacted by large pay-fixed, receive-floating interest rate swaps
where payments to the hedge counterparty absorb a large portion of
the excess spread in the deal.

Nicholas-Applegate CBO II Ltd., issued in April of 2001, is a
collateralized bond obligation backed primarily by a portfolio of
senior unsecured bonds.


ONONDAGA COUNTY: S&P Assigns Negative Outlook on BB-Rated Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the 'BB-
' rating on Onondaga County Industrial Development Agency, New
York's series 1993B and 1998 revenue bonds, issued for Community
General Hospital of Greater Syracuse, to negative from stable due
to the system's weak financial performance for fiscal 2008 and
interim fiscal 2009 results (the three months ended March 31,
2009) that varied significantly from management's budgeted
expectations.

Management reports the variance was due to a continued decline of
utilization across inpatient and outpatient services.

The rating service also affirmed its 'BB-' rating on the bonds.

In fiscal 2008, Community General Hospital reported an operating
loss of approximately $1.7 million, excluding investment income,
which was in-line with management's original break-even budget.
Management indicates this variance was due to challenges replacing
a revenue gap created by the turnover of two obstetric physicians
early in the year and the loss of margin generated by Community
General Hospital's closing of 50 nursing home beds in 2008 to
comply with a state mandate.  Through the first quarter of fiscal
2009, the hospital's variance from its budgeted expectations
appeared to widen, which management attributes to the same
obstetric vacancies, a mild flu season, and the medical leave of a
key surgeon.  The hospital is implementing approximately $1
million of annualized saving recommendations, suggested by an
outside consulting firm, to enhance revenue collections and
contain costs.

The hospital's average age of plant, near 17 years through fiscal
2008, is an additional credit concern.

The hospital's low debt level, with about $8 million of long-term
debt, all of which matures within 10 years, supports the 'BB-'
rating.

"It is our belief that while the organization's remaining debt
outstanding has a short duration remaining, its debt service
coverage is light for the rating and that the organization could
continue to struggle given its competitive market and need to
recapture market share," said Standard & Poor's credit analyst
Jennifer Soule.  "If the hospital's financial results for fiscal
2009 vary significantly from the $500,000 loss budgeted by
management, a lower rating might be warranted.  If the
organization is able to meet or exceed its budgeted expectations
for the year, with a turn toward flat or growing utilization
instead of a decline, however, S&P might return the outlook to
stable."

The hospital's original fiscal 2009 budget reported an operating
loss for the organization of approximately $500,000.  Management
has indicated that, given first quarter results, it expects to
incur a larger loss but that it expects its improvement efforts
and any increases in volume associated with its new obstetrician
to help mitigate losses.  Coverage of the $3.2 million maximum
annual debt service, which occurs in 2009, was a thin 1.2x, which
included principal and interest on a TELP loan used for a new
surgical robot at the hospital.  Debt service declines annually
for the next several years; and it will be particularly modest
after 2010, assuming the hospital does not add measurable new
debt, mortgages, or leases.


ORKNEY RE: S&P Changes Senior Debt Rating on A-2 Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its senior
debt rating on Orkney Re II PLC's Series A-2 notes to 'D' from
'CC'.

The 'C' subordinated debt rating on the company's Series B notes
is unchanged.

A scheduled interest payment on the Class A-2 notes was due and
was not made.  In addition, the company has told Standard & Poor's
it will not make the payment within the three-business-day cure
period.  The reason for the default is the continued decline in
the mark-to-market value of assets in the excess reserve account.
Under the terms of the reinsurance agreement, the cash flow on the
assets in the excess reserve account that Orkney Re II plc would
otherwise use to make the payments due on the notes is being used
to satisfy the XXX reserve requirement of the cedent, Scottish Re
(U.S.).

"We will continue to monitor the development of the transaction
and take ratings actions as appropriate," noted Standard & Poor's
credit analyst Gary Martucci.


PASS-THROUGH AUCTION: S&P Cuts Ratings on 2007-1 Certs. to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Pass-
Through Auction Market Preferred Securities Series 2007-1's
$81 million class A and B certificates to 'B' from 'BB-'.

The ratings on the class A and B certificates are dependent on the
lower of the ratings on the two underlying securities.

The rating actions reflect (i) the May 4, 2009, lowering of the
rating on the two underlying securities, Merrill Lynch & Co.
Inc.'s noncumulative perpetual floating-rate preferred stock
series 5 notes and Merrill Lynch & Co. Inc.'s noncumulative
perpetual floating-rate preferred stock series 2 notes, to 'B'
from 'BB-' and their placement on CreditWatch with negative
implications; and (ii) the subsequent May 8, 2009, affirmation of
the 'B' ratings on the two underlying securities and their removal
from CreditWatch negative.


PREFERRED PASS-THROUGH: S&P Cuts Ratings on 2006-B Certs. to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Preferred Pass-Through Trust 2006-B's class A and B certificates
to 'B' from 'BB-'.

The ratings on the class A and B certificates are dependent on the
rating on the underlying security, Bank of America Corp.'s
noncumulative perpetual floating-rate preferred stock series E
notes.

The rating actions reflect the May 4, 2009, lowering of the rating
on the underlying security to 'B' from 'BB-' and its placement on
CreditWatch with negative implications and the subsequent May 8,
2009, affirmation on the 'B' rating on the underling security and
its removal from CreditWatch negative.


PREFERREDPLUS TRUST: S&P Cuts Rating on $25 Mil. Certs. to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on
PreferredPlus Trust Series CCR-1's $25 million trust certificates
to 'B' from 'BB-'.

The rating on the trust certificates is dependent on the rating on
Countrywide Capital III's 8.05% notes due June 15, 2027, the
underlying securities.

The rating action reflects the May 4, 2009, lowering of S&P's
rating on the underlying securities to 'B' from 'BB-' and S&P's
placement of that rating on CreditWatch with negative
implications, as well as the subsequent May 8, 2009, affirmation
of S&P's 'B' rating on the underlying securities and S&P's removal
of that rating from CreditWatch negative.  Bank of America Corp.
acquired Countrywide Financial Corp. in 2008.  Countrywide Capital
III is a subsidiary of Countrywide Financial Corp.


PRIME MORTGAGE: Moody's Downgrades Ratings on Nine Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded 9 tranches and confirmed
2 tranches from Prime Mortgage Trust 2005-3.

The collateral backing these transactions consists primarily of
first-lien, fixed-rate, Jumbo mortgage loans.  The actions are
triggered by the quickly deteriorating performance -- marked by
rising delinquencies and loss severities, along with concerns
about the continuing drop in housing prices nationwide and the
rising unemployment levels.  The actions reflect Moody's updated
expected losses on the jumbo sector announced in a press release
on March 19th, 2009, and are part of Moody's on-going review
process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

Prime Mortgage Trust 2005-3

  -- Cl. A-1, Confirmed at Aaa; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Aa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Aa2; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. X, Confirmed at Aaa; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to A2; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to Ba1; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to B2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to Ca; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

i) the nature, sufficiency, and quality of historical performance
information available for the asset class as well as for the
transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
interests of the key parties to the transaction, most notably the
originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
cashflow and capital structure,

v) an analysis of the transaction's governance and legal
structure, and

vi) a comparison of these attributes against those of other
similar transactions.


RAMP SERIES: Moody's Downgrades Ratings on Nine Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of nine
tranches issued by RAMP Series 2004-SL1 Trust and RAMP Series
2004-SL2 Trust.  The collateral backing each tranche consists of
called loans, or mortgage loans that were included in mortgage
pools previously securitized by affiliates of RFC.  The loans
include primarily first lien adjustable-rate and fixed-rate
"scratch and dent" mortgage loans, i.e. loans with delinquency
histories and/or whose borrowers may have very low credit scores.

The actions are triggered by higher than anticipated delinquency
levels and severity of loss as well as slower than anticipated
voluntary prepayments, resulting in higher updated loss
expectation for the underlying collateral and lower coverage for
the rated debt given available credit enhancement.

The ratings on the securities are monitored by evaluating factors
determined to be applicable to the credit profile of the
securities, such as i) the nature, sufficiency, and quality of
historical performance information regarding the asset class ii)
an analysis of the collateral being securitized, iii) an analysis
of the transaction's allocation of collateral cash flow and
capital structure, and (iv) a comparison of these attributes
against those of other similar transactions.

General loss estimation methodology is outlined.

For seasoned vintages (before 2005), Moody's calculates estimated
losses for Scratch and Dent RMBS:

  -- Current delinquencies are used to project pipeline losses.

  -- Annual roll rates are assumed at 0% for 30 days, 15% for 60
     days, 30% for 90 days, 65% for foreclosures and 90% for REO.

  -- Severities used are higher of 65% or actual historical
     severity for each transaction.

  -- Loss is calculated for the previous year.  Expected annual
     loss is then derived from a weighted average of previous year
     loss and expected pipeline loss.  The transaction expected
     loss is projected out over the deal's expected remaining
     life.  Depending on a transaction's time of origination, a
     75% weight can be applied to pipeline loss when it is
     considered to be more representative of future expected
     performance than the previous year's losses.

  -- Expected loss is finally compared to credit enhancement to
     derive a rating.

Loss estimates are subject to variability and, as a result,
realized losses could ultimately turn out higher or lower than
Moody's current expectations.  Moody's will continue to evaluate
performance data as it becomes available and will assess the
pattern of potential future defaults and adjust loss expectations
accordingly if necessary.

Complete rating actions are:

Issuer: RAMP Series 2004-SL1 Trust

  -- Cl. M-I-7, Downgraded to Ba2; previously on 5/10/2004
     Assigned Baa3

Issuer: RAMP Series 2004-SL2 Trust

  -- Cl. A-I, Downgraded to Aa2; previously on 8/30/2004 Assigned
     Aaa

  -- Cl. A-II, Downgraded to Aa2; previously on 8/30/2004 Assigned
     Aaa

  -- Cl. A-III, Downgraded to Aa2; previously on 8/30/2004
     Assigned Aaa

  -- Cl. A-IV, Downgraded to Aa2; previously on 8/30/2004 Assigned
     Aaa

  -- Cl. A-I-IO, Downgraded to Aa2; previously on 8/30/2004
     Assigned Aaa

  -- Cl. A-I-PO, Downgraded to Aa2; previously on 8/30/2004
     Assigned Aaa

  -- Cl. A-IO, Downgraded to Aa2; previously on 8/30/2004 Assigned
     Aaa

  -- Cl. A-PO, Downgraded to Aa2; previously on 8/30/2004 Assigned
     Aaa


RESIDENTIAL REINSURANCE: S&P Assigns Low-B Ratings on 3 Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services on May 11, 2009, assigned its
'BB-', 'B-', and 'BB-' ratings to the Class 2009-1, 2, and 4
notes, respectively, to be issued by Residential Reinsurance 2009
Ltd.

Res Re 2009 is a special-purpose Cayman Islands exempted company
licensed as a Class B insurer in the Cayman Islands.  All of its
issued and outstanding share capital will be held in trust for
charitable purposes.

The cedents will be United Services Automobile Assn., a reciprocal
interinsurance exchange organized under the laws of Texas; USAA
Casualty Insurance Co., a Texas corporation; USAA Texas Lloyd's
Co., a Texas Lloyd's plan insurer; USAA General Indemnity Co., a
stock insurance company domiciled in Texas; and Garrison Property
& Casualty Insurance Co.  The companies (collectively referred to
as USAA; AAA/Stable/--) will be responsible for the quarterly
payment due under the reinsurance agreement in place between it
and Res Re 2009.

In the Class 1 and 2 notes, the cedents will be transferring a
portion of their U.S. hurricane and earthquake exposure, and in
the Class 4 notes, the cedents will be transferring a portion of
their U.S. hurricane, earthquake, severe thunderstorm, winter
storm, and wildfire exposure via a securitization to 144A fixed-
income investors.  Covered losses will be calculated on a per
occurrence basis for the Class 1 and 2 notes and on an annual
aggregate basis for the Class 4 notes.

                           New rating

         Residential Reinsurance 2009 Ltd.'s notes issue

               Class 2009-1                      BB-
               Class 2009-2                      B-
               Class 2009-4                      BB-


RESTRUCTURED ASSET: S&P Cuts Ratings on 2004-25-TR Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on
Restructured Asset Securities with Enhanced Returns Series 2004-
25-TR by lowering them to 'D' from 'CCC'.  The rating actions
reflect payment defaults on the certificates on their respective
payment due dates.

The rating actions did not occur contemporaneously with the
payment defaults on the certificates due to a process delay.

Additionally, S&P is correcting the rating history for classes A-3
and A-4, which S&P incorrectly downgraded to 'CCC' from 'BB' on
Sept. 17, 2008, due to an analytical error.

                        Ratings Corrected

       Restructured Asset Securities with Enhanced Returns
                  Series 2004-25-TR $63 million

                        Rating
                        ------
     Class        To              From     Payment due date
     -----        --              ----     ----------------
     A-1          D               CCC      Sept. 22, 2008
     A-2          D               CCC      Sept. 22, 2008
     A-3          D               CCC      Sept. 17, 2008
     A-4          D               CCC      Sept. 15, 2008
     A-6          D               CCC      Sept. 22, 2008
     A-7          D               CCC      Sept. 22, 2008


RFMSI SERIES: Moody's Downgrades Ratings on 102 Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded 102 tranches from 13
RFMSI Series Trust deals issued in 2005.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable-rate, Jumbo mortgage loans.  The
actions are triggered by the quickly deteriorating performance --
marked by rising delinquencies and loss severities, along with
concerns about the continuing drop in housing prices nationwide
and the rising unemployment levels.  The actions reflect Moody's
updated expected losses on the jumbo sector announced in a press
release on March 19th, 2009, and are part of Moody's on-going
review process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

RFMSI Series 2005-S1 Trust

  -- Cl. II-A-1, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

RFMSI Series 2005-S2 Trust

  -- Cl. A-1, Downgraded to A2; previously on 3/24/2009 Upgraded
     to Aa1 and remains on Review for Possible Downgrade

RFMSI Series 2005-S3 Trust

  -- Cl. A-1, Downgraded to B3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to B3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

RFMSI Series 2005-S4 Trust

  -- Cl. A-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

RFMSI Series 2005-S5 Trust

  -- Cl. A-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

RFMSI Series 2005-S7 Trust

  -- Cl. A-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

RFMSI Series 2005-S8 Trust

  -- Cl. A-1, Downgraded to Ba2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ba2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

RFMSI Series 2005-S9 Trust

  -- Cl. A-1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B3; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B3; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to A3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

RFMSI Series 2005-SA1 Trust

  -- Cl. I-A-1, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to B1; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ca; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 3/19/2009 Baa2 Placed
     Under Review for Possible Downgrade

RFMSI Series 2005-SA2 Trust

  -- Cl. I-A, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. V-A, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. VI-A-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ca; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 3/19/2009 Baa2 Placed
     Under Review for Possible Downgrade

RFMSI Series 2005-SA3 Trust

  -- Cl. I-A, Downgraded to B2; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ca; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 5/16/2008 Baa2 Placed
     Under Review for Possible Downgrade

RFMSI Series 2005-SA4 Trust

  -- Cl. I-A1, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A2-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A2-2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A3-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-3-2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A2, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-M-1, Downgraded to Ca; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. II-M-2, Downgraded to C; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. II-M-3, Downgraded to C; previously on 5/16/2008 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-1, Downgraded to C; previously on 5/16/2008 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-M-2, Downgraded to C; previously on 5/16/2008 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. I-M-3, Downgraded to C; previously on 5/16/2008 Baa2
     Placed Under Review for Possible Downgrade

RFMSI Series 2005-SA5 Trust

  -- Cl. I-A, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ca; previously on 5/16/2008 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 5/16/2008 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 5/16/2008 Baa2 Placed
     Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

i) the nature, sufficiency, and quality of historical performance
information available for the asset class as well as for the
transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
interests of the key parties to the transaction, most notably the
originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
cashflow and capital structure,

v) an analysis of the transaction's governance and legal
structure, and

vi) a comparison of these attributes against those of other
similar transactions.


ROBECO CDO: Moody's Downgrades Ratings on Various Classes of Notes
------------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Robeco
CDO II Limited:

  -- US$273,000,000 Class A-1L Floating Rate Notes due 2013,
     Downgraded to Aa1; previously on August 8, 2001 Assigned Aaa;

  -- US$38,000,000 Class B-1L Floating Rate Notes due 2013,
     Downgraded to Ca; previously on August 8, 2001 Assigned Baa2;

  -- US$5,000,000 Class B-1LB Floating Rate Notes due 2013,
     Downgraded to Ca; previously on August 8, 2001 Assigned Baa2;

  -- US$22,000,000 Class B-2 10.806% Notes due 2013, Downgraded
     to C; previously on April 3, 2007 Downgraded to B1.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, and an increase in the
proportion of securities from issuers rated Caa1 and below.  The
weighted average rating factor has significantly increased over
the last few months and it is currently at 4094 versus a test
level of 2500 as of the last trustee report, dated April 17, 2009.
Moody's also assessed the collateral pool's elevated concentration
risk in a small number of industries.  This includes a significant
concentration in debt obligations of companies in the banking,
finance, real estate, and insurance industries, which Moody's
views to be more strongly correlated in the current market
environment.  These four industries account for approximately 18%
of the transaction's underlying collateral pool.  Moody's also
noted that the transaction is negatively impacted by a large pay-
fixed, receive-floating interest rate swap where payments to the
hedge counterparty absorb a large portion of the excess spread in
the deal.  Based on the same trustee report, approximately 51% of
the transaction's assets are rated Caa1 or below.

In addition, as a result of the failure of Class B-2 Par Value
Test excess interest has been diverted towards paying down Class
A-1L Notes on the last payment date.  Furthermore, the present
failure of Class B-2 Par Value Test is likely to result in
interest payments on Class B-2 Notes being deferred on the next
payment date.

Robeco CDO II Limited, issued in August of 2001, is a
collateralized bond obligation backed primarily by a portfolio of
senior unsecured bonds.


RUTLAND RATED: S&P Downgrades Ratings on $20 Mil. Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the $20
million credit-linked notes issued by Rutland Rated Investments'
series 50 to 'D' from 'CCC-'.

The lowered rating follows a number of recent write-downs of
underlying reference entities, which caused the class series 50
notes to incur a partial principal loss.

                          Rating Lowered

                    Rutland Rated Investments
            Series 50 $20 million credit-linked notes

                                     Rating
                                     ------
                    Class          To     From
                    -----          --     ----
                    Series 50      D      CCC-


SACO I: Moody's Downgrades Ratings on Six 2000-1 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of six
tranches issued by SACO I Inc. Mortgage Pass-Through Certificates,
Series 2000-1.  The collateral backing each tranche consists
primarily of first lien adjustable-rate and fixed-rate "scratch
and dent" mortgage loans, with high loan-to-value ratios and
delinquency history at closing.

The actions are triggered by higher than anticipated delinquency
levels and severity of loss as well as slower than anticipated
voluntary prepayments, resulting in higher updated loss
expectation for the underlying collateral and lower coverage for
the rated debt given available credit enhancement.

The ratings on the securities are monitored by evaluating factors
determined to be applicable to the credit profile of the
securities, such as i) the nature, sufficiency, and quality of
historical performance information regarding the asset class ii)
an analysis of the collateral being securitized, iii) an analysis
of the transaction's allocation of collateral cash flow and
capital structure, and (iv) a comparison of these attributes
against those of other similar transactions.

General loss estimation methodology is outlined.

For seasoned vintages (before 2005), Moody's calculates estimated
losses for Scratch and Dent RMBS:

  -- Current delinquencies are used to project pipeline losses.

  -- Annual roll rates are assumed at 0% for 30 days, 15% for 60
     days, 30% for 90 days, 65% for foreclosures and 90% for REO.

  -- Severities used are higher of 65% or actual historical
     severity for each transaction.

  -- Loss is calculated for the previous year. Expected annual
     loss is then derived from a weighted average of previous year
     loss and expected pipeline loss.  The transaction expected
     loss is projected out over the deal's expected remaining
     life.  Depending on a transaction's time of origination, a
     75% weight can be applied to pipeline loss when it is
     considered to be more representative of future expected
     performance than the previous year's losses.

  -- Expected loss is finally compared to credit enhancement to
     derive a rating.

Loss estimates are subject to variability and, as a result,
realized losses could ultimately turn out higher or lower than
Moody's current expectations.  Moody's will continue to evaluate
performance data as it becomes available and will assess the
pattern of potential future defaults and adjust loss expectations
accordingly if necessary.

Complete rating actions are:

Issuer: SACO I Inc. Mortgage Pass-Through Certificates, Series
2000-1

  -- Cl. 1-B-3, Downgraded to Ba1; previously on 1/31/2000
     Assigned Baa2

  -- Cl. 1-B-4, Downgraded to Ca; previously on 1/31/2000 Assigned
     Ba2

  -- Cl. 1-B-5, Downgraded to Ca; previously on 1/31/2000 Assigned
     B2

  -- Cl. 2-B-3, Downgraded to B3; previously on 1/31/2000 Assigned
     Baa2

  -- Cl. 2-B-4, Downgraded to Ca; previously on 1/31/2000 Assigned
     Ba2

  -- Cl. 2-B-5, Downgraded to Ca; previously on 1/31/2000 Assigned
     B2


SALOMON BROTHERS: Moody's Downgrades Ratings on 2001-2 Tranches
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches issued by Salomon Brothers Mortgage Trust 2001-2.  The
collateral backing each tranche consists primarily of first lien
adjustable-rate and fixed-rate "scratch and dent" mortgage loans.

The actions are triggered by higher than anticipated delinquency
levels and severity of loss as well as slower than anticipated
voluntary prepayments, resulting in higher updated loss
expectation for the underlying collateral and lower coverage for
the rated debt given available credit enhancement.

The ratings on the securities are monitored by evaluating factors
determined to be applicable to the credit profile of the
securities, such as i) the nature, sufficiency, and quality of
historical performance information regarding the asset class ii)
an analysis of the collateral being securitized, iii) an analysis
of the transaction's allocation of collateral cash flow and
capital structure, and (iv) a comparison of these attributes
against those of other similar transactions.

General loss estimation methodology is outlined.

For seasoned vintages (before 2005), Moody's calculates estimated
losses for Scratch and Dent RMBS:

  -- Current delinquencies are used to project pipeline losses.

  -- Annual roll rates are assumed at 0% for 30 days, 15% for 60
     days, 30% for 90 days, 65% for foreclosures and 90% for REO.

  -- Severities used are higher of 65% or actual historical
     severity for each transaction.

  -- Loss is calculated for the previous year.  Expected annual
     loss is then derived from a weighted average of previous year
     loss and expected pipeline loss.  The transaction expected
     loss is projected out over the deal's expected remaining
     life.  Depending on a transaction's time of origination, a
     75% weight can be applied to pipeline loss when it is
     considered to be more representative of future expected
     performance than the previous year's losses.

  -- Expected loss is finally compared to credit enhancement to
     derive a rating.

Loss estimates are subject to variability and, as a result,
realized losses could ultimately turn out higher or lower than
Moody's current expectations.  Moody's will continue to evaluate
performance data as it becomes available and will assess the
pattern of potential future defaults and adjust loss expectations
accordingly if necessary.

Complete rating actions are:

Issuer: Salomon Brothers Mortgage Trust 2001-2

  -- Cl. M-4, Downgraded to B3; previously on 1/31/2002 Assigned
     Ba2

  -- Cl. M-5, Downgraded to C; previously on 10/6/2008 Downgraded
     to Ca


SATURNS TRUST: S&P Downgrades Rating on $63 Mil. Units to 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on SATURNS
Trust Series 2001-6's $63 million class units to 'B' from 'BB-'.

The rating on the units is dependent on the lower of the rating on
(i) the underlying security, BankAmerica Institutional Capital A's
8.07% preferred capital securities series A notes due Nov. 30,
2026 ('B'); and (ii) the swap guarantor, Morgan Stanley
(A/Negative/A-1).

The rating action reflects the May 4, 2009, lowering of the rating
on the underlying security to 'B' from 'BB-' and its placement on
CreditWatch with negative implications, and the subsequent May 8,
2009, affirmation of the 'B' rating on the underlying security and
its removal from CreditWatch negative.


SEQUOIA MORTGAGE: Moody's Downgrades Ratings on 34 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded 34 tranches from 4
Sequoia Mortgage Trust deals issued in 2005.

The collateral backing these transactions consists primarily of
first-lien, fixed-rate, Jumbo mortgage loans.  The actions are
triggered by the quickly deteriorating performance -- marked by
rising delinquencies and loss severities, along with concerns
about the continuing drop in housing prices nationwide and the
rising unemployment levels.  The actions reflect Moody's updated
expected losses on the jumbo sector announced in a press release
on March 19th, 2009, and are part of Moody's on-going review
process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

For details regarding Moody's approach to estimating losses on
Jumbo pools originated in 2005, 2006, 2007 and 2008, please refer
to the methodology publication "Prime Jumbo RMBS Loss Projection
Update: March 2009" available on Moodys.com.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

Sequoia Mortgage Trust 2005-1

  -- Cl. A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to A3; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to A3; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to Ba2; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to Ca; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Sequoia Mortgage Trust 2005-2

  -- Cl. A-1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to A2; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to A2; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to Baa3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Sequoia Mortgage Trust 2005-3

  -- Cl. A-1, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to Baa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to Baa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to B1; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to Ca; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Sequoia Mortgage Trust 2005-4

  -- Cl. 1-A1, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-XA, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-XB, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-B1, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-B2, Downgraded to B1; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

i) the nature, sufficiency, and quality of historical performance
information available for the asset class as well as for the
transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
interests of the key parties to the transaction, most notably the
originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
cashflow and capital structure,

v) an analysis of the transaction's governance and legal
structure, and

vi) a comparison of these attributes against those of other
similar transactions.


SIGNUM VERMILION: Moody's Cuts Rating on $24.3 Mil. Notes to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service downgraded its rating of US$24,300,000
Variable Rate Credit-Linked Notes Linked to an Arithmetic Basket
of Credits Due 2013 issued by Signum Vermilion Limited, Series
2007-04.

The rating action is:

Class Description: US$24,300,000 Variable Rate Credit-Linked Notes
Linked to an Arithmetic Basket of Credits Due 2013

  -- Current Rating: Ca
  -- Prior Rating: Caa2
  -- Prior Rating Date: 01/09/09

The transaction is a credit-linked note whose rating is primarily
based on the credit quality of the Reference Entities as well as
the legal structured of the transaction.  The rating action is a
result of the deterioration of the credit quality of the Reference
Entities.


SIGNUM VERMILION: Moody's Cuts Ratings on 2007-03 Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service downgraded its rating of US$24,300,000
Variable Rate Credit-Linked Notes Linked to an Arithmetic Basket
of Credits Due 2012 issued by Signum Vermilion Limited, Series
2007-03.

The rating action is :

Class Description: US$24,300,000 Variable Rate Credit-Linked Notes
Linked to an Arithmetic Basket of Credits Due 2012

  -- Current Rating: Ca
  -- Prior Rating: Caa2
  -- Prior Rating Date: 01/09/09

The transaction is a credit-linked note whose rating is primarily
based on the credit quality of the Reference Entities as well as
the legal structured of the transaction.  The rating action is a
result of the deterioration of the credit quality of the Reference
Entities.


SOVEREIGN COMMERCIAL: Fitch Downgrades Ratings on 2007-C1 Certs.
----------------------------------------------------------------
Fitch Ratings has downgraded and revised Rating Outlooks to
Sovereign Commercial Mortgage Securities Trust's commercial
mortgage pass-through certificates, series 2007-C1:

  -- $15.2 million class B to 'AA-' from 'AA'; Outlook to Negative
     from Stable;

  -- $17.7 million class C to 'A-' from 'A'; Outlook Negative;

  -- $20.3 million class D to 'BB+' from 'BBB-'; Outlook Negative;

  -- $10.1 million class E to 'BB-' from 'BB'; Outlook Negative;

  -- $7.6 million class F to 'B-' from 'BB-'; Outlook Negative;

  -- $2.5 million class G to 'CCC/RR1' from 'B+';

  -- $2.5 million class H to 'CCC/RR2' from 'B';

  -- $3.8 million class J to 'CC/RR3' from 'B-'.

Fitch has downgraded three classes and revised the recovery
ratings:

  -- $2.5 million class K to 'C/RR5' from 'B-/DR1';
  -- $3.8 million class L to 'C/RR6' from 'CCC/DR2'.

Fitch has also affirmed and revised the Rating Outlook on this
class:

  -- $105.2 million class AJ at 'AAA'; Outlook to Negative.

In addition, Fitch has affirmed and maintained Rating Outlooks for
these classes:

  -- $11.2 million class A-1 at 'AAA'; Outlook Stable;
  -- $486 million class A-1A at 'AAA'; Outlook Stable;
  -- $231.5 million class A-2 at 'AAA'; Outlook Stable;
  -- Interest-only class X at 'AAA'; Outlook Stable;
  -- $2.5 million class M at 'C/RR6'.

Fitch does not rate the $6.4 million class N certificates.

The downgrades reflect the transfer of additional loans to special
servicing.  The Negative Outlooks reflect an increase in Fitch
Loans of Concern from Fitch's last rating action.  Rating Outlooks
reflect the likely direction of any rating changes over the next
one to two years.  As of the April 2009 distribution date, the
pool's aggregate certificate balance has decreased 8.4% to $929
million from $1.014 billion at issuance.

The loans in this transaction do not have the same features as a
typical commercial mortgage backed security transaction as most of
the loans in the pool were not originated for securitization.
Therefore, the loans lack some of the structural features and
reporting requirements seen in typical CMBS loans.  In addition,
the loan pool is not geographically diverse, as 59.4% and 17% of
the properties are located in New York and New Jersey,
respectively.

Fitch has identified 41 Loans of Concern (13.4%), including seven
loans in special servicing (3.1%).  The largest specially serviced
asset (1.9%) is a 299-unit multifamily property in Bradenton,
Florida.  The loan transferred in September 2008 for payment
default and is in foreclosure.  The servicer reported occupancy as
of August 2008 was 81.6%.

The second largest specially serviced asset (0.3%) is a 42-unit
mixed-used property located in Manhattan.  The property
transferred to special servicing as the borrower has requested a
loan modification.

The third largest specially serviced asset (0.3%) is a 24,584
square foot property located in Bay Shore, New York.  The loan is
greater than 90 days delinquent and the servicer is pursuing
foreclosure.

The largest Loan of Concern not in special servicing (1.2%) is
collateralized by a 62,829 sf office property located in Glen
Cove, New York.  The servicer-reported year-end 2007 debt service
coverage ratio was 0.84 times (x).

The largest loan (4.1%) is secured by a portfolio of 34 multi-
family and mixed-use properties located throughout New Jersey.
Reported occupancy was 92% for the portfolio as of year-end 2007
with a DSCR of 1.48x.

There are no loans scheduled to mature in 2009.  Approximately
3.7% and 22% of the remaining loans are scheduled to mature in
2010 and 2011, respectively.


SPGS SPC: Write-Downs Cue S&P's 'D' Rating on 2006-IIC Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on SPGS
SPC's ABSpoke Portfolio I 2006-IIC notes to 'D' from 'CCC-'.

The lowered rating follows a number of recent write-downs of
underlying reference entities, which have caused the notes to
incur partial principal losses.

                          Rating Lowered

                             SPGS SPC
                   ABSpoke Portfolio I 2006-IIC

                                     Rating
                                     ------
                    Class           To   From
                    -----           --   ----
                    Var notes       D    CCC-


SVG DIAMOND: Fitch Downgrades Ratings on Seven Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded seven classes of SVG Diamond Private
Equity II Plc and assigned Rating Outlooks to five classes as
follows, effective immediately:

  -- EUR55,000,000 class A-1 notes to 'A' from 'AAA'; Outlook
     Stable;

  -- $71,600,000 class A-2 notes to 'A' from 'AAA'; Outlook
     Stable;

  -- EUR76,500,000 class B-1 notes to 'BB' from 'AA'; Outlook
     Stable;

  -- $40,000,000 class B-2 notes to 'BB' from 'AA'; Outlook
     Stable;
  -- $47,800,000 class C notes to 'B' from 'A+'; Outlook Stable;

  -- EUR43,000,000 class M-1 notes to 'CCC' from 'BBB+';

  -- $20,300,000 class M-2 notes to 'CCC' from 'BBB+'.

In addition, Fitch has removed all of the above classes from
Rating Watch Negative.

SVG II is a private equity collateralized fund obligation which
invests either directly or indirectly in underlying buyout and
venture private equity fund limited partnership interests.  The
CFO's portfolio is diverse in terms of vintage, industry and fund
managers.

The rating actions reflect Fitch's expectation for losses in the
underlying portfolio of SVG II due to the ongoing deterioration in
the economic environment and Fitch's assessment of the ability of
the tranches to absorb additional losses if the current economic
environment worsens.  Fitch analyzed the ability of senior
tranches, which have higher subordination levels, to withstand
multiples of base case losses in line with the tiering of advance
rates stresses published in Fitch's Market Value Criteria.

In deriving its methodology for reviewing this transaction, Fitch
took into account portfolio composition, vintage diversification,
and used empirical data from venture capital and buyout valuation
indices to derive its loss scenarios.  In the 2000-2002 period,
venture capital had significantly higher valuation increases and
subsequent losses compared to buyout investments, primarily as a
result of the boom in the technology sector.  Leverage and
valuations for buyout transactions increased significantly in the
2005-2007 period.  Therefore, Fitch expects buyout investments to
significantly under perform in the current environment in
comparison to how the asset class performed in the 2000-2002
period, which had historically exhibited the worst valuation
performance.

As of Dec. 31, 2008, the credit enhancement for the most junior
note was approximately 30%.  Fitch expects that through the 2009-
2010 period, portfolio losses may accumulate to approximately 30%.
Base case losses were subtracted from current credit enhancement
and each notes' remaining credit enhancement was compared to
different rating stresses.  Fitch will track actual losses on an
ongoing basis and adjust its base case assumptions accordingly.


SVG DIAMOND: Fitch Downgrades Ratings on Six Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded and assigned Rating Outlooks to six
classes from SVG Diamond Private Equity Plc as follows, effective
immediately:

  -- EUR40,000,000 class A1 notes to 'AA' from 'AAA'; Outlook
     Stable;

  -- $55,000,000 class A2 notes to 'AA' from 'AAA'; Outlook
     Stable;

  -- EUR58,500,000 class B1 notes to 'A' from 'AA'; Outlook
     Stable;

  -- $26,300,000 class B2 notes to 'A' from 'AA'; Outlook Stable;

  -- EUR40,000,000 class M1 notes to 'B' from 'BBB'; Outlook
     Stable;

  -- $49,000,000 class M2 notes to 'B' from 'BBB'; Outlook Stable.

In addition, Fitch has affirmed and assigned a Rating Outlook to
this class from SVG, effective immediately:

  -- EUR15,000,000 class C notes affirmed at 'A'; Outlook Stable.

SVG is a private equity collateralized fund obligation which
invests either directly or indirectly in underlying buyout and
venture private equity fund limited partnership interests.  The
CFO's portfolio is diverse in terms of vintage, industry and fund
managers.

The rating actions reflect Fitch's expectation for losses in SVG's
underlying portfolio due to the ongoing deterioration in the
economic environment and Fitch's assessment of the ability of the
tranches to absorb additional losses if the current economic
environment worsens.  Fitch analyzed the ability of senior
tranches, which have higher subordination levels, to withstand
multiples of base case losses in line with the tiering of advance
rates stresses published in Fitch's Market Value Criteria.

In deriving its methodology for reviewing this transaction, Fitch
took into account portfolio composition, vintage diversification,
and used empirical data from venture capital and buyout valuation
indices to derive its loss scenarios.  In the 2000-2002 period,
venture capital had significantly higher valuation increases and
subsequent losses compared to buyout investments, primarily as a
result of the boom in the technology sector.  Leverage and
valuations for buyout transactions increased significantly in the
2005-2007 period.  Therefore, Fitch expects buyout investments to
significantly under-perform in the current environment in
comparison to how the asset class performed in the 2000-2002
period, which had historically exhibited the worst valuation
performance.

As of Dec. 31, 2008, credit enhancement for the most junior note
was approximately 40%.  This transaction has benefited from
accumulated gains along with a high level of diversity, which has
let an increase in credit enhancement since deal close.  Fitch
expects that through the 2009-2010 period, portfolio losses may
accumulate to approximately 30%.  Base case losses were subtracted
from current credit enhancement and each notes' remaining credit
enhancement was compared to different rating stresses.  Fitch will
track actual losses on an ongoing basis and adjust its base case
assumptions accordingly.


TENZING CFO: Fitch Downgrades Ratings on Six Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded six classes from Tenzing CFO S.A. and
assigned Rating Outlooks to four classes, effective immediately:

  -- $55,000,000 class A to 'A' from 'AAA'; Outlook Stable;
  -- $16,000,000 class B1 to 'BB' from 'AA'; Outlook Stable;
  -- EUR21,000,000 class B2 to 'BB' from 'AA'; Outlook Stable;
  -- $33,000,000 class C to 'B' from 'A'; Outlook Negative;
  -- $8,500,000 class D1 to 'CCC' from 'BBB';
  -- EUR10,000,000 class D2 to 'CCC' from 'BBB'.

Fitch has also removed all classes of notes from Rating Watch
Negative.

Tenzing is a private equity collateralized fund obligation which
invests either directly or indirectly in underlying buyout and
venture private equity fund limited partnership interests.  The
CFO's portfolio is diverse in terms of vintage, industry and fund
managers.

The rating actions reflect Fitch's expectation for losses in the
underlying portfolio of Tenzing due to the ongoing deterioration
in the economic environment and Fitch's assessment of the ability
of the tranches to absorb additional losses if the current
economic environment worsens.  Fitch analyzed the ability of
senior tranches, which have higher subordination levels, to
withstand multiples of base case losses in line with the tiering
of advance rates stresses published in Fitch's Market Value
criteria.

In deriving its methodology for reviewing this transaction, Fitch
took into account portfolio composition, vintage diversification,
and used empirical data from venture capital and buyout valuation
indices to derive its loss scenarios.  In the 2000-2002 period,
venture capital had significantly higher valuation increases and
subsequent losses compared to buyout investments, primarily as a
result of the boom in the technology sector.  Leverage and
valuations for buyout transactions increased significantly in the
2005-2007 period.  Therefore, Fitch expects buyout investments to
significantly under perform in the current environment in
comparison to how the asset class performed in the 2000-2002
period, which had historically exhibited the worst valuation
performance.

As of Dec. 31, 2008, the credit enhancement for the most junior
note was approximately 26%.  Fitch expects that through the 2009-
2010 period, portfolio losses may accumulate to approximately 30%.
Base case losses were subtracted from current credit enhancement
and each notes' remaining credit enhancement was compared to
different rating stresses.  Fitch will track actual losses on an
ongoing basis and adjust its base case assumptions accordingly.


TEXAS MIDWEST: S&P Assigns 'BB' Rating on 2009 Revenue Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' rating to
Texas Midwest Public Facility Corporation, Texas' Project Revenue
Bonds (Secure Treatment Facility Project), series 2009.  The
outlook is stable.

"The rating reflects our view of the need for long-term demand for
the facility; and the reliance on operator performance, including
the need to renew the agreement with the operator after five years
or replace the operator," said Standard & Poor's credit analyst
James Breeding.  The project's start-up nature, including the
general risk associated with new construction and an aggressive
construction schedule, also constrains the rating.

Partially mitigating these negative factors are the state's
responsibility to provide for these services; the continued and
growing demand for correctional facilities; and the state's active
monitoring of the facility.

The corporation will issue the bonds, contract for the
construction of the project, and lease the facility to Jones
County.  The cash flow generated from the financed prison facility
secures the bonds.  In addition to the pledged revenues, a deed of
trust on the corporation's interest in the project further secures
the bonds.  The sole source of the funds used to make the payments
is derived from a contract between the Texas Department of
Criminal Justice and Jones County.  Construction is scheduled to
begin in June 2009 with a schedule of about 24 months.

The stable outlook reflects S&P's expectation that concerns
regarding the continued use of the facility will remain in place.
As long as the state, or another entity, uses the facility, S&P
expects adequate coverage of debt service.  Standard & Poor's
anticipates that the state will continue to need facilities to
implement these types of programs, but demand could fluctuate,
thereby providing a level of uncertainty regarding the continued
use of a privately operated facility.  The state has other
facilities that could potentially accommodate these inmates, and
there is no guaranteed occupancy rate or long-term contract in
place.  Rating stability, even at this speculative-grade rating
level, is predicated on the continued use of the facility, coupled
with the operator's proper management of it.


TRICADIA CDO: S&P Downgrades Ratings on Three 2004-2 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A, B, and C notes issued by Tricadia CDO 2004-2 Ltd., a
collateralized loan obligation of mezzanine CLO tranches.  At the
same time, S&P placed its rating on the class A notes on
CreditWatch with negative implications, and the ratings on classes
B and C remain on CreditWatch negative.

The lowered ratings reflect, among other factors, deterioration in
the credit quality of the underlying collateral in the portfolio
since the time S&P initially assigned the ratings in November
2004.  According to the May 8, 2009, monthly trustee report,
38.28% ($67.34 million) of the total securities in the underlying
collateral pool have ratings below 'BBB-', up from 23.30% ($46.70
million) as of March 2005.  In addition, approximately 6.25% of
the collateral ($11 million) has started to defer on its interest
payments.

Tricadia CDO 2004-2 Ltd. triggered an event of default on March
23, 2009, under section 5.01(h) of the indenture when the class A
overcollateralization ratio fell below 100%.  The holders of the
majority of the controlling class, currently the class A notes,
can vote to liquidate the underlying collateral if the deal
triggers an EOD.

Based on the trustee report dated May 8, 2009, the O/C ratio for
the class A notes was 43.69%, compared with the required 117.80%.
The class A O/C ratio calculation includes a ratings-based
haircut, which was $120.6 million based on the most recent report.

Standard & Poor's will continue to monitor the performance of the
transaction to determine the stability of the tranches at their
respective rating levels.

                          Rating Actions

                     Tricadia CDO 2004-2 Ltd.

                  Rating
                  ------
Class   To                  From          Current balance (mil. $)
-----   --                  ----          ------------------------
A       BBB/Watch Neg       AAA                           126.264
B       B/Watch Neg         A/Watch Neg                    24.000
C       CCC/Watch Neg       BBB+/Watch Neg                 12.400


WHITE MARLIN: Moody's Downgrades Ratings on Class E 2007-1 Notes
----------------------------------------------------------------
Moody's Investors Service downgraded White Marlin CDO 2007-1, Ltd.
Class E CDS.  This transaction is a single name credit default
swap referencing the US$24,000,000 Class E Contingent Funding
Deferrable Notes Due 2014 issued by White Marlin CDO 2007-1, Ltd.

This Transaction has exposure to Lehman Brothers Special Financing
Inc.  Moody's explained that LBSFI acts as a credit default swap
counterparty in the Transaction and that its obligations as such
are guaranteed by Lehman Brothers Holdings Inc.  The rating action
reflects the increased expected loss attributable to the accrued
and unpaid premium as the result of LBSFI Event of Default under
the CDS.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology for Corporate
Synthetic CDOs as described in Moody's Special Report:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

The rating action is:

Class Description: US$24,000,000 Original Swap Notional Amount
Credit Derivative Transaction due September 22, 2014

  -- Current Rating: B2

  -- Prior Rating Action: downgrade to B1, on review for possible
     downgrade, from Baa2, on review for possible downgrade

  -- Prior Rating Action Date: 12/10/2008


* DBRS Downgrades 1,441 Classes from 195 RMBS Transactions
----------------------------------------------------------
Dominion Bond Rating Service has downgraded 1,441 classes from 195
residential mortgage-backed securities transactions.  Of the 195
affected transactions:

      125 are backed by first-lien subprime collateral,
       53 are backed by Alt-A collateral,
       12 are backed by prime collateral and
        5 are backed by second-lien subprime collateral.

The classes have been downgraded as a result of the continued
rapid increase in serious delinquencies and cumulative losses
relative to the available credit enhancement. Additionally, the
persistent negative outlooks of the housing market and
unemployment rates, coupled with low prepayment speeds, have
contributed significantly to the increased default and loss
expectations.

As a result, current credit support is not expected to
sufficiently cover the anticipated losses. In many cases,
subordinate classes have already been impaired, further weakening
the available credit support for the remaining senior and
mezzanine classes.

   -- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-3 to BBB from AA (low)

   -- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-4 to BB from A (high)

   -- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-5 to B from A

   -- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-6 to C from A (low)

   -- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-7 to C from BBB (high)

   -- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-8 to C from BBB (high)

   -- Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes,
Series 2005-2, Class M-9 to C from BBB (low)

   -- Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes,
Series 2005-3, Class M-2 to A from AA (high)

   -- Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes,
Series 2005-3, Class M-3 to BBB from AA

   -- Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes,
Series 2005-3, Class M-4 to BB from AA (low)

   -- Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes,
Series 2005-3, Class M-5 to B from A

   -- Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes,
Series 2005-3, Class M-6 to C from BBB

   -- Accredited Mortgage Loan Trust 2005-4, Asset-Backed Notes,
Series 2005-4, Class M-1 to BBB from AA (high)

   -- Accredited Mortgage Loan Trust 2005-4, Asset-Backed Notes,
Series 2005-4, Class M-2 to B from AA

   -- Accredited Mortgage Loan Trust 2005-4, Asset-Backed Notes,
Series 2005-4, Class M-3 to C from AA (low)

   -- Accredited Mortgage Loan Trust 2005-4, Asset-Backed Notes,
Series 2005-4, Class M-4 to C from A (high)

   -- Accredited Mortgage Loan Trust 2006-1, Asset-Backed Notes,
Series 2006-1, Class A-3 to BBB from AAA

   -- Accredited Mortgage Loan Trust 2006-1, Asset-Backed Notes,
Series 2006-1, Class A-4 to BBB from AAA

   -- Accredited Mortgage Loan Trust 2006-1, Asset-Backed Notes,
Series 2006-1, Class M-1 to BB from AA (high)

   -- Accredited Mortgage Loan Trust 2006-1, Asset-Backed Notes,
Series 2006-1, Class M-2 to C from AA

   -- Accredited Mortgage Loan Trust 2006-1, Asset-Backed Notes,
Series 2006-1, Class M-3 to C from AA (low)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1,
Class A-2C to A from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1,
Class A-2D to A from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1,
Class M-1 to BBB from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1,
Class M-2 to B from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1,
Class M-3 to C from A (high)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4,
Class A-1 to C from AA (high)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4,
Class A-2A to BBB from AA (high)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4,
Class A-2B to C from AA (high)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4,
Class A-2C to C from AA (high)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4,
Class A-2D to C from AA (high)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3,
Class A-1A to C from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3,
Class A-1B to C from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3,
Class A-2A to B from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3,
Class A-2B to C from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3,
Class A-2C to C from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3,
Class A-2D to C from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2,
Class A-1A to BB from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2,
Class A-2A to BBB from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2,
Class A-2C to C from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2,
Class A-2D to C from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2,
Class M-1 to C from AA (high)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
SL2, Asset-Backed Pass Through Certificates, Series 2007-SL2,
Class A to AA from AAA

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
WM1, Asset-Backed Pass-Through Certificates, Series 2007-WM1,
Class A-1A to C from AA (low)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
WM1, Asset-Backed Pass-Through Certificates, Series 2007-WM1,
Class A-2A to B from AA (low)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
WM1, Asset-Backed Pass-Through Certificates, Series 2007-WM1,
Class A-2B to C from AA (low)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
WM1, Asset-Backed Pass-Through Certificates, Series 2007-WM1,
Class A-2C to C from AA (low)

   -- ACE Securities Corp. Home Equity Loan Trust, Series 2007-
WM1, Asset-Backed Pass-Through Certificates, Series 2007-WM1,
Class A-2D to C from AA (low)

   -- Aegis Asset Backed Securities Trust 2005-2, Mortgage-Backed
Notes, Series 2005-2, Class M2 to BBB from AA

   -- Aegis Asset Backed Securities Trust 2005-2, Mortgage-Backed
Notes, Series 2005-2, Class M3 to BB from AA (low)

   -- Aegis Asset Backed Securities Trust 2005-2, Mortgage-Backed
Notes, Series 2005-2, Class M4 to B from A (high)

   -- Aegis Asset Backed Securities Trust 2005-3, Mortgage-Backed
Notes, Series 2005-3, Class M2 to A from AA

   -- Aegis Asset Backed Securities Trust 2005-3, Mortgage-Backed
Notes, Series 2005-3, Class M3 to BBB from AA (low)

   -- Aegis Asset Backed Securities Trust 2005-3, Mortgage-Backed
Notes, Series 2005-3, Class M4 to B from A (high)

   -- Aegis Asset Backed Securities Trust 2005-3, Mortgage-Backed
Notes, Series 2005-3, Class M5 to C from A

   -- Argent Securities Inc. Series 2005-W4, Asset-Backed Pass-
Through Certificates, Series 2005-W4, Class A-1A3 to A from AAA

   -- Argent Securities Inc. Series 2005-W4, Asset-Backed Pass-
Through Certificates, Series 2005-W4, Class A-1B to A (low) from
AAA

   -- ARMR 2007-1, Ltd., A1 Variable Notes to AA (low) from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates,
Series AMQ 2006-HE7, Class A1 to B from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates,
Series AMQ 2006-HE7, Class A3 to BBB from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates,
Series AMQ 2006-HE7, Class A4 to BB from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates,
Series AMQ 2006-HE7, Class A5 to B from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series
NC 2005-HE8, Class M1 to A from AA (high)

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series
NC 2005-HE8, Class M2 to BBB from AA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series
NC 2005-HE8, Class M3 to B from AA (low)

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series
NC 2005-HE8, Class M4 to C from A (high)

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series
NC 2005-HE8, Class M5 to C from A

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series
NC 2005-HE8, Class M6 to C from BBB (high)

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series
NC 2006-HE2, Class A1 to A (high) from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series
NC 2006-HE2, Class M1 to C from AA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series
NC 2006-HE4, Class A2 to BBB from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series
NC 2006-HE4, Class A5 to BBB from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series
NC 2006-HE4, Class A6 to BBB from AAA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series
NC 2006-HE4, Class M1 to C from AA

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates,
Series WMC 2005-HE5, Class M5 to BBB from A (high)

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates,
Series WMC 2005-HE5, Class M7 to C from A (low)

   -- Asset Backed Securities Corporation Home Equity Loan Trust,
Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates,
Series WMC 2005-HE5, Class M8 to C from BBB

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 1-A-1 to A from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 1-A-2 to BBB (low) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 1-A-3 to BBB (low) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 2-A-1 to BBB from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 2-A-2 to BBB (low) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 2-A-3 to BBB (low) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 30-PO to BBB (low) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-1 to BBB (high) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-10 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-11 to BBB (low) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-12 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-13 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-14 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-15 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-16 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-2 to BBB (high) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-3 to BBB from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-4 to BBB (low) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-5 to BB from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-6 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-7 to BBB (low) from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-8 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-A-9 to C from AAA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class 3-B-1 to C from AA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class X-B-1 to C from AA

   -- Banc of America Funding 2007-7 Trust, Mortgage Pass-Through
Certificates, Series 2007-7, Class X-B-2 to C from A

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 1-A-1 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 1-A-2 to BBB (low) from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-1 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-10 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-11 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-12 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-13 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-14 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-15 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-16 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-17 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-18 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-19 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-2 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-20 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-21 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-22 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-23 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-3 to BBB (low) from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-4 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-5 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-6 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-7 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-8 to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-A-9 to BBB (low) from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class 2-IO to A from AAA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class B-1 to C from AA

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class B-2 to C from A

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class B-3 to C from BBB

   -- Banc of America Mortgage 2007-3 Trust, Mortgage Pass-Through
Certificates, Series 2007-3, Class I-PO to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA1, Mortgage Pass-Through Certificates,
Series 2007-AA1, Class I-A-1 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA1, Mortgage Pass-Through Certificates,
Series 2007-AA1, Class I-A-2 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA1, Mortgage Pass-Through Certificates,
Series 2007-AA1, Class I-A-3 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA1, Mortgage Pass-Through Certificates,
Series 2007-AA1, Class I-A-4 to C from AAA

   -- BCAP LLC Trust 2007-AA1, Mortgage Pass-Through Certificates,
Series 2007-AA1, Class II-A-1 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA1, Mortgage Pass-Through Certificates,
Series 2007-AA1, Class II-A-2 to C from AAA

   -- BCAP LLC Trust 2007-AA2, Mortgage Pass-Through Certificates,
Series 2007-AA2, Class I-1-A to C from AAA

   -- BCAP LLC Trust 2007-AA2, Mortgage Pass-Through Certificates,
Series 2007-AA2, Class I-2-A-1 to BBB from AAA

   -- BCAP LLC Trust 2007-AA2, Mortgage Pass-Through Certificates,
Series 2007-AA2, Class I-2-A-2 to C from AAA

   -- BCAP LLC Trust 2007-AA3, Mortgage Pass-Through Certificates,
Series 2007-AA3, Class I-A-1A to BBB from AAA

   -- BCAP LLC Trust 2007-AA3, Mortgage Pass-Through Certificates,
Series 2007-AA3, Class I-A-1B to BBB from AAA

   -- BCAP LLC Trust 2007-AA3, Mortgage Pass-Through Certificates,
Series 2007-AA3, Class I-A-2 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA3, Mortgage Pass-Through Certificates,
Series 2007-AA3, Class II-A-1A to BBB from AAA

   -- BCAP LLC Trust 2007-AA3, Mortgage Pass-Through Certificates,
Series 2007-AA3, Class II-A-1B to BBB from AAA

   -- BCAP LLC Trust 2007-AA3, Mortgage Pass-Through Certificates,
Series 2007-AA3, Class II-A-2 to C from AAA

   -- BCAP LLC Trust 2007-AA3, Mortgage Pass-Through Certificates,
Series 2007-AA3, Class I-M-1 to C from AAA

   -- BCAP LLC Trust 2007-AA3, Mortgage Pass-Through Certificates,
Series 2007-AA3, Class I-M-2 to C from AA (high)

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class I-1-A1 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class I-1-A2 to C from AAA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class I-2-A1 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class I-2-A2 to C from AAA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class I-2-X1 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class I-3-A1 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class I-3-A2 to C from AAA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class I-B-1 to C from AA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class II-M-1 to BBB (low) from AA (high)

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class II-M-2 to B from AA

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class II-M-3 to B from AA (low)

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class II-M-4 to C from A (high)

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class II-M-5 to C from A

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class II-M-6 to C from BBB (high)

   -- BCAP LLC Trust 2007-AA4, Mortgage Pass-Through Certificates,
Series 2007-AA4, Class II-M-7 to C from BBB (low)

   -- BCAP LLC Trust 2007-AA5, Mortgage Pass-Through Certificates,
Series 2007-AA5, Class A-1 to AA from AAA

   -- BCAP LLC Trust 2007-AA5, Mortgage Pass-Through Certificates,
Series 2007-AA5, Class A-2 to BBB from AAA

   -- BCAP LLC Trust 2007-AA5, Mortgage Pass-Through Certificates,
Series 2007-AA5, Class A-3 to BBB (low) from AAA

   -- BCAP LLC Trust 2007-AA5, Mortgage Pass-Through Certificates,
Series 2007-AA5, Class M-1 to BB (high) from AA (high)

   -- BCAP LLC Trust 2007-AA5, Mortgage Pass-Through Certificates,
Series 2007-AA5, Class M-2 to BB from AA (high)

   -- BCAP LLC Trust 2007-AA5, Mortgage Pass-Through Certificates,
Series 2007-AA5, Class M-3 to B from AA

   -- BCAP LLC Trust 2007-AA5, Mortgage Pass-Through Certificates,
Series 2007-AA5, Class M-4 to C from AA

   -- BCAP LLC Trust 2007-AA5, Mortgage Pass-Through Certificates,
Series 2007-AA5, Class M-5 to C from AA (low)

   -- Bear Stearns Alt-A Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class I-A-1 to C from AA (low)

   -- Bear Stearns Alt-A Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class I-A-2 to C from AA (low)

   -- Bear Stearns Alt-A Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class II-A-1 to BBB from AAA

   -- Bear Stearns Alt-A Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class II-A-2 to C from AAA

   -- Bear Stearns Alt-A Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class II-A-3 to C from AAA

   -- Bear Stearns Alt-A Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class II-B-1 to c from AA

   -- Bear Stearns Alt-A Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class I-M-1 to C from BBB (high)

   -- Bear Stearns Mortgage Funding Trust 2007-AR2, Mortgage Pass-
Through Certificates, Series 2007-AR2, Class A-2 to C from AAA

   -- Bear Stearns Mortgage Funding Trust 2007-AR2, Mortgage Pass-
Through Certificates, Series 2007-AR2, Class A-3 to C from AAA

   -- BNC Mortgage Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class A1 to C from AAA

   -- BNC Mortgage Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class A3 to AA from AAA

   -- BNC Mortgage Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class A4 to B from AAA

   -- BNC Mortgage Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class A5 to C from AAA

   -- BNC Mortgage Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class M1 to C from AA (high)

   -- BNC Mortgage Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class M2 to C from AA

   -- BNC Mortgage Loan Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class A1 to B from AAA

   -- BNC Mortgage Loan Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class A3 to BB (low) from AAA

   -- BNC Mortgage Loan Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class A4 to B from AAA

   -- BNC Mortgage Loan Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class A5 to B from AAA

   -- BNC Mortgage Loan Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class M1 to C from AA (high)

   -- BNC Mortgage Loan Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class M2 to C from AA

   -- BNC Mortgage Loan Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class M3 to C from AA (low)

   -- BNC Mortgage Loan Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2, Class M4 to C from A (high)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M1A to BBB (low) from AA (high)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M1B to BBB (low) from AA (high)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M2 to BB from AA

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M2A to BB from AA

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M2B to BB from AA

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M3 to B from AA (low)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M3A to B from AA (low)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M3B to B from AA (low)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M4 to C from A (high)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M4A to C from A (high)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M4B to C from A (high)

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M5 to C from A

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M5A to C from A

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M5B to C from A

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class A1 to A from AAA

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class A2 to BBB from AAA

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class A4 to BBB from AAA

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class A4A to BBB from AAA

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class A4B to BBB from AAA

   -- BNC Mortgage Loan Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4, Class M1 to BBB (low) from AA (high)

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class A-1 to A
from AAA

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class A-2 to A
(low) from AAA

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class A-3 to
BBB from AAA

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class A-4 to
BBB (low) from AAA

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class M-1 to B
from AA (high)

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class M-2 to C
from AA

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class M-3 to C
from AA (low)

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class M-4 to C
from A (high)

   -- Carrington Mortgage Loan Trust, Series 2007-HE1, Asset-
Backed Pass-Through Certificates, Series 2007-HE1, Class M-5 to C
from A

   -- C-BASS 2004-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2004-CB5, Class B-1 to B from A (low)

   -- C-BASS 2004-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2004-CB5, Class B-2 to C from BBB (high)

   -- C-BASS 2004-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2004-CB5, Class B-3 to C from BBB

   -- C-BASS 2004-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2004-CB5, Class B-4 to C from BBB (low)

   -- C-BASS 2004-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2004-CB5, Class M-2 to A from AA

   -- C-BASS 2004-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2004-CB5, Class M-3 to BBB from A

   -- C-BASS 2005-CB4 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB4, Class B-1 to B from A (low)

   -- C-BASS 2005-CB4 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB4, Class B-2 to C from BBB (high)

   -- C-BASS 2005-CB4 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB4, Class B-3 to C from BBB

   -- C-BASS 2005-CB4 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB4, Class M-4 to A from AA (low)

   -- C-BASS 2005-CB4 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB4, Class M-5 to BBB from A (high)

   -- C-BASS 2005-CB4 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB4, Class M-6 to BB from A

   -- C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB5, Class AV-3 to A from AAA

   -- C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB5, Class B-1 to C from BBB

   -- C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB5, Class M-2 to BBB from AA

   -- C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB5, Class M-3 to BB from AA

   -- C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB5, Class M-4 to B from AA (low)

   -- C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB5, Class M-5 to C from A

   -- C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB5, Class M-6 to C from BBB (high)

   -- C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB6, Class A-4 to AA from AAA

   -- C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB6, Class M-1 to BBB from AA (high)

   -- C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB6, Class M-2 to B from AA (low)

   -- C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB6, Class M-3 to C from A

   -- C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB6, Class M-4 to C from BBB (high)

   -- C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB6, Class M-5 to C from BBB

   -- C-BASS 2005-CB7 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB7, Class M-2 to BBB from AA (high)

   -- C-BASS 2005-CB7 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2005-CB7, Class M-3 to BB from AA

   -- C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed
Certificates, Series 2005-CB8, Class AF-3 to AA from AAA

   -- C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed
Certificates, Series 2005-CB8, Class AF-4 to AA from AAA

   -- C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed
Certificates, Series 2005-CB8, Class AF-5 to AA from AAA

   -- C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed
Certificates, Series 2005-CB8, Class M-1 to BBB from AA (high)

   -- C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed
Certificates, Series 2005-CB8, Class M-2 to BB from AA (high)

   -- C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed
Certificates, Series 2005-CB8, Class M-3 to B from AA

   -- C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed
Certificates, Series 2005-CB8, Class M-4 to C from AA (low)

   -- C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB2, Class AF-3 to BBB from AAA

   -- C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB2, Class AF-4 to BBB from AAA

   -- C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB2, Class AV to AA from AAA

   -- C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB2, Class M-1 to BB from AA (high)

   -- C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB2, Class M-2 to B from AA

   -- C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB2, Class M-3 to C from AA (low)

   -- C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB2, Class M-4 to C from AA (low)

   -- C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB2, Class M-5 to C from A (high)

   -- C-BASS 2006-CB4 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB4, Class AV2 to A from AAA

   -- C-BASS 2006-CB4 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB4, Class AV3 to BBB from AAA

   -- C-BASS 2006-CB4 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB4, Class AV4 to BBB (low) from AAA

   -- C-BASS 2006-CB4 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB4, Class M-1 to C from AA (high)

   -- C-BASS 2006-CB4 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB4, Class M-2 to C from AA

   -- C-BASS 2006-CB4 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB4, Class M-3 to C from A (high)

   -- C-BASS 2006-CB4 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB4, Class M-4 to C from A (low)

   -- C-BASS 2006-CB7 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB7, Class A-1 to BBB from AAA

   -- C-BASS 2006-CB7 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB7, Class A-4 to A from AAA

   -- C-BASS 2006-CB7 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB7, Class A-5 to BBB from AAA

   -- C-BASS 2006-CB7 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB7, Class M-1 to B from AA (high)

   -- C-BASS 2006-CB7 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB7, Class M-2 to C from AA

   -- C-BASS 2006-CB7 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB7, Class M-3 to C from AA (low)

   -- C-BASS 2006-CB8 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB8, Class A-1 to BBB from AAA

   -- C-BASS 2006-CB8 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB8, Class A-2C to BBB (high) from AAA

   -- C-BASS 2006-CB8 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB8, Class A-2D to BBB from AAA

   -- C-BASS 2006-CB8 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB8, Class M-1 to B from AA (high)

   -- C-BASS 2006-CB8 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB8, Class M-2 to C from AA

   -- C-BASS 2006-CB8 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB8, Class M-3 to C from AA (low)

   -- C-BASS 2006-CB9 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB9, Class A-1 to BBB from AAA

   -- C-BASS 2006-CB9 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB9, Class A-2 to C from AAA

   -- C-BASS 2006-CB9 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB9, Class A-3 to C from AAA

   -- C-BASS 2006-CB9 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-CB9, Class A-4 to C from AAA

   -- C-BASS 2006-RP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-RP1, Class A-2 to AA from AAA

   -- C-BASS 2006-RP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-RP1, Class B-1 to B from A (low)

   -- C-BASS 2006-RP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-RP1, Class B-2 to C from BBB (high)

   -- C-BASS 2006-RP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-RP1, Class B-3 to C from BBB

   -- C-BASS 2006-RP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-RP1, Class B-4 to C from BBB (low)

   -- C-BASS 2006-RP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-RP1, Class M-1 to A (low) from AA (high)

   -- C-BASS 2006-RP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-RP1, Class M-2 to BB (high) from A
(high)

   -- C-BASS 2006-RP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-RP1, Class M-3 to BB from A

   -- C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-SL1, Class A-1 to C from AAA

   -- C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-SL1, Class A-2 to C from AAA

   -- C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2006-SL1, Class A-3 to C from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-
BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1,
Class AV-1 to AA from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-
BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1,
Class AF-2 to A (low) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-
BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1,
Class AF-3 to A (low) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-
BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1,
Class AF-4 to A (low) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-
BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1,
Class M-1 to BB from AA (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-
BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1,
Class M-2 to B from AA

   -- Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-
BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1,
Class M-3 to C from AA (low)

   -- Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-
BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1,
Class M-4 to C from AA (low)

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class AF-1A to A (low) from AAA

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class AF-1B to A (low) from AAA

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class AF-2 to BBB (low) from AAA

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class AF-3 to BBB (low) from AAA

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class AF-4 to BBB (low) from AAA

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class AF-5 to BBB (low) from AAA

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class AF-6 to BBB (low) from AAA

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class M-1 to C from AA (high)

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class M-2 to C from AA (high)

   -- C-BASS 2007-CB1 TRUST, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB1, Class M-3 to C from AA

   -- C-BASS 2007-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB5, Class A-1 to A (low) from AAA

   -- C-BASS 2007-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB5, Class A-2 to BBB (low) from AAA

   -- C-BASS 2007-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB5, Class A-3 to BBB (low) from AAA

   -- C-BASS 2007-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB5, Class M-1 to B from AA (high)

   -- C-BASS 2007-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB5, Class M-2 to C from AA

   -- C-BASS 2007-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB5, Class M-3 to C from AA

   -- C-BASS 2007-CB5 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB5, Class M-4 to C from AA (low)

   -- C-BASS 2007-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB6, Class A-1 to A (low) from AAA

   -- C-BASS 2007-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB6, Class A-2 to BBB from AAA

   -- C-BASS 2007-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB6, Class A-3 to BBB (low) from AAA

   -- C-BASS 2007-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB6, Class A-4 to BBB (low) from AAA

   -- C-BASS 2007-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB6, Class M-1 to B from AA (high)

   -- C-BASS 2007-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB6, Class M-2 to C from AA

   -- C-BASS 2007-CB6 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-CB6, Class M-3 to C from AA (low)

   -- C-BASS 2007-MX1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-MX1, Class B-1 to C from BBB (low)

   -- C-BASS 2007-MX1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-MX1, Class B-2 to C from BBB (low)

   -- C-BASS 2007-MX1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-MX1, Class M-1 to A from AA (high)

   -- C-BASS 2007-MX1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-MX1, Class M-2 to A (low) from AA (high)

   -- C-BASS 2007-MX1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-MX1, Class M-3 to BBB from A (high)

   -- C-BASS 2007-MX1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-MX1, Class M-4 to BBB (low) from A

   -- C-BASS 2007-MX1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-MX1, Class M-5 to BB from BBB

   -- C-BASS 2007-MX1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-MX1, Class M-6 to B from BBB

   -- C-BASS 2007-SL1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SL1, Class A-1 to C from AAA

   -- C-BASS 2007-SL1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SL1, Class A-2 to C from AAA

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-10 to C from BB

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-11 to C from B

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-2 to A from AA (high)

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-3 to A from AA (high)

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-4 to BBB from AA

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-5 to BB from AA (low)

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-6 to B from A (high)

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-7 to C from A

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-8 to C from BBB (high)

   -- C-BASS 2007-SP1 Trust, C-BASS Mortgage Loan Asset-Backed
Certificates, Series 2007-SP1, Class M-9 to C from BBB (low)

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class A1 to BBB from
AAA

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class A2-A to AA from
AAA

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class A2-B to A from
AAA

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class A2-C to BBB
(high) from AAA

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class A2-D to BBB from
AAA

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class A2-E to BBB from
AAA

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class M-1 to B from AA
(high)

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class M-2 to C from AA
(high)

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class M-3 to C from AA

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class M-4 to C from AA
(low)

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class M-5 to C from A
(high)

   -- C-BASS Mortgage Loan Trust 2007-CB2, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB2, Class M-6 to C from A

   -- C-BASS Mortgage Loan Trust 2007-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB3, Class A-1 to A (low)
from AAA

   -- C-BASS Mortgage Loan Trust 2007-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB3, Class A-2 to BBB from
AAA

   -- C-BASS Mortgage Loan Trust 2007-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB3, Class A-3 to BBB (low)
from AAA

   -- C-BASS Mortgage Loan Trust 2007-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB3, Class A-4 to BBB (low)
from AAA

   -- C-BASS Mortgage Loan Trust 2007-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB3, Class A-5 to BBB (low)
from AAA

   -- C-BASS Mortgage Loan Trust 2007-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB3, Class M-1 to C from AA
(high)

   -- C-BASS Mortgage Loan Trust 2007-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB3, Class M-2 to C from AA

   -- C-BASS Mortgage Loan Trust 2007-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2007-CB3, Class M-3 to C from AA
(low)

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A1 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A10 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A11 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A12 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A13 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A14 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A15 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A16 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A17 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A18 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A19 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A2 to
BBB (low) from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A20 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A3 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A4 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A5 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A6 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A7 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A8 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 1-A9 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A1 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A10 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A11 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A12 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A13 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A14 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A15 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A16 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A17 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A18 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A19 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A2 to
BBB (low) from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A20 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A21 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A22 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A23 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A3 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A4 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A5 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A6 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A7 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A8 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 2-A9 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A1 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A10 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A11 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A12 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A13 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A14 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A15 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A16 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A17 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A18 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A19 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A2 to
BBB from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A20 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A21 to
A from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A3 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A4 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A5 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A6 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A7 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A8 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class 3-A9 to
AA from AAA

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class B-1 to C
from A

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class B-2 to C
from BBB

   -- Chase Mortgage Finance Trust Series 2007-A3, Multi-Class
Mortgage Pass-Through Certificates, Series 2007-A3, Class M to BBB
(low) from AA

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class A-1 to BBB from AAA

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class A-2A to A from AAA

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class A-2B to BBB (low)
from AAA

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class A-2C to BBB (low)
from AAA

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class M-1 to BB from AA
(high)

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class M-2 to C from AA
(low)

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class M-3 to C from A

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class M-4 to C from A
(low)

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class M-5 to C from BBB

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class M-6 to C from BBB
(low)

   -- Citigroup Mortgage Loan Trust 2006-AMC1, Asset-Backed Pass-
Through Certificates, Series 2006-AMC1, Class M-7 to C from BB
(high)

   -- Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2006-CB3, Class AV-2 to A from
AAA

   -- Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2006-CB3, Class AV-3 to BBB
(high) from AAA

   -- Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2006-CB3, Class AV-4 to BBB from
AAA

   -- Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan
Asset-Backed Certificates, Series 2006-CB3, Class M-1 to C from AA
(low)

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class A-1 to AA from AAA

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class A-2 to A from AAA

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class A-3 to BBB (low) from
AAA

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class A-4 to BBB (low) from
AAA

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class A-5 to BBB (low) from
AAA

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class A-6 to BBB (low) from
AAA

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class A-7 to BBB (low) from
AAA

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class M-1 to C from AA
(high)

   -- Citigroup Mortgage Loan Trust 2006-FX1, Asset-Backed Pass-
Through Certificates, Series 2006-FX1, Class M-2 to C from A

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class A-2B to AA from AAA

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class A-2C to AA from AAA

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class A-2D to AA from AAA

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class M-1 to A from AA
(high)

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class M-2 to BBB from AA

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class M-3 to BB from AA
(low)

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class M-4 to B from A
(high)

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class M-5 to C from A

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class M-6 to C from A

   -- Citigroup Mortgage Loan Trust 2006-HE2, Asset-Backed Pass-
Through Certificates, Series 2006-HE2, Class M-7 to C from BBB
(high)

   -- Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-
Through Certificates, Series 2006-HE3, Class A-1 to BBB (low) from
AA

   -- Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-
Through Certificates, Series 2006-HE3, Class A-2A to A from AA

   -- Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-
Through Certificates, Series 2006-HE3, Class A-2B to BBB (low)
from AA

   -- Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-
Through Certificates, Series 2006-HE3, Class A-2C to BB from AA

   -- Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-
Through Certificates, Series 2006-HE3, Class A-2D to B from AA

   -- Citigroup Mortgage Loan Trust 2006-HE3, Asset-Backed Pass-
Through Certificates, Series 2006-HE3, Class M-1 to C from A

   -- Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-
Through Certificates, Series 2006-NC1, Class A-1 to BBB (low) from
AAA

   -- Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-
Through Certificates, Series 2006-NC1, Class A-2B to BBB from AAA

   -- Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-
Through Certificates, Series 2006-NC1, Class A-2C to B from AAA

   -- Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-
Through Certificates, Series 2006-NC1, Class A-2D to B from AAA

   -- Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-
Through Certificates, Series 2006-NC1, Class M-1 to C from AA
(low)

   -- Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-
Through Certificates, Series 2006-NC2, Class A-1 to BBB (low) from
AAA

   -- Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-
Through Certificates, Series 2006-NC2, Class A-2A to A from AAA

   -- Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-
Through Certificates, Series 2006-NC2, Class A-2B to B from AAA

   -- Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-
Through Certificates, Series 2006-NC2, Class A-2C to B from AAA

   -- Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-
Through Certificates, Series 2006-NC2, Class M-1 to C from A
(high)

   -- Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-
Through Certificates, Series 2006-NC2, Class M-2 to C from BBB
(high)

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class A-2A to A (high)
from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class A-2B to A (high)
from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class A-3 to A from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class M-1 to A (low) from
AA (high)

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class M-2 to BBB (low)
from AA

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class M-3 to B from AA
(low)

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class M-4 to C from A
(high)

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class M-5 to C from A
(high)

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class M-6 to C from A

   -- Citigroup Mortgage Loan Trust 2006-WFHE2, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE2, Class M-7 to C from A
(low)

   -- Citigroup Mortgage Loan Trust 2006-WFHE3, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE3, Class A-2 to A (high)
from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE3, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE3, Class A-3 to A from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE3, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE3, Class A-4 to A from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE3, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE3, Class M-1 to BBB from AA
(high)

   -- Citigroup Mortgage Loan Trust 2006-WFHE3, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE3, Class M-2 to BB from AA

   -- Citigroup Mortgage Loan Trust 2006-WFHE3, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE3, Class M-3 to B from AA
(low)

   -- Citigroup Mortgage Loan Trust 2006-WFHE3, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE3, Class M-4 to C from A
(high)

   -- Citigroup Mortgage Loan Trust 2006-WFHE3, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE3, Class M-5 to C from A

   -- Citigroup Mortgage Loan Trust 2006-WFHE4, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE4, Class A-2 to A (high)
from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE4, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE4, Class A-3 to A from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE4, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE4, Class A-4 to A from AAA

   -- Citigroup Mortgage Loan Trust 2006-WFHE4, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE4, Class M-1 to BBB from AA
(high)

   -- Citigroup Mortgage Loan Trust 2006-WFHE4, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE4, Class M-2 to BB (low)
from AA

   -- Citigroup Mortgage Loan Trust 2006-WFHE4, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE4, Class M-3 to B from AA
(low)

   -- Citigroup Mortgage Loan Trust 2006-WFHE4, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE4, Class M-4 to C from A
(high)

   -- Citigroup Mortgage Loan Trust 2006-WFHE4, Asset-Backed Pass-
Through Certificates, Series 2006-WFHE4, Class M-5 to C from A

   -- Citigroup Mortgage Loan Trust 2007-AHL1, Asset-Backed Pass-
Through Certificates, Series 2007-AHL1, Class A-1 to BBB (high)
from AAA

   -- Citigroup Mortgage Loan Trust 2007-AHL1, Asset-Backed Pass-
Through Certificates, Series 2007-AHL1, Class A-2A to BBB from AAA

   -- Citigroup Mortgage Loan Trust 2007-AHL1, Asset-Backed Pass-
Through Certificates, Series 2007-AHL1, Class A-2B to B from AAA

   -- Citigroup Mortgage Loan Trust 2007-AHL1, Asset-Backed Pass-
Through Certificates, Series 2007-AHL1, Class A-2C to B from AAA

   -- Citigroup Mortgage Loan Trust 2007-AHL1, Asset-Backed Pass-
Through Certificates, Series 2007-AHL1, Class M-1 to C from AA
(high)

   -- Citigroup Mortgage Loan Trust 2007-AMC1, Asset-Backed Pass-
Through Certificates, Series 2007-AMC1, Class A-1 to BBB (low)
from AAA

   -- Citigroup Mortgage Loan Trust 2007-AMC1, Asset-Backed Pass-
Through Certificates, Series 2007-AMC1, Class A-2A to BBB (low)
from AAA

   -- Citigroup Mortgage Loan Trust 2007-AMC1, Asset-Backed Pass-
Through Certificates, Series 2007-AMC1, Class A-2B to C from AAA

   -- Citigroup Mortgage Loan Trust 2007-AMC1, Asset-Backed Pass-
Through Certificates, Series 2007-AMC1, Class A-2C to C from AAA

   -- Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-
Through Certificates, Series 2007-AMC2, Class A-3A to BBB (low)
from AAA

   -- Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-
Through Certificates, Series 2007-AMC2, Class A-3B to C from AAA

   -- Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-
Through Certificates, Series 2007-AMC2, Class A-3C to C from AAA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class A-2A to BBB (low)
from AAA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class A-2B to BBB from AAA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class I-A1 to BBB (high)
from AAA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class II-A1A to BBB from
AAA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class II-A1B to BBB from
AAA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class II-A2 to BBB from AAA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class M-1A to BB from AA
(high)

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class M-1B to BB from AA
(high)

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class M-2A to B from AA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class M-2B to B from AA

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class M-3A to C from AA
(low)

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class M-3B to C from AA
(low)

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class M-4A to C from A
(high)

   -- Citigroup Mortgage Loan Trust 2007-FS1, Asset-Backed Pass-
Through Certificates, Series 2007-FS1, Class M-4B to C from A
(high)

   -- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed Pass-
Through Certificates, Series 2007-WFHE1, Class A-2 to A from AAA

   -- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed Pass-
Through Certificates, Series 2007-WFHE1, Class A-3 to BBB from AAA

   -- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed Pass-
Through Certificates, Series 2007-WFHE1, Class A-4 to BBB (low)
from AAA

   -- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed Pass-
Through Certificates, Series 2007-WFHE1, Class M-2 to C from AA

   -- Citigroup Mortgage Loan Trust 2007-WFHE1, Asset-Backed Pass-
Through Certificates, Series 2007-WFHE1, Class M-3 to C from AA
(low)

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class AF-4 to A
from AAA

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class AF-5 to
BBB from AAA

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class AF-6A to
BBB from AAA

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class AF-6B to
BBB from AAA

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class AF-7 to
BBB from AAA

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MF-1 to B
from AA

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MF-2 to C
from A

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MF-3 to C
from BBB (low)

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MF-4 to C
from BB

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MF-5 to C
from B (high)

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MV-1 to
BBB (high) from AA (high)

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MV-2 to
BBB from AA

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MV-3 to B
from A

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MV-4 to C
from A (low)

   -- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-
Backed Pass-Through Certificates, Series 2005-WF2, Class MV-5 to C
from BBB (high)

   -- Citigroup Mortgage Loan Trust Inc., Series 2007-SHL1, Asset-
Backed Pass-Through Certificates, Series 2007-SHL1, Class A to BBB
from AAA

   -- Citigroup Mortgage Loan Trust Inc., Series 2007-SHL1, Asset-
Backed Pass-Through Certificates, Series 2007-SHL1, Class M-1 to C
from AA

   -- Citigroup Mortgage Loan Trust Inc., Series 2007-SHL1, Asset-
Backed Pass-Through Certificates, Series 2007-SHL1, Class M-2 to C
from A

   -- Citigroup Mortgage Loan Trust Inc., Series 2007-SHL1, Asset-
Backed Pass-Through Certificates, Series 2007-SHL1, Class M-3 to C
from A (low)

   -- Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Asset-
Backed Pass-Through Certificates, Series 2005-WF1, Class A-4 to AA
from AAA

   -- Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Asset-
Backed Pass-Through Certificates, Series 2005-WF1, Class A-5 to AA
from AAA

   -- Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Asset-
Backed Pass-Through Certificates, Series 2005-WF1, Class M-1 to
BBB from AA

   -- Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Asset-
Backed Pass-Through Certificates, Series 2005-WF1, Class M-2 to B
from A

   -- Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Asset-
Backed Pass-Through Certificates, Series 2005-WF1, Class M-3 to C
from BBB

   -- Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Asset-
Backed Pass-Through Certificates, Series 2005-WF1, Class M-4 to C
from BBB (low)

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Cert., Series 2005-12, Class 1-A-2 to C from
AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Cert., Series 2005-12, Class 2-A-1 to BBB from
AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-12, Class 1-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-12, Class 2-A-2 to C
from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-12, Class 3-A-1 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-12, Class 3-A-2 to C
from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-12, Class 4-A-1 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-12, Class 4-A-2 to C
from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-12, Class 5-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp.
Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-12, Class 5-A-2 to C
from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp. Home
Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates,
Series 2005-9, Class 2-A-4 to AA from AAA

   -- Credit Suisse First Boston Mortgage Acceptance Corp. Home
Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates,
Series 2005-9, Class M-1 to BBB from AA (high)

   -- Credit Suisse First Boston Mortgage Acceptance Corp. Home
Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates,
Series 2005-9, Class M-2 to B from AA (high)

   -- Credit Suisse First Boston Mortgage Acceptance Corp. Home
Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates,
Series 2005-9, Class M-3 to C from A (high)

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 1-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 1-A-2-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 1-A-2-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 2-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 3-A-1-1 to
A (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 3-A-1-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 3-A-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 3-A-3-1 to
A (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 3-A-3-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 4-A-1 to
BBB (high) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 4-A-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 5-A-1 to A
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 5-A-2 to A
(low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 5-M-1 to C
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 5-M-3 to C
from BB

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 6-B-1 to B
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class 6-B-2 to C
from A

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-10, Class C-B-1 to C
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 1-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 1-A-2 to C
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 2-A-1-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 2-A-1-2 to
C from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 2-A-2 to C
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 2-A-3 to C
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 2-A-4-1 to
C from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 2-A-4-2 to
C from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 3-A-1 to C
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 4-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 4-A-2 to C
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 5-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-11, Class 5-A-2 to B
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 1-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 1-A-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 2-A-1 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 2-A-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 3-A-2-1 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 3-A-2-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 3-A-3 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 4-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 5-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 5-A-2-1 to
BBB (high) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 5-A-2-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 6-A-1-2 to
A (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 6-A-2-1 to
A from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 6-A-2-2 to
A (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class 6-M-1 to B
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-5, Class C-B-1 to C
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 1-A-1 to
BBB (high) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 1-A-2 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 2-A-1 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 2-A-2-1 to
BBB (high) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 2-A-2-2 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 3-A-1 to
BBB (high) from

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 3-A-2 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 4-A-1 to A
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 4-A-2 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 5-A-1 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 6-A-1 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 7-A-1-1 to
A (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 7-A-1-2 to
BBB (high) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 7-A-2-1 to
A (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class 7-A-2-2 to
BBB (high) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class C-B-1 to BB
from AA (high)

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class C-B-2 to C
from A (high)

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class C-B-3 to C
from A (low)

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class C-B-4 to C
from BBB (high)

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class C-B-5 to C
from BBB

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-7, Class C-B-6 to C
from BB (high)

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 1-A-1 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 1-A-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 2-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 2-A-2-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 2-A-2-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 3-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 3-A-2-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 3-A-2-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 4-A-1-1 to
BBB (high) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 4-A-1-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 4-A-2-1 to
AA from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 4-A-2-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 5-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 6-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 7-A-1-1 to
A from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 7-A-1-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 7-A-3-2 to
A from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 7-A-4 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class 7-M-1 to C
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class C-B-1 to C
from AA (high)

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class C-B-2 to C
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-8, Class C-B-3 to C
from AA (low)

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 1-A-2 to A
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 1-A-3 to A
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 1-A-4 to A
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 1-A-5 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 2-A-2 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 4-A-1 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 4-A-2 to
BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 5-A-1 to A
from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 5-A-2-2 to
A from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 5-A-3 to
BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class 5-M-1 to C
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp.
Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-
Backed Pass-Through Certificates, Series 2005-9, Class C-B-1 to C
from AA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates,
Series 2005-4, Class M-3 to AA (low) from AA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates,
Series 2005-4, Class M-4 to A from AA (low)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates,
Series 2005-4, Class M-5 to BBB from A (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates,
Series 2005-4, Class M-6 to B from A (low)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates,
Series 2005-4, Class M-7 to C from BBB (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates,
Series 2005-5, Class M-2 to A from AA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates,
Series 2005-5, Class M-3 to BBB from AA (low)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates,
Series 2005-5, Class M-4 to B from A (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates,
Series 2005-5, Class M-5 to C from BBB (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates,
Series 2005-5, Class M-6 to C from BBB

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates,
Series 2005-6, Class M-2 to A (high) from AA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates,
Series 2005-6, Class M-3 to A (low) from AA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates,
Series 2005-6, Class M-4 to BBB from AA (low)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates,
Series 2005-6, Class M-5 to B from A (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates,
Series 2005-6, Class M-6 to C from BBB (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates,
Series 2005-6, Class M-7 to C from BBB

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates,
Series 2005-7, Class M-3 to B from A (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates,
Series 2005-7, Class M-4 to C from A (low)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates,
Series 2006-2, Class 1-A-1 to AA from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates,
Series 2006-2, Class 2-A-4 to BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates,
Series 2006-2, Class M-1 to B from AA (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates,
Series 2006-2, Class M-2 to C from AA (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates,
Series 2006-3, Class 1-A-1 to AA from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates,
Series 2006-3, Class 2-A-4 to A from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates,
Series 2006-3, Class M-2 to B from AA (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates,
Series 2006-3, Class M-3 to C from AA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-4, Home Equity Pass-Through Certificates,
Series 2006-4, Class 1-A-1 to A from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-4, Home Equity Pass-Through Certificates,
Series 2006-4, Class 2-A-4 to BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-4, Home Equity Pass-Through Certificates,
Series 2006-4, Class M-1 to B from AA (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates,
Series 2006-6, Class 1-A-1 to BB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates,
Series 2006-6, Class 2-A-3 to BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates,
Series 2006-6, Class 2-A-4 to B from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates,
Series 2006-7, Class 1-A-1 to BB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates,
Series 2006-7, Class 2-A-2 to AA from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates,
Series 2006-7, Class 2-A-3 to BBB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates,
Series 2006-7, Class 2-A-4 to C from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates,
Series 2006-7, Class M-1 to C from AA (low)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates,
Series 2006-8, Class 1-A-1 to BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates,
Series 2006-8, Class 2-A-2 to AA from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates,
Series 2006-8, Class 2-A-3 to BB from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates,
Series 2006-8, Class 2-A-4 to C from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates,
Series 2006-8, Class M-1 to C from AA (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates,
Series 2006-8, Class M-2 to C from A (high)

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates,
Series 2007-1, Class 1-A-1 to C from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates,
Series 2007-1, Class 2-A-2 to BBB (low) from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates,
Series 2007-1, Class 2-A-3 to B from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates,
Series 2007-1, Class 2-A-4 to C from AAA

   -- Credit Suisse First Boston Mortgage Securities Corp. Home
Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates,
Series 2007-1, Class M-1 to C from AA (high)

   -- CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed
Certificates, Series 2004-12, Class BF to C from BBB

   -- CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed
Certificates, Series 2004-12, Class MF-1 to A from AA (high)

   -- CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed
Certificates, Series 2004-12, Class MF-2 to A (low) from AA

   -- CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed
Certificates, Series 2004-12, Class MF-3 to BBB (high) from AA
(low)

   -- CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed
Certificates, Series 2004-12, Class MF-4 to BBB from A (high)

   -- CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed
Certificates, Series 2004-12, Class MF-5 to BB from A

   -- CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed
Certificates, Series 2004-12, Class MF-6 to B from A (low)

   -- CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed
Certificates, Series 2004-12, Class MF-7 to C from BBB (high)

   -- CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed
Certificates, Series 2004-AB2, Class M-2 to BBB from AA (high)

   -- CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed
Certificates, Series 2004-AB2, Class M-3 to B from AA

   -- CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed
Certificates, Series 2004-AB2, Class M-4 to C from A

   -- CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed
Certificates, Series 2004-AB2, Class M-5 to C from BBB

   -- CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed
Certificates, Series 2004-AB2, Class M-6 to C from BB (high)

   -- CWALT, Inc. Alternative Loan Trust 2005-48T1, Mortgage Pass-
Through Certificates, Series 2005-48T1, Class A-1 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-48T1, Mortgage Pass-
Through Certificates, Series 2005-48T1, Class A-3 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-48T1, Mortgage Pass-
Through Certificates, Series 2005-48T1, Class A-4 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-48T1, Mortgage Pass-
Through Certificates, Series 2005-48T1, Class A-5 to A from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-48T1, Mortgage Pass-
Through Certificates, Series 2005-48T1, Class A-6 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-48T1, Mortgage Pass-
Through Certificates, Series 2005-48T1, Class A-7 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-48T1, Mortgage Pass-
Through Certificates, Series 2005-48T1, Class PO to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-1 to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-10 to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-11 to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-12 to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-2 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-3 to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-4 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-5 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-6 to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-7 to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-8 to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class A-9 to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-60T1, Mortgage Pass-
Through Certificates, Series 2005-60T1, Class PO to BB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-1 to A (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-10 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-11 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-12 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-13 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-14 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-2 to A (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-3 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-4 to A (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-5 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-6 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-7 to A (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-8 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 1-A-9 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 2-A-1 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 2-A-2 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 2-A-3 to BBB (high)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 2-A-4 to BBB (high)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 2-A-5 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 2-A-6 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 2-A-7 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class 2-A-8 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2005-65CB, Mortgage Pass-
Through Certificates, Series 2005-65CB, Class PO to BBB from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-1 to C from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-10 to BBB from
AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-2 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-3 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-4 to C from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-5 to C from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-6 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-7 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-8 to C from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 1-A-9 to C from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-1 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-10 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-11 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-12 to C from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-13 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-14 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-15 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-16 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-2 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-3 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-4 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-5 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-6 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-7 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-8 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class 2-A-9 to BBB (low)
from AAA

   -- CWALT, Inc. Alternative Loan Trust 2006-6CB, Mortgage Pass-
Through Certificates, Series 2006-6CB, Class PO to C from AAA

   -- DSLA Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 1-A1A to AA from AAA

   -- DSLA Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 2-A1A to AA from AAA

   -- DSLA Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class B-1 to C from AA (high)

   -- DSLA Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class B-2 to C from A (high)

   -- DSLA Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class PO to BBB (low) from AAA

   -- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through
Certificates, Series 2005 AR6, Class 1A-1A to BBB from AAA

   -- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through
Certificates, Series 2005 AR6, Class 2A-1A to AA from AAA

   -- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through
Certificates, Series 2005 AR6, Class 2A-1B to BBB from AAA

   -- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through
Certificates, Series 2005 AR6, Class 2A-1C to B from AAA

   -- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through
Certificates, Series 2005 AR6, Class M-1 to C from AA

   -- DSLA Mortgage Loan Trust 2005-AR6, Mortgage Pass-Through
Certificates, Series 2005 AR6, Class M-2 to C from A

   -- DSLA Mortgage Loan Trust 2006-AR2, Mortgage Loan Pass-
Through Certificates, Series 2006-AR2, Class 1A-1A to A from AAA

   -- DSLA Mortgage Loan Trust 2006-AR2, Mortgage Loan Pass-
Through Certificates, Series 2006-AR2, Class 1A-1B to BBB from AAA

   -- DSLA Mortgage Loan Trust 2006-AR2, Mortgage Loan Pass-
Through Certificates, Series 2006-AR2, Class 2A-1A to AA from AAA

   -- DSLA Mortgage Loan Trust 2006-AR2, Mortgage Loan Pass-
Through Certificates, Series 2006-AR2, Class 2A-1B1 to BBB (high)
from AAA

   -- DSLA Mortgage Loan Trust 2006-AR2, Mortgage Loan Pass-
Through Certificates, Series 2006-AR2, Class 2A-1B2 to BBB from
AAA

   -- DSLA Mortgage Loan Trust 2006-AR2, Mortgage Loan Pass-
Through Certificates, Series 2006-AR2, Class 2A-1B3 to BBB from
AAA

   -- DSLA Mortgage Loan Trust 2006-AR2, Mortgage Loan Pass-
Through Certificates, Series 2006-AR2, Class 2A-1C to BBB from AAA

   -- DSLA Mortgage Loan Trust 2006-AR2, Mortgage Loan Pass-
Through Certificates, Series 2006-AR2, Class M-1 to C from AA
(high)

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class A-1 to BBB (high) from
AAA

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class A-2A to A from AAA

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class A-2B to BBB from AAA

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class A-2C to BBB from AAA

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class M-1 to B from AA (high)

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class M-2 to C from AA

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class M-3 to C from AA (low)

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class M-4 to C from A (high)

   -- EquiFirst Loan Securitization Trust 2007-1, Mortgage Pass-
Through Certificates, Series 2007-1, Class M-5 to C from A (high)

   -- First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-
Through Certificates, Series 2005-FF9, Class A1 to AA from AAA

   -- First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-
Through Certificates, Series 2005-FF9, Class A4 to BBB from AAA

   -- First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-
Through Certificates, Series 2005-FF9, Class M1 to B from AA

   -- First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-
Through Certificates, Series 2005-FF9, Class M2 to C from A (high)

   -- First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-
Through Certificates, Series 2005-FF9, Class M3 to C from A (low)

   -- First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-
Through Certificates, Series 2006-FF2, Class A1 to BBB from AAA

   -- First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-
Through Certificates, Series 2006-FF2, Class A4 to A from AAA

   -- First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-
Through Certificates, Series 2006-FF2, Class A5 to BBB from AAA

   -- First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-
Through Certificates, Series 2006-FF2, Class M1 to C from A

   -- First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-
Through Certificates, Series 2006-FF2, Class M2 to C from BBB
(high)

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class I-A1 to A from AAA

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class II-A2 to A (low) from AAA

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class II-A3 to BBB (high) from AAA

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class II-A4 to BBB from AAA

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class M-1 to B from AA (high)

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class M-2 to C from AA (high)

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class M-3 to C from AA (low)

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class M-4 to C from A

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class M-5 to C from BBB (high)

   -- First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed
Certificates, Series 2006-FF8, Class M-6 to C from BBB

   -- First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-
Through Certificates, Series 2006-FFA, Class A1 to C from AAA

   -- First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-
Through Certificates, Series 2006-FFA, Class A2 to C from AAA

   -- First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-
Through Certificates, Series 2006-FFA, Class A3 to C from AAA

   -- First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-
Through Certificates, Series 2006-FFA, Class A4 to C from AAA

   -- First Franklin Mortgage Loan Trust, Series 2004-FF10, Asset-
Backed Certificates, Series 2004-FF10, Class M-2 to C from BBB

   -- First Franklin Mortgage Loan Trust, Series 2005-FF1,
Mortgage Pass-Through Certificates, Series 2005-FF1, Class B-1 to
C from A (low)

   -- First Franklin Mortgage Loan Trust, Series 2005-FF1,
Mortgage Pass-Through Certificates, Series 2005-FF1, Class B-2 to
C from BBB (high)

   -- First Franklin Mortgage Loan Trust, Series 2005-FF1,
Mortgage Pass-Through Certificates, Series 2005-FF1, Class B-3 to
C from BBB

   -- First Franklin Mortgage Loan Trust, Series 2005-FF1,
Mortgage Pass-Through Certificates, Series 2005-FF1, Class M-2 to
B from A

   -- First Franklin Mortgage Loan Trust, Series 2005-FF1,
Mortgage Pass-Through Certificates, Series 2005-FF1, Class M-3 to
C from A

   -- Fremont Home Loan Trust 2005-D, Mortgage-Backed
Certificates, Series 2005-D, Class 2-A-4 to AA from AAA

   -- Fremont Home Loan Trust 2005-D, Mortgage-Backed
Certificates, Series 2005-D, Class M1 to BBB from AA (high)

   -- Fremont Home Loan Trust 2005-D, Mortgage-Backed
Certificates, Series 2005-D, Class M2 to BB from AA (high)

   -- Fremont Home Loan Trust 2005-D, Mortgage-Backed
Certificates, Series 2005-D, Class M3 to B from AA

   -- Fremont Home Loan Trust 2005-D, Mortgage-Backed
Certificates, Series 2005-D, Class M4 to C from A (high)

   -- Fremont Home Loan Trust 2006-B, Mortgage-Backed
Certificates, Series 2006-B, Class 1-A to C from AAA

   -- Fremont Home Loan Trust 2006-B, Mortgage-Backed
Certificates, Series 2006-B, Class 2-A-2 to BBB from AAA

   -- Fremont Home Loan Trust 2006-B, Mortgage-Backed
Certificates, Series 2006-B, Class 2-A-3 to C from AAA

   -- Fremont Home Loan Trust 2006-B, Mortgage-Backed
Certificates, Series 2006-B, Class 2-A-4 to C from AAA

   -- Fremont Home Loan Trust 2006-C, Mortgage-Backed
Certificates, Series 2006-C, Class 1-A1 to BBB from AAA

   -- Fremont Home Loan Trust 2006-C, Mortgage-Backed
Certificates, Series 2006-C, Class 1-A2 to BB from AAA

   -- Fremont Home Loan Trust 2006-C, Mortgage-Backed
Certificates, Series 2006-C, Class 2-A1 to BBB from AAA

   -- Fremont Home Loan Trust 2006-C, Mortgage-Backed
Certificates, Series 2006-C, Class 2-A2 to BB from AAA

   -- Fremont Home Loan Trust 2006-C, Mortgage-Backed
Certificates, Series 2006-C, Class 2-A3 to B from AAA

   -- Fremont Home Loan Trust 2006-C, Mortgage-Backed
Certificates, Series 2006-C, Class M1 to C from AA (high)

   -- Fremont Home Loan Trust 2006-C, Mortgage-Backed
Certificates, Series 2006-C, Class M2 to C from AA

   -- Fremont Home Loan Trust 2006-D, Mortgage-Backed
Certificates, Series 2006-D, Class 1-A1 to BBB from AAA

   -- Fremont Home Loan Trust 2006-D, Mortgage-Backed
Certificates, Series 2006-D, Class 2-A1 to A from AAA

   -- Fremont Home Loan Trust 2006-D, Mortgage-Backed
Certificates, Series 2006-D, Class 2-A2 to BBB (low) from AAA

   -- Fremont Home Loan Trust 2006-D, Mortgage-Backed
Certificates, Series 2006-D, Class 2-A3 to BB from AAA

   -- Fremont Home Loan Trust 2006-D, Mortgage-Backed
Certificates, Series 2006-D, Class 2-A4 to B from AAA

   -- Fremont Home Loan Trust 2006-D, Mortgage-Backed
Certificates, Series 2006-D, Class M1 to C from AA (high)

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class A-1 to AA from AAA

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class A-2 to BBB from AAA

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class A-3 to BBB from AAA

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class A-4 to BBB from AAA

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class M-1 to B from AA (high)

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class M-2 to C from AA

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class M-3 to C from AA (low)

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class M-4 to C from A (high)

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class M-5 to C from A (low)

   -- GSAMP Trust 2006-HE6, Mortgage Pass-Through Certificates,
Series 2006-HE6, Class M-6 to C from BBB (high)

   -- GSR Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 1A1 to A from AAA

   -- GSR Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 2A2 to BBB (high) from AAA

   -- GSR Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 2A3 to BBB (high) from AAA

   -- GSR Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 2A4 to BBB (high) from AAA

   -- GSR Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 2A5 to BBB from AAA

   -- GSR Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 3A1 to BBB (high) from AAA

   -- GSR Mortgage Loan Trust 2005-AR5, Mortgage Pass-Through
Certificates, Series 2005-AR5, Class 4A1 to AA from AAA

   -- HarborView Mortgage Loan Trust 2005-13, Mortgage Loan Pass-
Through Certificates, Series 2005-13, Class 1-A1A to A from AAA

   -- HarborView Mortgage Loan Trust 2005-13, Mortgage Loan Pass-
Through Certificates, Series 2005-13, Class 1-A1B to BBB (low)
from AAA

   -- HarborView Mortgage Loan Trust 2005-13, Mortgage Loan Pass-
Through Certificates, Series 2005-13, Class 2-A1A1 to A from AAA

   -- HarborView Mortgage Loan Trust 2005-13, Mortgage Loan Pass-
Through Certificates, Series 2005-13, Class 2-A1A2 to A from AAA

   -- HarborView Mortgage Loan Trust 2005-13, Mortgage Loan Pass-
Through Certificates, Series 2005-13, Class 2-A1C to BBB (low)
from AAA

   -- HarborView Mortgage Loan Trust 2006-SB1, Mortgage Loan Pass-
Through Certificates, Series 2006-SB1, Class A-1A to BBB from AAA

   -- HarborView Mortgage Loan Trust 2006-SB1, Mortgage Loan Pass-
Through Certificates, Series 2006-SB1, Class A-1B to C from AAA

   -- HarborView Mortgage Loan Trust 2006-SB1, Mortgage Loan Pass-
Through Certificates, Series 2006-SB1, Class M-1 to C from AA
(high)

   -- Home Equity Asset Trust 2007-2, Home Equity Pass-Through
Certificates, Series 2007-2, Class 1-A-1 to BBB (low) from AAA

   -- Home Equity Asset Trust 2007-2, Home Equity Pass-Through
Certificates, Series 2007-2, Class 2-A-2 to BBB from AAA

   -- Home Equity Asset Trust 2007-2, Home Equity Pass-Through
Certificates, Series 2007-2, Class 2-A-3 to B from AAA

   -- Home Equity Asset Trust 2007-2, Home Equity Pass-Through
Certificates, Series 2007-2, Class 2-A-4 to C from AAA

   -- Home Equity Asset Trust 2007-2, Home Equity Pass-Through
Certificates, Series 2007-2, Class M-1 to C from AA (high)

   -- Home Equity Asset Trust 2007-2, Home Equity Pass-Through
Certificates, Series 2007-2, Class M-2 to C from AA

   -- Impac CMB Trust Series 2004-11, Collateralized Asset-Backed
Bonds, Series 2004-11, Class 2-M-3 to BB from BBB

   -- Impac CMB Trust Series 2004-11, Collateralized Asset-Backed
Bonds, Series 2004-11, Class 2-M-4 to B from BBB (low)

   -- Impac CMB Trust Series 2004-11, Collateralized Asset-Backed
Bonds, Series 2004-11, Class 2-M-5 to C from BB

   -- Impac CMB Trust Series 2005-3, Collateralized Asset-Backed
Bonds, Series 2005-3, Class A-1 to A from AAA

   -- Impac CMB Trust Series 2005-3, Collateralized Asset-Backed
Bonds, Series 2005-3, Class A-2 to BBB from AAA

   -- Impac CMB Trust Series 2005-3, Collateralized Asset-Backed
Bonds, Series 2005-3, Class A-3 to BBB from AAA

   -- Impac CMB Trust Series 2005-3, Collateralized Asset-Backed
Bonds, Series 2005-3, Class M-1 to B from AA (high)

   -- Impac CMB Trust Series 2005-3, Collateralized Asset-Backed
Bonds, Series 2005-3, Class M-2 to C from AA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-1 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-10 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-2 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-3 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-4 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-5 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-6 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-7 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-8 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 1-A-9 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-1 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-10 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-11 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-12 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-13 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-14 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-15 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-16 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-17 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-18 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-2 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-3 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-4 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-5 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-6 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-7 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-8 to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 2-A-9 to A from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class 3-A-1 to AA from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class A-P to BBB (low) from AAA

   -- J.P. Morgan Alternative Trust 2005-S1, Mortgage Pass-Through
Certificates, Series 2005-S1, Class A-X to BBB (low) from AAA

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class A-2-A to A from
AAA

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class A-2-B to A from
AAA

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class A-3-A to BBB
(low) from AAA

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class A-3-B to BBB
(low) from AAA

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class A-4 to BB from
AAA

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class A-5 to BB from
AAA

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class A-6 to BB from
AAA

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class M-1 to C from AA
(high)

   -- J.P. Morgan Mortgage Acquisition Trust 2006-WF1, Mortgage
Pass-Through Certificates, Series 2006-WF1, Class M-2 to C from AA

   -- J.P. Morgan Mortgage Trust 2005-A2, Mortgage Pass-Through
Certificates, Series 2005-A2, Class 2-A-1 to A (high) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A2, Mortgage Pass-Through
Certificates, Series 2005-A2, Class 2-A-2 to A from AAA

   -- J.P. Morgan Mortgage Trust 2005-A2, Mortgage Pass-Through
Certificates, Series 2005-A2, Class 9-A-1 to BBB from AAA

   -- J.P. Morgan Mortgage Trust 2005-A2, Mortgage Pass-Through
Certificates, Series 2005-A2, Class B-1 to BBB (low) from AA

   -- J.P. Morgan Mortgage Trust 2005-A2, Mortgage Pass-Through
Certificates, Series 2005-A2, Class B-2 to BB from A

   -- J.P. Morgan Mortgage Trust 2005-A2, Mortgage Pass-Through
Certificates, Series 2005-A2, Class B-3 to B from BBB

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 10-J-1 to AA (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 10-J-2 to A (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 5-A-1 to BBB from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 5-A-3 to BBB from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 6-A-1 to AA (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 6-A-2 to A (high) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 6-A-3 to A from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 6-A-4 to AA (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 6-A-5 to A (high) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 6-A-6 to A (high) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 6-A-7 to A from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 7CA1 to AA (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 7CA2 to A (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 8JA1 to A (high) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 8JA2 to A (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 9CA1 to AA (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class 9CA2 to A (low) from AAA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class I-B-1 to BBB (low) from AA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class I-B-2 to B (high) from A

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class I-B-3 to C from BBB

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class II-BA-1 to BBB from AA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class II-BA-2 to B from A

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class II-BA-3 to C from BBB

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class III-B-1 to A from AA

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class III-B-2 to BBB from A

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class III-B-3 to BB from BBB

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class III-B-4 to B from BB

   -- J.P. Morgan Mortgage Trust 2005-A3, Mortgage Pass-Through
Certificates, Series 2005-A3, Class III-B-5 to C from B

   -- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through
Certificates, Series 2005-A4, Class B-1 to A from AA

   -- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through
Certificates, Series 2005-A4, Class B-2 to BBB from A

   -- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through
Certificates, Series 2005-A4, Class B-3 to BB from BBB

   -- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through
Certificates, Series 2005-A4, Class B-4 to B from BB

   -- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through
Certificates, Series 2005-A4, Class B-5 to C from B

   -- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through
Certificates, Series 2005-A5, Class I-B-1 to BBB from AA

   -- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through
Certificates, Series 2005-A5, Class I-B-2 to BB from A

   -- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through
Certificates, Series 2005-A5, Class I-B-3 to B from BBB

   -- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through
Certificates, Series 2005-A5, Class T-B-1 to A from AA

   -- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through
Certificates, Series 2005-A5, Class T-B-2 to BBB from A

   -- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through
Certificates, Series 2005-A5, Class T-B-3 to BB from BBB

   -- J.P. Morgan Mortgage Trust 2005-A5, Mortgage Pass-Through
Certificates, Series 2005-A5, Class T-B-4 to B from BB

   -- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through
Certificates, Series 2006-S1, Class A-M to BBB from AAA

   -- J.P. Morgan Mortgage Trust 2006-S1, Mortgage Pass-Through
Certificates, Series 2006-S1, Class B-2 to C from A

   -- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates,
Series 2006-5, Class 1-A1A to BBB (low) from AAA

   -- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates,
Series 2006-5, Class 1-A1B to BB from AAA

   -- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates,
Series 2006-5, Class 2-A1 to BBB from AAA

   -- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates,
Series 2006-5, Class 2-A2 to BB from AAA

   -- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates,
Series 2006-5, Class 2-A3 to B (high) from AAA

   -- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates,
Series 2006-5, Class 2-A4A to C from AAA

   -- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates,
Series 2006-5, Class 2-A4B to C from AAA

   -- Lehman XS Trust 2006-5, Mortgage Pass-Through Certificates,
Series 2006-5, Class M1 to C from AA (high)

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class I/II-M3 to A from AA (low)

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class I/II-M4 to BB from A (high)

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class I/II-M5 to B from A

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class I/II-M6 to C from A (low)

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class I/II-M7 to C from BBB (low)

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class III-M1 to A from AA (high)

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class III-M2 to BBB from AA

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class III-M3 to B from A (high)

   -- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed
Certificates, Series 2005-WL1, Class III-M4 to C from A (low)

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 1-A-1 to A from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 2-A-1 to BBB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 3-A-1 to BBB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 4-A-1 to BBB (low) from
AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 5-A-1 to A from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 6-A-1 to A (low) from
AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 7-A-1 to A from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 7-A-2 to BBB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class 7-A-X to BBB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class B-1 to C from AA

   -- MASTR Adjustable Rate Mortgages Trust 2005-8, Mortgage Pass
Through Certificates, Series 2005-8, Class 1-A-1 to BBB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-8, Mortgage Pass
Through Certificates, Series 2005-8, Class 2-A-1 to BBB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-8, Mortgage Pass-
Through Certificates, Series 2005-8, Class 1-A-2 to BBB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-8, Mortgage Pass-
Through Certificates, Series 2005-8, Class 2-A-2 to BB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2005-8, Mortgage Pass-
Through Certificates, Series 2005-8, Class 3-A-2 to BB from AAA

   -- MASTR Adjustable Rate Mortgages Trust 2007-3, Mortgage Pass-
Through Certificates, Series 2007-3, Class 2-2A3 to AA (low) from
AAA

   -- MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-
Through Certificates, Series 2006-HE3, Class A-1 to BBB from AA
(low)

   -- MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-
Through Certificates, Series 2006-HE3, Class A-2 to B from AA
(low)

   -- MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-
Through Certificates, Series 2006-HE3, Class A-3 to C from AA
(low)

   -- MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-
Through Certificates, Series 2006-HE3, Class A-4 to C from AA
(low)

   -- MASTR Specialized Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class A to BBB from AAA

   -- MASTR Specialized Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class M-1 to C from AA (high)

   -- MASTR Specialized Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class M-2 to C from AA

   -- MASTR Specialized Loan Trust 2007-1, Mortgage Pass-Through
Certificates, Series 2007-1, Class M-3 to C from AA (low)

   -- Meritage Mortgage Loan Trust 2005-2, Asset-Backed
Certificates, Series 2005-2, Class M-2 to A (low) from AA

   -- Meritage Mortgage Loan Trust 2005-2, Asset-Backed
Certificates, Series 2005-2, Class M-3 to BBB from AA (low)

   -- Meritage Mortgage Loan Trust 2005-2, Asset-Backed
Certificates, Series 2005-2, Class M-4 to B from A (high)

   -- Meritage Mortgage Loan Trust 2005-2, Asset-Backed
Certificates, Series 2005-2, Class M-5 to C from A (high)

   -- Meritage Mortgage Loan Trust 2005-3, Asset-Backed
Certificates, Series 2005-3, Class A-3 to BBB from AAA

   -- Meritage Mortgage Loan Trust 2005-3, Asset-Backed
Certificates, Series 2005-3, Class A-4 to BBB from AAA

   -- Meritage Mortgage Loan Trust 2005-3, Asset-Backed
Certificates, Series 2005-3, Class A-5 to BBB from AAA

   -- Meritage Mortgage Loan Trust 2005-3, Asset-Backed
Certificates, Series 2005-3, Class M-1 to C from AA

   -- Merrill Lynch Mortgage Investors Trust, Series 2005-NCA,
Mortgage Loan Asset-Backed Certificates, Series 2005-NCA, Class B-
1 to C from A (high)

   -- Morgan Stanley Home Equity Loan Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class B-1 to C from BBB
(high)

   -- Morgan Stanley Home Equity Loan Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class B-2 to C from BBB

   -- Morgan Stanley Home Equity Loan Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class B-3 to C from BBB (low)

   -- Morgan Stanley Home Equity Loan Trust 2005-2, Mortgage Pass-
Through Certificates, Series 2005-2, Class M-6 to B from A (low)

   -- MortgageIT Securities Corp. Mortgage Loan Trust, Series
2007-2, Mortgage Pass-Through Certificates, Series 2007-2, Class
A-2 to A from AAA

   -- MortgageIT Securities Corp. Mortgage Loan Trust, Series
2007-2, Mortgage Pass-Through Certificates, Series 2007-2, Class
B-1 to C from AA (low)

   -- MortgageIT Securities Corp. Mortgage Loan Trust, Series
2007-2, Mortgage Pass-Through Certificates, Series 2007-2, Class
B-2 to C from A (low)

   -- MortgageIT Securities Corp. Mortgage Loan Trust, Series
2007-2, Mortgage Pass-Through Certificates, Series 2007-2, Class
B-3 to C from BBB

   -- Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2005-AR3, Mortgage Pass-Through Certificates, Series 2005-
AR3, Class I-A-1 to BBB (low) from AAA

   -- Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2005-AR3, Mortgage Pass-Through Certificates, Series 2005-
AR3, Class I-A-2 to BB from AAA

   -- Nomura Asset Acceptance Corporation, Alternative Loan Trust,
Series 2005-AR3, Mortgage Pass-Through Certificates, Series 2005-
AR3, Class II-A to BBB from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class
M-3 to A from AA (low)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class
M-4 to BBB from A (high)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class
M-5 to BB from A

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class
M-6 to C from A (low)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class
II-A-3 to AA from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class
II-A-4 to A from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class
M-1 to BB from AA (high)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class
M-2 to C from AA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-HE1, Asset-Backed Certificates, Series 2006-HE1, Class
M-3 to C from AA (low)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class A-3 to AA from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class A-4 to A from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class M-1 to BBB from AA (high)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class M-2 to BB from AA (high)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class M-3 to B from AA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class M-4 to C from AA (low)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class M-5 to C from A (high)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class M-6 to C from A

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2006-WF1, Home Equity Loan Trust Asset-Backed Certificates,
Series 2006-WF1, Class M-7 to C from A (low)

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class I-
A-1 to B (high) from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class II-
A-1 to B from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class II-
A-2 to C from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class II-
A-3 to C from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class II-
A-4 to C from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-3, Asset-Backed Certificates, Series 2007-3, Class I-
A-1 to C from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-3, Asset-Backed Certificates, Series 2007-3, Class II-
A-1 to C from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-3, Asset-Backed Certificates, Series 2007-3, Class II-
A-2 to C from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-3, Asset-Backed Certificates, Series 2007-3, Class II-
A-3 to C from AAA

   -- Nomura Home Equity Loan, Inc., Home Equity Loan Trust,
Series 2007-3, Asset-Backed Certificates, Series 2007-3, Class II-
A-4 to C from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-1 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-10 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-11 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-13 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-14 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-15 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-16 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-17 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-18 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-2 to BBB (low)
from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-3 to BBB (low)
from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-4 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-5 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-6 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-7 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-8 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-9 to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-P to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class I-A-V to B from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class II-A-1 to BBB from
AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class II-A-2 to BBB from
AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class II-A-P to BBB (low)
from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class II-A-V to BBB (low)
from AAA

   -- RALI Series 2006-QS2 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS2, Class III-A-1 to BBB from
AAA

   -- RESI Finance Limited Partnership 2006-C & RESI Finance DE
Corporation 2006-C, Real Estate Synthetic Investment Notes, Series
2006-C, Class B1 Risk Band to A from AAA

   -- RESI Finance Limited Partnership 2006-C & RESI Finance DE
Corporation 2006-C, Real Estate Synthetic Investment Notes, Series
2006-C, Class B2 Risk Band to BBB (high) from AA (high)

   -- RESI Finance Limited Partnership 2006-C & RESI Finance DE
Corporation 2006-C, Real Estate Synthetic Investment Notes, Series
2006-C, Class B3 to BBB from AA

   -- RESI Finance Limited Partnership 2006-C & RESI Finance DE
Corporation 2006-C, Real Estate Synthetic Investment Notes, Series
2006-C, Class B4 to BB from A (high)

   -- RESI Finance Limited Partnership 2006-C & RESI Finance DE
Corporation 2006-C, Real Estate Synthetic Investment Notes, Series
2006-C, Class B5 to B (high) from BBB (high)

   -- RESI Finance Limited Partnership 2006-C & RESI Finance DE
Corporation 2006-C, Real Estate Synthetic Investment Notes, Series
2006-C, Class B6 to B from A (low)

   -- RESI Finance Limited Partnership 2006-C & RESI Finance DE
Corporation 2006-C, Real Estate Synthetic Investment Notes, Series
2006-C, Class B7 to C from A (low)

   -- RESI Finance Limited Partnership 2007-A & RESI Finance DE
Corporation 2007-A, Real Estate Synthetic Investment Notes, Series
2007-A, Class B1 Risk Band to A (low) from AA

   -- RESI Finance Limited Partnership 2007-A & RESI Finance DE
Corporation 2007-A, Real Estate Synthetic Investment Notes, Series
2007-A, Class B2 Risk Band to BB (low) from AA

   -- RESI Finance Limited Partnership 2007-A & RESI Finance DE
Corporation 2007-A, Real Estate Synthetic Investment Notes, Series
2007-A, Class B3 to B from AA (low)

   -- RESI Finance Limited Partnership 2007-A & RESI Finance DE
Corporation 2007-A, Real Estate Synthetic Investment Notes, Series
2007-A, Class B5 to C from A

   -- RESI Finance Limited Partnership 2007-B & RESI Finance DE
Corporation 2007-B, Real Estate Synthetic Investment Notes, Series
2007-B, Class B1 Risk Band to A (low) from AA

   -- RESI Finance Limited Partnership 2007-B & RESI Finance DE
Corporation 2007-B, Real Estate Synthetic Investment Notes, Series
2007-B, Class B2 Risk Band to BBB from AA (low)

   -- RESI Finance Limited Partnership 2007-B & RESI Finance DE
Corporation 2007-B, Real Estate Synthetic Investment Notes, Series
2007-B, Class B3 to BB from A (high)

   -- RESI Finance Limited Partnership 2007-B & RESI Finance DE
Corporation 2007-B, Real Estate Synthetic Investment Notes, Series
2007-B, Class B4 to B from A (high)

   -- RESI Finance Limited Partnership 2007-B & RESI Finance DE
Corporation 2007-B, Real Estate Synthetic Investment Notes, Series
2007-B, Class B5 to C from A

   -- RESI Finance Limited Partnership 2007-B & RESI Finance DE
Corporation 2007-B, Real Estate Synthetic Investment Notes, Series
2007-B, Class B6 to C from A (low)

   -- RESI Finance Limited Partnership 2007-B & RESI Finance DE
Corporation 2007-B, Real Estate Synthetic Investment Notes, Series
2007-B, Class B7 to C from BBB

   -- RESI Finance Limited Partnership 2007-C & RESI Finance DE
Corporation 2007-C, Real Estate Synthetic Investment Notes, Series
2007-C, Class B10 to C from B (high)

   -- RESI Finance Limited Partnership 2007-C & RESI Finance DE
Corporation 2007-C, Real Estate Synthetic Investment Notes, Series
2007-C, Class B4 Risk Band to BBB from A (low)

   -- RESI Finance Limited Partnership 2007-C & RESI Finance DE
Corporation 2007-C, Real Estate Synthetic Investment Notes, Series
2007-C, Class B5 Risk Band to BB from BBB

   -- RESI Finance Limited Partnership 2007-C & RESI Finance DE
Corporation 2007-C, Real Estate Synthetic Investment Notes, Series
2007-C, Class B6 to B (high) from BBB

   -- RESI Finance Limited Partnership 2007-C & RESI Finance DE
Corporation 2007-C, Real Estate Synthetic Investment Notes, Series
2007-C, Class B7 to B from BB (high)

   -- RESI Finance Limited Partnership 2007-C & RESI Finance DE
Corporation 2007-C, Real Estate Synthetic Investment Notes, Series
2007-C, Class B8 to C from BB

   -- RESI Finance Limited Partnership 2007-C & RESI Finance DE
Corporation 2007-C, Real Estate Synthetic Investment Notes, Series
2007-C, Class B9 to C from BB

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-1 to BBB
(low) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-2 to A from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-3 to BBB
(low) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-4 to A from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-5 to A from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-6 to A from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-7 to BBB
(low) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-8 to BBB
(low) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-9 to BBB
(low) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 1-A-X to BBB
(low) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-1 to BBB
(high) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-10 to BBB
(high) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-11 to BBB
(high) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-12 to BB
from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-13 to BB
from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-2 to BBB
(high) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-3 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-4 to BBB
(high) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-5 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-6 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-7 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-8 to BBB
(high) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-9 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 2-A-X to BBB
(low) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 3-A-1 to BBB
(low) from AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 4-A-1 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 5-A-1 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 5-A-2 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class 5-A-3 to BB from
AAA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class B-1 to C from AA

   -- Residential Asset Securitization Trust 2005-A15, Mortgage
Pass-Through Certificates, Series 2005-A15, Class PO to C from AAA

   -- ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through
Certificates, Series 2006-1, Class A-1A to BBB from AAA

   -- ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through
Certificates, Series 2006-1, Class A-1B to BB from AAA

   -- ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through
Certificates, Series 2006-1, Class A-2A to AA from AAA

   -- ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through
Certificates, Series 2006-1, Class A-2B to B from AAA

   -- ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through
Certificates, Series 2006-1, Class A-2C to C from AAA

   -- ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through
Certificates, Series 2006-1, Class A-2D to C from AAA

   -- ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through
Certificates, Series 2006-1, Class M-1 to C from AA

   -- Securitized Asset Backed Receivables LLC Trust 2005-FR4,
Mortgage Pass-Through Certificates, Series 2005-FR4, Class B-1 to
C from BBB (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR1,
Mortgage Pass-Through Certificates, Series 2006-FR1, Class A-2C to
A from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR1,
Mortgage Pass-Through Certificates, Series 2006-FR1, Class M-1 to
B from AA

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR2,
Mortgage Pass-Through Certificates, Series 2006-FR2, Class A-2 to
A from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR2,
Mortgage Pass-Through Certificates, Series 2006-FR2, Class A-3 to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR2,
Mortgage Pass-Through Certificates, Series 2006-FR2, Class M-1 to
C from A (low)

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR3,
Mortgage Pass-Through Certificates, Series 2006-FR3, Class A-2 to
A from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR3,
Mortgage Pass-Through Certificates, Series 2006-FR3, Class A-3 to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR3,
Mortgage Pass-Through Certificates, Series 2006-FR3, Class M-1 to
C from A (low)

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR4,
Mortgage Pass-Through Certificates, Series 2006-FR4, Class A-1 to
C from A (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR4,
Mortgage Pass-Through Certificates, Series 2006-FR4, Class A-2A to
BBB from A (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR4,
Mortgage Pass-Through Certificates, Series 2006-FR4, Class A-2B to
C from A (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR4,
Mortgage Pass-Through Certificates, Series 2006-FR4, Class A-2C to
C from A (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-FR4,
Mortgage Pass-Through Certificates, Series 2006-FR4, Class M-1 to
C from BBB (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE1,
Mortgage Pass-Through Certificates, Series 2006-HE1, Class A-1 to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE1,
Mortgage Pass-Through Certificates, Series 2006-HE1, Class A-2B to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE1,
Mortgage Pass-Through Certificates, Series 2006-HE1, Class A-2C to
BB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE1,
Mortgage Pass-Through Certificates, Series 2006-HE1, Class A-2D to
B from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE1,
Mortgage Pass-Through Certificates, Series 2006-HE1, Class M-1 to
C from BBB (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE2,
Mortgage Pass-Through Certificates, Series 2006-HE2, Class A-1 to
BB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE2,
Mortgage Pass-Through Certificates, Series 2006-HE2, Class A-2A to
AA from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE2,
Mortgage Pass-Through Certificates, Series 2006-HE2, Class A-2B to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE2,
Mortgage Pass-Through Certificates, Series 2006-HE2, Class A-2C to
B from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE2,
Mortgage Pass-Through Certificates, Series 2006-HE2, Class A-2D to
B from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-HE2,
Mortgage Pass-Through Certificates, Series 2006-HE2, Class M-1 to
C from AA

   -- Securitized Asset Backed Receivables LLC Trust 2006-NC2,
Mortgage Pass-Through Certificates, Series 2006-NC2, Class A-2 to
A from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-NC2,
Mortgage Pass-Through Certificates, Series 2006-NC2, Class A-3 to
BBB (low) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-NC2,
Mortgage Pass-Through Certificates, Series 2006-NC2, Class M-1 to
C from A (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-NC3,
Mortgage Pass-Through Certificates, Series 2006-NC3, Class A-1 to
BB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-NC3,
Mortgage Pass-Through Certificates, Series 2006-NC3, Class A-2A to
A from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-NC3,
Mortgage Pass-Through Certificates, Series 2006-NC3, Class A-2B to
B from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-NC3,
Mortgage Pass-Through Certificates, Series 2006-NC3, Class A-2C to
C from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-NC3,
Mortgage Pass-Through Certificates, Series 2006-NC3, Class M-1 to
C from AA (low)

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM1,
Mortgage Pass-Through Certificates, Series 2006-WM1, Class A-1A to
AA from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM1,
Mortgage Pass-Through Certificates, Series 2006-WM1, Class A-1B to
A from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM1,
Mortgage Pass-Through Certificates, Series 2006-WM1, Class A-2B to
A from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM1,
Mortgage Pass-Through Certificates, Series 2006-WM1, Class A-2C to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM1,
Mortgage Pass-Through Certificates, Series 2006-WM1, Class M-1 to
C from BBB (high)

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM2,
Mortgage Pass-Through Certificates, Series 2006-WM2, Class A-1 to
C from A

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM2,
Mortgage Pass-Through Certificates, Series 2006-WM2, Class A-2A to
C from A

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM2,
Mortgage Pass-Through Certificates, Series 2006-WM2, Class A-2B to
B from A

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM2,
Mortgage Pass-Through Certificates, Series 2006-WM2, Class A-2C to
C from A

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM2,
Mortgage Pass-Through Certificates, Series 2006-WM2, Class A-2D to
C from A

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM3,
Mortgage Pass-Through Certificates, Series 2006-WM3, Class A-1 to
C from A (low)

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM3,
Mortgage Pass-Through Certificates, Series 2006-WM3, Class A-2 to
C from A (low)

   -- Securitized Asset Backed Receivables LLC Trust 2006-WM3,
Mortgage Pass-Through Certificates, Series 2006-WM3, Class A-3 to
C from A (low)

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR1,
Mortgage Pass-Through Certificates, Series 2007-BR1, Class A-1 to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR1,
Mortgage Pass-Through Certificates, Series 2007-BR1, Class A-2A to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR1,
Mortgage Pass-Through Certificates, Series 2007-BR1, Class A-2B to
BB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR1,
Mortgage Pass-Through Certificates, Series 2007-BR1, Class A-2C to
BB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR1,
Mortgage Pass-Through Certificates, Series 2007-BR1, Class M-1 to
C from AA (high)

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR2,
Mortgage Pass-Through Certificates, Series 2007-BR2, Class A-1 to
C from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR2,
Mortgage Pass-Through Certificates, Series 2007-BR2, Class A-2 to
C from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR2,
Mortgage Pass-Through Certificates, Series 2007-BR2, Class M-1 to
C from AA (high)

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR4,
Mortgage Pass-Through Certificates, Series 2007-BR4, Class A-1 to
B from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR4,
Mortgage Pass-Through Certificates, Series 2007-BR4, Class A-2A to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR4,
Mortgage Pass-Through Certificates, Series 2007-BR4, Class A-2B to
BBB (low) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR4,
Mortgage Pass-Through Certificates, Series 2007-BR4, Class A-2C to
C from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR4,
Mortgage Pass-Through Certificates, Series 2007-BR4, Class M-1 to
C from AA (high)

   -- Securitized Asset Backed Receivables LLC Trust 2007-BR4,
Mortgage Pass-Through Certificates, Series 2007-BR4, Class M-2 to
C from AA (high)

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC1,
Mortgage Pass-Through Certificates, Series 2007-NC1, Class A-1 to
BB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC1,
Mortgage Pass-Through Certificates, Series 2007-NC1, Class A-2A to
BBB from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC1,
Mortgage Pass-Through Certificates, Series 2007-NC1, Class A-2B to
B from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC1,
Mortgage Pass-Through Certificates, Series 2007-NC1, Class A-2C to
B from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC1,
Mortgage Pass-Through Certificates, Series 2007-NC1, Class M-1 to
C from AA (high)

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC1,
Mortgage Pass-Through Certificates, Series 2007-NC1, Class M-2 to
C from A (high)

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC2,
Mortgage Pass-Through Certificates, Series 2007-NC2, Class A-1 to
BBB (low) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC2,
Mortgage Pass-Through Certificates, Series 2007-NC2, Class A-2A to
BBB (high) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC2,
Mortgage Pass-Through Certificates, Series 2007-NC2, Class A-2B to
BBB (low) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC2,
Mortgage Pass-Through Certificates, Series 2007-NC2, Class A-2C to
BBB (low) from AAA

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC2,
Mortgage Pass-Through Certificates, Series 2007-NC2, Class M-1 to
C from AA (high)

   -- Securitized Asset Backed Receivables LLC Trust 2007-NC2,
Mortgage Pass-Through Certificates, Series 2007-NC2, Class M-2 to
C from AA

   -- Sequoia Mortgage Trust 2005-3, Mortgage Pass-Through
Certificates, Series 2005-3, Class A-1 to AA from AAA

   -- Sequoia Mortgage Trust 2005-3, Mortgage Pass-Through
Certificates, Series 2005-3, Class B-1 to A from AA

   -- Sequoia Mortgage Trust 2005-3, Mortgage Pass-Through
Certificates, Series 2005-3, Class B-2 to BB from A

   -- Sequoia Mortgage Trust 2005-3, Mortgage Pass-Through
Certificates, Series 2005-3, Class B-3 to C from BBB

   -- SG Mortgage Securities Trust 2006-FRE2, Asset-Backed
Certificates, Series 2006-FRE2, Class A-1 to B (low) from A

   -- SG Mortgage Securities Trust 2006-FRE2, Asset-Backed
Certificates, Series 2006-FRE2, Class A-2B to C from A

   -- SG Mortgage Securities Trust 2006-FRE2, Asset-Backed
Certificates, Series 2006-FRE2, Class A-2C to C from A

   -- SG Mortgage Securities Trust 2006-FRE2, Asset-Backed
Certificates, Series 2006-FRE2, Class A-2D to C from A

   -- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-1 to BBB (low) from AAA

   -- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-2 to BBB (low) from AAA

   -- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-3A to A from AAA

   -- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-3B to BBB (high) from AAA

   -- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-3C to BBB from AAA

   -- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class A-3D to BBB (low) from AAA

   -- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class M-1 to C from AA (high)

   -- SG Mortgage Securities Trust 2006-OPT2, Asset-Backed
Certificates, Series 2006-OPT2, Class M-2 to C from A (high)

   -- Soundview Home Loan Trust 2005-3, Asset-Backed Certificates,
Series 2005-3, Class M-3 to BBB from AA

   -- Soundview Home Loan Trust 2005-3, Asset-Backed Certificates,
Series 2005-3, Class M-5 to C from BBB (high)

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class A-1 to AA from AAA

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class A-2 to AA from AAA

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class A-3 to AA from AAA

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class A-4 to AA from AAA

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class A-M-1 to BBB (high) from AAA

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class A-M-2 to BBB (high) from AAA

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-1 to BBB from AA (high)

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-2 to BBB (low) from AA

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-3 to BB from AA (low)

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-4 to B from A (high)

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-5 to C from A

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-6 to C from A (low)

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-7 to C from A (low)

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-8 to C from BBB (high)

   -- Soundview Home Loan Trust 2008-1, Asset-Backed Certificates,
Series 2008-1, Class M-9 to C from BBB

   -- Structured Asset Investment Loan Trust, Series 2004-11,
Lehman Brothers Mortgage Pass-Through Certificates, Series 2004-
11, Class M-2 to A from AA

   -- Structured Asset Investment Loan Trust, Series 2004-11,
Lehman Brothers Mortgage Pass-Through Certificates, Series 2004-
11, Class M-3 to BBB from AA (low)

   -- Structured Asset Investment Loan Trust, Series 2004-11,
Lehman Brothers Mortgage Pass-Through Certificates, Series 2004-
11, Class M-4 to B from A (high)

   -- Structured Asset Investment Loan Trust, Series 2004-11,
Lehman Brothers Mortgage Pass-Through Certificates, Series 2004-
11, Class M-5 to C from A

   -- Structured Asset Investment Loan Trust, Series 2004-11,
Lehman Brothers Mortgage Pass-Through Certificates, Series 2004-
11, Class M-6 to C from A (low)

   -- Structured Asset Investment Loan Trust, Series 2006-BNC3,
Mortgage Pass-Through Certificates, Series 2006-BNC3, Class A1 to
BBB (low) from AAA

   -- Structured Asset Investment Loan Trust, Series 2006-BNC3,
Mortgage Pass-Through Certificates, Series 2006-BNC3, Class A3 to
BBB (low) from AAA

   -- Structured Asset Investment Loan Trust, Series 2006-BNC3,
Mortgage Pass-Through Certificates, Series 2006-BNC3, Class A4 to
BB from AAA

   -- Structured Asset Investment Loan Trust, Series 2006-BNC3,
Mortgage Pass-Through Certificates, Series 2006-BNC3, Class M1 to
C from A (low)

   -- Structured Asset Investment Loan Trust, Series 2006-BNC3,
Mortgage Pass-Through Certificates, Series 2006-BNC3, Class M2 to
C from BBB (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2006-BC2, Mortgage Pass-Through Certificates, Series 2006-BC2,
Class A1 to BBB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2006-BC2, Mortgage Pass-Through Certificates, Series 2006-BC2,
Class A3 to BBB (high) from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2006-BC2, Mortgage Pass-Through Certificates, Series 2006-BC2,
Class A4 to BBB (low) from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2006-BC2, Mortgage Pass-Through Certificates, Series 2006-BC2,
Class M1 to C from A (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2006-BC2, Mortgage Pass-Through Certificates, Series 2006-BC2,
Class M2 to C from BBB (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2006-BC2, Mortgage Pass-Through Certificates, Series 2006-BC2,
Class M3 to C from BBB

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A1 to BBB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A4 to BBB (high) from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A5 to BBB (low) from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class A6 to BBB (low) from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class M1 to C from AA (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class M2 to C from AA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC1, Mortgage Pass-Through Certificates, Series 2007-BC1,
Class M3 to C from AA (low)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC2, Mortgage Pass-Through Certificates, Series 2007-BC2,
Class A1 to BBB (low) from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC2, Mortgage Pass-Through Certificates, Series 2007-BC2,
Class A3 to AA from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC2, Mortgage Pass-Through Certificates, Series 2007-BC2,
Class A4 to BBB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC2, Mortgage Pass-Through Certificates, Series 2007-BC2,
Class A5 to BB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC2, Mortgage Pass-Through Certificates, Series 2007-BC2,
Class M1 to C from AA (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC2, Mortgage Pass-Through Certificates, Series 2007-BC2,
Class M2 to C from AA (low)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC2, Mortgage Pass-Through Certificates, Series 2007-BC2,
Class M3 to C from A (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 1-A2 to A (low) from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 1-A3 to BB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 1-A4 to B from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 1-M1 to C from AA (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 1-M2 to C from AA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 1-M3 to C from AA (low)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 1-M4 to C from A (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 2-A2 to BBB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 2-A3 to BB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 2-A4 to B from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 2-M1 to C from AA (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 2-M2 to C from AA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 2-M3 to C from AA (low)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3,
Class 2-M4 to C from A (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A1 to A (low) from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A2 to BBB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class A4 to BBB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class B1 to C from BB (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class B2 to C from BB

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M1 to BBB (low) from AA (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M2 to BB (high) from AA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M3 to BB from AA (low)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M4 to B from A (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M5 to C from A

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M6 to C from A (low)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M7 to C from BBB (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M8 to C from BBB

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-BC4, Mortgage Pass-Through Certificates, Series 2007-BC4,
Class M9 to C from BBB (low)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, Mortgage Pass-Through Certificates, Series 2007-WF1,
Class A1 to C from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, Mortgage Pass-Through Certificates, Series 2007-WF1,
Class A3 to AA from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, Mortgage Pass-Through Certificates, Series 2007-WF1,
Class A4 to B from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, Mortgage Pass-Through Certificates, Series 2007-WF1,
Class A5 to C from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF1, Mortgage Pass-Through Certificates, Series 2007-WF1,
Class A6 to C from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class A1 to BBB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class A3 to BBB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class A4 to BB from AAA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class M1 to C from AA (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class M2 to C from AA

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class M3 to C from AA (low)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class M4 to C from A (high)

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class M5 to C from A

   -- Structured Asset Securities Corporation Mortgage Loan Trust
2007-WF2, Mortgage Pass-Through Certificates, Series 2007-WF2,
Class M6 to C from A (low)

   -- SunTrust Acquisition Closed-End Seconds Trust, Series 2007-
1, Asset-Backed Pass-Through Certificates, Series 2007-1, Class A
to C from BB

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-1-A to BBB (low) from
AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-1-B to C from AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-2-A to BBB (low) from
AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-2-B to C from AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-3-A to BBB (low) from
AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-3-B to C from AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-4-A to AA from AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-4-B to AA from AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-5 to AA from AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-6-A to BBB (low) from
AAA

   -- TBW Mortgage-Backed Trust 2007-2, Mortgage-Backed Pass-
Through Certificates, Series 2007-2, Class A-6-B to C from AAA

   -- Terwin Mortgage Trust 2004-13ALT, Asset-Backed Certificates,
Series 2004-13ALT, Class 2-B-1 to BBB (high) from AA

   -- Terwin Mortgage Trust 2004-13ALT, Asset-Backed Certificates,
Series 2004-13ALT, Class 2-B-2 to BB from A

   -- Terwin Mortgage Trust 2004-13ALT, Asset-Backed Certificates,
Series 2004-13ALT, Class 2-B-3 to C from BBB

   -- Terwin Mortgage Trust 2004-13ALT, Asset-Backed Certificates,
Series 2004-13ALT, Class 2-PA-1 to AA from AAA

   -- Terwin Mortgage Trust 2004-15ALT, Asset-Backed Certificates,
Series 2004-15ALT, Class A-1 to AA from AAA

   -- Terwin Mortgage Trust 2004-15ALT, Asset-Backed Certificates,
Series 2004-15ALT, Class B-3 to BB from BBB

   -- Terwin Mortgage Trust 2004-15ALT, Asset-Backed Certificates,
Series 2004-15ALT, Class B-4 to C from BB

   -- Terwin Mortgage Trust 2005-2HE, Asset-Backed Certificates,
Series 2005-2HE, Class A-1 to AA (low) from AAA

   -- Wells Fargo Home Equity Asset-Backed Securities 2006-3
Trust, Home Equity Asset-Backed Certificates, Series 2006-3, Class
A-2 to B (high) from AAA

   -- Wells Fargo Home Equity Asset-Backed Securities 2006-3
Trust, Home Equity Asset-Backed Certificates, Series 2006-3, Class
A-3 to B from AAA

   -- Wells Fargo Home Equity Asset-Backed Securities 2006-3
Trust, Home Equity Asset-Backed Certificates, Series 2006-3, Class
M-1 to C from AA (high)

   -- Wells Fargo Home Equity Asset-Backed Securities 2007-1
Trust, Home Equity Asset-Backed Certificates, Series 2007-1, Class
A-1 to A from AAA

   -- Wells Fargo Home Equity Asset-Backed Securities 2007-1
Trust, Home Equity Asset-Backed Certificates, Series 2007-1, Class
A-2 to B from AAA

   -- Wells Fargo Home Equity Asset-Backed Securities 2007-1
Trust, Home Equity Asset-Backed Certificates, Series 2007-1, Class
A-3 to B from AAA

   -- Wells Fargo Home Equity Asset-Backed Securities 2007-1
Trust, Home Equity Asset-Backed Certificates, Series 2007-1, Class
M-1 to C from AA (high)

   -- Wells Fargo Home Equity Asset-Backed Securities 2007-1
Trust, Home Equity Asset-Backed Certificates, Series 2007-1, Class
M-2 to C from AA

   -- Wells Fargo Home Equity Asset-Backed Securities 2007-2
Trust, Home Equity Asset-Backed Certificates, Series 2007-2, Class
A-2 to AA from AAA

   -- Wells Fargo Home Equity Asset-Backed Securities 2007-2
Trust, Home Equity Asset-Backed Certificates, Series 2007-2, Class
A-3 to B from AAA

   -- Wells Fargo Home Equity Asset-Backed Securities 2007-2
Trust, Home Equity Asset-Backed Certificates, Series 2007-2, Class
A-4 to C from AAA

   -- Wells Fargo Mortgage Backed Securities 2004-Y Trust,
Mortgage Pass-Through Certificates, Series 2004-Y, Class B-5 to C
from B

   -- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust,
Mortgage Pass-Through Certificates, Series 2005-AR3, Class B-1 to
BBB from AA

   -- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust,
Mortgage Pass-Through Certificates, Series 2005-AR3, Class B-2 to
BB from A

   -- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust,
Mortgage Pass-Through Certificates, Series 2005-AR3, Class B-3 to
B from BBB

   -- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust,
Mortgage Pass-Through Certificates, Series 2005-AR3, Class B-4 to
C from BB

   -- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust,
Mortgage Pass-Through Certificates, Series 2005-AR3, Class I-A-2
to AA from AAA

   -- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust,
Mortgage Pass-Through Certificates, Series 2005-AR3, Class II-A-1
to AA from AAA

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class B-1 to
A from AA (high)

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class B-2 to
BBB from AA

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class B-3 to
B from AA

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class B-4 to
C from AA (low)

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class B-5 to
C from A (high)

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class B-6 to
C from A

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class I-A-1
to AA from AAA

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class II-A-2
to AA from AAA

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class II-A-4
to AA from AAA

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class II-A-6
to AA from AAA

   -- Wells Fargo Mortgage Backed Securities 2006-AR2 Trust,
Mortgage Pass-Through Certificates, Series 2006-AR2, Class II-A-IO
to AA from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class A2 to AA
from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class A21 to AA
from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class A22 to AA
from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class A3 to A
from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class A31 to A
from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class A32 to A
from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class A4 to A
from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class A5 to A
from AAA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class B1 to BBB
(low) from AA

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class B2 to BB
from A

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class B3 to C
from BBB

   -- Structured Adjustable Rate Mortgage Loan Trust 2008-2,
Mortgage Pass-Through Certificates, Series 2008-2, Class B4 to C
from BB


* Moody's Corrects Ratings on Three Insured Tranches by Trust CDOs
------------------------------------------------------------------
Moody's Investors Service corrected the ratings on three insured
tranches of trust preferred CDOs.  TRUP CDOs are bank, insurance
and REIT TRUP CDO transactions.  The rating of Assured Guaranty
Corp., the guarantor, was not incorporated in the rating actions
taken on these tranches on March 27 and April 9, 2009.

Consistent with Moody's current methodology for rating structured
finance securities insured by financial guarantors, the rating of
each of these tranches is being upgraded to Aa2.  This rating is
the higher of the guarantor financial strength rating and the
current underlying rating on the security.  Moody's methodology
regarding underlying ratings and financial guarantees is described
in the Announcement "Moody's Modifies Approach to Rating
Structured Finance Securities Wrapped by Financial Guarantors",
published November 10, 2008.

The corrected ratings are:

ALESCO PREFERRED FUNDING VII, Ltd.

US$188,000,000 Class A-1-A First Priority Senior Secured
Floating Rate Notes Due 2035

  -- Underlying Rating: A3
  -- Current Rating: Aa2
  -- Previously rated A3 on 3/27/2009

ATTENTUS CDO II, Ltd.

US$235,000,000 Class A-1 First Priority Senior Secured Floating
Rate Notes Due 2041

  -- Underlying Rating: Ba2
  -- Current Rating: Aa2
  -- Previously rated Ba2 on 4/9/2009

ATTENTUS CDO III, Ltd.

US$100,000,000 Class A-1B Second Priority Senior Secured Floating
Rate Notes Due 2042

  -- Underlying Rating: B2
  -- Current Rating: Aa2
  -- Previously rated B2 on 4/9/2009


* Moody's Reviews Ratings on Securities by Four Bank Companies
--------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the ratings on hybrid securities of four U.S. bank holding
companies. The issuers and their affected securities are:

* Citigroup's trust preferred securities rated Baa3 and Eggs Upper
  Tier II notes rated Ba1

* Fifth Third Bancorp's preferred stock rated Baa3 and its trust
  preferred securities rated Baa2

* KeyCorp's preferred stock rated Baa3 and its trust preferred
  securities rated Baa2

* SunTrust Banks, Inc's preferred stock rated Ba2, trust preferred
  securities rated Baa2, and SunTrust Real Estate Investment
  Corporation's Baa3 REIT preferred stock.

Moody's added that its ratings on Regions Financial Corporation
are currently on review for possible downgrade and the Baa1 rating
on Region's trust preferred securities will be reviewed in
conjunction with the four other issuers' hybrid securities.

Moody's said the reviews reflect its opinion that the probability
of a missed dividend or interest payment on these securities has
increased because these companies must raise capital in response
to the outcome of the U.S. government's stress test.

These firms must submit plans to build their capital "buffer"
within the next month, and complete the execution of the plan
within the next six months.  In deciding which securities ratings
to put on review for possible downgrade, Moody's analyzed each of
the banks' capital raising needs and considered the potential
methods to achieve this requirement.  That is, Moody's considered
each of the bank's capital structures and how far up the capital
structure the bank may need to offer an exchange in order to raise
the amount of capital required by the U.S. government.

In coming to a conclusion about the rating outcome for these
securities, Moody's reviews will focus on these:

A) the likelihood that these five companies (including Regions
   Financial) can successfully raise capital from their own
   resources -- including through common equity issuance, asset
   sales, and internal capital generation.

B) the likelihood of each company needing to suspend payments on
   its preferred or hybrid securities in order to increase the
   success of any exchange offers.

C) the likelihood that any of these companies will require
   additional capital from the U.S. government, including the
   conversion of any existing TARP preferred or the need to take
   additional U.S. government capital.  This is noteworthy because
   Moody's believes that a conversion of government-held TARP
   preferred shares, or a further government capital infusion
   would result in significant pressure on a bank to eliminate the
   payment on its preferred or hybrid securities.

D) The expected loss on each security if the company were to
   eliminate payments on the security.

Moody's expects that it will conclude these reviews in the next
few weeks.

        Previous Rating Action And Principal Methodologies

Moody's last rating action for Citigroup was on March 4th, 2009
when it lowered the senior debt ratings of Citigroup Inc. to A3
from A2, the senior subordinated debt to Baa1 from A3, the junior
subordinated debt to Baa3 from A3 with a negative outlook (issued
by various Citigroup Capital Trust vehicles), and the preferred
debt ratings to Ca from Baa3.  The short-term rating at Citigroup
Inc. was confirmed at Prime-1.  Citibank N.A.'s rating for
deposits was lowered to A1 from Aa3, and its Prime-1 short-term
rating was affirmed.  The Citibank's bank financial strength
rating was confirmed at C- with a negative outlook, while its
baseline credit assessment was lowered to Baa2 from Baa1.  All
ratings were assigned a stable outlook except for Citibank's bank
financial strength rating and Citigroup's junior subordinated debt
rating.  These actions concluded a review that commenced on
December 18th, 2008.

Moody's last rating action for Fifth Third Bancorp was on April
14th, 2009 when it downgraded the ratings of Fifth Third Bancorp
and the bank financial strength rating of its operating banks by
two notches (senior debt at the holding company to Baa1 from A2;
BFSR to C from B-).  Fifth Third Bancorp's short-term rating was
also downgraded, to Prime-2 from Prime-1.  The long-term debt and
deposit ratings of Fifth Third Bank, Ohio and Fifth Third Bank,
Michigan, were lowered by one notch (long-term deposits to A2 from
A1).  The Prime-1 short-term ratings of both bank subsidiaries
were affirmed.  Following these rating actions, the outlook on
Fifth Third and its subsidiaries is negative.

Moody's last rating action for Keycorp was on April 30th, 2009
when it downgraded the senior debt rating of KeyCorp to Baa1 from
A2, the subordinated debt rating to Baa2 from A3, and the
preferred stock rating to Baa3 from Baa1.  The holding company's
short-term rating was downgraded to Prime-2 from Prime-1.  The
long-term ratings of KeyBank National Association, the lead bank
subsidiary, were also downgraded.  KeyBank's financial strength
rating was lowered to C from B-, its long-term deposits and senior
debt were lowered to A2 from A1, and its subordinated debt rating
was lowered to A3 from A2.  The bank's Prime-1 short-term rating
was affirmed.  Following these rating actions, the outlook on Key
and its subsidiaries is negative.

Moody's last rating action for SunTrust Banks, Inc. was on April
23rd, 2009 when it downgraded the senior debt rating of SunTrust
Banks, Inc. to Baa1 from A1, the subordinated debt rating to Baa2
from A2, and the preferred stock rating to Ba2 from A3.  The
holding company's short-term rating was downgraded to Prime-2 from
Prime-1.  The long-term ratings of SunTrust Bank, the lead bank
subsidiary, were also downgraded.  SunTrust Bank's financial
strength rating was lowered to C- from B, its long-term deposits
and senior debt were lowered to A2 from Aa3, and its subordinated
debt rating was lowered to A3 from A1.  However, the bank's Prime-
1 short-term rating was affirmed.  Following these rating actions,
the outlook on SunTrust and its subsidiaries was negative.


* Moody's Downgrades Ratings on 160 Certs. By Four Transactions
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 160
certificates issued in 4 resecuritized transactions.

The certificates in the resecuritizations are backed by one or
more securities which in turn are backed by residential mortgage
loans.  These rating actions have been triggered by changes in
Moody's ratings on the underlying residential mortgage-backed
securities (underlying securities).  The rating on the
certificates in the resecuritization is based on:

(i) The updated expected loss of the pool of loans backing the
underlying securities portfolio and the updated ratings on the
underlying securities portfolio

(ii) The available credit enhancement on the underlying securities
and

(iii) The structure of the resecuritization transaction and the
presence of certificate insurance if any.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

The ratings on the underlying securities are used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations.  Weights are
assigned to each Rating Factor based on the contribution (by
current balance) of the underlying security to the resecuritized
transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings of the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are arrived at after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued the weighted average portfolio rating as
    determined in step 1 is the rating assigned to the
    tranche.  Where multiple securities are issued the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e. the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as that for the lowest rated
underlying certificate.  However, Moody's anticipates a higher
loss severity on the junior class due to its subordinate position
(both in terms of principal distribution and loss allocation), and
smaller size (when compared to underlying certificate).
Therefore, the ratings on junior certificates in the
resecuritization are lower than the portfolio rating of the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the rating of the underlying certificate and its
mortgage pool performance, any rating action on the underlying
certificate may trigger a further review of the ratings on the
certificates in the resecuritization.  As a result, any further
change in the ratings on the underlying securities will trigger
further analysis of the ratings on the resecuritization
certificates.  The ratings on the certificates in the
resecuritization address the ultimate payment of promised interest
and principal and do not address any other amounts that may be
payable on the certificates.

Complete Rating Action are;

Bear Stearns ALT-A Trust 2006-R1

  -- Cl. I-A-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-2, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-3, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-4, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-5, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-6, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-7, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-8, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-9, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-10, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-11, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-12, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-13, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-14, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-15, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-16, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-17, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-18, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-19, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-20, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-21, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-22, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-23, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-24, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-25, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-26, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-27, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-28, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-29, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-AE-30, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-X-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-X-2, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-X-3, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-X-4, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-X-5, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-2, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-3, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-4, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-5, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-6, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-7, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-8, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-9, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-AE-10, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-11, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-12, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-13, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-14, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-15, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-16, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-17, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-18, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-19, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-20, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-21, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-22, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-23, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-24, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-25, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-26, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-27, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-28, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-29, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-AE-30, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. II-X-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-X-2, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-X-3, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-X-4, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-X-5, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-AE-1, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-2, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-3, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-4, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-5, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-6, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-7, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-8, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-9, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-10, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-11, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-12, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-13, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-14, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-15, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-16, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-17, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-18, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-19, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-20, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-21, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-22, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-23, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-24, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-25, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-26, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-27, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-28, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-29, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-AE-30, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. III-X-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-X-2, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-X-3, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-X-4, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-X-5, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-2, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-3, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-4, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-5, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-6, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-7, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-8, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-9, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-10, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-11, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-12, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-13, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-14, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-15, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-16, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-17, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-18, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-19, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-20, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-21, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-22, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-23, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-24, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-25, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-26, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-27, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-28, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-29, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-AE-30, Downgraded to Caa3; previously on 11/14/2008
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IV-X-1, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-X-2, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-X-3, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-X-4, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-X-5, Downgraded to Caa3; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. V-A-1, Downgraded to Ba3; previously on 11/17/2008
     Upgraded to Aaa

  -- Cl. VI-A-1, Downgraded to Ba3; previously on 11/17/2008
     Upgraded to Aaa

  -- Cl. VII-A-1, Downgraded to Ba3; previously on 11/17/2008
     Upgraded to Aa1

  -- Cl. VIII-A-1, Downgraded to Ba3; previously on 11/17/2008
     Upgraded to Aa1

  -- Cl. IX-A-1, Downgraded to Ba3; previously on 11/17/2008
     Upgraded to Aa1

  -- Cl. X-A-1, Downgraded to C; previously on 11/14/2008 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. X-X-1, Downgraded to C; previously on 11/14/2008 Aa2
     Placed Under Review for Possible Downgrade

Bear Stearns ARM Trust 2005-8

  -- Cl. A-1, Downgraded to Aa1; previously on 9/12/2005 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa1; previously on 9/12/2005 Assigned
     Aaa

  -- Cl. A-3, Downgraded to Aa1; previously on 9/12/2005 Assigned
     Aaa

  -- Cl. A-4, Downgraded to Aa1; previously on 9/12/2005 Assigned
     Aaa

  -- Cl. X, Downgraded to Aa1; previously on 9/12/2005 Assigned
     Aaa

Bear Stearns Structured Products Inc 2007-R6

  -- Cl. I-A-1, Downgraded to B2; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ca; previously on 11/14/2008 Aaa
     Placed Under Review for Possible Downgrade

Bear Stearns Structured Products Inc 2008-R2

  -- Cl. 2-A-1, Downgraded to Caa1; previously on 5/15/2008
     Assigned Aaa

  -- Cl. 2-A-2, Downgraded to C; previously on 5/15/2008 Assigned
     Aaa


* S&P Downgrades Ratings on Six U.S. Synthetic CDO Tranches
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six U.S.
synthetic collateralized debt obligation tranches and one
retranche CDO that reference tranches of CDOs of residential
mortgage-backed securities that have defaulted.  These referenced
CDOs of RMBS tranches were among the list of 87 CDOs of ABS that
had their ratings withdrawn on May 1, 2009.

S&P subsequently withdrew its ratings on these seven CDOs along
with four other U.S. synthetic CDO tranches that also referenced
CDOs that were part of the May 1, 2009, action.

                         Ratings Lowered
                                                     Rating
                                                     ------
    Transaction                     Class          To     From
    -----------                     -----          --     ----
    LBSPK 2007-1 SPC                Notes          D      CC
    I Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          D      CC
    II Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          D      CC
    III Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          D      CC
    IV Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          D      CC
    V Segregated Portfolio
    UBS AG                          Notes          D      CC
    AMPST 2007-1
    Fruitful Harvest SPC            A              D      CC
    Octans 1 Segregated Portfolio
    Series 2007-5

                        Ratings Withdrawn

                                                   Rating
                                                   ------
    Transaction                     Class          To     From
    -----------                     -----          --     ----
    AMPSS 2007-4 SPC                Notes          NR     D
    I Segregated Portfolio
    AMPSS 2007-4 SPC                Notes          NR     D
    II Segregated Portfolio
    AMPSS 2007-4 SPC                Notes          NR     D
    III Segregated Portfolio
    AMPSS 2007-4 SPC                Notes          NR     D
    IV Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          NR     D
    I Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          NR     D
    II Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          NR     D
    III Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          NR     D
    IV Segregated Portfolio
    LBSPK 2007-1 SPC                Notes          NR     D
    V Segregated Portfolio
    UBS AG                          Notes          NR     D
    AMPST 2007-1
    Fruitful Harvest SPC           A               NR     D
    Octans 1 Segregated Portfolio
    Series 2007-5


* S&P Downgrades Ratings on 13 Classes from 11 Prime RMBS Deals
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes from 11 U.S. prime jumbo residential mortgage-backed
securities transactions issued from 1991 to 2004.  S&P removed
seven of the lowered ratings from CreditWatch with negative
implications.  In addition, S&P affirmed its ratings on 171
classes from nine of these and six additional transactions and
removed nine of them from CreditWatch negative.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  For
mortgage pools that are continuing to experience increasing
delinquencies, S&P increased its stresses to account for potential
increases in monthly losses.  In order to maintain a rating higher
than 'B', S&P assessed whether, in S&P's view, a class could
absorb losses in excess of the base-case loss assumptions S&P
assumed in S&P's analysis.  For example, generally, S&P assessed
whether one class could, in S&P's view, withstand approximately
130% of S&P's base-case loss assumptions in order to maintain a
'BB' rating, while S&P assessed whether a different class could
withstand 155% of S&P's base-case loss assumption to maintain a
'BBB' rating.  Each class that has an affirmed 'AAA' rating can,
in S&P's view, withstand approximately 235% of S&P's base-case
loss assumptions under S&P's analysis.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses associated with these rating levels.

Subordination provides credit support for the affected
transactions.  The underlying pool of loans backing these
transactions consists of fixed- and adjustable-rate, first-lien,
prime jumbo mortgage loans.

                          Rating Actions

                  Bear Stearns ARM Trust 2002-1
                         Series    2002-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        07384MJP8     CCC                  B

             CHL Mortgage Pass-Through Trust 2004-10
                        Series    2004-10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-4        12669FC43     AAA                  AAA/Watch Neg
    B-3        12669FB69     CCC                  BB
    B-4        12669FB77     CC                   B

                   Countrywide Home Loans, Inc.
                       Series    2004-W13

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M          31394B2M5     BB                   AA/Watch Neg
    B-1        31394B2N3     CCC                  A/Watch Neg
    B-2        31394B2P8     CCC                  BBB/Watch Neg
    B-3        31394B2Q6     CC                   BB/Watch Neg

                  Fannie Mae REMIC Trust 2004-W4
                        Series    2004-W4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M          31393X4A2     AA                   AA/Watch Neg
    B-1        31393X4B0     BB                   A/Watch Neg
    B-2        31393X4C8     CCC                  BBB/Watch Neg
    B-3        31393X4D6     CC                   BB/Watch Neg

         First Horizon Mortgage Pass-Through Trust 2003-6
                         Series    2003-6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-4        32051DZD7     AAA                  AAA/Watch Neg

         First Horizon Mortgage Pass-Through Trust 2003-7
                         Series    2003-7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-4      32051DZW5     AAA                  AAA/Watch Neg

            Morgan Stanley Mortgage Loan Trust 2004-3
                         Series    2004-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    2-A-4      61745MZY2     AAA                  AAA/Watch Neg
    B-4        61745MB44     B                    BB
    B-5        61745MB51     CC                   B

                   Prime Mortgage Trust 2003-2
                         Series    2003-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-6      74160MBK7     AAA                  AAA/Watch Neg

                   Prime Mortgage Trust 2003-3
                         Series    2003-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-6        74160MCP5     AAA                  AAA/Watch Neg
    B-5        74160MDB5     CCC                  B

    Washington Mutual MSC Mortgage Pass-Through Certificates
                      Series 2003-MS7 Trust

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-10       939336TQ6     AAA                  AAA/Watch Neg

    Washington Mutual MSC Mortgage Pass-Through Certificates
                      Series 2003-MS8 Trust

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-6      939336B44     AAA                  AAA/Watch Neg

                         Ratings Affirmed

                  Bear Stearns ARM Trust 2001-4
                         Series    2001-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        07384MCX8     AAA
                 II-A       07384MCY6     AAA
                 B-1        07384MDA7     AAA
                 B-2        07384MDB5     A
                 B-3        07384MDC3     CCC

                  Bear Stearns ARM Trust 2002-1
                         Series    2002-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        07384MHZ8     AAA
                 II-A       07384MJA1     AAA
                 III-A      07384MJK9     AAA
                 B-1        07384MJM5     AA+
                 B-2        07384MJN3     A



             CHL Mortgage Pass-Through Trust 2001-HYB1
                       Series    2001-HYB1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669B2W1     AAA
                 2-A-1      12669B2X9     AAA
                 3-A-1      12669B2Y7     AAA
                 3-A-2      12669B2Z4     AAA

             CHL Mortgage Pass-Through Trust 2002-18
                        Series    2002-18

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669C7L8     AAA
                 A-8        12669C7T1     AAA
                 A-9        12669C7U8     AAA
                 PO         12669C7X2     AAA
                 M          12669C7Z7     AAA
                 B-1        12669C8A1     AAA
                 B-2        12669C8B9     AA

             CHL Mortgage Pass-Through Trust 2004-10
                        Series    2004-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669FB93     AAA
                 A-2        12669FC27     AAA
                 A-3        12669FC35     AAA
                 A-5        12669FC50     AAA
                 A-6        12669FC68     AAA
                 A-7        12669FC76     AAA
                 A-8        12669FC84     AAA
                 A-9        12669FC92     AAA
                 A-10       12669FD26     AAA
                 PO         12669FD34     AAA
                 M          12669FD59     AA
                 B-1        12669FD67     A
                 B-2        12669FD75     BBB

                       Citibank (West) FSB
                       Series    1991-CI2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          130209P86     AAA

         First Horizon Mortgage Pass-Through Trust 2003-6
                         Series    2003-6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        32051DZA3     AAA
                 A-2        32051DZB1     AAA
                 A-3        32051DZC9     AAA
                 A-5        32051DZE5     AAA
                 A-6        32051DZF2     AAA
                 A-7        32051DZG0     AAA
                 A-8        32051DZH8     AAA
                 A-9        32051DZJ4     AAA
                 B-1        32051DZM7     AA
                 B-2        32051DZN5     A
                 B-3        32051DZP0     BBB
                 B-4        32051DZQ8     BB
                 B-5        32051DZR6     B

         First Horizon Mortgage Pass-Through Trust 2003-7
                        Series    2003-7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      32051DZT2     AAA
                 I-A-2      32051DZU9     AAA
                 I-A-3      32051DZV7     AAA
                 I-A-5      32051DZX3     AAA
                 I-A-6      32051DZY1     AAA
                 I-A-7      32051DZZ8     AAA
                 I-A-8      32051DA28     AAA
                 I-A-9      32051DA36     AAA
                 I-A-10     32051DA44     AAA
                 I-A-11     32051DA51     AAA
                 I-A-12     32051DA69     AAA
                 I-A-13     32051DA77     AAA
                 I-A-14     32051DA85     AAA
                 I-A-15     32051DA93     AAA
                 I-A-16     32051DB27     AAA
                 I-A-17     32051DB35     AAA
                 I-A-18     32051DB43     AAA
                 I-A-19     32051DB50     AAA
                 I-A-20     32051DB68     AAA
                 I-A-21     32051DB76     AAA
                 I-A-22     32051DB84     AAA
                 II-A-1     32051DC34     AAA
                 B-1        32051DC42     AA
                 B-2        32051DC59     A
                 B-3        32051DC67     BBB
                 B-4        32051DC75     BB
                 B-5        32051DC83     B

            Morgan Stanley Mortgage Loan Trust 2004-3
                        Series    2004-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        61745MZS5     AAA
                 1-A-X      61745MZT3     AAA
                 1-A-P      61745MZU0     AAA
                 2-A-1      61745MZV8     AAA
                 2-A-2      61745MZW6     AAA
                 2-A-3      61745MZX4     AAA
                 2-A-5      61745MZZ9     AAA
                 2-A-6      61745MA29     AAA
                 2-A-7      61745MA37     AAA
                 3-A        61745MA45     AAA
                 4-A        61745MA52     AAA
                 C-A-X      61745MB28     AAA
                 C-A-P      61745MA60     AAA
                 B-1        61745MA78     AA
                 B-2        61745MA86     A
                 B-3        61745MA94     BBB

                    PNCMT Trust Series 2000-1
                         Series    2000-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-A-1     23321P5P9     AAA
                 II-X       23321P5U8     AAA
                 III-P      23321P5X2     AAA
                 V-P        23321P5Y0     AAA

                   Prime Mortgage Trust 2003-2
                         Series    2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      74160MBE1     AAA
                 I-A-2      74160MBF8     AAA
                 I-A-3      74160MBG6     AAA
                 I-A-4      74160MBH4     AAA
                 I-A-5      74160MBJ0     AAA
                 I-A-7      74160MBL5     AAA
                 I-A-8      74160MBM3     AAA
                 I-A-9      74160MBN1     AAA
                 I-A-10     74160MBP6     AAA
                 I-A-11     74160MBQ4     AAA
                 I-PO       74160MBR2     AAA
                 II-A-1     74160MBS0     AAA
                 II-A-2     74160MBT8     AAA
                 II-PO      74160MBU5     AAA
                 II-IO      74160MBV3     AAA
                 B-1        74160MBZ4     AA
                 B-2        74160MCA8     A
                 B-3        74160MCB6     BBB
                 B-4        74160MCC4     BB
                 B-5        74160MCD2     B

                   Prime Mortgage Trust 2003-3
                         Series    2003-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        74160MCJ9     AAA
                 A-2        74160MCK6     AAA
                 A-3        74160MCL4     AAA
                 A-4        74160MCM2     AAA
                 A-5        74160MCN0     AAA
                 A-7        74160MCQ3     AAA
                 A-8        74160MCR1     AAA
                 A-9        74160MCS9     AAA
                 PO         74160MCT7     AAA
                 B-1        74160MCX8     AA
                 B-2        74160MCY6     A
                 B-3        74160MCZ3     BBB
                 B-4        74160MDA7     BB

          Salomon Brothers Mortgage Securities VII Inc.
                        Series    1994-20

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          79548KPK8     AAA

     Washington Mutual MSC Mortgage Pass-Through Certificates
                      Series 2003-MS7 Trust

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-8        939336TN3     AAA
                 A-9        939336TP8     AAA
                 A-11       939336TR4     AAA
                 A-12       939336TS2     AAA
                 A-13       939336TT0     AAA
                 A-14       939336TU7     AAA
                 A-15       939336TV5     AAA
                 X          939336TW3     AAA
                 P          939336TX1     AAA
                 B-1        939336TY9     AAA
                 B-2        939336TZ6     AA
                 B-3        939336UA9     A
                 B-4        939336UX9     BBB
                 B-5        939336UY7     BB-

     Washington Mutual MSC Mortgage Pass-Through Certificates
                      Series 2003-MS8 Trust

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      939336A78     AAA
                 I-A-2      939336A86     AAA
                 I-A-3      939336A94     AAA
                 I-A-8      939336B69     AAA
                 I-A-9      939336B77     AAA
                 I-A-10     939336B85     AAA
                 I-A-11     939336B93     AAA
                 II-A-1     939336C27     AAA
                 II-A-2     939336C35     AAA
                 II-A-3     939336C43     AAA
                 I-X        939336C50     AAA
                 II-X       939336C68     AAA
                 I-P        939336C76     AAA
                 II-P       939336C84     AAA
                 C-B-1      939336C92     AA+
                 C-B-2      939336D26     AA-
                 C-B-3      939336D34     BBB+
                 C-B-4      939336ZZ9     BB+
                 C-B-5      939336A29     B+


* S&P Downgrades Ratings on 17 Classes from a Hybrid CDO to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
17 classes of notes from two cash flow and one hybrid
collateralized debt obligation transactions following the
liquidation of the collateral in their portfolios.  Three of the
ratings were previously on CreditWatch negative.

The affected tranches have a combined issuance amount of $3.092
billion.  S&P lowered its ratings on the two cash flow CDO
transactions to 'D' because the proceeds from the liquidations
were not sufficient to pay back the rated notes in full.  S&P
lowered its ratings on the hybrid CDO transaction to 'D' because
the transactions did not have proceeds to make payments in full to
the noteholders after making the termination payments on the
credit default swap contracts.

While the hybrid CDO is backed predominantly by mezzanine
residential mortgage-backed securities, the two cash flow CDOs are
backed predominantly by high-grade RMBS securities.  The deals
triggered events of default, after which, the controlling
noteholders subsequently voted to accelerate the maturity of the
notes and liquidate the collateral assets.

The current rating actions follow notice from the trustees that
the liquidation of the portfolio assets is complete and that the
available proceeds have been distributed to the noteholders.

                          Rating Actions

                                             Rating
                                             ------
Transaction                      Class     To      From
-----------                      -----     --      ----
Springdale CDO 2006-1 Ltd.       A2        D       CC
Springdale CDO 2006-1 Ltd.       B         D       CC
Springdale CDO 2006-1 Ltd.       C         D       CC
Springdale CDO 2006-1 Ltd.       D         D       CC
Springdale CDO 2006-1 Ltd.       E         D       CC
Fort Duquesne CDO 2006-1 Ltd.    A-1A      D       BB/Watch Neg
Fort Duquesne CDO 2006-1 Ltd.    A-1B      D       CCC-/Watch Neg
Fort Duquesne CDO 2006-1 Ltd.    X         D       CCC-/Watch Neg
Fort Duquesne CDO 2006-1 Ltd.    A-2       D       CC
Fort Duquesne CDO 2006-1 Ltd.    B         D       CC
Fort Duquesne CDO 2006-1 Ltd.    C         D       CC
Fort Duquesne CDO 2006-1 Ltd.    D         D       CC
Citius II Funding Ltd.           LT        D       CC
Citius II Funding Ltd.           A         D       CC
Citius II Funding Ltd.           B         D       CC
Citius II Funding Ltd.           C         D       CC
Citius II Funding Ltd.           D         D       CC


* S&P Downgrades Ratings on 18 Tranches from Five Hybrid CDO Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 18
tranches from five U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed five of
the lowered ratings from CreditWatch with negative implications.
The ratings on nine of the downgraded tranches are on CreditWatch
with negative implications, indicating a significant likelihood of
further downgrades.

The CreditWatch placements primarily affect transactions for which
a significant portion of the collateral assets currently have
ratings on CreditWatch with negative implications or have
significant exposure to assets rated in the 'CCC' category.

The 18 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $1.565 billion.  All five affected transactions
are mezzanine structured finance CDOs of asset-backed securities,
which are collateralized in large part by mezzanine tranches of
residential mortgage-backed securities and other SF securities.
The CDO downgrades reflect a number of factors, including credit
deterioration and recent negative rating actions on U.S. subprime
RMBS.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                           Rating Actions

                                             Rating
                                             ------
    Transaction             Class       To               From
    -----------             -----       --               ----
    Coolidge Funding Ltd.   A-1         AA/Watch Neg     AAA/Watch Neg
    Coolidge Funding Ltd.   A-2         A/Watch Neg      AA/Watch Neg
    Coolidge Funding Ltd.   B           BB+/Watch Neg    A/Watch Neg
    Coolidge Funding Ltd.   C           B/Watch Neg      BBB/Watch Neg
    Coolidge Funding Ltd.   D           CC               B/Watch Neg
    Coolidge Funding Ltd.   E           CC               CCC
    Hillcrest CDO I Ltd     A-1a        B/Watch Neg      A+/Watch Neg
    Hillcrest CDO I Ltd     A-1b        B/Watch Neg      A+/Watch Neg
    Hillcrest CDO I Ltd     A-2         CC               BB+/Watch Neg
    MKP CBO III Ltd         B           A+               AA-
    MKP CBO III Ltd         C           CCC-             B-
    MKP CBO III Ltd         B/C Combo   B+               BBB-
    Nautilus RMBS CDO II    A-1S        BB-/Watch Neg    A/Watch Neg
    Nautilus RMBS CDO II    A-1J        CCC+/Watch Neg   BBB+/Watch Neg
    Nautilus RMBS CDO II    A-2         CC               BBB-/Watch Neg
    Nautilus RMBS CDO II    A-3         CC               BB/Watch Neg
    Nautilus RMBS CDO II    B           CC               CCC/Watch Neg
    Niagara CDO Ltd.        A           A/Watch Neg      AA

                      Other Ratings Reviewed

           Transaction             Class       Rating
           -----------             -----       ------
           Hillcrest CDO I Ltd     B-1         CC
           Hillcrest CDO I Ltd     B-2         CC
           Hillcrest CDO I Ltd     C           CC
           Hillcrest CDO I Ltd     D           CC
           MKP CBO III Ltd         A-1         AAA
           MKP CBO III Ltd         A-2         AAA
           MKP CBO III Ltd         A Combo     AAA
           Nautilus RMBS CDO II    C           CC


* S&P Affirms Ratings on 18 Emerging Market Securities Deals
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 18
emerging market asset-backed securities transactions and removed
the ratings from CreditWatch with negative implications, where
they were placed May 6, 2009.  At the same time, Standard & Poor's
kept its ratings on two ABS transactions on CreditWatch negative,
where they were placed in January 2009.

The ratings on the securities and the transactions' structures are
based, in part, on Merrill Lynch & Co. Inc.'s provision of a swap
contract, guarantee, or cash management agreement; and/or the
underlying collateral.

The rating actions follow the May 8, 2009, affirmation of S&P's
'A' long-term counterparty credit rating on Merrill Lynch and
S&P's removal of that rating from CreditWatch negative, where it
was placed May 4, 2009.

S&P will continue to surveil the ratings on these ABS
securitizations and revise them as necessary to reflect any
changes in the transactions' credit quality.  In addition, S&P may
take further rating actions on the two transactions pending the
resolution of the ongoing CreditWatch status.

      Ratings Affirmed and Removed From Creditwatch Negative

                                            Rating
                                            ------
    Transaction      Series/tranche   To                From
    -----------      --------------   --                ----
    AXTIIE Bonos     2009-1           mxAAA             mxAAA/Watch Neg
    CRPAO PEN Trust1 2008-100         BB+               BB+/Watch Neg
    Latam Trust      2007-108         A+                A+/Watch Neg
                     2008-101         A+                A+/Watch Neg
                     2008-102         A+                A+/Watch Neg
    ML MXN Notes     2007-1           mxAAA             mxAAA/Watch Neg
    MXTIIE Bonos     2009-1           mxAAA             mxAAA/Watch Neg
    Peru Enhanced
    Pass Through
    Finance Ltd.     A-1              BB+               BB+/Watch Neg
                     A-2              BB+               BB+/Watch Neg
    PXGETIIE Trust   2008-1           mxAAA             mxAAA/Watch Neg
    PXTIIE Trust     2008-1           mxAAA             mxAAA/Watch Neg
    TIIEML Bonos     2008-1           mxAAA             mxAAA/Watch Neg
                     2008-2           mxAAA             mxAAA/Watch Neg
    TIIETMX Bonos    2008-1           mxAAA             mxAAA/Watch Neg
                     2008-2           mxAAA             mxAAA/Watch Neg
    TVTIIE Bonos     2009-1           mxAAA             mxAAA/Watch Neg
    UDIMXBB Bonos    2009-1           mxAAA             mxAAA/Watch Neg
    UDIMXCF Bonos    2009-1           mxAAA             mxAAA/Watch Neg

            Ratings Remaining On Creditwatch Negative

                                        Rating
                                        ------
Transaction      Series/tranche   To                From
-----------      --------------   --                ----
Latam Trust      2007-105         A-/Watch Neg      A-/Watch Neg
UDICX Bonos      2008-1           mxBB/Watch Neg    mxBB/Watch Neg



* S&P Downgrades Ratings on 22 Tranches from Eight Hybrid CDOs
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 22
tranches from eight U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed four of
the lowered ratings from CreditWatch with negative implications.
The ratings on 12 of the downgraded tranches are on CreditWatch
with negative implications, indicating a significant likelihood of
further downgrades.

The CreditWatch placements primarily affect transactions for which
a significant portion of the collateral assets currently have
ratings on CreditWatch with negative implications or have
significant exposure to assets rated in the 'CCC' category.

The 22 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $5.334 billion.  Two of the eight affected
transactions are mezzanine structured finance CDOs of asset-backed
securities, which are collateralized in large part by mezzanine
tranches of residential mortgage-backed securities and other SF
securities.  Four of the eight are high-grade SF CDOs of ABS that
were collateralized at origination primarily by 'AAA' through 'A'
rated tranches of RMBS and other SF securities.  The other two are
CDOs of CDOs that were collateralized at origination primarily by
notes from other CDOs, as well as by tranches from RMBS and other
SF transactions.  The CDO downgrades reflect a number of factors,
including credit deterioration and recent negative rating actions
on U.S. subprime RMBS.

In addition, Standard & Poor's reviewed the ratings assigned to
Broadwick Funding Ltd. and RFC CDO II Ltd., and based on the
current credit support available to the tranches, has left the
ratings at their current levels.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                          Rating Actions

                                                Rating
                                                ------
Transaction                     Class     To             From
-----------                     -----     --             ----
ACA ABS 2007-3 Ltd              X         CC             CCC-
G Street Finance Ltd            A-1LT-a   BBB/Watch Neg  A-/Watch Neg
G Street Finance Ltd            A-1LT-b   BBB/Watch Neg  A-/Watch Neg
G Street Finance Ltd            A-2       BB+/Watch Neg  BBB+/Watch Neg
G Street Finance Ltd            B         B/Watch Neg    BBB-/Watch Neg
G Street Finance Ltd            C         CC             CCC-
Gloucester Street ABS CDO I Ltd A-1       CCC            BBB/Watch Neg
Gloucester Street ABS CDO I Ltd A-2       CC             BB-/Watch Neg
Gloucester Street ABS CDO I Ltd B         CC             CCC+
Gloucester Street ABS CDO I Ltd C         CC             CCC-
GSC ABS CDO 2005-1 Ltd          A1S       CCC-/Watch Neg B+/Watch Neg
Kleros Preferred Funding IV Ltd A-1       CC             CCC/Watch Dev
Newbury Street CDO Ltd          A1        CCC+           AA-/Watch Neg
Sheffield CDO II Ltd.           A-1       BBB-/Watch Neg AA
Sheffield CDO II Ltd.           A-2       B+/Watch Neg   BBB+/Watch Neg
Sheffield CDO II Ltd.           A-3       CCC/Watch Neg  BB/Watch Neg
Sheffield CDO II Ltd.           B         CC             CCC
Stone Tower CDO II Ltd          A-1LA     A/Watch Neg    AAA
Stone Tower CDO II Ltd          A-1LB     B/Watch Neg    AA/Watch Neg
Stone Tower CDO II Ltd          A-2L      CCC+/Watch Neg BBB/Watch Neg
Stone Tower CDO II Ltd          A-3L      CCC-/Watch Neg B+/Watch Neg
Stone Tower CDO II Ltd          B-1L      CC             CCC/Watch Neg

                      Other Ratings Reviewed

        Transaction                     Class      Rating
        -----------                     -----      ------
        ACA ABS 2007-3 Ltd              ComboNotes AAA
        ACA ABS 2007-3 Ltd              A-1LA      CC
        ACA ABS 2007-3 Ltd              A-1LB      CC
        ACA ABS 2007-3 Ltd              A-2L       CC
        ACA ABS 2007-3 Ltd              A-3L       CC
        ACA ABS 2007-3 Ltd              A-4L       CC
        Broadwick Funding Ltd           A-1b       CC
        Broadwick Funding Ltd           A-2        CC
        Broadwick Funding Ltd           B          CC
        Broadwick Funding Ltd           C          CC
        Broadwick Funding Ltd           D          CC
        Broadwick Funding Ltd           S          AAA
        G Street Finance Ltd            D          CC
        G Street Finance Ltd            E          CC
        Gloucester Street ABS CDO I Ltd D          CC
        GSC ABS CDO 2005-1 Ltd          A1J        CC
        GSC ABS CDO 2005-1 Ltd          A2         CC
        GSC ABS CDO 2005-1 Ltd          A3         CC
        GSC ABS CDO 2005-1 Ltd          B          CC
        Kleros Preferred Funding IV Ltd PrncPrtNts AAA
        Kleros Preferred Funding IV Ltd A-2        CC
        Kleros Preferred Funding IV Ltd A-3        CC
        Kleros Preferred Funding IV Ltd A-4        CC
        Kleros Preferred Funding IV Ltd B          CC
        Kleros Preferred Funding IV Ltd C          CC
        Kleros Preferred Funding IV Ltd D          CC
        Kleros Preferred Funding IV Ltd E          CC
        Kleros Preferred Funding IV Ltd F          CC
        Newbury Street CDO Ltd          A2         CC
        Newbury Street CDO Ltd          A3         CC
        Newbury Street CDO Ltd          A4         CC
        Newbury Street CDO Ltd          B          CC
        Newbury Street CDO Ltd          C          CC
        Newbury Street CDO Ltd          D          CC
        RFC CDO II Ltd                  A-1        AAA
        RFC CDO II Ltd                  A-2        AAA
        RFC CDO II Ltd                  B-1        AA
        RFC CDO II Ltd                  B-2        AA
        RFC CDO II Ltd                  C          A-
        RFC CDO II Ltd                  D          BBB
        RFC CDO II Ltd                  E          BBB-
        RFC CDO II Ltd                  F          BB
        Sheffield CDO II Ltd.           C          CC
        Sheffield CDO II Ltd.           D          CC
        Sheffield CDO II Ltd.           S          AAA
        Stone Tower CDO II Ltd          X          AAA


* S&P Downgrades Ratings on 155 Classes from 32 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 155
classes from 32 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued between 2002 and 2007.  S&P removed 60 of the lowered
ratings from CreditWatch negative.  In addition, S&P affirmed its
ratings on 316 classes from these and nine additional
transactions, 76 of which S&P removed from CreditWatch negative.

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's current and projected losses based on the dollar
amounts of loans currently in the transactions' delinquency,
foreclosure, and real estate owned pipelines, as well as S&P's
projection of future defaults.  S&P also incorporated cumulative
losses to date in S&P's analysis when determining rating outcomes.

The lowered ratings reflect S&P's belief that the amount of credit
enhancement available for the downgraded classes is not sufficient
to cover losses at the previous rating levels.  Although
cumulative losses were generally low in comparison to S&P's
projected lifetime losses for the transactions reviewed, S&P is
projecting an increase in losses due to increases in delinquencies
and the current negative condition of the housing market.  S&P
downgraded 13 classes to 'D' because they experienced principal
write-downs.

The affirmations reflect S&P's belief that there is sufficient
credit enhancement to support the ratings at their current levels.
Certain senior classes also benefit from senior-support classes
that would provide support to a certain extent before any
applicable losses could affect the super-senior certificates.  The
subordination of classes within each structure provides credit
support for the affected transactions.  Overcollateralization and
excess spread support several transactions.  Class N-B-2 from RALI
Series 2002-QS15 Trust is backed by a bond insurance policy
provided by MBIA Insurance Corp. ('BBB+' financial strength
rating).

In order for transactions issued after 2004 to maintain a 'AAA'
rating, S&P consider whether a bond is able to withstand
approximately 1.5% of S&P's base-case loss assumptions, subject to
individual caps and qualitative factors assumed on specific
transactions.  For a class for which we've affirmed a 'B' rating,
S&P consider whether a bond is able to withstand S&P's base-case
loss assumptions.  Other rating categories are dispersed,
approximately equally, between these two loss assumptions.  For
example, to maintain a 'BB' rating on one class, S&P may consider
whether the class is able to withstand approximately 1.1% of S&P's
base-case loss assumptions, while, in connection with a different
class, S&P may consider whether it is able to withstand
approximately 1.2% of S&P's base-case loss assumptions to maintain
a 'BBB' rating.

In order for transactions issued prior to 2005 to maintain a 'AAA'
rating, S&P consider whether a bond is able to withstand some
multiple of S&P's base-case loss assumptions, subject to
qualitative factors assumed on specific transactions.  For a class
for which we've affirmed a 'B' rating, S&P consider whether a bond
is able to withstand S&P's base-case loss assumption.  S&P
disperse the loss assumptions for other rating categories,
approximately equally, between these two loss assumptions.

The collateral backing these deals originally consisted
predominantly of Alt-A, first-lien, fixed-rate, adjustable-rate,
or negative-amortization residential mortgage loans secured by
one- to four-family properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether, in S&P's view,
the applicable credit enhancement is sufficient to support the
current ratings.  S&P will continue to monitor these transactions
and take additional rating actions as S&P think appropriate.

                          Rating Actions

   Merrill Lynch Alternative Note Asset Trust Series 2007-OAR5
                         Series 2007-OAR5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        590227AA2     BB                   AAA
    A-2        590227AB0     B                    AAA/Watch Neg
    X          590227AC8     BB                   AAA
    M-1        590227AD6     CCC                  AA/Watch Neg
    M-2        590227AE4     CCC                  A/Watch Neg
    M-3        590227AF1     CC                   BBB/Watch Neg
    B-1        590227AG9     CC                   BB/Watch Neg
    B-2        590227AH7     CC                   B/Watch Neg

           Morgan Stanley Mortgage Loan Trust 2004-11AR
                         Series 2004-11AR

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-X-B      61748HGX3     AA                   AAA
    2-A        61748HHD6     AAA                  AAA/Watch Neg
    3-A        61748HHE4     AAA                  AAA/Watch Neg
    4-A        61748HHF1     AAA                  AAA/Watch Neg
    5-A        61748HHG9     AAA                  AAA/Watch Neg
    1-B-2      61748HGU9     CCC                  A
    1-B-3      61748HGV7     CC                   BBB
    B-1        61748HHP9     A                    AA/Watch Neg
    B-2        61748HHQ7     CCC                  A/Watch Neg
    B-3        61748HHR5     CC                   BBB/Watch Neg
    1-B-4      61748HGY1     D                    B

           Morgan Stanley Mortgage Loan Trust 2004-8AR
                         Series 2004-8AR

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        61748HEC1     AAA                  AAA/Watch Neg
    1-X        61748HFA4     AAA                  AAA/Watch Neg
    2-A        61748HED9     AAA                  AAA/Watch Neg
    2-X        61748HFB2     AAA                  AAA/Watch Neg
    S-B-1      61748HEL1     A                    AA/Watch Neg
    B-1        61748HEP2     A                    AA
    S-B-2      61748HEM9     CCC                  A/Watch Neg
    B-2        61748HEQ0     CCC                  A
    S-B-3      61748HEN7     CCC                  BBB/Watch Neg
    B-3        61748HER8     CCC                  BBB
    S-B-4      61748HET4     CC                   BB/Watch Neg
    B-4        61748HEW7     CC                   BB
    B-5        61748HEX5     CC                   B

           Morgan Stanley Mortgage Loan Trust 2006-3AR
                         Series 2006-3AR

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      61748HWM9     B                    AAA/Watch Neg
    1-A-2      61748HWN7     CCC                  BBB/Watch Neg
    1-A-3      61748HWP2     CCC                  BBB/Watch Neg
    1-A-X      61748HWQ0     B                    AAA
    1-M-X      61748HWX5     CC                   AAA
    2-A-1      61748HWR8     B                    AAA
    2-A-2      61748HWS6     CC                   BBB/Watch Neg
    2-A-3      61748HWT4     B                    AAA/Watch Neg
    2-A-4      61748HWU1     CC                   BBB/Watch Neg
    3-A-1      61748HWV9     B                    AAA/Watch Neg
    3-A-2      61748HWW7     CC                   BBB/Watch Neg
    1-M-1      61748HWY3     CC                   B/Watch Neg
    1-M-2      61748HWZ0     CC                   B-/Watch Neg
    1-M-3      61748HXA4     CC                   CCC
    M-1        61748HXH9     CC                   CCC
    1-M-4      61748HXB2     CC                   CCC
    M-2        61748HXJ5     CC                   CCC
    1-M-5      61748HXC0     CC                   CCC
    1-M-6      61748HXD8     CC                   CCC
    M-3        61748HXK2     CC                   CCC
    M-4        61748HXL0     D                    CC
    1-M-9      61748HXG1     D                    CC

           Morgan Stanley Mortgage Loan Trust 2006-5AR
                         Series 2006-5AR

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          61748HYQ8     CCC                  B/Watch Neg
    A-X        61748HYR6     CCC                  B
    M-X        61748HYS4     CC                   CCC
    M-1        61748HYT2     CC                   CCC
    M-2        61748HYU9     CC                   CCC
    M-3        61748HYV7     CC                   CCC
    M-4        61748HYW5     D                    CCC

              MortgageIT Mortgage Loan Trust 2006-1
                          Series 2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       61915RBY1     CC                   B/Watch Neg
    1-A2       61915RBZ8     CC                   B/Watch Neg
    1-X        61915RCC8     CC                   B
    2-A1B      61915RCK0     B                    AAA/Watch Neg
    2-A1C      61915RCL8     CC                   BB/Watch Neg
    2-X-B      61915RCU8     CC                   CCC
    2-PO       61915RCV6     CC                   BB/Watch Neg
    2-PO-B     61915RCW4     CC                   BB/Watch Neg
    2-B1       61915RCM6     CC                   CCC

    MortgageIT Securities Corp. Mortgage Loan Trust, Series 2007-1
                          Series 2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      61915YAA9     CC                   CCC
    2-A-1-1    61915YAB7     CCC                  B/Watch Neg
    2-A-1-2    61915YAC5     CCC                  B/Watch Neg
    2-A-1-3    61915YAD3     CCC                  B/Watch Neg
    2-A-1-4    61915YAE1     CCC                  B/Watch Neg
    2-A-1-5    61915YAF8     CC                   CCC
    2-A-1-6    61915YAG6     B                    BBB/Watch Neg
    2-A-1-7    61915YAH4     CC                   CCC
    M-1        61915YAJ0     CC                   CCC
    M-2        61915YAK7     CC                   CCC
    M-3        61915YAL5     D                    CCC
    M-4        61915YAM3     D                    CCC

      New Century Alternative Mortgage Loan Trust 2006-ALT2
                         Series 2006-ALT2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    AV-1       643529AA8     AAA                  AAA/Watch Neg
    AF-2       643529AB6     B                    B/Watch Neg
    AF-3       643529AC4     CCC                  B/Watch Neg
    AF-4       643529AD2     CCC                  B/Watch Neg
    AF-5       643529AE0     CCC                  B/Watch Neg
    AF-6A      643529AF7     BBB-                 AAA/Watch Neg
    AF-6B      643529AU4     CCC                  B/Watch Neg
    M-1        643529AG5     CC                   CCC
    M-2        643529AH3     CC                   CCC
    M-3        643529AJ9     CC                   CCC
    M-4        643529AK6     D                    CCC
    B-1        643529AL4     D                    CCC

    Opteum Mortgage Acceptance Corporation Trust Series 2006-2
                          Series 2006-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1A        68384CAA4     AAA                  AAA/Watch Neg
    A1B        68384CAB2     B                    A/Watch Neg
    A1C        68384CAC0     B                    A/Watch Neg
    A2         68384CAD8     CCC                  B/Watch Neg
    M-1        68384CAE6     CC                   CCC
    M-2        68384CAF3     CC                   CCC
    M-3        68384CAG1     CC                   CCC
    M-4        68384CAH9     CC                   CCC
    M-5        68384CAJ5     D                    CCC

                    RALI Series 2002-QS11 Trust
                         Series 2002-QS11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110GK26     BBB-                 A-

                   RALI Series 2002-QS12 Trust
                        Series 2002-QS12

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-4        76110GR37     AAA                  AAA/Watch Neg
    A-8        76110GR78     AAA                  AAA/Watch Neg
    A-9        76110GR86     AAA                  AAA/Watch Neg
    A-V        76110GS36     AAA                  AAA/Watch Neg
    M-1        76110GS69     AAA                  AAA/Watch Neg
    M-2        76110GS77     AA+                  AA+/Watch Neg
    M-3        76110GS85     A                    A/Watch Neg

                   RALI Series 2002-QS15 Trust
                        Series 2002-QS15

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    CB         76110GX63     AAA                  AAA/Watch Neg
    NB-2       76110GX89     AAA                  AAA/Watch Neg
    NB-3       76110GX97     AAA                  AAA/Watch Neg
    A-P        76110GY21     AAA                  AAA/Watch Neg
    A-V        76110GY39     AAA                  AAA/Watch Neg
    M-1        76110GY62     AAA                  AAA/Watch Neg
    M-2        76110GY70     AA+                  AA+/Watch Neg
    M-3        76110GY88     A                    A/Watch Neg

                   RALI Series 2002-QS17 Trust
                        Series 2002-QS17

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    CB-1       76110G2E0     AAA                  AAA/Watch Neg
    CB-2       76110G2F7     AAA                  AAA/Watch Neg
    NB-1       76110G2G5     AAA                  AAA/Watch Neg
    NB-2       76110GZ46     AAA                  AAA/Watch Neg
    A-P        76110GZ53     AAA                  AAA/Watch Neg
    A-V        76110GZ61     AAA                  AAA/Watch Neg
    M-1        76110GZ87     AAA                  AAA/Watch Neg
    M-2        76110GZ95     AA                   AA/Watch Neg
    M-3        76110G2A8     B                    A-/Watch Neg
    B-1        76110G2B6     CC                   BB+/Watch Neg

                    RALI Series 2002-QS7 Trust
                         Series 2002-QS7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        76110GE64     CCC                  B+

                    RALI Series 2003-QS1 Trust
                         Series 2003-QS1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        76110G5F4     CC                   B

                    RALI Series 2003-QS10 Trust
                         Series 2003-QS10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110HDM8     BB                   BBB
        B-1        76110HDN6     CCC                  BB
        B-2        76110HDP1     D                    B

                    RALI Series 2003-QS11 Trust
                         Series 2003-QS11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110HFG9     B                    BBB
        B-1        76110HFD6     CCC                  BB
        B-2        76110HFE4     CC                   B

                    RALI Series 2003-QS13 Trust
                         Series 2003-QS13

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110HGK9     BB                   BBB
        B-1        76110HGL7     CCC                  BB
        B-2        76110HGM5     CC                   B

                    RALI Series 2003-QS15 Trust
                         Series 2003-QS15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76110HHB8     BBB                  A
        M-3        76110HHC6     CCC                  BBB
        B-1        76110HHD4     CC                   BB

                    RALI Series 2003-QS17 Trust
                         Series 2003-QS17

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110HJM2     CCC                  BBB
        B-1        76110HJN0     CC                   BB
        B-2        76110HJP5     D                    CCC

                   RALI Series 2003-QS2 Trust
                         Series 2003-QS2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        76110G5J6     AAA                  AAA/Watch Neg
    A-3        76110G5K3     AAA                  AAA/Watch Neg
    A-4        76110G5L1     AAA                  AAA/Watch Neg
    A-5        76110G5M9     AAA                  AAA/Watch Neg
    A-7        76110G5P2     AAA                  AAA/Watch Neg
    A-P        76110G5Q0     AAA                  AAA/Watch Neg
    A-V        76110G5R8     AAA                  AAA/Watch Neg
    M-1        76110G5U1     AA                   AA/Watch Neg
    M-2        76110G5V9     A                    A/Watch Neg
    M-3        76110G5W7     BBB                  BBB/Watch Neg
    B-1        76110G5X5     CCC                  BB/Watch Neg

                   RALI Series 2004-QA3 Trust
                        Series 2004-QA3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110HXW4     CCC                  BBB
        B-1        76110HXX2     CC                   BB
        B-2        76110HXY0     CC                   B

                   RALI Series 2004-QA4 Trust
                        Series 2004-QA4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    CB-I       76110HZE2     AAA                  AAA/Watch Neg
    NB-I-1     76110HZF9     AAA                  AAA/Watch Neg
    NB-II-1    76110HZH5     AAA                  AAA/Watch Neg
    NB-II-2    76110HZJ1     AAA                  AAA/Watch Neg
    NB-II-3    76110HZK8     AAA                  AAA/Watch Neg
    NB-III     76110HZL6     AAA                  AAA/Watch Neg
    M-1        76110HZP7     AA                   AA/Watch Neg
    M-2        76110HZQ5     A                    A/Watch Neg
    M-3        76110HZR3     CCC                  BBB/Watch Neg
    B-1        76110HZS1     CC                   BB/Watch Neg
    B-2        76110HZT9     CC                   BB/Watch Neg

                    RALI Series 2004-QA5 Trust
                         Series 2004-QA5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I        76110HC72     AAA                  AAA/Watch Neg
    A-II       76110HC98     AAA                  AAA/Watch Neg
    A-III-1    76110HD22     AAA                  AAA/Watch Neg
    A-III-IO-1 76110HD30     AAA                  AAA/Watch Neg
    A-III-2    76110HD48     AAA                  AAA/Watch Neg
    A-III-3    76110HD55     AAA                  AAA/Watch Neg
    A-III-IO-2 76110HD63     AAA                  AAA/Watch Neg
    M-1        76110HD97     AA                   AA/Watch Neg
    M-2        76110HE21     CCC                  A/Watch Neg
    M-3        76110HE39     CC                   BBB/Watch Neg

                    RALI Series 2004-QA6 Trust
                         Series 2004-QA6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    CB-1       76110HG94     AAA                  AAA/Watch Neg
    NB-1       76110HH28     AAA                  AAA/Watch Neg
    CB-II      76110HH36     AAA                  AAA/Watch Neg
    NB-II      76110HH44     AAA                  AAA/Watch Neg
    NB-III-1   76110HH51     AAA                  AAA/Watch Neg
    NB-III-2   76110HH69     AAA                  AAA/Watch Neg
    NB-III-3   76110HH77     AAA                  AAA/Watch Neg
    NB-IV      76110HH85     AAA                  AAA/Watch Neg
    M-1        76110HJ26     BBB                  AA/Watch Neg
    M-2        76110HJ34     CCC                  A/Watch Neg
    M-3        76110HJ42     CC                   BBB/Watch Neg
    B-1        76110HG60     CC                   BB/Watch Neg

                    RALI Series 2004-QS1 Trust
                         Series 2004-QS1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110HQB8     B                    BBB
        B-1        76110HQC6     CCC                  BB
        B-2        76110HQD4     CC                   B

                   RALI Series 2004-QS10 Trust
                        Series 2004-QS10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76110HWP0     CCC                  A
        M-3        76110HWQ8     CC                   BBB
        B-1        76110HWR6     D                    BB

                   RALI Series 2004-QS11 Trust
                        Series 2004-QS11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110HXH7     CCC                  BBB
        B-1        76110HXJ3     CC                   BB
        B-2        76110HXK0     CC                   B

                   RALI Series 2004-QS14 Trust
                        Series 2004-QS14

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76110HA82     BB                   A
        M-3        76110HA90     CCC                  BBB
        B-1        76110HB24     CC                   BB
        B-2        76110HB32     CC                   B

                   RALI Series 2004-QS2 Trust
                        Series 2004-QS2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76110HQT9     B                    BBB+
        M-3        76110HQU6     CCC                  BB-
        B-1        76110HQV4     CC                   B-

                   RALI Series 2004-QS4 Trust
                        Series 2004-QS4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76110HSJ9     CCC                  BBB
        B-1        76110HSK6     CCC                  BB
        B-2        76110HSL4     CC                   B

                   RALI Series 2004-QS5 Trust
                        Series 2004-QS5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76110HTE9     BB                   A
        M-3        76110HTF6     CCC                  BBB
        B-1        76110HSN0     CC                   BB

                  RALI Series 2004-QS7 Trust
                       Series 2004-QS7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        76110HTV1     AAA                  AAA/Watch Neg
   A-2        76110HTW9     AAA                  AAA/Watch Neg
   A-3        76110HTX7     AAA                  AAA/Watch Neg
   A-4        76110HTY5     AAA                  AAA/Watch Neg
   A-5        76110HTZ2     AAA                  AAA/Watch Neg
   A-P        76110HUA5     AAA                  AAA/Watch Neg
   A-V        76110HUB3     AAA                  AAA/Watch Neg
   M-1        76110HUD9     AA                   AA/Watch Neg
   M-2        76110HUE7     BB                   A/Watch Neg
   M-3        76110HUF4     CCC                  BBB/Watch Neg
   B-1        76110HTS8     CC                   BB/Watch Neg

                    RALI Series 2006-QA9 Trust
                         Series 2006-QA9

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        75115VAA3     B                    AAA/Watch Neg
   A-2        75115VAB1     CC                   B/Watch Neg
   M-1        75115VAC9     CC                   CCC
   M-2        75115VAD7     CC                   CCC
   M-3        75115VAE5     D                    CC

                         Ratings Affirmed

           Morgan Stanley Mortgage Loan Trust 2004-11AR
                         Series 2004-11AR

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      61748HGR6     AAA
                 1-A-2A     61748HHB0     AAA
                 1-A-2B     61748HHC8     AAA
                 1-X-2      61748HGW5     AAA
                 1-B-1      61748HGT2     AA

           Morgan Stanley Mortgage Loan Trust 2004-8AR
                         Series 2004-8AR

                 Class      CUSIP         Rating
                 -----      -----         ------
                 3-A        61748HEE7     AAA
                 4-A-1      61748HEF4     AAA
                 4-A-2      61748HEG2     AAA
                 4-A-4      61748HEJ6     AAA
                 4-A-5      61748HEK3     AAA

              MortgageIT Mortgage Loan Trust 2006-1
                          Series 2006-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A1A      61915RCJ3     AAA
                 2-X        61915RCT1     AAA

                   RALI Series 2002-QS10 Trust
                        Series 2002-QS10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        76110GK91     AAA
                 A-5        76110GL25     AAA
                 A-P        76110GM32     AAA
                 A-V        76110GM40     AAA
                 M-1        76110GM73     AAA
                 M-2        76110GM81     AAA
                 M-3        76110GM99     AAA

                   RALI Series 2002-QS11 Trust
                        Series 2002-QS11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        76110GH79     AAA
                 A-5        76110GH87     AAA
                 A-8        76110GJ36     AAA
                 A-P        76110GJ44     AAA
                 A-V        76110GJ51     AAA
                 M-1        76110GJ85     AAA
                 M-2        76110GJ93     AA+

                   RALI Series 2002-QS12 Trust
                        Series 2002-QS12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-P        76110GS28     AAA

                   RALI Series 2002-QS14 Trust
                        Series 2002-QS14

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-10       76110GU58     AAA
                 A-11       76110GU66     AAA
                 A-12       76110GU74     AAA
                 A-P        76110GU82     AAA
                 A-V        76110GU90     AAA
                 M-1        76110GV40     AAA
                 M-2        76110GV57     AA+
                 M-3        76110GV65     A+

                   RALI Series 2002-QS19 Trust
                        Series 2002-QS19

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110G2T7     AAA
                 A-2        76110G2U4     AAA
                 A-3        76110G2V2     AAA
                 A-4        76110G2W0     AAA
                 A-5        76110G2X8     AAA
                 A-6        76110G2Y6     AAA
                 A-7        76110G2Z3     AAA
                 A-8        76110G3A7     AAA
                 A-P        76110G3B5     AAA
                 A-V        76110G3C3     AAA
                 M-1        76110G3F6     AAA
                 M-2        76110G3G4     AA
                 M-3        76110G3H2     A-

                   RALI Series 2002-QS3 Trust
                        Series 2002-QS3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        76110GWQ0     AAA
                 A-5        76110GWR8     AAA
                 A-12       76110GWZ0     AAA
                 A-P        76110GXA4     AAA
                 A-V        76110GXB2     AAA
                 M-1        76110GXE6     AAA
                 M-2        76110GXF3     AAA
                 M-3        76110GXG1     AA

                   RALI Series 2002-QS4 Trust
                        Series 2002-QS4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110GXL0     AAA
                 A-4        76110GXP1     AAA
                 A-P        76110GXQ9     AAA
                 A-V        76110GXR7     AAA

                   RALI Series 2002-QS6 Trust
                        Series 2002-QS6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3        76110GYZ8     AAA
                 A-4        76110GZA2     AAA
                 A-5        76110GZB0     AAA
                 A-7        76110GZD6     AAA
                 A-9        76110GZF1     AAA
                 A-11       76110GZH7     AAA
                 A-P        76110GZL8     AAA
                 A-V        76110GZM6     AAA

                   RALI Series 2002-QS7 Trust
                        Series 2002-QS7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-7        76110GC41     AAA
                 A-8        76110GC58     AAA
                 A-16       76110GD57     AAA
                 A-P        76110GD65     AAA
                 A-V        76110GD73     AAA
                 M-1        76110GE23     AAA
                 M-2        76110GE31     AAA
                 M-3        76110GE49     AA+
                 B-1        76110GE56     A+

                   RALI Series 2002-QS8 Trust
                        Series 2002-QS8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-5        76110GA27     AAA
                 A-P        76110GA43     AAA
                 A-V        76110GA50     AAA

                   RALI Series 2003-QS1 Trust
                        Series 2003-QS1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110G4H1     AAA
                 A-2        76110G4J7     AAA
                 A-3        76110G4K4     AAA
                 A-4        76110G4L2     AAA
                 A-5        76110G4M0     AAA
                 A-6        76110G4N8     AAA
                 A-8        76110G4Q1     AAA
                 A-9        76110G4R9     AAA
                 A-10       76110G4S7     AAA
                 A-13       76110G4V0     AAA
                 A-14       76110G4W8     AAA
                 A-P        76110G4X6     AAA
                 A-V        76110G4Y4     AAA
                 M-1        76110G5B3     AA+
                 M-2        76110G5C1     AA-
                 M-3        76110G5D9     BBB+
                 B-1        76110G5E7     BB

                   RALI Series 2003-QS10 Trust
                        Series 2003-QS10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HCP2     AAA
                 A-2        76110HCQ0     AAA
                 A-3        76110HCR8     AAA
                 A-4        76110HCS6     AAA
                 A-5        76110HCT4     AAA
                 A-7        76110HCV9     AAA
                 A-8        76110HCW7     AAA
                 A-9        76110HCX5     AAA
                 A-10       76110HCY3     AAA
                 A-11       76110HCZ0     AAA
                 A-12       76110HDA4     AAA
                 A-13       76110HDB2     AAA
                 A-14       76110HDC0     AAA
                 A-15       76110HDD8     AAA
                 A-16       76110HDE6     AAA
                 A-P        76110HDF3     AAA
                 A-V        76110HDG1     AAA
                 M-1        76110HDK2     AA
                 M-2        76110HDL0     A

                   RALI Series 2003-QS11 Trust
                        Series 2003-QS11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HEH8     AAA
                 A-2        76110HEJ4     AAA
                 A-4        76110HEL9     AAA
                 A-5        76110HEM7     AAA
                 A-6        76110HEN5     AAA
                 A-8        76110HEQ8     AAA
                 A-9        76110HER6     AAA
                 A-10       76110HES4     AAA
                 A-11       76110HET2     AAA
                 A-12       76110HEU9     AAA
                 A-13       76110HEV7     AAA
                 A-14       76110HEW5     AAA
                 A-P        76110HEX3     AAA
                 A-V        76110HEY1     AAA
                 M-1        76110HFB0     AA
                 M-2        76110HFC8     A+

                   RALI Series 2003-QS13 Trust
                        Series 2003-QS13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HFT1     AAA
                 A-2        76110HFU8     AAA
                 A-5        76110HFX2     AAA
                 A-6        76110HFY0     AAA
                 A-7        76110HFZ7     AAA
                 A-8        76110HGA1     AAA
                 A-9        76110HGB9     AAA
                 A-10       76110HGC7     AAA
                 A-P        76110HGD5     AAA
                 A-V        76110HGE3     AAA
                 M-1        76110HGH6     AA
                 M-2        76110HGJ2     A

                   RALI Series 2003-QS15 Trust
                        Series 2003-QS15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HGP8     AAA
                 A-2        76110HGQ6     AAA
                 A-3        76110HGR4     AAA
                 A-5        76110HGT0     AAA
                 A-6        76110HGU7     AAA
                 A-7        76110HGV5     AAA
                 A-P        76110HGW3     AAA
                 A-V        76110HGX1     AAA
                 M-1        76110HHA0     AA

                   RALI Series 2003-QS17 Trust
                        Series 2003-QS17

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-I-1      76110HHT9     AAA
                 A-I-2      76110HHU6     AAA
                 CB-3       76110HHX0     AAA
                 CB-4       76110HHY8     AAA
                 CB-5       76110HHZ5     AAA
                 CB-6       76110HJA8     AAA
                 NB-1       76110HJC4     AAA
                 NB-2       76110HJD2     AAA
                 NB-3       76110HJE0     AAA
                 NB-4       76110HJF7     AAA
                 A-P        76110HJG5     AAA
                 A-V        76110HJH3     AAA
                 M-1        76110HJK6     AA
                 M-2        76110HJL4     A

                    RALI Series 2004-QA3 Trust
                         Series 2004-QA3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 CB-I       76110HXM6     AAA
                 CB-II      76110HXN4     AAA
                 NB-I-1     76110HXP9     AAA
                 NB-I-2     76110HXQ7     AAA
                 NB-II-1    76110HXR5     AAA
                 NB-II-2    76110HYA1     AAA
                 M-1        76110HXU8     AA
                 M-2        76110HXV6     A

                   RALI Series 2004-QS1 Trust
                        Series 2004-QS1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HPQ6     AAA
                 A-2        76110HPR4     AAA
                 A-3        76110HPS2     AAA
                 A-4        76110HPT0     AAA
                 A-5        76110HPU7     AAA
                 A-6        76110HQF9     AAA
                 A-P        76110HPV5     AAA
                 A-V        76110HPW3     AAA
                 M-1        76110HPZ6     AA
                 M-2        76110HQA0     A

                   RALI Series 2004-QS10 Trust
                        Series 2004-QS10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HWC9     AAA
                 A-2        76110HWD7     AAA
                 A-3        76110HWE5     AAA
                 A-4        76110HWF2     AAA
                 A-5        76110HWG0     AAA
                 A-6        76110HWH8     AAA
                 A-P        76110HWJ4     AAA
                 A-V        76110HWK1     AAA
                 M-1        76110HWN5     AA

                   RALI Series 2004-QS11 Trust
                        Series 2004-QS11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HWU9     AAA
                 A-2        76110HWV7     AAA
                 A-3        76110HWW5     AAA
                 A-4        76110HWX3     AAA
                 A-5        76110HWY1     AAA
                 A-6        76110HWZ8     AAA
                 A-7        76110HXA2     AAA
                 A-P        76110HXB0     AAA
                 A-V        76110HXC8     AAA
                 M-1        76110HXF1     AA
                 M-2        76110HXG9     A

                   RALI Series 2004-QS14 Trust
                        Series 2004-QS14

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HZV4     AAA
                 A-P        76110HA33     AAA
                 A-V        76110HA41     AAA
                 M-1        76110HA74     AA

                   RALI Series 2004-QS2 Trust
                        Series 2004-QS2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-I-1      76110HQG7     AAA
                 A-I-2      76110HQH5     AAA
                 A-I-3      76110HQJ1     AAA
                 A-I-4      76110HQK8     AAA
                 A-I-5      76110HQL6     AAA
                 CB         76110HQM4     AAA
                 A-P        76110HQN2     AAA
                 A-V        76110HQP7     AAA
                 M-1        76110HQS1     AA

                   RALI Series 2004-QS4 Trust
                        Series 2004-QS4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HRV3     AAA
                 A-2        76110HRW1     AAA
                 A-3        76110HRX9     AAA
                 A-4        76110HRY7     AAA
                 A-5        76110HRZ4     AAA
                 A-6        76110HSA8     AAA
                 A-7        76110HSB6     AAA
                 A-P        76110HSC4     AAA
                 A-V        76110HSD2     AAA
                 M-1        76110HSG5     AA
                 M-2        76110HSH3     A

                   RALI Series 2004-QS5 Trust
                        Series 2004-QS5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        76110HSR1     AAA
                 A-2        76110HSS9     AAA
                 A-3        76110HST7     AAA
                 A-4        76110HSU4     AAA
                 A-5        76110HSV2     AAA