TCR_Public/090412.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, April 12, 2009, Vol. 13, No. 100

                            Headlines


AMERICAN HOME: Moody's Downgrades Ratings on Four 2006-3 Tranches
ARBOR REALTY: Moody's Downgrades Ratings on Eight 2005-1 Notes
ARBOR REALTY: Moody's Downgrades Ratings on 10 2006-1 Notes
BA COVERED: Moody's Corrects March 31 Ratings Press Release
CABELA'S CREDIT: Fitch Expects to Rate Class D Notes at 'BB+'

CDO REPACKAGING: S&P Downgrades Rating on Class 1 2006-A Units
CHUKCHANSI ECONOMIC: Moody's Cuts Corporate Family Rating to 'B3'
CONSUMER PORTFOLIO: Moody's Takes Rating Actions on Auto Loans
CREDIT SUISSE: S&P Junks Rating on 2004-MCW1 Class M-9 Certs.
FIRST FRANKLIN: Moody's Cuts Ratings on Four 2006-FFA Tranches

FRANKLIN CLO: Fitch Junks Rating on $16 Mil. Class D Notes
GHISALLO LIMITED: Moody's Junks Rating on $400 Mil. Class A Notes
GRAMERCY REAL: Moody's Cuts Ratings on 10 Classes of 2006-1 Notes
GRAMERCY REAL: Moody's Downgrades Ratings on Nine 2005-1 Notes
GSMSC PASS-THROUGH: Moody's Assigns 'B1' Rating on Class 1A2

HOMEBANC MORTGAGE: Moody's Downgrades Ratings on 10 Tranches
ISCHUS MEZZANINE: S&P Downgrades Rating on Class X Notes to 'B-'
KENTWOOD ECONOMIC DEV'T: Fitch Cuts Outstanding Ratings to 'BB+'
LBSBC NIM: S&P Puts Ratings on 2006-3 Notes on Negative Watch
MASSACHUSETTS DEV'T FINANCE: S&P Withdraws Rating Upon Request

METRIX SECURITIES: Moody's Downgrades Ratings on 13 Classes
MORTGAGE CAPITAL: Interest Shortfalls Cue S&P's Rating Cut to 'D'
N STAR REL: Moody's Downgrades Ratings on Six Classes of Notes
NEW YORK IDA: Moody's Cuts Rating on Airport Revenue Bonds to Ba2
NORTHSTAR CBO: Fitch Changes Ratings on Class A-3 to 'C/RR6'

OWS CLO: Moody's Downgrades Ratings on Various Classes of Notes
PETRA CDO: Moody's Cuts Ratings on 10 Classes of 2007-1 Notes
PNC MORTGAGE: S&P Downgrades Ratings on Four 1999-CM1 Certificates
PUMA CAPITAL: S&P Withdraws 'B' Rating on Class G Notes
PUTNAM STRUCTURED: Fitch Takes Rating Actions on 2001-1 Notes

REA LIQUIDITY TRUST: DBRS Releases Performance Update for S2004-1
RESTRUCTURED ASSET: S&P Corrects Rating on 2006-15-A Certs. To 'D'
RBSSP RESECURITIZATION: DBRS Junks 33 Classes of 2009-4 Notes
ROCK 1 CRE: Moody's Downgrades Ratings on 14 Classes of Notes
SAGE COLLEGES: Moody's Affirms 'Ba2' Rating on 1999 Fixed Bonds

SALOMON BROS: S&P Downgrades Ratings on Four 2001-C1 Certs.
SEQUILS-CENTURION V: Fitch Junks Rating on $57 Mil. Secured Notes
SETCAP STRUCTURED: Moody's Completes Review; Confirms Note Ratings
SOLAR INVESTMENT: Fitch Junks Ratings on Five Classes of Notes
SOLAR INVESTMENT: Fitch Junks Ratings on Four Classes of Notes

TEXAS AFFORDABLE HOUSING: S&P Cuts Mortgage Revenue Bonds to 'D'
TPG-AUSTIN PORTFOLIO: S&P Withdraws 'CCC' Corporate Credit Rating
WACHOVIA CRE: Moody's Downgrades Ratings on 16 2006-1 Notes
WAMU MORTGAGE: S&P Corrects Ratings on 2007-HY7 Certs. To 'B+'

* Fitch Takes Various Rating Actions on 58 SFs and 98 CRE CDOs
* Moody's Puts Ratings on 18 Interest Rate Swaps to March 31 RMBS
* Moody's Downgrades Ratings on 47 Tranches from Nine Alt-A RMBS
* Moody's Cuts Ratings on 149 Tranches Backed by Housing Loans
* S&P Takes Rating Actions on Six Corporate Credit Unions

* S&P Downgrades Ratings on 14 Classes from Three 2005 RMBS Deals
* S&P Puts Ratings on 31 Asia-Pacific CDOs on Negative CreditWatch
* S&P Downgrades Ratings on 48 Classes from Three Prime Jumbo RMBS
* S&P Downgrades Ratings on 89 Classes from Three RMBS Deals
* S&P Downgrades Ratings on 166 Classes from 72 Risk Transfer RMBS

* S&P Downgrades Ratings on 174 Classes from 10 RMBS Transactions
* S&P Downgrades Ratings on 293 Classes from 14 Prime Jumbo RMBS
* S&P Downgrades Ratings on 385 Classes from 13 RMBS Transactions
* S&P Puts Ratings on 654 Classes on Negative CreditWatch
* S&P Puts Ratings on 1,994 Classes on Negative CreditWatch



                            *********

AMERICAN HOME: Moody's Downgrades Ratings on Four 2006-3 Tranches
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
tranches issued in American Home Mortgage Investment Trust 2006-3
transaction.  Underlying securities' collateral consists primarily
of closed-end second lien residential mortgage loans.

The ratings on the securities were monitored by evaluating factors
Moody's determined to be essential in the analysis of securities
backed by such loans.  The salient factors include: i) Moody's
review of the nature, sufficiency, and quality of historical loan
performance information, ii) analysis of the collateral
composition and pool credit performance including prepayment, loan
delinquency and loss data, iii) consideration of the transaction's
capital structure and related allocations of collateral cash flows
and losses, and iv) a comparison of current credit enhancement
levels to updated Moody's pool loss projections based on present
collateral credit performance.

When analyzing underlying ratings for CES and HELOC transactions,
Moody's projects cumulative losses for each deal based on a
collateral analysis of the deal's Constant Prepayment Rate and
Constant Default Rate.

CPR - CPR is based on the average of the last six months 1-month
CPR.

CDR - There are two approaches for determining pool CDR.  The
first approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.
Moody's assumes that the CDR will not decline for the next three
years and will decline subsequently for the life of the deal under
a schedule, typically reducing by 50% in year 4 and remaining
constant thereafter.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation can also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.  Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.

Aggregate credit enhancement which combines subordination benefit
(including over-collateralization and/or reserve accounts) and
excess spread benefit is compared with projected cumulative losses
for the deal to derive coverage multiples and associated ratings
by deal tranche.  Moody's will analyze tranche coverage multiples
after consideration of timing of tranche repayment and allocation
of losses (if any).

Issuer: American Home Mortgage Investment Trust 2006-3

  -- Cl. IV-A, Downgraded to Ca; previously on 4/7/2008 Downgraded
     to Baa3 and Placed Under Review for Possible Downgrade

  -- Cl. IV-M-1, Downgraded to C; previously on 4/7/2008
     Downgraded to Ba2

  -- Cl. IV-M-2, Downgraded to C; previously on 4/7/2008
     Downgraded to Caa1

  -- Cl. IV-M-3, Downgraded to C; previously on 4/7/2008
     Downgraded to Caa2


ARBOR REALTY: Moody's Downgrades Ratings on Eight 2005-1 Notes
--------------------------------------------------------------
Moody's Investors Service confirmed the rating of one class and
downgraded the ratings of eight classes of Notes issued by Arbor
Realty Mortgage Securities Series 2005-1, Ltd.  The rating actions
are:

  -- Class A1, $161,500,000, Floating Rate Notes Due 2038,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A2, $40,375,000, Floating Rate Notes Due 2038,
     downgraded to Aa3 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $57,000,000, Floating Rate Notes Due 2038,
     downgraded to Baa2 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $25,370,427, Floating Rate Capitalized Interest
     Notes Due 2038, downgraded to Ba2 from A1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class D, $8,727,427, Floating Rate Capitalized Interest Notes
     Due 2038, downgraded to Ba2 from A2; previously on 3/12/2009
     Placed Under Review for Possible Downgrade

  -- Class E, $7,712,610, Floating Rate Capitalized Interest Notes
     Due 2038, downgraded to Ba3 from A3; previously on 3/12/2009
     Placed Under Review for Possible Downgrade

  -- Class F, $15,019,293, Floating Rate Capitalized Interest
     Notes Due 2038, downgraded to Ba3 from Baa1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class G, $11,162,988, Floating Rate Capitalized Interest
     Notes Due 2038, downgraded to Ba3 from Baa2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class H, $15,222,256, Floating Rate Capitalized Interest
     Notes Due 2038, downgraded to Ba3 from Baa3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

Moody's downgraded Classes A2, B, C, D, E, F, G and H due to
revised modeling parameters.  Moody's ratings are based on the
current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

The pool contains a 35.2% concentration in B-Notes originated
between 2005 and 2008.  The remaining collateral includes
Mezzanine Loans, Whole Loans, commercial real estate
collateralized debt obligations, Rake Bonds and Preferred Equity.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools. For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first review since
securitization.  Moody's review at securitization is summarized in
the Pre-Sale report dated December 6, 2005.


ARBOR REALTY: Moody's Downgrades Ratings on 10 2006-1 Notes
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of 10 classes of
Notes issued by Arbor Realty Mortgage Securities Series 2006-1.
The rating actions are:

  -- Class A1-A, $230,000,000, Floating Rate Notes Due 2042,
     downgraded to Aa1 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class A-1AR, $100,000,000, Floating Rate Notes Due 2042;
     downgraded to Aa1 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class A-2, $72,900,000, Floating Rate Notes Due 2042,
     downgraded to Baa3 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $41,100,000, Floating Rate Notes Due 2042,
     downgraded to Ba2 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $31,200,000, Floating Rate Notes Due 2042,
     downgraded to B3 from A1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class D, $13,350,000, Floating Rate Notes Due 2042,
     downgraded to Caa1 from A2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class E, $14,250,000, Floating Rate Notes Due 2042,
     downgraded to Caa1 from A3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class F, $13,650,000, Floating Rate Notes Due 2042,
     downgraded to Caa2 from Baa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class G, $16,950,000, Floating Rate Notes Due 2042,
     downgraded to Caa2 from Baa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class H, $14,100,000, Floating Rate Notes Due 2042,
     downgraded to Caa3 from Baa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

Moody's downgraded all Classes due to revised modeling parameters.

The pool contains approximately a 5.0% concentration in CDO
collateral and the remaining is comprised of whole loans, B-Notes,
mezzanine debt and other forms of debt.  Moody's ratings are based
on the current credit quality of the collateral and may not
reflect potential migration as per the legal documentation.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools. For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.


BA COVERED: Moody's Corrects March 31 Ratings Press Release
-----------------------------------------------------------
Moody's Investors Service has issued a statement to correct its
press release issued on March 31 announcing a rating action as to
covered bonds issued by BA Covered Bond Program, which release
misstated the percentage of overcollateralization that Moody's
considers as "committed" under the program.  The amount of
overcollateralization that Moody's considers to be committed is
approximately 4%, which is the minimum overcollateralization
specified in the program documents.  The prior press release
incorrectly listed this percentage as approximately 7.5%, which
was the overcollateralization level in effect on the issuance
dates of the covered bonds.  The substance of the correction does
not have any effect on the rating action.

According to its revised release, Moody's placed on review for
possible downgrade the Aaa ratings of the covered bonds issued by
BA Covered Bond Program.  This rating action follows Moody's
recent downgrade of Bank of America, N.A.'s long-term senior
unsecured ratings to Aa3 from Aa2 and bank financial strength
rating to D from B- on March 25, 2009.  Bank of America, N.A. is
the sponsor of the covered bond program.

The rating action reflects Moody's view that the rating of a
covered bond with a high degree of exposure to market value risk
(i.e. high refinancing risk) is closely linked to the rating of
its sponsor.  Moody's ratings on covered bonds address both the
sponsor's obligation to pay the covered bonds as well as the value
that may be realized on the cover pool following a sponsor's
default.  The dependence of the rating on the value of the cover
pool increases as the strength of the sponsor decreases.  For this
program, if the sponsor defaults, the realization on the cover
pool is particularly subject to market value risk.  Under the
terms of the program, following a default by the sponsor, the
entire cover pool (over $10 billion of mortgage loans) may need to
be sold in less than 120 days.  Under current market conditions,
such a sale may obtain an exceptionally low price or not be
completed at all.

Moody's has also assigned a Timely Payment Indicator of
"improbable" to the program.  The TPI of "improbable" is primarily
driven by the exposure to market value risk discussed.  This TPI
is consistent with the TPI for the only other U.S. covered bond
program, sponsored by JPMorgan Chase Bank (acquired from
Washington Mutual Bank), which employs comparable liquidation
mechanisms in its structure.  The TPI indicates Moody's view of
the likelihood that covered bond investors will be paid timely
interest and principal following a default of the sponsor of a
covered bond program.

During the review period Moody's will focus on refining Moody's
estimate of the realization value of the cover pool in a highly
unlikely event of the sponsor defaulting.  The data on the trading
of mortgages of similar credit quality is extremely sparse in the
current market. The estimation of the realization value of the
cover pool will also take into account the size of the cover pool
relative to the available liquidity in the market.

At this stage, Moody's estimate that the likely ratings outcome
will not exceed two notches (i.e. not lower than Aa2).  The
ultimate rating outcome will be dependent upon any change that the
sponsor may make to the program structure which may include an
increase in level of committed overcollateralization.  The level
of overcollateralization in this program that Moody's considers to
be committed is approximately 4%, which is the minimum
overcollateralization specified in the program documents.  In
Moody's analysis, Moody's give full credit only to the level of
committed overcollateralization.  The current level of total
overcollateralization reported is approximately 37%, which
includes approximately 33% of overcollateralization that Moody's
considers as "not committed."


CABELA'S CREDIT: Fitch Expects to Rate Class D Notes at 'BB+'
-------------------------------------------------------------
Fitch Ratings expects to rate Cabela's Credit Card Master Note
Trust, series 2009-I notes:

  -- $425,000,000 class A floating-rate asset-backed notes (2009-
     I) 'AAA';

  -- $40,000,000 class B fixed-rate asset-backed notes (2009-I)
     'A+';

  -- $21,250,000 class C fixed-rate asset-backed notes (2009-I)
     'BBB+';

  -- $13,750,000 class D fixed-rate asset-backed notes (2009-I)
     'BB+'.

The class A notes of series 2009-I will be publicly offered and
will be eligible collateral for a loan under the Term Asset-Backed
Loan Facility provided by the Federal Reserve Bank of New York.

Fitch's expected ratings are based on the underlying receivables
pool, available credit enhancement, World's Foremost Bank's
underwriting and servicing capabilities, and the transaction's
legal and cash flow structures, which employ early redemption
triggers.

The transaction structure is similar to series 2008-IV, with
credit enhancement totaling 15% for class A, credit enhancement of
7% for the class B, credit enhancement of 2.75% plus an amount
from a spread account for the class C, and credit enhancement of
an amount from a spread account for the class D notes only.


CDO REPACKAGING: S&P Downgrades Rating on Class 1 2006-A Units
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
class 1 units issued by CDO Repackaging Trust Securities Series
2006-A, a retranching of the class A-1L notes issued by Mid Ocean
CBO 2000-1 Ltd. to 'BBB' from 'A-'.  S&P lowered the rating on the
class A-1L notes on Mid Ocean CBO 2000-1 to 'B+' from 'BB' on Oct.
8, 2008.  Since then, the class A overcollateralization ratio for
Mid Ocean CBO 2000-1 Ltd. has fallen to 90.0% on March 2, 2009,
down from 92.7% on Oct. 2, 2008, despite over $4.5 million in
principal payments to the A-1L notes within the same time period.

The lowered rating reflects the factors that have negatively
affected the credit enhancement available to support this class.
S&P will continue to monitor the performance of the transaction to
ensure that the rating reflects the credit enhancement available
to support the notes.
                          Rating Lowered
          CDO Repackaging Trust Securities Series 2006-A

                           Rating
                           ------
              Class                   To       From
              -----                   --       ----
              1 units                 BBB      A-


CHUKCHANSI ECONOMIC: Moody's Cuts Corporate Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service lowered Chukchansi Economic Development
Authority's corporate family rating and senior unsecured notes
rating to B3 from B2.  It also downgraded the probability of
default rating to B2 from B1.  The rating outlook remains
negative.  The rating actions reflect the material deterioration
in the Authority's financial leverage and Moody's expectation that
continued economic weakness will constrain near-term improvement.

Weakening economic conditions in the Authority's local market of
Fresno, California, significantly reduced spend per visit, net
revenues and EBITDA in 2008.  As a result, total debt/EBITDA, as
adjusted by Moody's, rose to 5.9 times as of December 31, 2008, a
level that is no longer in line with a B1 probability of default
rating.  Additionally, Moody's believes that the economic
environment will remain challenging in 2009, with little
improvement expected in Chukchansi's financial leverage.  More
positively, Moody's expect the Authority's liquidity profile to
remain adequate.

The rating outlook remains negative at this junction, reflecting
the risk that weak economic conditions could continue to
negatively weigh on Chukchansi's operating performance and
preclude de-leveraging.

Ratings downgraded:

  - Corporate Family Rating to B3 from B2
  - Probability of Default Rating to B2 from B1
  - Senior Note Rating to B3 (LGD4, 68%) from B2 (LGD4, 66%)

The last rating action was on September 25, 2008, when Moody's
revised the rating outlook to negative from stable.

Chukchansi is a wholly owned enterprise of the Picayune Rancheria
of Chukchansi Indians, a federally-recognized Indian tribe with
approximately 1,250 enrolled members.  Chukchansi operates the
Chukchansi Gold Resort & Casino, a facility located 35 miles north
of Fresno, California.


CONSUMER PORTFOLIO: Moody's Takes Rating Actions on Auto Loans
--------------------------------------------------------------
Moody's has taken rating actions on certain subprime auto loan
transactions sponsored by Consumer Portfolio Services, Inc.
between 2006 and 2008.  The decisions were prompted by Moody's
updated higher loss expectations relative to current levels of
credit enhancement.

Moody's outlook for the US vehicle sector is negative.  The
economy will drive performance, particularly unemployment.
Moody's currently anticipates these transactions to incur lifetime
cumulative net losses between 21.00% and 24.00%.  Moody's had
originally expected cumulative net losses to be between 12.00% and
15.00%.  The weak performance of the recent CPS transactions has
coincided with the challenging economic environment that has put
pressure on auto loan performance in general.

The underlying ratings reflect the intrinsic credit quality of the
notes in the absence of the guarantee.  The current ratings on the
below notes are consistent with Moody's practice of rating insured
securities at the higher of the guarantor's insurance financial
strength rating and any underlying rating.

Complete rating actions are:

Issuer: CPS Auto Receivables Trust 2006-D

Class Description: Class A-3

  -- Current Rating: Aa3; previously on November 23, 2008
     Downgraded to Aa3 from Aaa

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3;
     previously on November 21, 2008 Downgraded to Aa3 from Aaa)

  -- Underlying rating: Downgraded to Baa3 from Baa2; previously
     on December 31, 2008 Placed Under Review for Possible
     Downgrade

Issuer: CPS Auto Receivables Trust 2006-D

Class Description: Class A-4

  -- Current Rating: Aa3; previously on November 23, 2008
     Downgraded to Aa3 from Aaa

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3;
     previously on November 21, 2008 Downgraded to Aa3 from Aaa)

  -- Underlying rating: Downgraded to Baa3 from Baa2; previously
     on December 31, 2008 Placed Under Review for Possible
     Downgrade

Issuer: CPS Auto Receivables Trust 2006-D

  -- Class Description: Class B, Downgraded to B1 from Ba3;
     previously on December 21, 2006 Assigned Ba3

Issuer: CPS Auto Receivables Trust 2007-A

Class Description: Class A-2

  -- Current Rating: Baa3; previously on February 18, 2009
     Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade from Baa1

  -- Financial Guarantor: MBIA (B3; previously on February 18,
     2009 Downgraded to B3 from Baa1)

  -- Underlying rating: Downgraded to Baa3 from Baa2; previously
     on December 31, 2008 Placed Under Review for Possible
     Downgrade

Issuer: CPS Auto Receivables Trust 2007-A

Class Description: Class A-3

  -- Current Rating: Baa3; previously on February 18, 2009
     Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade from Baa1

  -- Financial Guarantor: MBIA (B3; previously on February 18,
     2009 Downgraded to B3 from Baa1)

  -- Underlying rating: Downgraded to Baa3 from Baa2; previously
     on December 31, 2008 Placed Under Review for Possible
     Downgrade

Issuer: CPS Auto Receivables Trust 2007-A

Class Description: Class A-4

  -- Current Rating: Baa3; previously on February 18, 2009
     Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade from Baa1

  -- Financial Guarantor: MBIA (B3; previously on February 18,
     2009 Downgraded to B3 from Baa1)

  -- Underlying rating: Downgraded to Baa3 from Baa2; previously
     on December 31, 2008 Placed Under Review for Possible
     Downgrade

Issuer: CPS Auto Receivables Trust 2007-A

  -- Class Description: Class B, Downgraded to B1 from Ba3;
     previously on March 29, 2007 Assigned Ba3

Issuer: CPS Auto Receivables Trust 2007-B

Class Description: Class A-2

  -- Current Rating: Aa3; previously on November 23, 2008
     Downgraded to Aa3 from Aaa

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3;
     previously on November 21, 2008 Downgraded to Aa3 from Aaa)

  -- Underlying rating: Downgraded to Baa3 from Baa2; previously
     on December 31, 2008 Placed Under Review for Possible
     Downgrade

Issuer: CPS Auto Receivables Trust 2007-B

Class Description: Class A-3

  -- Current Rating: Aa3; previously on November 23, 2008
     Downgraded to Aa3 from Aaa

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3;
     previously on November 21, 2008 Downgraded to Aa3 from Aaa)

  -- Underlying rating: Downgraded to Baa3 from Baa2; previously
     on December 31, 2008 Placed Under Review for Possible
     Downgrade

Issuer: CPS Auto Receivables Trust 2007-B

Class Description: Class A-4

  -- Current Rating: Aa3; previously on November 23, 2008
     Downgraded to Aa3 from Aaa

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3;
     previously on November 21, 2008 Downgraded to Aa3 from Aaa)

  -- Underlying rating: Downgraded to Baa3 from Baa2; previously
     on December 31, 2008 Placed Under Review for Possible
     Downgrade

Issuer: CPS Auto Receivables Trust 2008-A

Class Description: Class A-2

  -- Current Rating: Aa3; previously on November 23, 2008
     Downgraded to Aa3 from Aaa

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3;
     previously on November 21, 2008 Downgraded to Aa3 from Aaa)

  -- Underlying rating: Downgraded to Baa1 from A3; previously on
     December 31, 2008 Placed Under Review for Possible Downgrade

Issuer: CPS Auto Receivables Trust 2008-A

Class Description: Class A-3

  -- Current Rating: Aa3; previously on November 23, 2008
     Downgraded to Aa3 from Aaa

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3;
     previously on November 21, 2008 Downgraded to Aa3 from Aaa)

  -- Underlying rating: Downgraded to Baa1 from A3; previously on
     December 31, 2008 Placed Under Review for Possible Downgrade

Issuer: CPS Auto Receivables Trust 2008-A

Class Description: Class A-4

  -- Current Rating: Aa3; previously on November 23, 2008
     Downgraded to Aa3 from Aaa

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3;
     previously on November 21, 2008 Downgraded to Aa3 from Aaa)

  -- Underlying rating: Downgraded to Baa1 from A3; previously on
     December 31, 2008 Placed Under Review for Possible Downgrade


CREDIT SUISSE: S&P Junks Rating on 2004-MCW1 Class M-9 Certs.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Credit
Suisse International's reference notes referencing Park Place
Securities Inc. asset-backed pass-through certificates series
2004-MCW1 class M-9 certificates maturing Oct. 28, 2034, to 'CC'
from 'BB'.

The rating action reflects the March 20, 2009, lowering of the
rating on Park Place Securities Inc.'s asset-backed pass-through
certificates series 2004-MCW1 class M-9 certificates maturing
Oct. 25, 2034, to 'CC' from 'BB'.

The rating on the reference notes is dependent on the lower of (i)
the rating on Park Place Securities Inc.'s series 2004-MCW1 class
M-9 notes due Oct. 25, 2034, ('CC'); and (ii) the rating on the
issuer, Credit Suisse International (A+/Stable/A-1).


FIRST FRANKLIN: Moody's Cuts Ratings on Four 2006-FFA Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
tranches issued in First Franklin Mortgage Loan Trust 2006-FFA
transaction.  Underlying securities' collateral consists primarily
of closed-end second lien residential mortgage loans.

The ratings on the securities were monitored by evaluating factors
Moody's determined to be essential in the analysis of securities
backed by such loans.  The salient factors include: i) Moody's
review of the nature, sufficiency, and quality of historical loan
performance information, ii) analysis of the collateral
composition and pool credit performance including prepayment, loan
delinquency and loss data, iii) consideration of the transaction's
capital structure and related allocations of collateral cash flows
and losses, and iv) a comparison of current credit enhancement
levels to updated Moody's pool loss projections based on present
collateral credit performance.

When analyzing underlying ratings for CES and HELOC transactions,
Moody's projects cumulative losses for each deal based on a
collateral analysis of the deal's Constant Prepayment Rate and
Constant Default Rate.

CPR - CPR is based on the average of the last six months 1-month
CPR.

CDR - There are two approaches for determining pool CDR.  The
first approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.
Moody's assumes that the CDR will not decline for the next three
years and will decline subsequently for the life of the deal under
a schedule, typically reducing by 50% in year 4 and remaining
constant thereafter.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation can also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.  Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.

Aggregate credit enhancement which combines subordination benefit
(including over-collateralization and/or reserve accounts) and
excess spread benefit is compared with projected cumulative losses
for the deal to derive coverage multiples and associated ratings
by deal tranche.  Moody's will analyze tranche coverage multiples
after consideration of timing of tranche repayment and allocation
of losses (if any).

Issuer: First Franklin Mortgage Loan Trust 2006-FFA

  -- Cl. A1, Downgraded to Caa1; previously on 4/7/2008 Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Ca; previously on 10/8/2008 Downgraded
     to Caa2

  -- Cl. A3, Downgraded to Caa3; previously on 10/8/2008
     Downgraded to B3

  -- Cl. A4, Downgraded to C; previously on 10/8/2008 Downgraded
     to Caa3


FRANKLIN CLO: Fitch Junks Rating on $16 Mil. Class D Notes
----------------------------------------------------------
Fitch Ratings has taken various actions on the classes of notes
issued by Franklin CLO I Ltd./Corp.  These rating actions are
effective immediately:

  -- $16,799,922 Class B upgraded to 'AAA'; Outlook Stable;

  -- $23,000,000 Class C affirmed at 'BBB'; Outlook to Positive
     from Stable;

  -- $16,000,000 Class D downgraded to 'CCC' from 'BB-' and assign
     'RR1'.

Franklin is a cash flow collateralized loan obligation managed by
Franklin Advisers, Inc. which closed June 29, 2000.  The final
maturity of the transaction is May 9, 2010.  The proceeds of the
issuance are invested in a portfolio of predominantly U.S. high
yield loans.

The upgrade to the class B notes reflects the classes' ability to
be redeemed in full by maturity.  Since last review in July 2006,
classes A-1 and A-2 have been paid in full leading to higher
credit enhancement levels for all remaining classes.  As of the
Feb. 27, 2009 trustee report, the most recent report available for
this analysis, the portfolio collateral balance was $59.9 million.
All overcollateralization and interest coverage tests were in
compliance except for the class D IC failure at 100.5% with a
trigger of 105%.  The affirmation to the class C notes reflects
the likelihood that the class will be redeemed in full by maturity
commensurate with the classes' current ratings.

The downgrade to the class D notes is the result of a potential
undercollateralization due to the current collateral composition
and the failure of the class D IC test.  The current weighted
average rating of the portfolio is 'B/B-', with 3.2% rated 'CCC+'
and lower.  Approximately, 25% of the portfolio has a Negative
Outlook and 4.6% is on Rating Watch Negative.  The recent failure
of the class D IC test and increasing cost of liabilities as the
transaction delevers increase the likelihood of principal being
used in the future to pay interest on the class D notes.

The ratings on the class B, C, and D notes address the ultimate
payment of interest and principal.  The ratings on the class C
notes address only the receipt of the class C ordinary
distributions of London Interbank Offering Rate and not additional
distributions.

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.

Fitch's current criteria for rating corporate CDOs was released on
April 30, 2008.  However, due to the high obligor concentration
within the portfolio, Fitch used a more deterministic approach in
analyzing the portfolio rather than utilizing the Corporate
Portfolio Credit Model.  Fitch's probability of default was based
upon issuer default ratings and term to maturity.  The recovery
rates were based either upon specified underlying securities' RR
or the PCM's assumed recovery rate for senior secured obligations.


GHISALLO LIMITED: Moody's Junks Rating on $400 Mil. Class A Notes
-----------------------------------------------------------------
Moody's Investors Service has downgraded its rating of a note
issued by Ghisallo Limited, a collateralized debt obligation
transaction referencing 31 underlying Credit Default Swaps
referencing portfolios of corporate entities.

Moody's explained that the rating action taken is the result of
(i) the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs and (ii) the deterioration in the credit
quality of the transaction's reference portfolio including the
occurrence of eight credit events.  The revisions affect key
parameters in Moody's model for rating Corporate Synthetic CDOs:
default probability, asset correlation, and other credit
indicators such as ratings reviews and outlooks.

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 (March 2009)

The rating action is:

Class Description: US$400,000,000 Class A Notes due 2019

  -- Current Rating: Caa1
  -- Prior Rating Date: 1/19/2007
  -- Prior Rating: Aaa


GRAMERCY REAL: Moody's Cuts Ratings on 10 Classes of 2006-1 Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 10 classes and
confirmed one class of Notes issued by Gramercy Real Estate CDO
2006-1.  The rating actions are:

  -- Class A1, $500,000,000, Floating Rate Notes Due 2041,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A2, $171,250,000, Floating Rate Notes Due 2041;
     downgraded to Baa2 at Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $95,000,000, Floating Rate Notes Due 2041,
     downgraded to B2 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $33,750,000, Floating Rate Deferrable Interest Notes
     Due 2041, downgraded to Caa2 from A1; previously on 3/12/2009
     Placed Under Review for Possible Downgrade

  -- Class D, $20,000,000, Floating Rate Deferrable Interest Notes
     Due 2041, downgraded to Caa3 from A2; previously on 3/12/2009
     Placed Under Review for Possible Downgrade

  -- Class E, $26,250,000, Floating Rate Deferrable Interest Notes
     Due 2041, downgraded to Caa3 from A3; previously on 3/12/2009
     Placed Under Review for Possible Downgrade

  -- Class F, $20,000,000, Fixed Rate Deferrable Interest Notes
     Due 2041, downgraded to Caa3 from Baa1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class G, $20,000,000, Floating Rate Deferrable Interest Notes
     Due 2041, downgraded to Caa3 from Baa2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class H, $17,500,000, Fixed Rate Deferrable Interest Notes
     Due 2041, downgraded to Caa3 from Baa3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class J, $22,750,000, Floating Rate Deferrable Interest Notes
     Due 2041, downgraded to Caa3 from Ba2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class K, $16,000,000, Floating Rate Deferrable Interest Notes
     Due 2041, downgraded to Caa3 from B2; previously on 3/12/2009
     Placed Under Review for Possible Downgrade

Moody's downgraded Classes A2, B, C, D, E, F, G, H, J, and K due
to deteriorating pool performance and revised modeling parameters.

The pool contains a 5.0% concentration in CMBS and CDO collateral
and the remaining is comprised of whole loans, a rake bond and
mezzanine debt.  Moody's ratings are based on the current credit
quality of the collateral and may not reflect potential migration
as per the legal documentation.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral. For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size. Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior full review is summarized in
a press release dated July 25, 2008.


GRAMERCY REAL: Moody's Downgrades Ratings on Nine 2005-1 Notes
--------------------------------------------------------------
Moody's Investors Service confirmed the ratings of two classes and
downgraded the ratings of nine classes of Notes issued by Gramercy
Real Estate CDO 2005-1, Ltd.  The rating actions are:

  -- Class A-1, $513,000,000, Floating Rate Term Notes Due 2035,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-2, $57,000,000, Floating Rate Term Notes Due 2035,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class B, $102,500,000, Floating Rate Term Notes Due 2035,
     downgraded to Aa3 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $47,000,000, Floating Rate Capitalized Interest Term
     Notes Due 2035, downgraded to Baa2 from A1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class D, $12,500,000, Floating Rate Capitalized Interest Term
     Notes Due 2035, downgraded to Baa3 from A2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class E, $16,000,000, Floating Rate Capitalized Interest Term
     Notes Due 2035, downgraded to Ba1 from A3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class F, $16,000,000, Floating Rate Capitalized Interest Term
     Notes Due 2035, downgraded to Ba2 from Baa1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class G, $18,500,000, Floating Rate Capitalized Interest Term
     Notes Due 2035, downgraded to Ba3 from Baa2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class H, $28,000,000, Floating Rate Capitalized Interest Term
     Notes Due 2035, downgraded to B2 from Baa3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class J, $49,500,000, Floating Rate Capitalized Interest Term
     Notes Due 2035, downgraded to Caa1 from Ba2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class K, $35,000,000, Floating Rate Capitalized Interest Term
     Notes Due 2035, downgraded to Caa3 from B2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

Moody's downgraded Classes B,C, D, E, F,G, H, J and K due to
revised modeling parameters.  Moody's ratings are based on the
current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

The pool contains a 63.6% concentration in Whole Loans originated
between 2005 and 2008.  The remaining collateral includes
Mezzanine Loans, commercial mortgage backed securities, commercial
real estate collateralized debt obligations and B-Notes.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review. Moody's prior full review is summarized in
a press release dated July 25, 2008.


GSMSC PASS-THROUGH: Moody's Assigns 'B1' Rating on Class 1A2
------------------------------------------------------------
Moody's Investors Service has assigned a Aaa rating to the class
1A1, 2A1 and 3A1, as the Resecuritized Seniors, and a B1 rating to
the class 1A2, and B2 rating to the class 23A2 certificates, as
the Resecuritized Subs issued in connection with GSMSC Pass-
Through Trust 2009-1R, as the Resecuritized Transaction.  The
assets of the Resecuritized Transaction consist of these three
classes of mortgage pass through certificates: Class 3-A-1
certificates, issued by J.P. Morgan Mortgage Trust 2005-A7; Class
II-A-1 certificates issued by Wells Fargo Mortgage Backed
Securities 2005-AR3 Trust; and Class II-A-1 certificates, issued
by the Wells Fargo Mortgaged Backed Securities 2005-AR16 Trust.
The Underlying Certificates are backed primarily by first-lien,
adjustable-rate, Jumbo residential mortgage loans.

The ratings on the resecuritized certificates address the ultimate
payment of promised interest and principal on the rated
certificates and do not address any other amounts that may be
payable on the certificates.

On September 22, 2008, Moody's announced that it will assign a
rating to any security issued by a resecuritization transaction
backed by one or more RMBS only after first reviewing the ratings
(and, if appropriate, taking rating actions) on the RMBS
underlying the resecuritization.  This review would be in addition
to its normal surveillance of these underlying transactions.  On
March 27, 2009, Moody's downgraded the ratings of the Underlying
Certificates.

When assigning a Aaa rating to the Resecuritized Seniors (i.e.
class 1A1, 2A1, and 3A1) Moody's first updated Aaa-stress
prepayment and loss assumptions on the remaining pools of
mortgages backing the Underlying Certificates.  The updated
assumptions considered, among other things, mortgage pool's past
performance, its collateral attributes, macro economic assumptions
and Moody's negative performance outlook on the RMBS sector.
Second, multiple cash flow scenarios were run, assuming different
combinations of prepayment and loss timing on the underlying
mortgage pools.  In each scenario, cash flow from the Underlying
Certificates were distributed to the rated Resecuritized Seniors
and Resecuritized Subs according to the structure of the
Resecuritized Transaction; specifically, sequential principal
paydown to the Resecuritized Seniors before principal payment to
the Resecuritized Subs and reverse sequential loss allocation
resulting in loss being allocated to the Resecuritized Subs before
being allocated to the Resecuritized Seniors.  As a result, the
class 1A2 certificate provides credit enhancement to class 1A1 and
class 23A2 to classes 2A1 and 3A1.  Third, Moody's analyzed the
loss on the Resecuritized Seniors at a Aaa stress level, and the
sensitivity of loss for the Resecuritized Seniors to changes in
prepayment and loss timing assumptions.  In Moody's opinion
issuer's targeted levels of credit enhancement for the Class 1A1,
2A1 and 3A1 were consistent with a Aaa rating.

The rating on the Resecuritized Subs (i.e. classes 1A2 and 23A2)
were based on (i) the structure of the Resecuritized Transaction,
(ii) the rating on the Underlying Certificates, (iii) the relative
sizes of the Resecuritized Subs, and (iv) Aaa rating for the
classes 1A1, 2A1 and 3A1. For Class 23 A2 that derives its cash
flows from two distinct underlying transactions.  Moody's did not
assume any benefit resulting from the diversification of risk over
two underlying transactions.

Under a range of scenarios Moody's anticipates a higher loss
severity on the Resecuritized Subs when compared to loss severity
on the Underlying Certificates, due to subordinate position of the
Resecuritized Subs (both in terms of principal distribution and
loss allocation), and smaller size (when compared to underlying
certificates).  As a result, the ratings on classes 1A2 and 23A2
are lower than the ratings on the Underlying Certificates.

The method of arriving at the ratings on the Resecuritized Subs
involved several steps:

(1) Moody's projected the cash flows on the underlying certificate
    after applying the revised Aaa-stress prepayment and loss
    assumptions.  This cash flow was then distributed to classes
    1A1, 1A2, 2A1, 3A1 and 23A2 according to the structure of the
    Resecuritized Transaction proposed by the issuer.

(2) Moody's derived the expected loss of the classes 1A2 and 23A2
    based on the expected loss of the classes 1A1, 2A1 and 3A1 and
    the Underlying Certificates.  Based on the structure of the
    Resecuritized Transaction, the expected loss, in dollars, on
    the Underlying Certificates equals the sum of the expected
    loss of the Resecuritized Seniors and the Resecuritized Subs.
    Using Moody's idealized loss rates for bonds at different
    rating levels and life, Moody's estimated the EL on the
    Underlying Certificates and the Resecuritized Seniors at their
    respective ratings and expected life, and used that
    information to derive the EL on the Resecuritized Subs.

(3) Finally, the ratings on classes 1A2 and 23A2 were assigned
    after comparing the EL on class 1A2 and 23A2 to that of a
    benchmark bond (with similar weighted average life) based on
    Moody's idealized bond loss expectations.  Similar to the
    sensitivity analysis done on classes 1A1, 2A1 and 3A1, Moody's
    applied different combinations of prepayment and loss timing
    stresses on the underlying mortgage pools to test the
    sensitivity of the ratings of class 1A2 and 23A2.

Because the ratings on class 1A1, 2A1, 3A1, 1A2 and 23A2
resecuritized certificates are linked to the rating of the
underlying certificates and their mortgage pools performance, any
rating action on the underlying certificates may trigger a review
of the ratings on the class 1A1, 2A1, 3A1, 1A2 and 23A2
resecuritized certificates.

Wells Fargo Bank, NA will act as the Trustee in the transaction.
The complete rating actions are:

Issuer: GSMSC Pass-Through Trust 2009-1R

GSMSC Pass Through Trust 2009 1R Pass Through Certificates, Series
2009 1R

  -- Class 1A1, Assigned Aaa
  -- Class 1A2, Assigned B1
  -- Class 2A1, Assigned Aaa
  -- Class 3A1, Assigned Aaa
  -- Class 23A2, Assigned B2


HOMEBANC MORTGAGE: Moody's Downgrades Ratings on 10 Tranches
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of ten
tranches issued in two Homebanc Mortgage Trust transactions.
Underlying securities' collateral consists primarily of closed-end
second lien residential mortgage loans.

The ratings on the securities were monitored by evaluating factors
Moody's determined to be essential in the analysis of securities
backed by such loans.  The salient factors include: i) Moody's
review of the nature, sufficiency, and quality of historical loan
performance information, ii) analysis of the collateral
composition and pool credit performance including prepayment, loan
delinquency and loss data, iii) consideration of the transaction's
capital structure and related allocations of collateral cash flows
and losses, and iv) a comparison of current credit enhancement
levels to updated Moody's pool loss projections based on present
collateral credit performance.

When analyzing underlying ratings for CES and HELOC transactions,
Moody's projects cumulative losses for each deal based on a
collateral analysis of the deal's Constant Prepayment Rate and
Constant Default Rate.

CPR - CPR is based on the average of the last six months 1-month
CPR.

CDR - There are two approaches for determining pool CDR.  The
first approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.
Moody's assumes that the CDR will not decline for the next three
years and will decline subsequently for the life of the deal under
a schedule, typically reducing by 50% in year 4 and remaining
constant thereafter.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation can also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.  Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.

Aggregate credit enhancement which combines subordination benefit
(including over-collateralization and/or reserve accounts) and
excess spread benefit is compared with projected cumulative losses
for the deal to derive coverage multiples and associated ratings
by deal tranche.  Moody's will analyze tranche coverage multiples
after consideration of timing of tranche repayment and allocation
of losses (if any).

Issuer: HomeBanc Mortgage Trust 2005-2

  -- Cl. M-3, Downgraded to Baa2; previously on 4/14/2005 Assigned
     A2

  -- Cl. M-4, Downgraded to Ba2; previously on 4/14/2005 Assigned
     A3

  -- Cl. B-1, Downgraded to B1; previously on 4/14/2005 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Caa1; previously on 4/14/2005 Assigned
     Baa2

  -- Cl. B-3, Downgraded to Ca; previously on 4/14/2005 Assigned
     Baa3

  -- Cl. B-4, Downgraded to Ca; previously on 4/14/2005 Assigned
     Ba2

Issuer: Homebanc Mortgage Trust 2007-1

  -- Cl. II-A, Downgraded to Baa1; previously on 4/10/2007
     Assigned Aaa

  -- Cl. II-M-1, Downgraded to B2; previously on 4/10/2007
     Assigned Aa2

  -- Cl. II-M-2, Downgraded to Ca; previously on 4/10/2007
     Assigned A2

  -- Cl. II-B, Downgraded to C; previously on 4/10/2007 Assigned
     Baa2


ISCHUS MEZZANINE: S&P Downgrades Rating on Class X Notes to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
X notes issued by Ischus Mezzanine CDO IV Ltd., a cash flow
mezzanine structured finance collateralized debt obligation
transaction, to 'B-' from 'A'.  The rating on this class remains
on CreditWatch with negative implications.

The rating action reflects S&P's opinion that substantial losses
to the noteholders are likely based on the current market value of
the collateral and S&P's view that market prices may not recover
during the liquidation period.

On March 25, 2009, Standard & Poor's received notice from the
trustee stating that the holder of at least 66 2/3% of the
controlling class of notes has directed the trustee to proceed
with the liquidation of the collateral backing the rated notes.
Earlier S&P had received a notice of an event of default dated
Nov. 3, 2008, followed by a notice of acceleration dated March 23,
2009, for the transaction.  The deal experienced the EOD due to
the failure of an overcollateralization-based EOD trigger
specified in section 5.01 (i) of the transaction's indenture.

       Rating Lowered And Remaining On Creditwatch Negative

                   Ischus Mezzanine CDO IV Ltd.

                              Rating
                              ------
               Class   To              From
               -----   --              ----
               X       B-/Watch Neg    A/Watch Neg

                    Other Outstanding Ratings

                   Ischus Mezzanine CDO IV Ltd.

                     Class          Rating
                     -----          ------
                     SprsrSwap      CCC-srs
                     A-1            CC
                     A-2            CC
                     A-3            CC
                     B              CC
                     C              CC
                     D              CC


KENTWOOD ECONOMIC DEV'T: Fitch Cuts Outstanding Ratings to 'BB+'
----------------------------------------------------------------
Fitch Ratings downgrades to 'BB+' from 'BBB-' the outstanding
ratings on approximately $48.9 million Economic Development
Corporation of the City of Kentwood, Michigan, limited obligation
revenue bonds (Holland Home Obligated Group), series 2006A&B.
Holland Home has approximately $57.6 million in outstanding parity
debt that is not rated by Fitch.  The Rating Outlook remains
Negative.

The downgrade to 'BB+' reflects the effects of the slower than
projected level of sales and move-ins at Holland Home's Breton
Ridge campus, a further decline in Holland Home's already weak
liquidity indicators and potential exposure to swap terminations.
When completed the Breton Ridge community will consist of 123
independent living units in two separate wings.  Due to the
depressed Grand Rapids economy and the decline in area real estate
prices, the current level of sales and move-ins is behind
management's projections.  Wing A, consisting of 75 ILUs, opened
in October 2008 and as of March 31, 2009 is 71% sold and 71%
occupied.  Wing C is expected to be available for occupancy in
July 2009 and as of March 31, 2009 is 58% sold.  As a result,
entrance fee receipts are lower than expected which has negatively
impacted Holland Homes' unrestricted cash and investment position.
At Dec. 31, 2008 unrestricted cash and investments totaled $24.5
million which translates into 158 days cash on hand, a cushion
ratio of 3.5 times (x) and cash to debt of 23%.  In fiscal 2008,
Holland Home violated a capitalization ratio requirement under
certain variable rate indentures for which it has received
waivers.  Debt service coverage in fiscal 2008 is a light 1.49x as
compared to the 'BBB' category.

Holland Home's swap portfolio consists of eight separate swap
transactions including seven floating to fixed rate swap
agreements with three different counterparties.  The floating to
fixed rate swaps are structured as hedges to convert Holland
Home's variable-rate debt to a synthetic fixed-rate obligation.
The total notional value of the swaps is approximately $106.3
million and each of the amortizations on the swaps matches a
specific series of bonds.  At Feb. 28, 2009 the negative mark to
market on all the swaps was $15.0 million.  Counterparty
termination events include a downgrade of Holland Home below 'BB'.

The Negative Outlook reflects the increasing risks associated with
the development of the Breton Ridge community in light of the more
difficult operating environment.  Management anticipates funding
roughly $7.0 million of the remaining $8.4 million of project
costs from initial entrance fees on the new units.  A delay in the
realization of entrance fees will require the corporation to use
cash to finish construction that would further weaken Holland
Home's liquidity position and its financial cushion against
increasing operating risks which, in turn, could cause downward
pressure on the rating.

Holland Home's primary credit strength is the strong occupancy
across all levels of care at Home Holland's existing campuses.  In
2008, occupancy of the 600 ILUs, 541 assisted living units and 241
skilled nursing beds was 96%, 86% and 93%, respectively.
Occupancies of the ILUs have been 95% or higher in each year since
2003.  Over the same period, average annual occupancy in the
assisted living and skilled nursing occupancies have averaged 85%
and 92%, respectively.

Holland Home operates three campuses of multi-level senior housing
in Grand Rapids, Michigan, providing a total of 675 ILUs and
cottages, 501 assisted living and dementia units, 20 residential
hospice units and 241 nursing beds.  Under the Continuing
Disclosure Agreement, Holland Home covenants to provide audited
financial statements and utilization statistics within 180 days of
each fiscal year-end and quarterly interim financial statements
and utilizations within 60 days of each fiscal quarter-end.
Holland Home's disclosure to Fitch has been excellent in terms of
content and timeliness.

Fitch downgrades these to 'BB+':

  -- $35,845,000 Economic Development Corporation of the City of
     Kentwood, Michigan limited obligation revenue bonds (Holland
     Home Obligated Group), series 2006A;

  -- $13,065,000 Economic Development Corporation of the City of
     Kentwood, Michigan limited obligation revenue bonds (Holland
     Home Obligated Group), series 2006B;

Fitch was not asked to rate Holland Home's additional outstanding
debt listed:

  -- $10,060,000 Michigan Strategic Fund variable-rate demand
     limited obligation revenue refunding bonds (Holland Home
     Obligated Group), series 2005A;

  -- $7,320,000 Michigan Strategic Fund variable-rate demand
     limited obligation revenue refunding bonds (Holland Home
     Obligated Group), series 2005B;

  -- $9,940,000 Michigan Strategic Fund variable-rate demand
     limited obligation revenue bonds (Holland Home Obligated
     Group), series 2004;

  -- $20,510,000 Economic Development Corporation of the City of
     Kentwood, Michigan limited obligation revenue bonds (Holland
     Home Obligated Group), series 2002B;

  -- $9,815,000 Economic Development Corporation of the City of
     Grand Rapids, Michigan variable-rate demand limited
     obligation revenue bonds (Holland Home Obligated Group),
     series 2000.


LBSBC NIM: S&P Puts Ratings on 2006-3 Notes on Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on all
classes of notes from LBSBC NIM Co. 2006-3 and LBSBC NIM Co.
2007-1 on CreditWatch with negative implications.

The negative CreditWatch placements reflect the decline in the
transactions' reserve accounts and the potential for lower-than-
expected future cash flows in both transactions.

The net interest margin securities trusts consist of two classes
of asset-backed pass-through certificates, the class X subordinate
certificates, and the class P certificates previously issued by
the underlying transactions, Lehman Bros.  Small Balance
Commercial Mortgage Trust's series 2006-3 and 2007-1.  The class X
certificates entitle certificateholders to receive excess cash
flow, if any, generated by the loans and pass-through certificates
each month after payment of transaction expenses and required
distributions to each class of rated certificates of the
underlying transaction.  The class P certificates entitle
certificateholders to receive any prepayment penalties associated
with certain prepayments on the related mortgage loans in the
underlying transaction.

Because excess cash flow on those underlying transactions is now
being trapped as opposed to being passed on to the NIM trusts, the
NIMs are currently reliant solely on prepayment penalties and the
reserve funds to make their interest payments.  Depending on
individual loan seasoning and performance, the availability of
future prepayment penalty funds may be significantly reduced.
The reserve accounts for both of the NIM trusts referenced have
fallen below their initial nine-month interest levels because
funds from the reserve accounts were used when no prepayment
penalty payments were received by the underlying transactions.
Cash flow from the class X certificates may not resume if the
underlying transactions' delinquencies remain at their current
levels.

If the underlying transactions continue to squeeze NIMs' cash
flows and their enhancement deteriorates, S&P makes take further
negative rating actions.  Standard & Poor's will continue to
monitor the securitizations and the underlying transactions.

              Ratings Placed On Creditwatch Negative

                       LSBC NIM Co. 2006-3
     $29 million net interest margin securities series 2006-3

                                 Rating
                                 ------
                Class       To              From
                -----       --              ----
                N1          BBB/Watch Neg   BBB
                N2          BB/Watch Neg    BB
                N3          B/Watch Neg     B

                      LSBC NIM Co. 2007-1
         $25 million LBSBC net interest margin securities
                      Series 2007-1 notes

                                 Rating
                                 ------
                Class       To              From
                -----       --              ----
                N1          BBB/Watch Neg   BBB
                N2          BB/Watch Neg    BB
                N3          B/Watch Neg     B


MASSACHUSETTS DEV'T FINANCE: S&P Withdraws Rating Upon Request
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on
Massachusetts Development Finance Agency's revenue bonds, issued
for Orchard Cove Inc., a subsidiary of Hebrew SeniorLife, based on
the issuer's request due to insufficient data to update the
rating.

In February 2008, Standard & Poor's lowered Orchard Cove's rating
to 'BB-' with a negative outlook; the rating action was tied to
significant construction, fill up, and debt repayment risks
associated with Hebrew SeniorLife's Newbridge on the Charles
project.

Newbridge, another affiliate of Hebrew SeniorLife, issued $457
million of tax-exempt, unrated, and privately placed bonds in late
2007.  Newbridge was in the early phase of constructing a large
multigenerational campus on 162 acres of land approximately 10
miles from Orchard Cove.

The rating action affects roughly $35.9 million of debt
outstanding.


METRIX SECURITIES: Moody's Downgrades Ratings on 13 Classes
-----------------------------------------------------------
Moody's Investors Service announced it has downgraded its ratings
of 13 classes of notes issued by Metrix Securities P.L.C.

The transaction is a replenishable synthetic Balance Sheet CDO
referencing a pool of bank originated corporate loans.

The rating actions reflect the deterioration in the credit quality
of the transaction's reference portfolio, as indicated by the
increase in the portfolio average rating factor by 40% since
closing (from 523 at closing to 731 in January 2009), and the
revision of certain key assumptions that the agency uses to rate
and monitor corporate CDOs.  These revised assumptions incorporate
Moody's expectation that European and global corporate default
rates are likely to greatly exceed their historical long-term
averages and reflect the heightened interdependence of credit
markets in the current global economic contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release published on 15 January 2009.  Moody's notes that
the global corporate loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA corporate issuers over
the next six to twelve months.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because the mapping was performed
prior to 1st April 2007, an additional stress was applied to
capture potential deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (December 2008)

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (January 2009)

  -- Framework for De-Linking Hedge Counterparty Risks from Global
     Structured Finance Cashflow Transactions (May 2007)

  -- Modeling Recovery Rates in European CDOs

The rating actions are:

Metrix Securities P.L.C. Series 2006-1

  -- GBP110,000,000 Series 2006-1 Class A1 Floating Rate Notes due
     2018, Downgraded to Aa1; previously on 10 November 2006
     Assigned Aaa

  -- EUR738,000,000 Series 2006-1 Class A2 Floating Rate Notes due
     2018, Downgraded to Aa1; previously on 10 November 2006
     Assigned Aaa

  -- US$2,249,000,000 Series 2006-1 Class A3 Floating Rate Notes
     due 2018, Downgraded to Aa1; previously on 10 November 2006
     Assigned Aaa

  -- GBP5,800,000 Series 2006-1 Class B1 Floating Rate Notes due
     2018, Downgraded to A3; previously on 10 November 2006
     Assigned Aa2

  -- EUR15,800,000 Series 2006-1 Class B2 Floating Rate Notes due
     2018, Downgraded to A3; previously on 10 November
     2006Assigned Aa2

  -- US$18,000,000 Series 2006-1 Class B3 Floating Rate Notes due
     2018, Downgraded to A3; previously on 10 November 2006
     Assigned Aa2

  -- GBP4,100,000 Series 2006-1 Class C1 Floating Rate Notes due
     2018, Downgraded to Baa3; previously on 10 November 2006
     Assigned A2

  -- EUR15,500,000 Series 2006-1 Class C2 Floating Rate Notes due
     2018, Downgraded to Baa3; previously on 10 November 2006
     Assigned A2

  -- US$14,000,000 Series 2006-1 Class C3 Floating Rate Notes due
     2018, Downgraded to Baa3; previously on 10 November 2006
     Assigned A2

  -- GBP17,500,000 Series 2006-1 Class D1 Floating Rate Notes due
     2018, Downgraded to Ba3; previously on 10 November 2006
     Assigned Baa2

  -- EUR18,600,000 Series 2006-1 Class D2 Floating Rate Notes due
     2018, Downgraded to Ba3; previously on 10 November 2006
     Assigned Baa2

  -- GBP26,300,000 Series 2006-1 Class E1 Floating Rate Notes due
     2018, Downgraded to Caa2; previously on 10 November 2006
     Assigned Ba2

  -- EUR26,300,000 Series 2006-1 Class E2 Floating Rate Notes due
     2018, Downgraded to Caa2; previously on 10 November 2006
     Assigned Ba2


MORTGAGE CAPITAL: Interest Shortfalls Cue S&P's Rating Cut to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
X commercial mortgage pass-through certificates from Mortgage
Capital Funding Inc.'s series 1998-MC3 to 'D' from 'AAA'.  Class X
is an interest-only security.

Standard & Poor's lowered the rating on class X to 'D' due to
interest shortfalls totaling $14,782, which were recorded in the
March 18, 2009, trustee remittance report.  S&P believes there is
a high likelihood that the shortfalls will recur in the future.

The shortfalls occurred after the five remaining assets in the
pool failed to generate cash flows sufficient to pay their debt
service.  The master servicer, Capmark Finance Inc., declared
future payment advances nonrecoverable on four of the five assets
on Feb. 26, 2009.  As such, Capmark did not advance debt service
payments on these loans, which resulted in reduced cash flows to
the certificates, including class X, which has an outstanding
notional balance of $13.9 million.

There are five exposures remaining in the pool; all are currently
with the special servicer, CWCapital Asset Management Inc.  Two of
the exposures are classified as real estate owned properties
($5.2 million, 38%); two are loans in foreclosure ($7.7 million,
56%); and one loan is current ($949,323, 6%).  The four assets
with nonrecoverable declarations total $13.0 million and are
noted.  Loan servicers generally make nonrecoverable
determinations when they assess that future advances may not be
recoverable from ongoing property cash flows or the ultimate
disposition of the specially serviced assets.

The five exposures with the special servicer have an aggregate
balance of $13,877,333.  Four of the exposures are secured by
lodging properties and one is secured by an office property.
Nonrecoverable declarations were made on all of the exposures
secured by lodging properties.  Details of the five specially
serviced exposures are:

-- The Holiday Inn-Murfreesboro loan has an unpaid principal
balance of $4.4 million and a total exposure of $5.3 million,
including advances an interest thereon.  The loan is secured by a
179-room hotel in Murfreesboro, Tennessee.  The loan was
transferred to special servicing in August 2004 and is currently
in foreclosure.  CWCapital reported that the asset lost its
Holiday Inn flag in May 2008 and subsequently converted to a
Clarion Hotel.  The loan matured on June 1, 2008.

  -- The Hampton Inn-Saginaw loan has an unpaid principal balance
     of $3.6 million and is secured by a 120-room lodging property
     in Saginaw, Michigan.  The loan was transferred to special
     servicing on June 16, 2008, due to maturity default.  The
     property is currently in foreclosure and according to the
     special servicer, the property will lose its Hampton flag.

  -- Comfort Inn-Marietta is a 121-room hotel in Marietta, Ohio.
     The asset is classified as REO with a total exposure of $3.9
     million.  It is S&P's understanding that the special servicer
     is currently reviewing two sales offers for the property.

  -- Days Inn of Orlando is a 122-unit hotel in Davenport,
     Florida.  The asset is REO with a total exposure of $2.8
     million.  According to the special servicer, Best Western
     terminated its franchise agreement with the borrower.

  -- The Crown Professional Building loan has an unpaid principal
     balance totaling $949,323.  The loan is secured by a 22,165-
     office property in Los Alamitos, California.  The loan was
     transferred to special servicing in October 2008 due to
     maturity default.  The loan is current.  As of the March 18,
     2009, remittance report, the debt service coverage was 2.43x
     and occupancy was 100% as of June 30. 2008.

                          Rating Lowered

              Mortgage Capital Funding Inc.
   Commercial mortgage pass-through certificates series 1998-MC3

                                    Rating
                                    ------
           Class              To               From
           -----              --               ----
            X                  D                AAA


N STAR REL: Moody's Downgrades Ratings on Six Classes of Notes
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of six classes
and confirmed one class of Notes issued by N Star REL CDO IV Ltd.
The rating actions are:

  -- Class A, $185,000,000, Floating Rate Notes Due 2040,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class B, $32,600,000, Floating Rate Notes Due 2040;
     downgraded to A3 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $31,800,000, Floating Rate Notes Due 2040,
     downgraded to Baa3 from A2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class D, $38,600,000, Floating Rate Notes Due 2040,
     downgraded to Ba3 from Baa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class E, $12,000,000, Floating Rate Notes Due 2040,
     downgraded to B3 from Baa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class F, $20,000,000, Fixed Rate Notes Due 2040, downgraded
     to Caa1 from Ba2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class G, $20,000,000, Fixed Rate Notes Due 2040, downgraded
     to Caa3 from B2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

Moody's downgraded Classes B, C, D, E, F and G due to revised
modeling parameters.

The pool contains approximately an 18.0% concentration in CMBS and
CDO collateral and the remaining is comprised of whole loans, B-
Notes and mezzanine debt.  Moody's ratings are based on the
current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
issuance.


NEW YORK IDA: Moody's Cuts Rating on Airport Revenue Bonds to Ba2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the New York City
Industrial Development Agency Special Airport Facility Revenue
bonds (LLC) to Ba2 from Baa3.  The Ba2 rating remains on review
for further possible downgrade.  The downgrade and continued
review are due to Moody's concerns about the company's revenue
levels as a result of the delinquent payments from its tenant
Alliance (not rated).  The bonds are supported by lease payments
from the company's three tenants Alliance, Delta Airlines (long
term corporate family rated B2), and Lufthansa (long term issuer
rating Baa3).  Alliance accounts for approximately 16% of the
facility's revenues and has had a history of falling behind on its
lease payments.  According to the company Alliance has fallen
further behind and it has filed legal action against Alliance.

As per the projections supporting this project financing, the
company has consistently maintained coverage near 1.3 times in
recent years, but given the indications that one of the main
tenants is failing to make lease payments Moody's is concerned
that revenue will provide for much reduced coverage of debt
service requirements in the future.  Moody's concerns are
heightened by the severe deterioration in the global cargo market,
which in Moody's view impairs the ability of Aero JFK to attract
replacement tenants to the facility.

The ratings are on review for possible downgrade.  Rating actions
in the upcoming weeks will depend on Moody's assessment of the
company's ability to sustain the facility's financial profile.

The Aero JFK, LLC bond ratings were assigned by evaluating factors
believed to be relevant to the credit profile of the company such
as i) the business risk and competitive position of the company
versus others within its industry or sector, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, iv)
the company's history of achieving consistent operating
performance and meeting budget or financial plan goals, v) the
nature of the dedicated revenue stream pledged to the bonds, vi)
the debt service coverage provided by such revenue stream, vii)
the legal structure that documents the revenue stream and the
source of payment, and viii) and the company's management and
governance structure related to payment.

The last rating action was on June 2, 2006, when the ratings on
the bonds were affirmed.

Aero JFK, LLC, which is beneficially owned by CalEast Global
Logistics and Aeroterm, leases and operates two air cargo
facilities at New York City's John F. Kennedy International
Airport.  The 2001 bonds were issued to finance the construction
of the facilities, which have been in operation since July 2003
and include 435,000 square feet of cargo space, six aircraft
parking positions, and 101 truck loading docks.  The project's
facilities are located at a prime location at JFK, with good
access to both the main terminal complex and the taxiways.


NORTHSTAR CBO: Fitch Changes Ratings on Class A-3 to 'C/RR6'
------------------------------------------------------------
Fitch Ratings revises recovery rating on the remaining class of
notes issued by Northstar CBO 1997-2 Ltd./Corp.  This rating
action is effective immediately:

  -- $51,456,985 class A-3 notes revised to 'C/RR6' from 'C/DR6'.

Northstar 1997-2 is a collateralized bond obligation which closed
July 15, 1997 and is managed by ING Investment Management Company.
Since the review on Dec. 2, 2005 all performing collateral in the
portfolio has been sold.

The recovery rating has been revised to 'RR6' from 'DR6' to
reflect Fitch's updated Rating Definitions Criteria released
March 3, 2009.  According to the monthly report only two defaulted
assets remain in the portfolio.  Accordingly, Fitch expects
minimum or no principal repayment on the notes by the final
maturity in July of this year.


OWS CLO: Moody's Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded and left under review for
possible downgrade these notes issued by OWS CLO I Ltd.:

  -- US$235,500,000 Class A-1 Senior Secured Notes, Downgraded to
     Aa3 and Placed Under Review for Possible Downgrade;
     previously on November 22, 2005 Assigned Aaa;

  -- US$14,500,000 Class A-2 Senior Secured Notes, Downgraded to
     A3 and Placed Under Review for Possible Downgrade; previously
     on March 4, 2009 Aa1, Placed Under Review for Possible
     Downgrade;

  -- US$3,000,000 Class X-1 Deferrable Amortizing Senior Secured
     Notes, Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on March 18, 2009 Downgraded to Baa3
     and Placed Under Review for Possible Downgrade;

  -- US$11,500,000 Class X-2 Deferrable Amortizing Senior Secured
     Notes, Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade; previously on March 18, 2009 Downgraded to Baa3
     and Placed Under Review for Possible Downgrade;

  -- US$14,000,000 Class B Deferrable Senior Secured Notes,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade; previously on March 18, 2009 Downgraded to Ba2 and
     Placed Under Review for Possible Downgrade;

  -- US$8,000,000 Class C Secured Notes, Downgraded to Caa3 and
     Placed Under Review for Possible Downgrade; previously on
     March 18, 2009 Downgraded to Caa1 and Placed Under Review for
     Possible Downgrade.

Additionally, Moody's has downgraded these notes:

  -- US$8,500,000 Class D Subordinated Secured Notes, Downgraded
     to Ca; previously on March 18, 2009 Downgraded to Caa3 and
     Placed Under Review for Possible Downgrade.

OWS CLO I Ltd. is a collateralized loan obligation backed
primarily by a portfolio of senior secured loans.  As reported by
the trustee, on March 20, 2009 the transaction experienced an
"Event of Default" caused by a failure of the
overcollateralization ratio with respect to the Class A Notes to
be at least equal to 100%, as required under Section 5.1(h) of the
Indenture dated November 22, 2005.  This Event of Default is
continuing.  Moody's notes that the transaction provides that the
computation of overcollateralization ratios includes a haircut to
par value of any collateral obligation with a market value below
85% of its principal balance, regardless of the rating of that
collateral obligation.  (This haircut will continue until such
obligation trades at a market value of at least 90% of its
principal balance for 30 consecutive days.)  Moody's notes that
the incorporation of such an Overcollateralization Ratio haircut
based purely on a market value trigger is highly unusual for cash
flow collateralized loan obligation transactions.  The trustee
reports that the haircut is being applied to a significant
proportion of the underlying collateral.  The trustee also reports
that the deal is failing all of its overcollateralization tests;
as a result all interest proceeds and principal proceeds are
currently used to pay principal on the Class A-1 Notes after
paying interest due to the Class A-1 and Class A-2 Notes.

The rating actions taken reflect the occurrence of the Event of
Default, the application of 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, and consideration of
credit deterioration in 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 securities rated Caa1 and below, and failure of the
Class A, B, C, and D Overcollateralization Tests.

As provided in Article V of the Indenture, during the occurrence
and continuance of an event of default, the Holders of at least
66-2/3% of the Aggregate Outstanding Amount of each Class of Notes
may direct the trustee to proceed with the sale and liquidation of
the collateral.  The severity of losses may depend on the timing
and choice of remedy to be pursued following the default event.
While Moody's believes the likelihood of liquidation is small due
to the voting requirement for liquidation, the rating actions
reflect increased concerns about potential losses arising from
liquidation.  As a result, the Class A-1, A-2, X-1, X-2, B, and C
Notes were downgraded and placed under review for possible
downgrade.


PETRA CDO: Moody's Cuts Ratings on 10 Classes of 2007-1 Notes
-------------------------------------------------------------
Moody's Investors Service confirmed the ratings of one class and
downgraded the ratings of ten classes of Notes issued by Petra CDO
2007-1, Ltd.  The rating actions are:

  -- Class A-1, $400,000,000, Floating Rate Notes Due 2047,
     confirmed at Aaa; previously on 3/12/09 Placed Under Review
     for Possible Downgrade

  -- Class A-2, $133,750,000, Floating Rate Notes Due 2047,
     downgraded to A1 from Aaa; previously on 3/12/09 Placed Under
     Review for Possible Downgrade

  -- Class B, $76,750,000, Floating Rate Notes Due 2047,
     downgraded to Baa2 from Aa2; previously on 3/12/09 Placed
     Under Review for Possible Downgrade

  -- Class C, $57,500,000, Floating Rate Deferrable Interest Notes
     Due 2047, downgraded to Ba3 from A1; previously on 3/12/09
     Placed Under Review for Possible Downgrade

  -- Class D, $25,500,000, Floating Rate Deferrable Interest Notes
     Due 2047, downgraded to B2 from A2; previously on 3/12/09
     Placed Under Review for Possible Downgrade

  -- Class E, $22,000,000, Floating Rate Deferrable Interest Notes
     Due 2047, downgraded to B3 from A3; previously on 3/12/09
     Placed Under Review for Possible Downgrade

  -- Class F, $33,000,000, Floating Rate Deferrable Interest Notes
     Due 2047, downgraded to Caa1 from Baa1; previously on 3/12/09
     Placed Under Review for Possible Downgrade

  -- Class G, $20,000,000, Floating Rate Deferrable Interest Notes
     Due 2047, downgraded to Caa2 from Baa2; previously on 3/12/09
     Placed Under Review for Possible Downgrade

  -- Class H, $26,500,000, Floating Rate Deferrable Interest Notes
     Due 2047, downgraded to Caa2 from Baa3; previously on 3/12/09
     Placed Under Review for Possible Downgrade

  -- Class J, $42,500,000, Floating Rate Deferrable Interest Notes
     Due 2047, downgraded to Caa3 from Ba2; previously on 3/12/09
     Placed Under Review for Possible Downgrade

  -- Class K, $32,500,000, Floating Rate Deferrable Interest Notes
     Due 2047, downgraded to Caa3 from B2; previously on 3/12/09
     Placed Under Review for Possible Downgrade

Moody's downgraded Classes A-2, B, C, D, E, F, G, H, J and K due
to revised modeling parameters. Moody's ratings are based on the
current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

The pool contains a 64.4% concentration in Whole Loans.  The
remaining collateral includes Mezzanine Loans, real estate
investment trust debt, commercial mortgage backed securities,
commercial real estate collateralized debt obligations and B-
Notes.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring CRE CDOs - asset correlation, default
probability, and recovery rate.  These revisions are generally
consistent with recent revisions to the key parameter assumptions
for rating and monitoring other collateralized debt obligation
transactions backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral. For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first review since
securitization.  Moody's review at securitization is summarized in
the Pre-Sale report dated May 7, 2007.


PNC MORTGAGE: S&P Downgrades Ratings on Four 1999-CM1 Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
classes of commercial mortgage pass-through certificates from PNC
Mortgage Acceptance Corp.'s series 1999-CM1.

The downgrades of classes B-6, B-7, and B-8 to 'B+', 'CCC', and
'CCC-', respectively, reflect anticipated credit support erosion
upon the liquidation of the four assets ($16.8 million, 4%) with
the special servicer, Midland Loan Services Inc.  The downgrade of
class C to 'D' reflects Standard & Poor's expectation that the
interest shortfalls affecting this class will remain outstanding
for an extended period.  As of the March 10, 2009, remittance
report, the class C certificate had an accumulated interest
shortfall amount of $136,418, which includes a current interest
shortfall amount of $43,412.  These interest shortfalls are the
result of interest on advances, as well as special servicing fees
and appraisal subordinate entitlement reduction amounts affecting
the four specially serviced assets.  Details concerning the
specially serviced assets are:

  -- Commons on Sanger Apartments, the largest asset with the
     special servicer, has a total exposure of $7.2 million.  The
     asset, which was transferred to the special servicer in May
     2007, is classified as real estate owned.  The asset is a
     327-unit multifamily property in Waco, Texas.  Debt service
     coverage and occupancy were 0.93x and 58% as of December 2007
     and April 2008, respectively.  The property manager decided
     to implement exterior upgrades to the property, as well as to
     engage leasing assistance in an effort to create leasing
     momentum.  The plan is to take the property back to market in
     six months, or whenever the occupancy rate reaches an 80%
     threshold.  At this time, Standard & Poor's expects the
     liquidation of the asset will result in a significant loss.

  -- Town & Country Business Park, the second-largest asset with
     the special servicer, has a total exposure of $6.1 million.
     The asset is a 79,645-sq.-ft. office property in Colorado
     Springs, Colorado.  The asset was transferred to Midland in
     October 2006 and is classified as REO.  A sales contract is
     currently in process.  Net cash flow was negative and
     occupancy was 10% as of December 2008.  At this time,
     Standard & Poor's expects the liquidation of the asset will
     result in a severe loss.

  -- 185 Commerce Drive has a total exposure of $3.4 million and
     is secured by a 41,744-sq.-ft. office property in Upper
     Dublin Township, Pennsylvania.  The loan was transferred to
     Midland in September 2008, and is classified as 90-plus days
     delinquent.  DSC was 0.21x as of July 2008.  The lender was
     pursuing a dual resolution track of either accepting an
     agreed upon discount payoff, or initiating foreclosure.  The
     asset currently appears to be headed to foreclosure as the
     borrower has been unable to secure a new loan for the
     property.  At this time, Standard & Poor's expects the
     liquidation of the asset will result in a significant loss.

  -- The Pro-Met Inc. loan has a total exposure of $3.1 million.
     The loan is secured by a 92,052-sq.-ft. industrial property
     in Milwaukee, Michigan.  The loan was transferred to Midland
     in September 2008 when the single tenant that occupied the
     property stopped making rent payments.  This tenant later
     vacated the property in January 2009.  The borrower has
     stated an inability to make payments without leasing income.
     The property is listed for sale or lease with a local broker,
     however, no offers have been received to date.  Standard &
     Poor's will continue to monitor the progress of the loan's
     resolution.

Standard & Poor's will continue to evaluate the performance of the
four assets with the special servicer and take rating actions as
appropriate.

                          Ratings Lowered

                   PNC Mortgage Acceptance Corp.
   Commercial mortgage pass-through certificates series 1999-CM1

                     Rating
                     ------
        Class     To         From   Credit enhancement (%)
        -----     --         ----   ----------------------
        B-6       B+         BB+                      5.98
        B-7       CCC        B                        4.09
        B-8       CCC-       B-                       2.67
        C         D          CCC-                     0.78


PUMA CAPITAL: S&P Withdraws 'B' Rating on Class G Notes
-------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'B'
rating on Puma Capital Ltd.'s Class G notes and its 'B+' rating on
Puma's Class F notes.

Puma partially redeemed the Class G notes.  There was $21.5
million outstanding on March 27, 2009.  Puma has also fully
redeemed the $39 million Class F notes.

"The risk period for all of Puma's retro-reinsurance contracts has
expired, but the Class G notes still have some exposure to
Hurricane Ike," noted Standard & Poor's credit analyst James
Brender. One cedent still has coverage for this event.  Based on
the cedent's current estimate of its losses from Ike, Standard &
Poor's believes the probability of Puma incurring a loss from this
contract is extremely remote.  Assuming Puma does not incur a loss
on its only outstanding contract, Standard & Poor's believes it
has adequate resources to repay the Class G notes.  Puma had cash
(including trust balances) of almost $26 million as of Dec. 31,
2008. The remaining balance on the Class G notes is less than
$22 million.


PUTNAM STRUCTURED: Fitch Takes Rating Actions on 2001-1 Notes
-------------------------------------------------------------
Fitch Ratings takes various actions on seven classes of notes
issued by Putnam Structured Product CDO 2001-1, Ltd.:

  -- $37,809,008 class A-1MM-a notes long-term rating affirmed at
     'A+', Outlook Stable, and short-term rating downgraded to
     'F1' from 'F1+';

  -- $33,758,043 class A-1MM-b notes long-term rating affirmed at
     'A+', Outlook Stable, and short-term rating downgraded to
     'F1' from 'F1+';

  -- $70,891,890 class A-1SS notes affirmed at 'A+', Outlook
     Stable;

  -- $33,708,716 class A-2 notes downgraded to 'BB', Outlook
     Stable, from 'BBB+', removed from Rating Watch Negative;

  -- $24,000,000 class B notes downgraded to 'CC' from 'BB',
     removed from Rating Watch Negative;

  -- $8,021,387 class C-1 notes downgraded to 'C' from 'CCC',
     removed from Rating Watch Negative;

  -- $8,166,591 class C-2 notes downgraded to 'C' from 'CCC',
     removed from Rating Watch Negative.

The class A-1MM-a, A-1MM-b, A-1SS, and A-2 notes were assigned
Stable Outlooks reflecting Fitch's expectation that the ratings
will remain stable over the next one to two years.

These 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.  Assets rated below
investment grade currently comprise 24.8% of the portfolio, with
10.2% of the portfolio considered 'CCC+' or below.

The class A-1MM-a, A-1MM-b, and A-1SS notes are affirmed at 'A+'
due to the benefit that they receive from the failure of the class
A/B overcollateralization test.  As of the Feb. 25, 2009 payment,
the class A/B OC ratio was 100.9% versus the 105% trigger.  As a
result of the test failure, the class A-1, A-2, and B notes are
paid sequentially until the class A/B coverage tests are cured.
On the most recent payment date on Feb. 25, 2009, the class A-1
notes received approximately $1.5 million from interest proceeds
and all of the $2 million of principal proceeds.  Class A-1 has
amortized 21.6% since November 2007 and 32.5% since closing in
2001.

The downgrades reflect the continued credit deterioration of the
portfolio.  The class A-2 notes did not receive any principal
payments as a result of the class A/B OC test failure, since the
class is paid sequentially after class A-1 when the class A/B
coverage tests fail, even though class A-2 is pro rata with class
A-1 in the waterfall when there are no coverage test failures.
Class A-2 is no longer considered investment grade as the credit
enhancement to the class may easily be eroded by losses on below
investment grade collateral.  Similarly, the transaction's ability
to repay the class B notes is dependent upon the performance of
'CCC+' and lower rated collateral.  The class B notes are
currently receiving full interest payments, but future principal
payments are not likely.  The class C-1 and C-2 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 OC test failure.  Fitch does not expect any future
interest or principal payments to the class C-1 and C-2 notes.

In addition, the class A-1MM notes' short-term ratings are
downgraded to 'F1' from 'F1+' due to Fitch's downgrade of American
International Group, Inc's short-term rating on Sept. 15, 2008.
The short-term rating addresses the noteholders' ability to put
the notes back to the put provider, AIG, on its next applicable
remarketing date, which will be no later than one year from its
prior remarketing date.  The class A-1MM-a notes reset annually in
May and the class A-1MM-b notes reset annually in November.

Furthermore, the downgrade of AIG constitutes a "Substitution
Event" under the Swap Agreement and is also considered an
"Additional Termination Event" since the Issuer did not find a
counterparty replacement.  However, termination of the Swap
Agreement is optional, and since the Issuer has not terminated the
Swap Agreement yet, the agreement is still in place.

Putnam 2001-1 is a CDO which closed in November 2001 and is
managed by The Putnam Advisory Company, LLC; however, this
transaction is now static as the reinvestment period ended in
November 2006. Putnam 2001-1 is composed of 28.1% commercial real
estate investment trusts, 17.9% corporate bonds, 15.7% prime
residential mortgage-backed securities, 12.6% commercial mortgage-
backed securities, 8% subprime RMBS, 5.2% SF CDOs, 4.5% commercial
asset-backed securities, 3.1% manufactured housing RMBS, 2.6%
corporate CDOs, and 2.4% consumer ABS.

These 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 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.


REA LIQUIDITY TRUST: DBRS Releases Performance Update for S2004-1
-----------------------------------------------------------------
Dominion Bond Rating Service has released the performance update
report for Real Estate Asset Liquidity Trust, Commercial Mortgage
Pass-Through Certificates, Series 2004-1.

The transaction consists of 72 loans with a current deal balance
of $349,823,745.  The deal has seasoned for roughly 53 months and
the collateral has amortized 12.7% since issuance.  Financial
performance of the loans reporting YE2007 financials has been very
strong, with the weighted-average debt service coverage ratio
(WADSCR) increasing 14.0% from 1.59 times (x) at issuance to
1.81x.

During the remainder of 2009, 22 loans, representing 28.2% of the
pool, are scheduled to mature.  Given the low overall levels of
commercial mortgage lending, there is a likelihood that some of
the maturing loans will not find refinancing proceeds at the
maturity date and will instead need to be extended.  However, the
credit characteristics of these loans are generally quite good.
All but one loan have reported updated financials since issuance,
and the average resulting debt yield is quite high at
approximately 17%. Only three loans, representing 2.4% of the
pool, have a debt yield below 9%.  Given this information, it
appears that the long-term possibilities of refinancing for most
of these loans are quite good.  DBRS will monitor the transaction
for loan payoffs at maturity as the considerable amount of near-
term maturities could have a substantially positive impact on
credit enhancement levels, particularly toward the top of the
capital structure.

The pool is diverse in terms of property type and has good loan
diversity (with the largest loan representing just 6.8% of the
current pool balance).  The pool is concentrated in the province
of Ontario, which represents 39.9% of the current pool balance,
but otherwise has good geographic diversity, with no other
province representing more than 20% of the current pool balance.
The DSCRs of loans 1 to 10 is relatively high because two of the
six loans reporting have a DSCR of 2.04x or greater.  Reporting
for the total pool in 2007 was limited to 60.0%.

Two loans are shadow-rated by DBRS  -  Sheraton Cavalier (currently
shadow-rated AA (low), 5.6% of the pool) and Baywood Centre
(currently shadow-rated AA (high), 2.6% of the pool).

There is one specially serviced loan in the pool, Gullivers Square
(2.8% of the pool).  The loan has been transferred to the special
servicer because of the borrower's non-payment of real estate
taxes for the past two years.  The servicer has advanced the
amount owed for taxes and attempted to implement a payment plan
with the borrower to pay back the advance.  The borrower has not
commenced paying back the advance and apparently wishes to pay it
out of refinancing proceeds (September 2009 loan maturity).  The
servicer required that the borrower, within a 60-day period,
obtain a new appraisal and secure a commitment letter for
refinancing.  The borrower did not comply with this request and
the loan was transferred to the special servicer.  The YE2007
operating statement analysis report (OSAR) indicated that
occupancy had dropped to 63%, but the borrower has indicated that
Giant Tiger (25% of net rentable area (NRA)) has signed a five-
year lease and according to the October 21, 2008, rent roll, the
property was 88% occupied. Based on this new lease, the loan's
DSCR should be near 1.0x, based on its 25-year amortization
schedule.  The loan will have a somewhat low debt yield of
approximately 8% and the borrower may have to commit additional
equity in order to refinance. Given that the borrower has kept the
loan current and just recently signed a relatively large lease, it
is difficult to anticipate what losses (if any) may ultimately be
incurred.  The DBRS loss estimate is equal to the special
servicer's fee of 1% of the outstanding principal balance, which
also may ultimately be recovered.

Two loans, representing 4.7% of the current pool balance, are on
the DBRS HotList because of significant expired leases on an
outdated rent roll or upcoming significant lease expiries.  The
largest loan on the DBRS HotList is the fourth largest loan in the
pool, Marine Building (3.8% of the pool), which is secured by a
mixed-use building in Montreal.  As of the June 2006 rent roll,
Marine Building had leases on approximately 44% of the NRA expire.
Currently, Altus InSite lists 18.1% of NRA as available and DBRS
has requested updated information from the servicer regarding the
tenancy at the building.  While the loan per square foot is
relatively high at $181, the location is very strong and the
ground floor retail space commands a substantial rental rate
premium compared with the office space.

Bedford Square Office Building (0.9% of the pool) is on the DBRS
HotList because the largest tenant, Voxcom (52% of NRA), is
occupying its space on a lease that was scheduled to expire on
March 31, 2009.  An update from the borrower has been requested,
but no additional information has yet been received.  The current
loan per square foot is relatively low at approximately $57, given
that the property is in good condition and was thoroughly
renovated in 2003 after a fire damaged a portion of the property.
According to Altus InSite, there is no space available in the
building, which could be an indication that Voxcom renewed its
lease.

A full-text copy of the performance update report providing
additional analytical detail is available at no charge at:

           http://bankrupt.com/misc/DBRS20090407REA.PDF


RESTRUCTURED ASSET: S&P Corrects Rating on 2006-15-A Certs. To 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating to 'D'
from 'CCC' on Restructured Asset Certificates with Enhanced
Returns Series 2006-15-A Trust's $500 million certificates.
S&P lowered the rating on the certificates due to the payment
default on the December 2008 payment due date.


RBSSP RESECURITIZATION: DBRS Junks 33 Classes of 2009-4 Notes
-------------------------------------------------------------
Dominion Bond Rating Service assigned these ratings to the RBSSP
Resecuritization Trust 2009-4 Notes and Certificates issued by
RBSSP Resecuritization Trust 2009-4:

   -- $3.6 million Class 1-A rated at AAA
   -- $4.0 million Class 2-A rated at AAA
   -- $6.8 million Class 3-A rated at AAA
   -- $27.3 million Class 4-A rated at AAA
   -- $2.8 million Class 5-A rated at AAA
   -- $1.2 million Class 6-A rated at AAA
   -- $1.5 million Class 7-A rated at AAA
   -- $8.3 million Class 8-A rated at AAA
   -- $3.1 million Class 9-A rated at AAA
   -- $10.1 million Class 10-A rated at AAA
   -- $11.0 million Class 11-A rated at AAA
   -- $1.8 million Class 12-A rated at AAA
   -- $3.8 million Class 13-A rated at AAA
   -- $9.8 million Class 14-A rated at AAA
   -- $5.8 million Class 15-A rated at AAA
   -- $5.9 million Class 16-A rated at AAA
   -- $9.1 million Class 17-A rated at AAA
   -- $13.8 million Class 18-A rated at AAA
   -- $6.1 million Class 19-A rated at AAA
   -- $2.5 million Class 20-A rated at AAA
   -- $1.0 million Class 21-A rated at AAA
   -- $3.2 million Class 22-A rated at AAA
   -- $4.6 million Class 23-A rated at AAA
   -- $2.9 million Class 24-A rated at AAA
   -- $4.5 million Class 25-A rated at AAA
   -- $6.7 million Class 26-A rated at AAA
   -- $7.5 million Class 27-A rated at AAA
   -- $14.5 million Class 28-A rated at AAA
   -- $5.3 million Class 29-A rated at AAA
   -- $1.9 million Class 30-A rated at AAA
   -- $3.1 million Class 31-A rated at AAA
   -- $5.4 million Class 32-A rated at AAA
   -- $4.9 million Class 33-A rated at AAA
   -- $9.5 million Class 34-A rated at AAA
   -- $7.0 million Class 35-A rated at AAA
   -- $2.8 million Class 36-A rated at AAA
   -- $4.4 million Class 37-A rated at AAA
   -- $9.1 million Class 38-A rated at AAA
   -- $2.3 million Class 39-A rated at AAA
   -- $1.7 million Class 40-A rated at AAA
   -- $497,378 Class 41-A rated at AAA
   -- $600,000 Class 42-A rated at AAA
   -- $1.5 million Class 43-A rated at AAA
   -- $1.4 million Class 1-B rated at CCC
   -- $1.7 million Class 2-B rated at CCC
   -- $2.4 million Class 3-B rated at B (high)
   -- $8.6 million Class 4-B rated at B (high)
   -- $14.6 million Class 5-B rated at CCC
   -- $4.8 million Class 6-B rated at CCC
   -- $5.8 million Class 7-B rated at CCC
   -- $7.7 million Class 8-B rated at B (high)
   -- $3.1 million Class 9-B rated at BB
   -- $11.9 million Class 10-B rated at B (high)
   -- $14.0 million Class 11-B rated at B
   -- $4.2 million Class 12-B rated at CCC
   -- $11.3 million Class 13-B rated at BB (high)
   -- $19.1 million Class 14-B rated at CCC
   -- $2.2 million Class 15-B rated at B
   -- $3.2 million Class 16-B rated at CCC
   -- $3.9 million Class 17-B rated at B
   -- $7.4 million Class 18-B rated at CCC
   -- $2.6 million Class 19-B rated at BB (low)
   -- $22.5 million Class 20-B rated at CCC
   -- $9.0 million Class 21-B rated at CCC
   -- $3.2 million Class 22-B rated at CCC
   -- $2.1 million Class 23-B rated at CCC
   -- $6.8 million Class 24-B rated at CCC
   -- $5.5 million Class 25-B rated at CCC
   -- $12.4 million Class 26-B rated at CCC
   -- $17.5 million Class 27-B rated at CCC
   -- $21.7 million Class 28-B rated at CCC
   -- $47.4 million Class 29-B rated at CCC
   -- $4.9 million Class 30-B rated at CCC
   -- $7.2 million Class 31-B rated at CCC
   -- $48.2 million Class 32-B rated at CCC
   -- $4.5 million Class 33-B rated at CCC
   -- $11.6 million Class 34-B rated at CCC
   -- $10.4 million Class 35-B rated at CCC
   -- $5.2 million Class 36-B rated at CCC
   -- $10.2 million Class 37-B rated at CCC
   -- $21.2 million Class 38-B rated at CCC
   -- $5.4 million Class 39-B rated at CCC
   -- $9.5 million Class 40-B rated at CCC
   -- $4.5 million Class 41-B rated at CCC
   -- $5.4 million Class 42-B rated at CCC
   -- $13.3 million Class 43-B rated at CCC

There are a total of 43 groups in the resecuritization trust, each
consisting of one seasoned senior residential mortgage-backed
security.  Within each group, the AAA rating on the Class A notes
reflects the credit enhancement provided by the Class B
certificates.  The credit enhancements range from 24% to 90%, with
a weighted average of 64.5% by current face amounts. The ratings
also reflect the quality of the 43 underlying securities.

Interest and principal payments on the notes and certificates will
generally be made on the 27th day of each month, commencing in
April 2009. Within each group, interest payments will be
distributed on a pro rata basis to the notes and certificates, and
the principal payments will be distributed on a sequential basis
to the notes and the certificates until the note or certificate
principal balance has been reduced to zero.

Any losses realized from the underlying securities will be
allocated in a reverse sequential order to the certificates and
the notes within each group until their principal balances have
been reduced to zero.

The Trust is a resecuritization consisting of 43 senior
residential mortgage-backed securities represented by 41 real
estate mortgage investment conduits (REMICs). The REMICs are
backed by pools of first- or second-lien one- to four-family
residential mortgages.


ROCK 1 CRE: Moody's Downgrades Ratings on 14 Classes of Notes
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 14 classes and
confirmed one class of Notes issued by Rock 1 CRE CDO.  The rating
actions are:

  -- Class A-1, $317,700,000, Floating Rate Notes Due 2026,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-2, $35,300,000, Floating Rate Notes Due 2026;
     downgraded to Baa1 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $31,875,000, Floating Rate Notes Due 2026,
     downgraded to Ba1 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $23,500,000, Floating Rate Notes Due 2026,
     downgraded to B2 from A1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class D, $8,750,000, Floating Rate Notes Due 2026, downgraded
     to B3 from A2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class E, $7,000,000, Floating Rate Notes Due 2026, downgraded
     to Caa1 from A3; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class F, $13,000,000, Floating Rate Notes Due 2026,
     downgraded to Caa2 from Baa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class G, $10,875,000, Floating Rate Notes Due 2026,
     downgraded to Caa2 from Baa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class H, $11,500,000, Floating Rate Notes Due 2026,
     downgraded to Caa3 from Baa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class J, $9,625,000, Floating Rate Notes Due 2026, downgraded
     to Caa3 from Ba1; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class K, $5,125,000, Floating Rate Notes Due 2026, downgraded
     to Caa3 from Ba2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class L, $5,900,000, Floating Rate Notes Due 2026, downgraded
     to Caa3 from Ba3; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class M, $4,800,000, Floating Rate Notes Due 2026, downgraded
     to Caa3 from B1; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class N, $3,500,000, Floating Rate Notes Due 2026, downgraded
     to Caa3 from B2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class O, $2,550,000, Floating Rate Notes Due 2026, downgraded
     to Caa3 from B3; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

Moody's downgraded Classes A-1, A-2, B, C, D, E, F, G, H, J, K, L,
M, N, and O due to revised modeling parameters.

The pool contains approximately a 9.0% concentration in CMBS and
CDO collateral and the remaining is comprised of whole loans and
B-Notes.  Moody's ratings are based on the current credit quality
of the collateral and may not reflect potential migration as per
the legal documentation.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.


SAGE COLLEGES: Moody's Affirms 'Ba2' Rating on 1999 Fixed Bonds
---------------------------------------------------------------
Moody's Investors Service has affirmed Sage Colleges' Ba2 long-
term debt rating on the Series 1999 fixed rate bonds and the
Series 2002 variable rate demand bonds, issued through the City of
Albany I.D.A. and Rensselaer County I.D.A., respectively.  The
College's rating has been removed from watchlist for possible
downgrade.  The outlook is negative.

Legal Security: Obligations under the Installment Sale Agreements
are general obligations of the college; debt service reserve fund
for Series 1999 bonds; Manufacturers & Traders Trust Company
letter of credit securing the Series 2002 bonds.

Debt-Related Derivatives: Sage Colleges is party to a floating to
fixed rate swap with a notional amount of $6.96 million that
hedges the interest rates on its Series 2002 bonds.  The
counterparty for the swap is M&T Bank (rated A1/P-1).  Under the
swap, Sage pays 3.65% and receives BMA.  There are no collateral
posting requirements for the swap and the outstanding mark-to-
market value as of March 24th is negative $324,600 against the
College.

                            Challenges

* Highly strained operations in FY 2008 resulting from a drop in
  enrollment in the fall of 2007.  The College is 78% reliant on
  student fees.  An unexpected 12% decline in enrollment in the
  fall of 2007 manifested in a 9% decline in net tuition revenue
  and a 15% decline in auxiliary revenue in FY2008 from the
  previous year.  As a result, the College ended the 2008 fiscal
  year with a negative operating margin of -8.9% and inadequate
  debt service coverage of 0.2 times, by Moody's calculation.
  Ultimately, the College ended the 2008 fiscal year with a
  decline of over $4 million in unrestricted net assets.
  Management attributes the enrollment plunge to a historically
  under-developed and stagnant marketing approach.  The College,
  which has two distinct campuses, has a challenging student
  market position and Moody's believe enrollment levels could be
  pressured in the next year or two as the College competes
  heavily with other local public institutions, which are lower
  priced including community colleges and the University of
  Albany.

* Dependence on endowment secured bank lines of credit and new
  bank term loan (entered into after close of FY 2008) for
  operating liquidity.  Following the 2008 deficit, the College
  acquired an additional operating line and term loan for
  liquidity purposes.  New debt consists of $6 million term loan
  with M&T Bank and a $3 million fully drawn line of credit with
  First Niagara.  According to management approximately $12.5
  million of the $24 million endowment (as of 3/31/09) was
  securing the line of credit as well as the term loan all with
  M&T Bank.  In Moody's opinion, these security features on the
  bank debt put fixed-rate bondholders in a weaker position, since
  they do not have the same security.

* Increased balance sheet leverage in light of investment losses.
  The College reports an investment loss consistent with peers at
  negative 28% as of February 28, 2009 for the 2009 fiscal year.
  In Moody's opinion, the College's asset allocation is aggressive
  for an endowment of this size with approximately 40% in
  alternative investments; up from 25% at the end of the 2008
  fiscal year.  This growth in allocation to alternatives is
  partly the result of declines in the traditional equity and
  fixed income allocations and a decision not to rebalance the
  portfolio.  As of 12/31/2008, the endowment asset allocation
  consisted of 39% equity, 19% fixed income, 10% hedge funds, 9%
  private investments and 22% absolute return.  The College
  maintains large allocations of the endowment with certain
  managers, including 22% of the portfolio with Evanston
  Weatherlow (absolute return, fund of funds) and 19% with PIMCO
   (fixed income) and holds no more than 10% of remaining assets
  with any individual manager.  The College utilizes Convergent as
  investment consultant with investment decisions largely overseen
  by the investment committee of the board.

* Significant deterioration of the balance sheet due to the FY
  2008 deficit, new debt in the form of lines of credit and
  investment losses.  Given a Moody's estimated 30% decline in
  financial resources thus far for the 2009 fiscal year,
  expendable financial resources cover debt and operations by 0.23
  times and 0.18 times, respectively.

* Potential to breach Letter of Credit Covenants. Covenants
  include a total investments to long-term debt ratio of 1.0 times
  and a debt service coverage ratio of 1.0 times.  Given poor
  investment returns and challenged operations, there is concern
  that the College may breach either or both of these covenants.
  As of 4/30/08 (the College's FYE), Coverage levels were 1.01
  times coverage of debt service (as calculated by M&T Bank) and
  1.9 times coverage of total investments to long term debt (as
  calculated by Moody's).  Projected coverage levels for the end
  of the fiscal 2009 year are 1.21 times coverage of debt service
   (as calculated by the College) and 1.05 times coverage of long
  term debt (as calculated by Moody's based on March 26, 2009
  asset valuations).  Further investment losses will cause
  material deterioration of coverage levels.

                            Strengths

* Restructuring of management dedicated to growth initiatives.
  New management, including a new president, vice president for
  finance, and vice president for marketing and enrollment, is
  focused on strategic planning, a branding initiative, and
  longer-term enrollment growth for the College. See RECENT
  DEVELOPMENTS

* Indications of rebounding enrollment and improved retention in
  2009.  With a moderate enrollment rebound of 7% in the fall of
  2008, management is expecting to end the 2009 fiscal year with a
  more modest deficit of under $1 million.  Management reports
  that they are budgeting higher enrollment for the 2010 fiscal
  year in light of significant application growth, but remain
  conservative in their estimates.  Other areas of revenue growth
  include a 5% tuition increase and planned auxiliary growth.  A
  2010 balanced budget was recently approved by the board.

* No additional debt plans in the near term.  According to
  management, the College has the physical capacity to grow its
  enrollment before extensive investment in plant is necessary.
  Management expects this advantage to result in more swift
  revenue growth with limited expense growth.

Recent Developments: New Management Implementing Changes In An
Effort To Grow Enrollment, Improve Retention And Increase Academic
And Campus Appeal.

Following the retirement of the College president in the summer of
2008, the College recruited a new president with prior experience
as a College President.  In addition to a new president, the
college has utilized the services of The Presidential Practices as
a strategic planning consultant, has brought on a new VP for
Finance and Treasurer and VP of Marketing and Enrollment, and is
currently searching for a new VP of Administration.  This overhaul
of management has manifested in swift strategic change over the
last year; including large reorganization of departmental
management and added staff in essential departments such as
marketing and finance.

Although Moody's believes that the new management team is working
quickly to re-energize the college with significant changes to the
strategic plan, Moody's believe the College has a challenged
student market position and faces near-term financial challenges
which could pressure the rating.  The College launched a new
marketing campaign which includes new branding and advertising
locally in papers, TV spots and on billboards.  These efforts have
seen initial results with fall 2008 enrollment up 7% from the
previous year and fall 2009 applications up 53% for undergraduates
and 136% for graduate students compared to this time last year.
Ultimately, management plans to grow enrollment from the current
2,159 to 5,000 students over the long term.  Management believes
there is adequate classroom and residential space to handle much
of this enrollment growth without extensive borrowing.  However,
in order to reach and maintain this ambitious goal of 5,000,
significant investment in capital and capital renovation will be
necessary in the long term.  The College has no debt plans in the
near-term.

College Trustees initiated strategic changes by establishing a
"Transformation Fund" in 2007 of over $669,000 to fund essential
growth areas such as enrollment and marketing.  In an effort to
further develop fundraising, Sage recently reorganized their
development team and the president plans to focus, personally, on
this area of growth.  A recent bequest of $2 million will be used
to grow endowment funds and launch a research institute on campus.

Other strategic changes include the integration of the two
campuses in Troy and Albany and a more focused attention to campus
life in an effort to enhance the student experience and increase
historically poor retention.  Integration will open up the variety
of courses available to students; enhancing academic options.
More focused attention to campus experience has and will include
the opening of a new athletic center, supporting a resurgence of
athletic programs for both men and women, the reopening of the
swimming pool and the utilization of faculty to help rejuvenate
student academic and extra-curricular activity.  Freshman to
sophomore retention in fall of 2007 was 66%.  Fall of 2008
retention was up at both colleges at 82% and 76% which helped to
support the boost in enrollment.

Management reports upcoming academic changes in the post-graduate
arena as well.  These will include the merging of the existing
health sciences and nursing school, the evolution of a management
department into a School of Management and the creation of a new
School of the Arts to bridge the established Theatre and Fine Arts
Departments.  These are in addition to the already established
Education department.  Sage already offers doctoral programs in
Nursing and Education will be adding a third in Women's Studies.

                             Outlook

The outlook reflects the College's long-term challenges, highly
leveraged balance sheet position, endowment securing bank debt,
and Moody's concerns that fall 2009 enrollment levels could be
pressured due to broader economic challenges, despite strong
application volume.

                 What could change the rating-UP

Significant growth of unrestricted financial resources coupled
with increased student demand and enrollment and steady growth of
net tuition revenue

                What could change the rating-DOWN

Further enrollment declines; continued operating deficits and
deterioration of financial resources; additional borrowing;
tripping of financial covenants contained within bank documents.

Key Indicators (FY 2008 financial data and fall 2008 enrollment
data):

* Numbers included in parentheses represent the Moody's projection
  of a 30% decline in resource levels

* Total Full-Time Equivalent Students: 2,159

* Freshman Acceptance Rate: 68.8%

* Freshman Matriculation Rate: 40.5%

* Total Pro-Forma Direct Debt: $29.9 million (includes $5.7
  million drawn on line of credit and $6 million term loan)

* Expendable Resources to Pro-Forma Direct Debt: 0.32 times (0.23
  times)

* Expendable Resources to Operations: 0.24 times (0.18 times)

* Three-year Average Operating Margin: -1.6%

* Operating Cash Flow Margin: 1.7%

* Reliance on Student Charges: 78%

Rated Debt:

* Series 1999 bonds: Ba2 rating

* Series 2002 bonds: Ba2 underlying; Aa1/VMIG1 based on two-party
  pay rating methodology

The last rating action with respect to Sage Colleges was on
January 13, 2009 when the rating was downgraded to Ba2 and placed
on watchlist for further downgrade.


SALOMON BROS: S&P Downgrades Ratings on Four 2001-C1 Certs.
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
classes of commercial mortgage pass-through certificates from
Salomon Bros. Commercial Mortgage Trust 2001-C1.

The downgrades of classes H, J, and K to 'BB-', 'CCC', and 'CCC-',
respectively, reflect anticipated credit support erosion upon the
liquidation of the nine assets ($38.3 million, 6%) with the
special servicer, CWCapital Asset Management LLC.

The downgrade of class L to 'D' reflects Standard & Poor's
expectation that the interest shortfalls affecting this class will
remain outstanding for an extended period.  As of the March 18,
2009, remittance report, the class L certificate had an
accumulated interest shortfall amount of $42,884, which includes a
current interest shortfall amount of $14,316.  These interest
shortfalls are the result of special servicing fees related to the
specially serviced assets, as well as an appraisal subordinate
entitlement reduction amount affecting one of the specially
serviced assets.  Details concerning this asset are:

  -- The Hilltop Apartments loan, the sixth-largest asset with the
     special servicer, has a total exposure of $3.6 million. The
     loan, which was transferred to CWCapital in January 2008 for
     imminent default, is 90-plus-days delinquent, and is secured
     by a 132-unit multifamily property in Anderson, Indiana.  Net
     cash flow was negative as of December 2007.  The property was
     placed in a receivership estate associated with the U.S.
     Securities and Exchange Commission following the
     borrower/sponsor's arrest for fraud. CWCapital is seeking to
     have the asset released from the SEC's receivership estate.
     At this time, Standard & Poor's expects the liquidation of
     the asset will result in a severe loss.

Standard & Poor's will continue to evaluate the performance of the
assets with the special servicer and take rating actions as
appropriate.

                         Ratings Lowered

              Salomon Bros. Commercial Mortgage Trust
    Commercial mortgage pass-through certificates series 2001-C1

                     Rating
                     ------
        Class     To         From   Credit enhancement (%)
        -----     --         ----   ----------------------
        H         BB-        BB+                      5.16
        J         CCC        B                        2.29
        K         CCC-       CCC+                     1.22
        L         D          CCC-                     0.14


SEQUILS-CENTURION V: Fitch Junks Rating on $57 Mil. Secured Notes
-----------------------------------------------------------------
Fitch Ratings downgrades two classes of notes issued by SEQUILS-
Centurion V, Ltd. and one class of notes issued by MINCS-Centurion
V, Ltd.  These rating actions are effective immediately:

  -- $226,364,392 SEQUILS class A notes downgraded to 'AA' from
     'AAA' and remain on Outlook Negative;

  -- $16,644,441 SEQUILS class B notes downgraded to 'BBB' from
     'A' and remain on Outlook Negative;

  -- $57,000,000 MINCS Third Priority Secured notes downgraded to
     'CC' from 'BBB', assigned 'RR3', and removed from Rating
     Watch Negative.

SEQUILS-Centurion and MINCS-Centurion are a cash flow and
synthetic collateralized loan obligation, respectively, jointly
obtaining exposure to a portfolio of high yield U.S. senior bank
loans.  Proceeds from the issuance of the SEQUILS-Centurion notes
were invested in senior bank loans.  The SEQUILS-Centurion entered
in a credit swap with Morgan Guaranty Trust Company of New York
which provides credit protection to SEQUILS-Centurion.  MGT's
ultimate parent JPMorgan Chase & Co. is rated 'AA-', Stable
Outlook.  MGT simultaneously entered into a credit swap with
MINCS-Centurion.  MINCS-Centurion's obligation under that swap was
collateralized with $57 million of securities purchased with the
proceeds from the sale of the MINCS-Centurion notes.  Under the
SEQUILS-Centurion credit swap, MGT pays the amount of each
quarter's principal losses, up to the SEQUILS Credit Swap
Threshold.  The SEQUILS Credit Swap Threshold was initially set at
$57 million but has since stepped down to $32.7 million due to the
ongoing amortization of the SEQUILS-Centurion.  The balance of
principal losses received from MGT is paid back from the SEQUILS-
Centurion interest waterfall in the same or subsequent pay
periods, and any remaining interest proceeds are used to fund the
MINCS- Centurion interest waterfall. A ny outstanding SEQUILS
Credit Swap Balance at final maturity is paid from the collateral
of the MINCS-Centurion notes prior to these notes' paydown.

These downgrades are a result of the deterioration in the credit
quality of the portfolio.  Non-defaulted assets rated 'CCC+' and
lower comprised 14.6 % of the portfolio as of March 16, 2009, as
reported in the most recent report.  After making standard
adjustments for Rating Watch Negative and Negative Outlook, Fitch
estimates that 37.9% of the portfolio excluding defaults is rated
'CCC+' and lower.  The accelerating pace of the defaults and
potentially lower future recoveries on defaulted names more than
offset the deleveraging which has taken place since the end of the
reinvestment period in March 2006.  The SEQUILS-Centurion classes
A and B notes have amortized to approximately 55% of their
original balances.  Class B has so far amortized pari-passu with
the class A; however, the paydowns will switch to a sequential
order, at the latest when class B is paid down to 50% of its
original balance.  Fitch projected future losses from the
portfolio utilizing assumptions described in its current corporate
CDO criteria.

Since December 2008, the interest proceeds have been insufficient
to pay off the SEQUILS Credit Swap Balance which stands at $2.8
million after the March payment.  As a result, in the last two
payment periods there was no excess spread available for the
MINCS-Centurion interest waterfall.  For the March payment, MGT in
its capacity as MINCS-Centurion credit swap counterparty, advanced
funds to pay part of the expenses and basic interest on the MINCS-
Centurion notes in the amount of $0.25 million.  In addition,
there is $0.27 million balance of deferred basic interest due to
the MINCS-Centurion notes.  The outstanding balances will have to
be repaid from the future interest and principal MINCS-Centurion
proceeds prior to the paydown of the MINCS-Centurion notes.  The
transaction does not benefit from the previously generated excess
spread due to the lack of excess-spread capturing features when
various tests are in compliance.

The ratings assigned to the SEQUILS-Centurion notes address the
timely return of interest and ultimate return of principal.  The
rating assigned to the MINCS-Centurion notes addresses the timely
payment of basic interest and principal.  Additionally, the
ratings assigned to the SEQUILS-Centurion and MINCS-Centurion
notes do not address the payment of any additional interest or
distributions.


SETCAP STRUCTURED: Moody's Completes Review; Confirms Note Ratings
------------------------------------------------------------------
Moody's Investors Service has completed its review of the
underlying ratings of the notes issued by SetCap Structured
Settlement Trust.  The transaction involves the securitization of
litigation claimants' rights to receive future scheduled payments
under settlement agreements.  The pool consists of both court
ordered and non-court ordered receivables.

The complete rating action is:

Issuer: SetCap Structured Settlement Trust, Series 2004-1

  -- Class A Notes, Confirmed A2; Previously on Nov 16, 2008, A2
     Placed on watch direction Uncertain

The Class A Notes are guaranteed by MBIA Insurance Corporation
whose financial strength rating is B3.  Moody's Investors Service
completed its review of the underlying rating on the Class A
Notes.  The performance of the transaction is better than Moody's
original expectations, and the A2 underlying rating reflects the
intrinsic credit quality of the securities in the absence of the
guarantee.  The current rating on the Class A Notes is 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.
Please see the press release dated November 10, 2008, titled
"Moody's modifies approach to rating structured finance securities
wrapped by financial guarantors".

In addition, in reviewing the transaction Moody's took into
consideration these: (i) the increase in overcollateralization
from 10% at closing to approximately 17% as of the March 16, 2009
distribution date; (ii) the increase in court ordered structured
settlements as a percentage of the overall discounted receivables
balance from approximately 40% at closing to approximately 57% as
of March 31, 2009.  As a result, the risk of claimant diversion
for this pool is lower compared to that risk at closing; (iii) the
servicing arrangement in which Wells Fargo Bank Minnesota, N.A.
acts as back-up servicer (Wells Fargo is expected to be able to
perform SetCap's servicing duties within a relatively short period
of time, if needed); and (iv) the highly rated and diversified
pool of insurance companies that are obligated to make payments on
the settlements and the annuities.  Approximately 85% of the
discounted receivables value are backed by obligors rated A3 or
higher.


SOLAR INVESTMENT: Fitch Junks Ratings on Five Classes of Notes
--------------------------------------------------------------
Fitch Ratings downgrades six classes of notes issued by Solar
Investment Grade CBO II, Ltd. and assigns a Rating Outlook:

  -- $242,090,342 class I downgraded to 'AA' from 'AAA'; Outlook
     Stable.

  -- $19,000,000 class II-A downgraded to 'CCC' from 'AA';

  -- $13,000,000 class II-B downgraded to 'CCC' from 'AA';

  -- $7,000,000 class III-A downgraded to 'CC' from 'BB';

  -- $20,000,000 class III-B downgraded to 'CC' from 'BB';

  -- $14,189,691 preferred shares downgraded to 'C' from 'CC/DR5'.

The Stable Outlook for class I reflect Fitch's expectation that
the rating will remain stable over the next one to two years.
Fitch has removed the Distressed Recovery rating from the
preferred shares.

The rating actions reflect negative credit migration in the
portfolio and incorporate Fitch's recently adjusted default and
recovery rate assumptions for analyzing structured finance
collateralized debt obligations as well as updated criteria for
corporate CDOs.  The current Fitch derived weighted average rating
is 'BB-', with 41.8% of the portfolio rated below investment grade
and 14.3% rated 'CCC' or lower.  Additionally, Fitch accounted for
the default of $6 million synthetic securities that had exposure
to Lehman Brothers as a swap counterparty.  These securities are
expected to experience significant losses.

The class I notes have benefited from recent portfolio
amortization paying down $55.7 million over the two most recent
payment dates. Additionally, the principal collection account
contains $16.7 million as of the March 25 trustee report.

The transaction's ability to repay the class II-A, II-B, III-A and
III-B notes is highly dependant upon the performance of 'CCC' and
lower rated collateral (14.3%).  This compares to credit
enhancement levels of 12.6% each for classes II-A and II-B and 4%
each for classes III-A and III-B.  Due to this high concentration
of 'CCC' and lower rated collateral in the portfolio, Fitch does
not expect these classes to receive a full return of principal by
the final payment date.

The preferred shares are rated to the full return of principal
only, but no payments have been received since July 2005. Fitch
does not expect the preferred shares to receive any future
payments.

Solar II is a collateralized bond obligation that closed in July
2001, with a portfolio managed by Sun Capital Advisers, Inc.
Solar II is composed of 88.7% corporate bonds and 11.3% structured
finance securities, including 7.7% real estate investment trusts
primarily from the 2003-2005 vintage.

This transaction was reviewed in accordance with Fitch's current
criteria for structured finance CDOs and corporate CDOs.  Fitch's
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 functionality for analyzing structured finance and
corporate securities together.  Fitch's revised criteria report
for rating corporate CDOs was released on April 30, 2008.  As part
of this review, Fitch makes standard adjustments for any
structured finance names on Rating Watch Negative or with a
Negative Outlook, downgrading such ratings for default analysis
purposes by three and one notches, respectively.  Fitch also makes
standard adjustments for any corporate names on Rating Watch
Negative or with a Negative Outlook, downgrading such ratings for
default analysis purposes by two and one notches, respectively.


SOLAR INVESTMENT: Fitch Junks Ratings on Four Classes of Notes
--------------------------------------------------------------
Fitch Ratings affirms two classes of notes issued by Solar
Investment Grade CBO I, Ltd. and assigns Rating Outlooks:

  -- $104,803,838 class I-A affirmed at 'AAA'; Outlook Stable;
  -- $7,891,855 class I-B affirmed at 'AAA'; Outlook Stable.

Fitch also downgrades these classes:

  -- $25,000,000 class II-A downgraded to 'CCC' from 'A';
  -- $22,000,000 class II-B downgraded to 'CCC' from 'A';
  -- $28,250,000 class III-A downgraded to 'C' from 'CC/DR3';
  -- $10,000,000 class III-B downgraded to 'C' from 'CC/DR3'.

The Stable Outlooks for classes I-A and I-B reflect Fitch's
expectation that the ratings will remain stable over the next one
to two years. Fitch has removed the Distressed Recovery rating
from the class III-A and III-B notes.

The rating actions reflect negative credit migration in the
portfolio and incorporate Fitch's recently adjusted default and
recovery rate assumptions for analyzing structured finance
collateralized debt obligations as well as updated criteria for
corporate CDOs.  The current Fitch derived weighted average rating
is 'BB', with 29.8% of the portfolio rated below investment grade
and 8.3% rated 'CCC' or lower.  Additionally, Fitch accounted for
the default of $20 million synthetic securities that had exposure
to Lehman Brothers as a swap counterparty.  These securities are
expected to experience significant losses.

The class I-A and I-B notes maintain their rating as they continue
to benefit from a failing senior coverage test along with
significant principal paydowns. On the previous two semi-annual
payment dates they received $51.8 million and $22.3 million.

The class II-A and II-B notes received full interest payments as
of the March 2009 payment date, primarily from the interest
waterfall, though some principal proceeds were used to pay the
class II-A and II-B interest due to an interest shortfall.  Fitch
expects the class II-A and II-B notes to continue to receive
future interest payments, but future principal payments may be
adversely affected by the performance of 'CCC' and lower rated
collateral.

The transaction's ability to repay the class III-A and III-B notes
is highly dependant upon the recoveries on defaulted and
distressed collateral.  Fitch does not expect the class III-A and
III-B notes to receive any future principal proceeds as the
principal waterfall diverts principal proceeds first to the class
I-A and I-B notes, pro rata, until paid in full.  The mezzanine
overcollateralization test is currently failing at 93.7% compared
to the 103.2% trigger as of the February 2009 trustee report.

Solar I is a collateralized bond obligation that closed in August
2000, with a portfolio managed by Sun Capital Advisers, Inc.
Solar I is composed of 51 securities, of which 87.1% is corporate
bonds and 12.9% is structured finance securities, including 9.9%
real estate investment trusts primarily from the pre-2002 vintage.

This transaction was reviewed in accordance with Fitch's current
criteria for structured finance CDOs and corporate CDOs.  Fitch's
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 functionality for analyzing structured finance and
corporate securities together.  Fitch's revised criteria report
for rating corporate CDOs was released on April 30, 2008.  As part
of this review, Fitch makes standard adjustments for any
structured finance names on Rating Watch Negative or with a
Negative Outlook, downgrading such ratings for default analysis
purposes by three and one notches, respectively.  Fitch also makes
standard adjustments for any corporate names on Rating Watch
Negative or with a Negative Outlook, downgrading such ratings for
default analysis purposes by two and one notches, respectively.


TEXAS AFFORDABLE HOUSING: S&P Cuts Mortgage Revenue Bonds to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Texas
State Affordable Housing Corp.'s (South Texas Affordable Housing
Corp.) multifamily mortgage revenue bonds (South Texas Apartment
Portfolio) series 2002B to 'D' from 'C'.

Standard & Poor's received a trustee notice dated March 2, 2009,
that South Texas Affordable Properties Corp., the borrower, did
not make sufficient payments to the trustee to make any payments
of principal or interest to the holders of the series B bonds, and
that the funds remaining in the series B debt service reserve fund
were insufficient to make these payments.  As a result, the March
1, 2009, debt service payment due to the series B bondholders was
not made.

As of March 2, 2009, the remaining balance in the series B debt
service reserve fund was $134,010, which is less than the $590,800
required by the indenture.


TPG-AUSTIN PORTFOLIO: S&P Withdraws 'CCC' Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC' corporate
credit and secured debt ratings on TPG-Austin Portfolio Holdings
LLC.  The ratings were previously on CreditWatch with negative
implications.  S&P is withdrawing its ratings at the company's
request, as the previously rated $292 million secured debt
facility has been restructured.

TPG-Austin was formed in 2007 to acquire a portfolio of 10 office
properties in Austin, Texas (3.5 million square feet; formerly
owned by Equity Office Properties) in a $1.15 billion leveraged
transaction.  TPG-Austin is a wholly-owned subsidiary of a limited
partnership joint venture between TPG/CalSTRS LLC (25%), Lehman
Bros. (50%), and a sovereign wealth fund (25%).  TPG/CalSTRS LLC
is, in turn, a limited liability company joint venture between
Thomas Properties (25%) and CalSTRS (75%).  Thomas Properties, a
publicly traded real estate company that is focused on developing
and operating office properties in a handful of markets, manages
the assets.  TPG-Austin is Austin's largest landlord and is a
competitive player within the city's class A office market.

In December 2008, S&P lowered its ratings and placed them on
CreditWatch negative given S&P's concerns regarding TPG-Austin's
inability to access funding under its $100 million credit facility
following Lehman's bankruptcy filing and management's recent
indication that TPG-Austin could itself file for bankruptcy as
early as January 2009.  Lehman was the sole lender for the
company's $292 million secured debt facility; while the
$192 million term portion was fully funded at the time of
origination in 2007, TPG-Austin's request for funding under the
previously unused $100 million credit facility in September 2008
remains unfunded.  As such, the company pursued legal remedies to
compel Lehman to either fund in accordance with the terms of the
credit agreement or reject the credit agreement so that TPG-Austin
may seek alternative financing supported by the underlying assets
currently securing the facility.

                        Ratings Withdrawn

                TPG-Austin Portfolio Holdings LLC

                                   Rating
                                   ------
                          To                 From
                          --                 ----
    Corporate credit      NR                 CCC/Watch Neg/--
    Secured debt          NR                 CCC/Watch Neg/--

                         NR -- Not rated.


WACHOVIA CRE: Moody's Downgrades Ratings on 16 2006-1 Notes
-----------------------------------------------------------
Moody's Investors Service confirmed the rating of one class and
downgraded the ratings of sixteen classes of Notes issued by
Wachovia CRE CDO 2006-1, Ltd.  The rating actions are:

  -- Class A-1A, $616,500,000, Floating Rate Notes Due 2026,
     downgraded to A2 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class A-1B, $68,500,000, Floating Rate Notes Due 2026,
     downgraded to Ba3 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class A-2A, $145,000,000, Floating Rate Notes Due 2026,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-2B, $145,000,000, Floating Rate Notes Due 2026,
     downgraded to Baa3 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $53,300,000, Floating Rate Notes Due 2026,
     downgraded to B2 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $39,000,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa1 from A1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class D, $12,350,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa1 from A2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class E, $13,650,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa2 from A3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class F, $24,700,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa2 from Baa1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class G, $16,900,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa2 from Baa2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class H, $35,100,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa3 from Baa3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class J, $13,000,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa3 from Ba1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class K, $14,950,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa3 from Ba2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class L, $9,100,000, Floating Rate Capitalized Interest Notes
     Due 2026, downgraded to Caa3 from Ba3; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class M, $34,450,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa3 from B1; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class N, $16,250,000, Floating Rate Capitalized Interest
     Notes Due 2026, downgraded to Caa3 from B2; previously on
     3/12/2009 Placed Under Review for Possible Downgrade

  -- Class O, $6,500,000, Floating Rate Capitalized Interest Notes
     Due 2026, downgraded to Caa3 from B3; previously on 3/12/2009
     Placed Under Review for Possible Downgrade

Moody's downgraded Classes A-1A, A-1B, A-2B, B, C, D, E, F, G, H,
J, K, L, M, N and O due to revised modeling parameters.  Moody's
ratings are based on the current credit quality of the collateral
and may not reflect potential migration as per the legal
documentation.

The pool contains a 88.1% concentration in Whole Loans originated
between 2004 and 2008.  The remaining collateral includes B-Notes
and Mezzanine Loans.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first review since
securitization.  Moody's review at securitization is summarized in
a Pre-Sale report dated May 22, 2006.


WAMU MORTGAGE: S&P Corrects Ratings on 2007-HY7 Certs. To 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected and lowered its
rating on the class 3-A2 from WaMu Mortgage Pass-Through
Certificates Series 2007-HY7 Trust to 'B+' from 'AAA'.

On March 17, 2009, as part of a larger review of U.S. residential
mortgage-backed securities backed by Alternative-A collateral, S&P
affirmed the 'AAA' rating on this class and removed the rating
from CreditWatch with negative implications, based on incorrect
data provided by a third-party regarding the credit enhancement
available to this class.

The downgrade incorporates the current and Standard & Poor's
projected losses based on the dollar amount of loans currently in
the transaction's delinquency, foreclosure, and real estate owned
pipeline, as well as S&P's projection of future defaults.  S&P
also incorporated cumulative losses to date in its analysis.

The class 3-A2 is a super senior class, which benefits from senior
support classes that will absorb a certain amount of losses before
any applicable losses could affect this class.  However, the
lowered rating reflects S&P's belief that the amount of credit
enhancement available from these senior support classes is
consistent with a B+ rating.

                         Rating Corrected

   WaMu Mortgage Pass-Through Certificates Series 2007-HY7 Trust

                                     Rating
                                     ------
      Class   CUSIP       Current    March 17    Pre-March 17
      -----   -----       -------    --------    ------------
      3-A2    93364FAH4   B+         AAA         AAA/Watch Neg


* Fitch Takes Various Rating Actions on 58 SFs and 98 CRE CDOs
--------------------------------------------------------------
Fitch Ratings has taken various actions on 58 structured finance
and 98 commercial real estate collateralized debt obligations.
The 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.

Fitch assigned Rating Outlooks to all classes, except for those
classes rated 'CCC' and lower.  For SF CDOs, Negative Outlooks
were assigned to classes in transactions with a significant
portion of the underlying portfolio comprised of residential
mortgage-backed securities and other SF CDOs that are expected to
continue to face negative pressure as the housing market
stabilizes.  For CRE CDOs, Negative Outlooks were assigned to
classes that fail Fitch's property value decline stress testing.


* Moody's Puts Ratings on 18 Interest Rate Swaps to March 31 RMBS
-----------------------------------------------------------------
Moody's Investors Service has assigned ratings on 18 interest rate
swaps to RMBS transactions on March 31, 2009.  Because there is
relatively limited historical performance data for the types of
assets involved in these transactions, these credit ratings may
have a greater potential rating volatility than would ratings for
transactions supported by more historical performance data.
Moody's ratings address the risk posed to the swap counterparties
on an expected loss basis arising from the inability of the
respective trusts to honor their obligations under the swaps.  The
ratings take into account the ratings of the swap counterparties,
the transactions' legal structures and the characteristics of the
collateral mortgage pools of each respective trust.

The complete ratings action is:

Issuer: CWALT, Inc. Alternative Loan Trust 2006-OC5 Swap
(Reference Number 1264906B)

  -- Interest Rate Swap, Assigned Aa3

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2007-OH1 Swap (Reference Number 1762254B)

  -- Interest Rate Swap, Assigned A2

Issuer: GSC Alternative Loan Trust Notes, Series 2006-2 Swap
(Reference Number 1254100B)

  -- Interest Rate Swap, Assigned Aa3

Issuer: IndyMac INDX Mortgage Loan Trust 2007-FLX1 Swap (Reference
Number 1554177B)

  -- Interest Rate Swap, Assigned A3

Issuer: IndyMac INDX Mortgage Loan Trust 2007-FLX2 Swap (Reference
Number 1615240B)

  -- Interest Rate Swap, Assigned A3

Issuer: Impac Secured Asset Corp., Mortgage Pass-Through
Certificates, Series 2005-2 Swap (Reference Number 1029007B)

  -- Interest Rate Swap, Assigned Aa3

Issuer: Option One Mortgage Loan Trust 2006-2 Swap (Reference
Number 1259949B)

  -- Interest Rate Swap, Assigned Ba1

Issuer: RALI Series 2007-QH3 Trust Swap (Reference Number
1683809B)

  -- Interest Rate Swap, Assigned A3

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-HE1
Swap (Reference Number 1332847B)

  -- Interest Rate Swap, Assigned Baa2

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-NC3
Swap (Reference Number 1431789B)

  -- Interest Rate Swap, Assigned Baa1

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-WM2
Swap (Reference Number 1615240B)

  -- Interest Rate Swap, Assigned Baa2

Issuer: Securitized Asset Backed Receivables LLC Trust 2006-WM3
Swap (Reference Number 1470290B)

  -- Interest Rate Swap, Assigned Baa3

Issuer: Securitized Asset Backed Receivables LLC Trust 2007-BR3
Swap (Reference Number 1786944B)

  -- Interest Rate Swap, Assigned Baa2

Issuer: Securitized Asset Backed Receivables LLC Trust 2007-BR4
Swap (Reference Number 1796240B)

  -- Interest Rate Swap, Assigned Baa1

Issuer: Securitized Asset Backed Receivables LLC Trust 2007-BR5
Swap (Reference Number 1829264B)

  -- Interest Rate Swap, Assigned Baa1

Issuer: Securitized Asset Backed Receivables LLC Trust 2007-HE1
Swap (Reference Number 1554163B)

  -- Interest Rate Swap, Assigned Baa2

Issuer: WaMu Asset-Backed Certificates WaMu Series 2007-HE3 Trust
Swap (Reference Number 1733274B)

  -- Interest Rate Swap, Assigned Baa1

Issuer: WaMu Asset-Backed Certificates WaMu Series 2007-HE4 Trust
Swap (Reference Number 1789071B)

  -- Interest Rate Swap, Assigned Baa1

The swap counterparties in these transactions are paid a fixed
rate and pay LIBOR to the trusts on a notional amount that can be
found in a schedule to the swap agreements, or it can be the
minimum of either the outstanding bonds or mortgage pool balance
and the amount that is found in the notional schedule to the swap
agreement, or is tied directly to the balance of the bonds.  The
swap counterparties recieve payments prior to bondholders, and are
thus in a senior position to all bonds issued by the trusts.  In
addition to the senior position in the waterfall, the swap
providers are paid from proceeds derived from both principal and
interest collections, including liquidation proceeds and servicer
advances.  These structural features provide access to ample funds
to make swap payments even in instances where the underlying
mortgage pool is subject to severe stress.

Given the position of the swaps in the cashflow waterfalls, in
addition to the limitation placed on the size of the notional
amounts relative to the collateral pool balances, the primary risk
driving the ratings on the swaps that have a notional that is
calculated as the minimum of the collateral or bond balance and
the balance in the schedule is the risk of a termination event
triggered by an event of default where the swap provider is the
defaulting party.

The primary risks driving the ratings on the swaps that have
notional amounts that are based strictly on a schedule are the
risk that the collateral pool amortizes at a rate that exceeds the
amortization rate of the swap notional and the risk of a
termination event triggered by a default of the swap counterparty.
The risk that the collateral balance would amortize faster than
the swap notional is deemed remote due to the extremely slow
prepayment rate on the collateral pool.

The primary risks driving the rating on the swap that has a
notional that is equivalent to the bond balance are the risk that
the collateral pool incurs losses in excess of the combined
subordinate bond balance and overcollateralization amount, as the
senior bonds in the transaction backing this swap are not
allocated losses.  This would result in a swap notional in excess
of the collateral balance.  Given the short remaining term of the
swap, the likelihood of a payment shortfall to the swap
counterparty due to a mismatch in the notional and collateral
balances is somewhat remote.

The counterparty in the swap, Barclays Bank PLC, has a Aa3 long
term rating and a P-1 short term rating by Moody's.


* Moody's Downgrades Ratings on 47 Tranches from Nine Alt-A RMBS
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 47
tranches from 9 Alt-A RMBS transactions issued by Washington
Mutual.  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 assigned to each collateral group,
Moody's assesses available credit enhancement from subordination,
overcollateralization, 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:

WaMu Mortgage Pass-Through Ctfs. 2004-CB1

  -- Cl. B-1, Downgraded to A1; previously on 6/17/2004 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Baa1; previously on 6/17/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Ba1; previously on 6/17/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa1; previously on 6/17/2004 Assigned
     Ba2

WaMu Mortgage Pass-Through Ctfs. 2004-CB2

  -- Cl. B-4, Downgraded to B2; previously on 8/23/2004 Assigned
     Ba2

WaMu Mortgage Pass-Through Ctfs. 2004-CB3

  -- Cl. I-A, Downgraded to Aa1; previously on 9/17/2004 Assigned
     Aaa

  -- Cl. II-A, Downgraded to Aa1; previously on 9/17/2004 Assigned
     Aaa

  -- Cl. III-A, Downgraded to Aa1; previously on 9/17/2004
     Assigned Aaa

  -- Cl. IV-A, Downgraded to Aa1; previously on 9/17/2004 Assigned
     Aaa

  -- Cl. I-P, Downgraded to Aa1; previously on 9/17/2004 Assigned
     Aaa

  -- Cl. III-P, Downgraded to Aa1; previously on 9/17/2004
     Assigned Aaa

  -- Cl. C-X, Downgraded to Aa1; previously on 9/17/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A2; previously on 9/17/2004 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Baa3; previously on 9/17/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Ba3; previously on 9/17/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa2; previously on 9/17/2004 Assigned
     Ba2

WaMu Mortgage Pass-Through Ctfs. 2004-CB4

  -- Cl. I-1-A, Downgraded to Aa3; previously on 12/13/2004
     Assigned Aaa

  -- Cl. I-2-A, Downgraded to Aa3; previously on 12/13/2004
     Assigned Aaa

  -- Cl. II-1-A, Downgraded to Aa3; previously on 12/13/2004
     Assigned Aaa

  -- Cl. II-2-A, Downgraded to Aa3; previously on 12/13/2004
     Assigned Aaa

  -- Cl. I-P, Downgraded to Aa3; previously on 12/13/2004 Assigned
     Aaa

  -- Cl. II-P, Downgraded to Aa3; previously on 12/13/2004
     Assigned Aaa

  -- Cl. C-X, Downgraded to Aa3; previously on 12/13/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Baa1; previously on 12/13/2004
     Assigned Aa2

  -- Cl. B-2, Downgraded to Ba2; previously on 12/13/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa1; previously on 12/13/2004
     Assigned Baa2

  -- Cl. B-4, Downgraded to Caa3; previously on 12/13/2004
     Assigned Ba2

Washington Mutual MSC 2002-AR3 Trust

  -- Cl. M, Downgraded to Aa1; previously on 12/19/2002 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A1; previously on 9/1/2004 Upgraded to
     Aaa

  -- Cl. B-2, Downgraded to Baa2; previously on 9/1/2004 Upgraded
     to Aa2

  -- Cl. B-3, Downgraded to B1; previously on 9/1/2004 Upgraded to
     A2

Washington Mutual MSC 2003-AR1 Trust

  -- Cl. M, Downgraded to Aa3; previously on 3/18/2003 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A2; previously on 9/1/2004 Upgraded to
     Aaa

  -- Cl. B-2, Downgraded to Baa3; previously on 10/20/2006
     Upgraded to Aaa

  -- Cl. B-3, Downgraded to Caa1; previously on 10/20/2006
     Upgraded to Aa2

Washington Mutual MSC 2003-AR2 Trust

  -- Cl. M, Downgraded to Aa3; previously on 6/16/2003 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Baa1; previously on 9/1/2004 Upgraded
     to Aaa

  -- Cl. B-2, Downgraded to Ba3; previously on 10/20/2006 Upgraded
     to Aa1

  -- Cl. B-3, Downgraded to Caa3; previously on 10/20/2006
     Upgraded to A2

Washington Mutual MSC 2003-AR3 Trust

  -- Cl. M, Downgraded to Aa2; previously on 7/31/2003 Assigned \
     Aaa

  -- Cl. B-1, Downgraded to A2; previously on 7/27/2005 Upgraded
     to Aaa

  -- Cl. B-2, Downgraded to Baa2; previously on 7/27/2005 Upgraded
     to Aa2

  -- Cl. B-3, Downgraded to Ba3; previously on 7/27/2005 Upgraded
     to A2

Washington Mutual MSC 2003-AR4 Trust

  -- Cl. M, Downgraded to A1; previously on 10/1/2003 Assigned Aaa

  -- Cl. B-1, Downgraded to Baa2; previously on 10/20/2006
     Upgraded to Aaa

  -- Cl. B-2, Downgraded to Ba1; previously on 10/20/2006 Upgraded
     to Aa2

  -- Cl. B-3, Downgraded to Caa2; previously on 10/20/2006
     Upgraded to A2


* Moody's Cuts Ratings on 149 Tranches Backed by Housing Loans
--------------------------------------------------------------
Moody's Investors Service has taken rating actions with respect to
the ratings of certain tranches of transactions collateralized by
manufactured housing loans.  These actions result in changes to
ratings announced on March 30, which the rating agency determined
had employed unduly conservative assumptions regarding loss
multiples and severity of loss upon default and did not give full
credit for scheduled principal payments.  In taking these rating
actions, Moody's applied an expanded ratings multiple table to
provide loss multiples for transactions with higher loss levels,
added credit for scheduled principal payments, and updated its
loss severity assumption to 85%, which compares to actual recent
severity experience of about 75%.  This resulted in adjusted
ratings on 197 tranches.

The adjusted rating actions are:

Access Financial MH Contract Trust 1995-1

  -- B-1, Downgraded from B2 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

Access Financial MH Contract Trust 1996-1

  -- A-5, Downgraded from Aaa to Aa1 on 3/30/2009; Changed to Aaa
     placed on review for possible downgrade on 4/3/2009.

  -- A-6, Downgraded from A1 to Ca on 3/30/2009; Changed to Ba2 on
     4/3/2009.

Associates Manufactured Housing 1996-2

  -- B-1, Downgraded from Ba2 to B2 on 3/30/2009; Changed to Ba2
     on 4/3/2009.

Associates Manufactured Housing 1997-2

  -- A-6, Downgraded from Aaa to A1 on 3/30/2009; Changed to Aaa
     placed on review for possible downgrade on 4/3/2009.

  -- M, Downgraded from A1 to B1 on 3/30/2009; Changed to A2 on
     4/3/2009.

Bombardier Capital Mortgage Securitization Corp 1998-A

  -- A-3, Downgraded from A1 to Ba3 on 3/30/2009; Changed to A1 on
     4/3/2009.

  -- A-4, Downgraded from A1 to Ba3 on 3/30/2009; Changed to A1 on
     4/3/2009.

  -- A-5, Downgraded from A1 to Ba3 on 3/30/2009; Changed to A1 on
     4/3/2009.

Bombardier Capital Mortgage Securitization Corp 1998-B

  -- A, Downgraded from B2 to Caa3 on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Bombardier Capital Mortgage Securitization Corp 1999-A

  -- A-2, Downgraded from B1 to Caa2 on 3/30/2009; Changed to B3
     on 4/3/2009.

  -- A-3, Downgraded from B1 to Caa2 on 3/30/2009; Changed to B3
     on 4/3/2009.

  -- A-4, Downgraded from B1 to Caa2 on 3/30/2009; Changed to B3
     on 4/3/2009.

  -- A-5, Downgraded from B1 to Caa2 on 3/30/2009; Changed to B3
     on 4/3/2009.

Bombardier Capital Mortgage Securitization Corp 2001-A

  -- Cl. A, Downgraded from Baa3 to B3 on 3/30/2009; Changed to
     Baa3 on 4/3/2009.

  -- Cl. M-1, Downgraded from Caa3 to C on 3/30/2009; Changed to
     Ca on 4/3/2009.

Conseco Finance Securitization Corp. Series 2001-4

  -- Class M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed
     to Caa2 on 4/3/2009.

Conseco Finance Securitization Corp. Series 2002-2

  -- Class M-1, Downgraded from B1 to B2 on 3/30/2009; Changed to
     B1 on 4/3/2009.

Conseco Finance Securitizations Corp. Series 1999-6

  -- Cl. A-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed to
     Caa2 on 4/3/2009.

Conseco Finance Securitizations Corp. Series 2000-6

  -- Cl. A-5, Downgraded from B3 to Caa3 on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

Conseco Finance Securitizations Corp. Series 2001-1

  -- Cl. A-5, Downgraded from B3 to Caa3 on 3/30/2009; Changed to
     B3 on 4/3/2009.

Conseco Finance Securitizations Corp. Series 2001-3

  -- Class A-4, Downgraded from B1 to Caa2 on 3/30/2009; Changed
     to B1 placed on review for possible downgrade on 4/3/2009.

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-MH1

  -- Cl. AF-2, Downgraded from Aaa to A1 on 3/30/2009; Changed to
     Aaa on 4/3/2009.

  -- Cl. AF-3, Downgraded from Aaa to A1 on 3/30/2009; Changed to
     Aaa on 4/3/2009.

  -- Cl. AF-4, Downgraded from Aaa to A1 on 3/30/2009; Changed to
     Aaa on 4/3/2009.

  -- Cl. M-1, Downgraded from Aa2 to Baa2 on 3/30/2009; Changed to
     A1 on 4/3/2009.

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-MH1

  -- Cl. B-1, Downgraded from Baa2 to B3 on 3/30/2009; Changed to
     Ca on 4/3/2009.

CIT Group Securitization Corp II MH 1995-1

  -- A-4, Downgraded from Aa3 to Ba1 on 3/30/2009; Changed to Aa3
     on 4/3/2009.

CIT Group Securitization Corp II MH 1995-2

  -- A-5, Downgraded from Aa3 to Ba2 on 3/30/2009; Changed to Aa3
     on 4/3/2009.

CSFB ABS Trust Manufactured Housing Pass-Through Certificates
2001-MH29

  -- Cl. M-1, Downgraded from Aa2 to A2 on 3/30/2009; Changed to
     Aa2 placed on review for possible downgrade on 4/3/2009.

  -- Cl. M-2, Downgraded from A2 to B1 on 3/30/2009; Changed to
     Baa3 on 4/3/2009.

CSFB Manufactured Housing Pass-Through Certificates, Series 2002-
MH3

  -- Cl. A, Downgraded from Aaa to A2 on 3/30/2009; Changed to Aaa
     placed on review for possible downgrade on 4/3/2009.

  -- Cl. M-1, Downgraded from Aa2 to Ba2 on 3/30/2009; Changed to
     A3 on 4/3/2009.

  -- Cl. M-2, Downgraded from Baa2 to Ca on 3/30/2009; Changed to
     B2 on 4/3/2009.

Deutsche Financial Capital Securitization LLC, Series 1997-I

  -- Class A-3, Downgraded from A3 to Baa2 on 3/30/2009; Changed
     to A3 on 4/3/2009.

  -- Class A-4, Downgraded from A3 to Baa2 on 3/30/2009; Changed
     to A3 on 4/3/2009.

  -- Class A-5, Downgraded from A3 to Baa2 on 3/30/2009; Changed
     to A3 on 4/3/2009.

  -- Class A-6, Downgraded from A3 to Baa2 on 3/30/2009; Changed
     to A3 on 4/3/2009.

  -- Class M, Downgraded from B3 to Ca on 3/30/2009; Changed to B3
     placed on review for possible downgrade on 4/3/2009.

Deutsche Financial Capital Securitization LLC, Series 1998-I

  -- Class A-2, Downgraded from Baa1 to B3 on 3/30/2009; Changed
     to Baa1 on 4/3/2009.

  -- Class A-3, Downgraded from Baa1 to B3 on 3/30/2009; Changed
     to Baa1 on 4/3/2009.

  -- Class A-4, Downgraded from Baa1 to B3 on 3/30/2009; Changed
     to Baa1 on 4/3/2009.

  -- Class A-5, Downgraded from Baa1 to B3 on 3/30/2009; Changed
     to Baa1 on 4/3/2009.

  -- Class A-6, Downgraded from Baa1 to B3 on 3/30/2009; Changed
     to Baa1 on 4/3/2009.

  -- Class A-7, Downgraded from Baa1 to B3 on 3/30/2009; Changed
     to Baa1 on 4/3/2009.

  -- Class M, Downgraded from Caa2 to C on 3/30/2009; Changed to
     Ca on 4/3/2009.

Green Tree Financial Corporation MH 1992-02

  -- B, Downgraded from Caa1 to Caa3 on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Green Tree Financial Corporation MH 1993-01

  -- B, Downgraded from Caa1 to Caa3 on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Green Tree Financial Corporation MH 1993-02

  -- B, Downgraded from Caa1 to Caa3 on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Green Tree Financial Corporation MH 1993-03

  -- B, Downgraded from Caa1 to Caa3 on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Green Tree Financial Corporation MH 1995-03

  -- B-1, Downgraded from Ba2 to B1 on 3/30/2009; Changed to Ba2
     on 4/3/2009.

Green Tree Financial Corporation MH 1995-04

  -- B-1, Downgraded from B1 to Caa3 on 3/30/2009; Changed to B1
     on 4/3/2009.

Green Tree Financial Corporation MH 1995-05

  -- B-1, Downgraded from B1 to Caa2 on 3/30/2009; Changed to B1
     on 4/3/2009.

Green Tree Financial Corporation MH 1995-06

  -- M-1, Downgraded from Baa2 to Ba3 on 3/30/2009; Changed to
     Baa2 on 4/3/2009.

  -- B-1, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Green Tree Financial Corporation MH 1995-08

  -- M-1, Downgraded from A1 to A2 on 3/30/2009; Changed to A1 on
     4/3/2009.

  -- B-1, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Green Tree Financial Corporation MH 1995-09

  -- M-1, Downgraded from A2 to A3 on 3/30/2009; Changed to A2 on
     4/3/2009.

  -- B-1, Downgraded from B3 to Caa1 on 3/30/2009; Changed to B3
     on 4/3/2009.

Green Tree Financial Corporation MH 1995-10

  -- M-1, Downgraded from Aa3 to Baa1 on 3/30/2009; Changed to Aa3
     on 4/3/2009.

  -- B-1, Downgraded from B3 to Ca on 3/30/2009; Changed to B3
     placed on review for possible downgrade on 4/3/2009.

Green Tree Financial Corporation MH 1996-01

  -- M-1, Downgraded from Baa1 to Ba2 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

  -- B-1, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

Green Tree Financial Corporation MH 1996-02

  -- M-1, Downgraded from B3 to Caa2 on 3/30/2009; Changed to B3
     placed on review for possible downgrade on 4/3/2009.

Green Tree Financial Corporation MH 1996-03

  -- A-5, Downgraded from Aa1 to A1 on 3/30/2009; Changed to Aa1
     on 4/3/2009.

  -- A-6, Downgraded from Aa1 to A1 on 3/30/2009; Changed to Aa1
     on 4/3/2009.

  -- M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed to Caa3
     on 4/3/2009.

Green Tree Financial Corporation MH 1996-04

  -- A-6, Downgraded from A2 to A3 on 3/30/2009; Changed to A2 on
     4/3/2009.

  -- A-7, Downgraded from A2 to A3 on 3/30/2009; Changed to A2 on
     4/3/2009.

Green Tree Financial Corporation MH 1996-05

  -- A-6, Downgraded from Aa3 to A1 on 3/30/2009; Changed to Aa3
     on 4/3/2009.

  -- A-7, Downgraded from Aa3 to A1 on 3/30/2009; Changed to Aa3
     on 4/3/2009.

  -- M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

Green Tree Financial Corporation MH 1996-06

  -- M-1, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Green Tree Financial Corporation MH 1996-07

  -- M-1, Downgraded from B1 to Caa2 on 3/30/2009; Changed to B3
     on 4/3/2009.

Green Tree Financial Corporation MH 1996-08

  -- A-6, Downgraded from Aa2 to Aa3 on 3/30/2009; Changed to Aa2
     on 4/3/2009.

  -- A-7, Downgraded from Aa2 to Aa3 on 3/30/2009; Changed to Aa2
     on 4/3/2009.

  -- M-1, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

Green Tree Financial Corporation MH 1996-09

  -- M-1, Downgraded from B2 to Ca on 3/30/2009; Changed to Caa1
     on 4/3/2009.

Green Tree Financial Corporation MH 1997-01

  -- M-1, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

Green Tree Financial Corporation MH 1997-02

  -- A-6, Downgraded from Baa1 to Baa3 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

  -- A-7, Downgraded from Baa1 to Baa3 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

Green Tree Financial Corporation MH 1997-03

  -- A-5, Downgraded from Baa1 to Ba1 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

  -- A-6, Downgraded from Baa1 to Ba1 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

Green Tree Financial Corporation MH 1997-05

  -- M-1, Downgraded from B2 to Caa2 on 3/30/2009; Changed to B2
     on 4/3/2009.

Green Tree Financial Corporation MH 1997-07

  -- A-6, Downgraded from A3 to Baa1 on 3/30/2009; Changed to A3
     on 4/3/2009.

  -- A-7, Downgraded from A3 to Baa1 on 3/30/2009; Changed to A3
     on 4/3/2009.

  -- A-8, Downgraded from A3 to Baa1 on 3/30/2009; Changed to A3
     on 4/3/2009.

  -- A-9, Downgraded from A3 to Baa1 on 3/30/2009; Changed to A3
     on 4/3/2009.

  -- A-10, Downgraded from A3 to Baa1 on 3/30/2009; Changed to A3
     on 4/3/2009.

  -- M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed to Caa3
     on 4/3/2009.

Green Tree Financial Corporation MH 1998-01

  -- M-1, Downgraded from Caa2 to Ca on 3/30/2009; Changed to Caa3
     on 4/3/2009.

Green Tree Financial Corporation MH 1998-02

  -- A-5, Downgraded from Baa3 to Ba3 on 3/30/2009; Changed to Ba1
     on 4/3/2009.

  -- A-6, Downgraded from Ba1 to Ba3 on 3/30/2009; Changed to Ba1
     on 4/3/2009.

  -- M-1, Downgraded from Ca to C on 3/30/2009; Changed to Ca on
     4/3/2009.

Green Tree Financial Corporation MH 1998-04

  -- A-5, Downgraded from Ba3 to B3 on 3/30/2009; Changed to Ba3
     on 4/3/2009.

  -- A-6, Downgraded from Ba3 to B3 on 3/30/2009; Changed to Ba3
     on 4/3/2009.

  -- A-7, Downgraded from Ba3 to B3 on 3/30/2009; Changed to Ba3
     on 4/3/2009.

  -- M-1, Downgraded from Ca to C on 3/30/2009; Changed to Ca on
     4/3/2009.

Green Tree Financial Corporation MH 1998-05

  -- A-1, Downgraded from Ba1 to B3 on 3/30/2009; Changed to Ba1
     on 4/3/2009.

  -- M-1, Downgraded from Ca to C on 3/30/2009; Changed to Ca on
     4/3/2009.

Green Tree Financial Corporation MH 1998-07

  -- A-1, Downgraded from Ba1 to B1 on 3/30/2009; Changed to Ba1
     on 4/3/2009.

  -- M-1, Downgraded from Caa3 to C on 3/30/2009; Changed to Ca on
     4/3/2009.

Green Tree Financial Corporation MH 1998-08

  -- A-1, Downgraded from Ba2 to B3 on 3/30/2009; Changed to Ba2
     on 4/3/2009.

  -- M-1, Downgraded from Caa3 to C on 3/30/2009; Changed to Ca on
     4/3/2009.

Greenpoint Manufactured Housing Contract Trust 1999-5

  -- Cl. A-5, Downgraded from Ba1 to Ba2 on 3/30/2009; Changed to
     Ba1 on 4/3/2009.

  -- Cl. M-1B, Downgraded from Ca to C on 3/30/2009; Changed to Ca
     on 4/3/2009.

GreenPoint Manufactured Housing Contract Trust 2001-1

  -- Cl. I M-2, Downgraded from Aa3 to B1 on 3/30/2009; Changed to
     Baa3 on 4/3/2009.

IndyMac MH Contract 1997-1

  -- A-2, Downgraded from B1 to Ca on 3/30/2009; Changed to Caa3
     on 4/3/2009.

  -- A-3, Downgraded from B1 to Ca on 3/30/2009; Changed to Caa3
     on 4/3/2009.

  -- A-4, Downgraded from B1 to Ca on 3/30/2009; Changed to Caa3
     on 4/3/2009.

  -- A-5, Downgraded from B1 to Ca on 3/30/2009; Changed to Caa3
     on 4/3/2009.

  -- A-6, Downgraded from B1 to Ca on 3/30/2009; Changed to Caa3
     on 4/3/2009.

Mid-State Trust VI

  -- A-1, Downgraded from Aaa to A1 on 3/30/2009; Changed to Aa3
     on 4/3/2009.

  -- A-2, Downgraded from Aa2 to Baa3 on 3/30/2009; Changed to
     Baa2 on 4/3/2009.

  -- A-3, Downgraded from A2 to B2 on 3/30/2009; Changed to Ba1 on
     4/3/2009.

  -- A-4, Downgraded from Baa2 to C on 3/30/2009; Changed to Caa3
     on 4/3/2009.

Mid-State Trust X

  -- Cl. M-1, Downgraded from Aa2 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

  -- Cl. M-2, Downgraded from A2 to Ca on 3/30/2009; Changed to
     Caa3 on 4/3/2009.

Mid-State Trust XI

  -- Cl. A, Downgraded from Aaa to Ba1 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

Oakwood Mortgage Investors, Inc. Series 1997-D

  -- A-3, Downgraded from A2 to A3 on 3/30/2009; Changed to A2 on
     4/3/2009.

  -- A-4, Downgraded from A2 to A3 on 3/30/2009; Changed to A2 on
     4/3/2009.

  -- A-5, Downgraded from A2 to A3 on 3/30/2009; Changed to A2 on
     4/3/2009.

  -- M, Downgraded from Ba3 to Caa1 on 3/30/2009; Changed to Ba3
     placed on review for possible downgrade on 4/3/2009.

Oakwood Mortgage Investors, Inc. Series 1998-A

  -- M, Downgraded from Caa1 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

Oakwood Mortgage Investors, Inc., Series 1998-C

  -- A, Downgraded from Baa3 to B3 on 3/30/2009; Changed to Baa3
     on 4/3/2009.

  -- A-1 AR M, Downgraded from Baa3 to B3 on 3/30/2009; Changed to
     Baa3 on 4/3/2009.

  -- M-1, Downgraded from Ca to C on 3/30/2009; Changed to Ca on
     4/3/2009.

Oakwood Mortgage Investors, Inc., Series 1998-D

  -- A, Downgraded from Ba1 to Caa1 on 3/30/2009; Changed to Ba1
     on 4/3/2009.

  -- A-1 AR M, Downgraded from Ba1 to Caa1 on 3/30/2009; Changed
     to Ba1 on 4/3/2009.

  -- M-1, Downgraded from Ca to C on 3/30/2009; Changed to Ca on
     4/3/2009.

Oakwood Mortgage Investors, Inc., Series 1999-A

  -- A-2, Downgraded from Ba1 to B3 on 3/30/2009; Changed to Ba1
     placed on review for possible downgrade on 4/3/2009.

  -- A-3, Downgraded from Ba1 to B3 on 3/30/2009; Changed to Ba1
     placed on review for possible downgrade on 4/3/2009.

  -- A-4, Downgraded from Ba1 to B3 on 3/30/2009; Changed to Ba1
     placed on review for possible downgrade on 4/3/2009.

  -- A-5, Downgraded from Ba1 to B3 on 3/30/2009; Changed to Ba1
     placed on review for possible downgrade on 4/3/2009.

  -- M-1, Downgraded from Caa3 to C on 3/30/2009; Changed to Ca on
     4/3/2009.

Oakwood Mortgage Investors, Inc., Series 1999-B

  -- A-2, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

  -- A-3, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

  -- A-4, Downgraded from B3 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

Oakwood Mortgage Investors, Inc., Series 1999-D

  -- A-1, Downgraded from Caa1 to Ca on 3/30/2009; Changed to Caa2
     on 4/3/2009.

OMI Trust 2000-C

  -- Cl. A-1, Downgraded from B2 to Ca on 3/30/2009; Changed to
     Caa2 on 4/3/2009.

OMI Trust 2000-D

  -- Cl. A-3, Downgraded from Caa1 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

OMI Trust 2001-B

  -- Cl. A-2, Downgraded from Ba3 to Caa3 on 3/30/2009; Changed to
     B3 on 4/3/2009.

  -- Cl. A-3, Downgraded from Ba3 to Caa3 on 3/30/2009; Changed to
     B3 on 4/3/2009.

  -- Cl. A-4, Downgraded from Ba3 to Caa3 on 3/30/2009; Changed to
     B3 on 4/3/2009.

OMI Trust 2002-A

  -- Cl. A-1, Downgraded from B1 to Ca on 3/30/2009; Changed to B3
     on 4/3/2009.

  -- Cl. A-2, Downgraded from B1 to Ca on 3/30/2009; Changed to B3
     on 4/3/2009.

  -- Cl. A-3, Downgraded from B1 to Ca on 3/30/2009; Changed to B3
     on 4/3/2009.

  -- Cl. A-4, Downgraded from B1 to Ca on 3/30/2009; Changed to B3
     on 4/3/2009.

  -- Cl. A-IO, Downgraded from Ba3 to Ca on 3/30/2009; Changed to
     B3 on 4/3/2009.

OMI Trust 2002-B

  -- Cl. A-1, Downgraded from Ba2 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

  -- Cl. A-2, Downgraded from Ba2 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

  -- Cl. A-3, Downgraded from Ba2 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

  -- Cl. A-4, Downgraded from Ba2 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

  -- Cl. IO, Downgraded from Ba1 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

OMI Trust 2002-C

  -- Cl. A-1, Downgraded from Ba1 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

  -- Cl. A-IO, Downgraded from Ba1 to Ca on 3/30/2009; Changed to
     Caa1 on 4/3/2009.

OMI Trust Series 2001-E

  -- Cl. A-1, Downgraded from B3 to Ca on 3/30/2009; Changed to
     Caa3 on 4/3/2009.

  -- Cl. A-2, Downgraded from B3 to Ca on 3/30/2009; Changed to
     Caa3 on 4/3/2009.

  -- Cl. A-3, Downgraded from B3 to Ca on 3/30/2009; Changed to
     Caa3 on 4/3/2009.

  -- Cl. A-4, Downgraded from B3 to Ca on 3/30/2009; Changed to
     Caa3 on 4/3/2009.

  -- Cl. A-IO, Downgraded from B2 to Ca on 3/30/2009; Changed to
     Caa3 on 4/3/2009.

Origen Manufactured Housing Conract Trust Collateralized Notes,
Series 2005-B

Origen Manufactured Housing Contract Senior/Subordinate Asset-
Backed Certificates, Series 2001-A

  -- Cl. A-5, Downgraded from A2 to Caa2 on 3/30/2009; Changed to
     A2 on 4/3/2009.

  -- Cl. A-6, Downgraded from A2 to Caa3 on 3/30/2009; Changed to
     B2 on 4/3/2009.

  -- Cl. A-7, Downgraded from A2 to Caa2 on 3/30/2009; Changed to
     B1 on 4/3/2009.

UCFC Funding Corporation 1997-2

  -- M, Downgraded from B2 to B3 on 3/30/2009; Changed to B2 on
     4/3/2009.

UCFC Funding Corporation 1997-3

  -- A-4, Downgraded from Baa2 to Ba3 on 3/30/2009; Changed to
     Baa2 on 4/3/2009.

  -- M, Downgraded from Ca to C on 3/30/2009; Changed to Ca on
     4/3/2009.

UCFC Funding Corporation 1997-4

  -- A-4, Downgraded from B1 to Ca on 3/30/2009; Changed to B1 on
     4/3/2009.

UCFC Funding Corporation 1998-1

  -- A-3, Downgraded from Baa3 to Caa3 on 3/30/2009; Changed to
     Baa3 on 4/3/2009.

  -- M, Downgraded from Ca to C on 3/30/2009; Changed to Ca on
     4/3/2009.

UCFC Funding Corporation 1998-2

  -- A-4, Downgraded from Ba2 to Caa3 on 3/30/2009; Changed to B1
     on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 1997-A

  -- I A-6, Downgraded from Aa2 to Aa3 on 3/30/2009; Changed to
     Aa2 placed on review for possible downgrade on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 1997-B

  -- I A-6, Downgraded from Aa3 to A3 on 3/30/2009; Changed to A1
     on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 1997-C

  -- I A-6, Downgraded from Aa3 to A2 on 3/30/2009; Changed to Aa3
     placed on review for possible downgrade on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 1997-D

  -- I A-6, Downgraded from Aa3 to A2 on 3/30/2009; Changed to Aa3
     placed on review for possible downgrade on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 1998-A

  -- I A-6, Downgraded from Aa3 to A1 on 3/30/2009; Changed to Aa3
     on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 1998-B

  -- I A-6, Downgraded from Aa3 to A1 on 3/30/2009; Changed to Aa3
     placed on review for possible downgrade on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 1999-A

  -- I A-6, Downgraded from Aa3 to A3 on 3/30/2009; Changed to A2
     on 4/3/2009.

  -- I M-1, Downgraded from A2 to Ba2 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 1999-D

  -- Cl. II A-1, Downgraded from Aaa to Aa2 on 3/30/2009; Changed
     to Aaa placed on review for possible downgrade on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 2000-B

  -- Cl. I M-1, Downgraded from A2 to Ba1 on 3/30/2009; Changed to
     Baa2 on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 2000-C

  -- Cl. M-1, Downgraded from A2 to Baa1 on 3/30/2009; Changed to
     A3 on 4/3/2009.

Vanderbilt Mortgage and Finance Inc. 2001-A

  -- Cl. M-1, Downgraded from A2 to Baa3 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

  -- Cl. B-1, Downgraded from Baa2 to Ba2 on 3/30/2009; Changed to
     Baa2 placed on review for possible downgrade on 4/3/2009.

Vanderbilt Mortgage and Finance, Inc. 2002-C

  -- Cl. B-1, Downgraded from Baa2 to Ca on 3/30/2009; Changed to
     Baa2 on 4/3/2009.

Vanderbilt Mortgage and Finance, Inc. Series 2001-B

  -- Cl. M-1, Downgraded from A2 to Baa2 on 3/30/2009; Changed to
     Baa1 on 4/3/2009.

  -- Cl. B-1, Downgraded from Baa2 to Baa3 on 3/30/2009; Changed
     to Baa2 placed on review for possible downgrade on 4/3/2009.

Vanderbilt Mortgage and Finance, Inc. Series 2001-C

  -- Cl. M-1, Downgraded from A2 to Baa1 on 3/30/2009; Changed to
     A2 placed on review for possible downgrade on 4/3/2009.

Vanderbilt Mortgage and Finance, Inc. Series 2002-A

  -- Cl. M-1, Downgraded from A2 to Ba1 on 3/30/2009; Changed to
     Baa2 on 4/3/2009.

  -- Cl. B-1, Downgraded from Baa2 to Ba3 on 3/30/2009; Changed to
     Baa3 on 4/3/2009.

Vanderbilt Mortgage and Finance, Inc. Series 2002-B

  -- Cl. M-1, Downgraded from A2 to A3 on 3/30/2009; Changed to A2
     placed on review for possible downgrade on 4/3/2009.

  -- Cl. B-1, Downgraded from Baa2 to Ba1 on 3/30/2009; Changed to
     Baa2 placed on review for possible downgrade on 4/3/2009.

Accordingly, Moody's issued an updated press release.  Moody's
said it downgraded the ratings of 149 tranches and placed the
ratings of 29 tranches on review for downgrade, connected with 86
transactions, and upgraded the rating of 1 tranche.  Underlying
securities' collateral consists of manufactured housing loans.

The ratings on the securities were monitored by evaluating factors
Moody's determined to be essential in the analysis of securities
backed by such loans.  The salient factors include: i) the nature,
sufficiency, and quality of historical loan performance
information, ii) the collateral composition and pool credit
performance including loan delinquency and loss data, iii) the
transaction's capital structure and related allocations of
collateral cash flows and losses, and iv) a comparison of current
credit enhancement levels to updated Moody's pool loss projections
based on present collateral credit performance.

When analyzing underlying ratings for MH transactions, Moody's
projects cumulative losses for each deal based on a collateral
analysis of the deal's Constant Prepayment Rate and Constant
Default Rate.

CPR - CPR is based on the average of the last six months 1-month
CPR.

CDR - There are three approaches for determining pool CDR.  The
first approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline defaults -- derived from days-aged delinquencies
and Moody's assumptions for default based on days delinquent or
REO.  The third approach calculates the default to liquidation
which linearly extrapolates future losses based on the current
cumulative loss given the current pool factor.  Moody's assumes
85% severity for manufactured homes at an expected case.  After
CDR is calculated using the three methods, the effective CDR for
loss projection purposes is determined by using a weighted average
of the CDRs with weightings determined on a transaction by
transaction basis.  Moody's will project future CDR rates based on
delinquency and loss trends.  For the actions noted, in most
cases, Moody's has assumed that CDR will remain constant over the
life of each deal.  A sudden reversal in the existing trend of
projected defaults and losses is not anticipated for these deals
as they are well seasoned.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation may also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.  Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.
Aggregate credit enhancement which combines subordination benefit
(including overcollateralization and/or reserve accounts) and
support from letters of credit or guarantees and excess spread
benefit, is compared with projected cumulative losses for the deal
to derive coverage multiples and associated ratings by tranche.
Moody's will analyze tranche coverage multiples after
consideration of tranche-specific loss allocation and timing of
principal repayment.

Complete Rating Action are:

Access Financial MH Contract Trust 1995-1

  -- B-1, Downgraded to Caa2; previously on 3/22/2005 Downgraded
     to B2

Access Financial MH Contract Trust 1996-1

  -- A-5, Currently Aaa, placed on review for possible downgrade;
     previously on 5/29/1996 Assigned Aaa

  -- A-6, Downgraded to Ba2; previously on 3/22/2005 Downgraded to
     A1

Associates Manufactured Housing 1996-1

  -- B-1, Downgraded to A3; previously on 11/15/2001 Upgraded to
     Aa1

Associates Manufactured Housing 1997-1

  -- B-1, Downgraded to A3; previously on 11/15/2001 Upgraded to
     Aa1

Associates Manufactured Housing 1997-2

  -- A-6, Currently Aaa, placed on review for possible downgrade;
     previously on 9/24/1997 Assigned Aaa

  -- B-1, Downgraded to A3; previously on 11/15/2001 Upgraded to
     Aa1

  -- B-2, Downgraded to A3; previously on 11/15/2001 Upgraded to
     Aa1

  -- M, Downgraded to A2; previously on 12/16/2004 Downgraded to
     A1

BCMSC Trust 1999-A

  -- A-2, Downgraded to B3; previously on 7/28/2004 Downgraded to
     B1

  -- A-3, Downgraded to B3; previously on 7/28/2004 Downgraded to
     B1

  -- A-4, Downgraded to B3; previously on 7/28/2004 Downgraded to
     B1

  -- A-5, Downgraded to B3; previously on 7/28/2004 Downgraded to
     B1

BCMSC Trust 2001-A

  -- Cl. M-1, Downgraded to Ca; previously on 7/28/2004 Downgraded
     to Caa3

Bombardier Capital Mortgage Sec Corp 1998-A

  -- B-1, Downgraded to C; previously on 7/28/2004 Downgraded to
     Ca

  -- M, Downgraded to Ca; previously on 7/28/2004 Downgraded to
     Ba2

Bombardier Capital Mortgage Sec Corp 1998-B

  -- A, Downgraded to Caa1; previously on 7/28/2004 Downgraded to
     B2

C-BASS Series 2006-MH1 Trust

  -- Cl. AF-2, Currently Aaa, placed on review for possible
     downgrade; previously on 9/15/2006 Assigned Aaa

  -- Cl. AF-3, Currently Aaa, placed on review for possible
     downgrade; previously on 9/15/2006 Assigned Aaa

  -- Cl. AF-4, Currently Aaa, placed on review for possible
     downgrade; previously on 9/15/2006 Assigned Aaa

  -- Cl. B-1, Downgraded to Ca; previously on 9/15/2006 Assigned
     Baa2

  -- Cl. B-2, Downgraded to C; previously on 9/15/2006 Assigned
     Ba2

  -- Cl. B-3, Downgraded to C; previously on 9/15/2006 Assigned B2

  -- Cl. M-1, Downgraded to A1; previously on 9/15/2006 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba2; previously on 9/15/2006 Assigned
     A2

CIT Group Securitization Corp II MH 1995-1

  -- A-5, Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade; previously on 9/28/2004 Downgraded to A2

CIT Group Securitization Corp II MH 1995-2

  -- B, Downgraded to Ca; previously on 9/28/2004 Downgraded to
     Ba1

Conseco Finance Securitization Corp 2002-2

  -- Class B-1, Downgraded to C; previously on 8/2/2006 Downgraded
     to Ca

  -- Class M-2, Downgraded to Ca; previously on 8/2/2006
     Downgraded to Caa1

Conseco Finance Securitizations Corp 2000-1

  -- Cl. A-5, Downgraded to Ca; previously on 8/31/2004 Downgraded
     to Caa1

Conseco Finance Securitizations Corp 2000-2

  -- Cl. A-5, Downgraded to Ca; previously on 8/31/2004 Downgraded
     to Caa1

  -- Cl. A-6, Downgraded to Ca; previously on 8/31/2004 Downgraded
     to Caa1

Conseco Finance Securitizations Corp 2000-3

  -- Cl. A-1, Downgraded to Ca; previously on 8/31/2004 Downgraded
     to Caa1

Conseco Finance Securitizations Corp 2000-4

  -- Cl. A-5, Downgraded to Ca; previously on 8/31/2004 Downgraded
     to Caa1

  -- Cl. A-6, Downgraded to Ca; previously on 8/31/2004 Downgraded
     to Caa1

Conseco Finance Securitizations Corp 2000-5

  -- Cl. A-6, Downgraded to Ca; previously on 8/31/2004 Downgraded
     to Caa1

  -- Cl. A-7, Downgraded to Ca; previously on 8/31/2004 Downgraded
     to Caa1

Conseco Finance Securitizations Corp 2000-6

  -- Cl. A-5, Downgraded to Caa1; previously on 8/2/2006
     Downgraded to B3

  -- Class A-4, Currently B1, placed on review for possible
     downgrade; previously on 8/2/2006 Downgraded to B1

Conseco Finance Securitizations Corp 2002-1

  -- Class M-2, Downgraded to Ca; previously on 8/2/2006
     Downgraded to Caa2

CSFB ABS Trust Manufactured Housing Pass-Thru 2001-MH29

  -- Cl. B-1, Downgraded to Ca; previously on 12/5/2001 Assigned
     Baa2

  -- Cl. B-2, Downgraded to Baa2 and Placed Under Review for
     Possible Downgrade; previously on 12/5/2001 Assigned A2

  -- Cl. M-1, Currently Aa2, placed under review for possible

     downgrade; previously on 12/5/2001 Assigned Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 12/5/2001 Assigned
     A2

CSFB ABS Trust Series 2002-MH3

  -- Cl. A, Currently Aaa, placed on review for possible
     downgrade; previously on 5/6/2002 Assigned Aaa

  -- Cl. B-1, Downgraded to C; previously on 6/9/2006 Downgraded
     to Ba3

  -- Cl. B-2, Downgraded to Baa2 and Placed Under Review for
     Possible Downgrade; previously on 5/6/2002 Assigned A2

  -- Cl. M-1, Downgraded to A3; previously on 5/6/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to B2; previously on 6/9/2006 Downgraded
     to Baa2

Deutsche Financial Capital Sec LLC, 1997-I

  -- Class M, Currently B3, placed on review for possible
     downgrade; previously on 4/8/2004 Downgraded to B3

Deutsche Financial Capital Sec LLC, 1998-I

  -- Class M, Downgraded to Ca; previously on 4/8/2004 Downgraded
     to Caa2

Green Tree Financial Corporation MH 1995-06

  -- B-1, Downgraded to Caa1; previously on 8/2/2006 Downgraded to
     B3

Green Tree Financial Corporation MH 1995-08

  -- B-1, Downgraded to Caa1; previously on 12/29/2003 Downgraded
     to B3

Green Tree Financial Corporation MH 1995-10

  -- B-1, Currently B3, placed under review for possible
     downgrade; previously on 12/29/2003 Downgraded to B3

Green Tree Financial Corporation MH 1996-01

  -- B-1, Downgraded to Caa2; previously on 12/29/2003 Downgraded
     to B3

Green Tree Financial Corporation MH 1996-02

  -- M-1, Currently B3, placed on review for possible downgrade;
     previously on 8/2/2006 Downgraded to B3

Green Tree Financial Corporation MH 1996-03

  -- M-1, Downgraded to Caa3; previously on 8/2/2006 Downgraded to
     Caa2

Green Tree Financial Corporation MH 1996-04

  -- M-1, Downgraded to Ca; previously on 8/2/2006 Downgraded to
     Caa2

Green Tree Financial Corporation MH 1996-06

  -- M-1, Downgraded to Caa1; previously on 12/13/2004 Downgraded
     to B3

Green Tree Financial Corporation MH 1996-07

  -- M-1, Downgraded to B3; previously on 12/13/2004 Downgraded to
     B1

Green Tree Financial Corporation MH 1996-08

  -- M-1, Downgraded to Caa2; previously on 12/13/2004 Downgraded
     to B3

Green Tree Financial Corporation MH 1996-09

  -- M-1, Downgraded to Caa1; previously on 12/13/2004 Downgraded
     to B2

Green Tree Financial Corporation MH 1997-01

  -- M-1, Downgraded to Caa2; previously on 12/13/2004 Downgraded
     to B3

Green Tree Financial Corporation MH 1997-02

  -- M-1, Downgraded to Ca; previously on 12/13/2004 Downgraded to
     Caa1

Green Tree Financial Corporation MH 1997-03

  -- A-7, Downgraded to Ba1; previously on 12/13/2004 Downgraded
     to Baa1

  -- M-1, Downgraded to Ca; previously on 12/13/2004 Downgraded to
     Caa1

Green Tree Financial Corporation MH 1997-04

  -- M-1, Downgraded to Ca; previously on 12/13/2004 Downgraded to
     B3

Green Tree Financial Corporation MH 1997-07

  -- M-1, Downgraded to Caa3; previously on 8/2/2006 Downgraded to
     Caa2

Green Tree Financial Corporation MH 1998-01

  -- M-1, Downgraded to Caa3; previously on 8/2/2006 Downgraded to
     Caa2

Green Tree Financial Corporation MH 1998-02

  -- A-5, Downgraded to Ba1; previously on 12/13/2004 Downgraded
     to Baa3

Green Tree Financial Corporation MH 1998-07

  -- M-1, Downgraded to Ca; previously on 8/2/2006 Downgraded to
     Caa3

Green Tree Financial Corporation MH 1998-08

  -- M-1, Downgraded to Ca; previously on 8/2/2006 Downgraded to
     Caa3

Greenpoint Manufactured Housing Contract Trust 2001-1

  -- Cl. I M-2, Downgraded to Baa3; previously on 3/30/2001
     Assigned Aa3

  -- Cl. II M-2, Downgraded to B1; previously on 3/30/2001
     Assigned Aa3

IndyMac MH Contract 1997-1

  -- A-2, Downgraded to Caa3; previously on 9/24/2004 Downgraded
     to B1

  -- A-3, Downgraded to Caa3; previously on 9/24/2004 Downgraded
     to B1

  -- A-4, Downgraded to Caa3; previously on 9/24/2004 Downgraded
     to B1

  -- A-5, Downgraded to Caa3; previously on 9/24/2004 Downgraded
     to B1

  -- A-6, Downgraded to Caa3; previously on 9/24/2004 Downgraded
     to B1

IndyMac MH Contract 1998-1

  -- A-3, Downgraded to Ca; previously on 9/24/2004 Downgraded to
     B3

  -- A-4, Downgraded to Ca; previously on 9/24/2004 Downgraded to
     B3

  -- A-5, Downgraded to Ca; previously on 9/24/2004 Downgraded to
     B3

Mid-State Capital Corporation 2005-1 Trust

  -- Cl. A, Downgraded to Ba1; previously on 12/20/2005 Assigned
     Aaa

  -- Cl. B, Downgraded to Ca; previously on 12/20/2005 Assigned
     Baa2

  -- Cl. M-1, Downgraded to B3; previously on 12/20/2005 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ca; previously on 12/20/2005 Assigned
     A2

Mid-State Capital Corporation 2006-1 Trust

  -- Cl. A, Downgraded to Ba3; previously on 11/13/2006 Assigned
     Aaa

  -- Cl. B, Downgraded to Ca; previously on 11/13/2006 Assigned
     Baa2

  -- Cl. M-1, Downgraded to Ca; previously on 11/13/2006 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ca; previously on 11/13/2006 Assigned
     A2

Mid-State Trust VI

  -- A-1, Downgraded to Aa3; previously on 6/11/1997 Assigned Aaa

  -- A-2, Downgraded to Baa2; previously on 6/11/1997 Assigned Aa2

  -- A-3, Downgraded to Ba1; previously on 6/11/1997 Assigned A2

  -- A-4, Downgraded to Caa3; previously on 6/11/1997 Assigned
     Baa2

Mid-State Trust X

  -- Cl. A-1, Downgraded to B1; previously on 11/20/2001 Assigned
     Aaa

  -- Cl. A-2, Downgraded to B1; previously on 11/20/2001 Assigned
     Aaa

  -- Cl. B, Downgraded to Ca; previously on 11/20/2001 Assigned
     Baa2

  -- Cl. M-1, Downgraded to Caa1; previously on 11/20/2001
     Assigned Aa2

  -- Cl. M-2, Downgraded to Caa3; previously on 11/20/2001
     Assigned A2

Mid-State Trust XI

  -- Cl. A, Downgraded to Baa1; previously on 7/14/2003 Assigned
     Aaa

  -- Cl. B, Downgraded to Ca; previously on 7/14/2003 Assigned
     Baa2

  -- Cl. M-1, Downgraded to B3; previously on 7/14/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ca; previously on 7/14/2003 Assigned
     A2

Oakwood Mortgage Investors, Inc. 1997-D

  -- M, Currently Ba3, placed on review for possible downgrade;
     previously on 3/25/2004 Downgraded to Ba3

Oakwood Mortgage Investors, Inc. 1998-A

  -- M, Downgraded to Caa2; previously on 3/25/2004 Downgraded to
     Caa1

Oakwood Mortgage Investors, Inc. 1999-A

  -- A-2, Currently Ba1, placed on review for possible downgrade;
     previously on 12/21/2004 Downgraded to Ba1

  -- A-3, Currently Ba1, placed on review for possible downgrade;
     previously on 12/21/2004 Downgraded to Ba1

  -- A-4, Currently Ba1, placed on review for possible downgrade;
     previously on 12/21/2004 Downgraded to Ba1

  -- A-5, Currently Ba1, placed on review for possible downgrade;
     previously on 12/21/2004 Downgraded to Ba1

  -- M-1, Downgraded to Ca; previously on 3/25/2004 Downgraded to
     Caa3

Oakwood Mortgage Investors, Inc. 1999-B

  -- A-2, Downgraded to Caa2; previously on 3/25/2004 Downgraded
     to B3

  -- A-3, Downgraded to Caa2; previously on 3/25/2004 Downgraded
     to B3

  -- A-4, Downgraded to Caa2; previously on 3/25/2004 Downgraded
     to B3

Oakwood Mortgage Investors, Inc. 1999-D

  -- A-1, Downgraded to Caa2; previously on 3/25/2004 Downgraded
     to Caa1

OMI Trust 2000-C

  -- Cl. A-1, Downgraded to Caa2; previously on 12/21/2004
     Downgraded to B2

OMI Trust 2000-D

  -- Cl. A-4, Downgraded to C; previously on 12/21/2004 Downgraded
     to Caa3

OMI Trust 2001-B

  -- Cl. A-2, Downgraded to B3; previously on 12/21/2004
     Downgraded to Ba3

  -- Cl. A-3, Downgraded to B3; previously on 12/21/2004
     Downgraded to Ba3

  -- Cl. A-4, Downgraded to B3; previously on 12/21/2004
     Downgraded to Ba3

OMI Trust 2001-C

  -- Cl. A-IO, Downgraded to Ca; previously on 12/21/2004
     Downgraded to Caa3

OMI Trust 2001-D

  -- Cl. A-1, Downgraded to Ca; previously on 12/21/2004
     Downgraded to B2

  -- Cl. A-2, Downgraded to Ca; previously on 12/21/2004
     Downgraded to B2

  -- Cl. A-3, Downgraded to Ca; previously on 12/21/2004
     Downgraded to B2

  -- Cl. A-4, Downgraded to Ca; previously on 12/21/2004
     Downgraded to B2

  -- Cl. A-IO, Downgraded to Ca; previously on 12/21/2004
     Downgraded to B1

OMI Trust 2001-E

  -- Cl. A-1, Downgraded to Caa3; previously on 12/21/2004
     Downgraded to B3

  -- Cl. A-2, Downgraded to Caa3; previously on 12/21/2004
     Downgraded to B3

  -- Cl. A-3, Downgraded to Caa3; previously on 12/21/2004
     Downgraded to B3

  -- Cl. A-4, Downgraded to Caa3; previously on 12/21/2004
     Downgraded to B3

  -- Cl. A-IO, Downgraded to Caa3; previously on 12/21/2004
     Downgraded to B2

OMI Trust 2002-A

  -- Cl. A-1, Downgraded to B3; previously on 12/21/2004
     Downgraded to B1

  -- Cl. A-2, Downgraded to B3; previously on 12/21/2004
     Downgraded to B1

  -- Cl. A-3, Downgraded to B3; previously on 12/21/2004
     Downgraded to B1

  -- Cl. A-4, Downgraded to B3; previously on 12/21/2004
     Downgraded to B1

  -- Cl. A-IO, Downgraded to B3; previously on 3/25/2004
     Downgraded to Ba3

  -- Cl. M-1, Downgraded to C; previously on 3/25/2004 Downgraded
     to Ca

OMI Trust 2002-B

  -- Cl. A-1, Downgraded to Caa1; previously on 12/21/2004
     Downgraded to Ba2

  -- Cl. A-2, Downgraded to Caa1; previously on 12/21/2004
     Downgraded to Ba2

  -- Cl. A-3, Downgraded to Caa1; previously on 12/21/2004
     Downgraded to Ba2

  -- Cl. A-4, Downgraded to Caa1; previously on 12/21/2004
     Downgraded to Ba2

  -- Cl. IO, Downgraded to Caa1; previously on 3/25/2004
     Downgraded to Ba1

  -- Cl. M-1, Downgraded to C; previously on 3/25/2004 Downgraded
     to Ca

OMI Trust 2002-C

  -- Cl. A-1, Downgraded to Caa1; previously on 3/25/2004
     Downgraded to Ba1

  -- Cl. A-IO, Downgraded to Caa1; previously on 3/25/2004
     Downgraded to Ba1

  -- Cl. M-1, Downgraded to C; previously on 3/25/2004 Downgraded
     to Ca

Origen Manufactured Housing Contract Trust 2001-A

  -- Cl. A-6, Downgraded to B2; previously on 9/7/2004 Downgraded
     to A2

  -- Cl. A-7, Downgraded to B1; previously on 9/7/2004 Downgraded
     to A2

  -- Cl. M-1, Downgraded to C; previously on 1/17/2007 Downgraded
     to B3

Origen Manufactured Housing Contract Trust 2002-A

  -- Cl. B-1, Downgraded to Ca; previously on 9/7/2004 Downgraded
     to Caa3

Origen Manufactured Housing Contract Trust 2005-B

  -- Cl. B-1, Downgraded to Baa3; previously on 12/21/2005
     Assigned Baa2

  -- Cl. B-2, Downgraded to Ba2; previously on 12/21/2005 Assigned
     Baa3

Signal Securitization Corp. MH 1998-2

  -- Class A, Downgraded to Caa3; previously on 10/29/2004
     Downgraded to B1

UCFC Funding Corporation 1997-4

  -- M, Downgraded to C; previously on 9/28/2004 Downgraded to Ca

UCFC Funding Corporation 1998-2

  -- A-4, Downgraded to B1; previously on 9/28/2004 Downgraded to
     Ba2

  -- M-1, Downgraded to C; previously on 9/28/2004 Downgraded to
     Ca

Vanderbilt Mortgage and Finance Inc. 1997-A

  -- I A-6, Currently Aa2, placed on review for possible
     downgrade; previously on 3/7/2005 Upgraded to Aa2

Vanderbilt Mortgage and Finance Inc. 1997-B

  -- I A-6, Downgraded to A1; previously on 5/28/1997 Assigned Aa3

Vanderbilt Mortgage and Finance Inc. 1997-C

  -- I A-6, Currently Aa3, placed on review for possible
     downgrade; previously on 8/29/1997 Assigned Aa3

Vanderbilt Mortgage and Finance Inc. 1997-D

  -- I A-6, Currently Aa3, placed on review for possible
     downgrade; previously on 12/1/1997 Assigned Aa3

Vanderbilt Mortgage and Finance Inc. 1998-B

  -- I A-6, Currently Aa3, placed on review for possible
     downgrade; previously on 5/27/1998 Assigned Aa3

Vanderbilt Mortgage and Finance Inc. 1999-A

  -- IA-6, Downgraded to A2; previously on 2/26/1999 Assigned Aa3

  -- I M-1, Downgraded to Baa1; previously on 2/26/1999 Assigned
     A2

Vanderbilt Mortgage and Finance Inc. 1999-D

  -- Cl. IIA-1, Currently Aaa, placed on review for possible
     downgrade; previously on 11/30/1999 Assigned Aaa

  -- Cl. IIB-4, Upgraded to Baa1; previously on 11/30/1999
     Assigned Baa2

Vanderbilt Mortgage and Finance Inc. 2000-B

  -- Cl. IA-5, Downgraded to A2; previously on 5/31/2000 Assigned
     Aa3

  -- Cl. I M-1, Downgraded to Baa2; previously on 5/31/2000
     Assigned A2

Vanderbilt Mortgage and Finance Inc. 2000-C

  -- Cl. M-1, Downgraded to A3; previously on 8/29/2000 Assigned
     A2

Vanderbilt Mortgage and Finance Inc. 2001-A

  -- Cl. A-5, Downgraded to A1; previously on 2/28/2001 Assigned
     Aa2

  -- Cl. B-1, Currently Baa2, placed on review for possible
     downgrade; previously on 2/28/2001 Assigned Baa2

  -- Cl. M-1, Downgraded to Baa1; previously on 2/28/2001 Assigned
     A2

Vanderbilt Mortgage and Finance, Inc. 2001-C

  -- Cl. M-1, Currently A2, placed on review for possible
     downgrade; previously on 11/29/2001 Assigned A2

Vanderbilt Mortgage and Finance, Inc. 2001-B

  -- Cl. A-5, Downgraded to Aa3; previously on 8/23/2001 Assigned
     Aa2

  -- Cl. B-1, Currently Baa2, placed on review for possible
     downgrade; previously on 8/23/2001 Assigned Baa2

  -- Cl. M-1, Downgraded to Baa1; previously on 8/23/2001 Assigned
     A2

Vanderbilt Mortgage and Finance, Inc. 2002-A

  -- Cl. A-5, Downgraded to A2; previously on 2/26/2002 Assigned
     Aa2

  -- Cl. B-1, Downgraded to Baa3; previously on 2/26/2002 Assigned
     Baa2

  -- Cl. M-1, Downgraded to Baa2; previously on 2/26/2002 Assigned
     A2

Vanderbilt Mortgage and Finance, Inc. 2002-B

  -- Cl. B-1, Currently Baa2, placed on review for possible
     downgrade; previously on 8/29/2002 Assigned Baa2

  -- Cl. M-1, Currently A2, placed on review for possible
     downgrade; previously on 8/29/2002 Assigned A2


* S&P Takes Rating Actions on Six Corporate Credit Unions
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has taken rating
actions on six corporate credit unions.  The ratings on all the
credit unions remain on CreditWatch Negative.  S&P is also
withdrawing S&P's ratings on Eastern Corporate Federal Credit
Union and Central Corporate Credit Union, each at
the company's request.

This action was prompted by S&P's reassessment of these
institutions' creditworthiness in light of recent regulatory
actions taken by the National Credit Union Administration
(regulator for credit unions) and the corporate credit unions'
capitalization being severely impaired as the result of the
expected write-down of their capital investments in U.S. Central
Federal Credit Union.  None of these corporate credit unions have
rated debt outstanding.

On March 20, 2009, the NCUA took U.S. Central and Western
Corporate Federal Credit Union into conservatorship after
determining that their exposure to losses in their portfolios of
mortgage-related structured securities was in excess of their
capital.  As a result, the NCUA has announced that all corporate
credit unions' capital investments (paid-in capital and
membership capital shares) in U.S. Central will have to be
completely or almost completely written down.  Although the NCUA
has stated that it does not plan to seize any corporates because
of the write-down of their investments in U.S. Central, S&P
believes that this will severely impair the corporates'
capitalization.

The impact of this write-down on the rated corporate credit
unions' capitalization varies widely, but in all cases it results
in a capital profile that S&P believes is insufficient to support
any rated corporate at the prior ratings level.  Before these
recent events, EasCorp and Cencorp were among the highest rated
corporates because they had the least exposure to at-risk,
mortgage-related, structured securities, but S&P expects their
capital levels to be the most severely affected by the write-down
of their U.S. Central capital investments.  According to S&P's
calculations, each is likely to have negative regulatory core
capital.  Although S&P expects the capital levels at Southwest
Corporate Federal Credit Union and Constitution Corporate Federal
Credit Union to be least affected by the write-down, S&P believes
their resulting capitalization will be weak in light of their
significant exposure to potential future losses on their
portfolios of mortgage-related structured securities.

The remaining rated corporate credit unions will stay on
CreditWatch Negative because of continued negative pressure on the
ratings from weak capitalization, the potential for further
securities write-downs in the near term, and uncertainty as to the
direction and form of future regulatory action toward these
companies.  The NCUA has stated that it would inject capital into
any corporate that needed it as the result of securities write-
downs.  It remains to be seen if this would be done under
conservatorship, as it was at U.S. Central and WesCorp, or in a
way less favorable to creditors.

Credit Union creditors are especially well protected in the event
of a liquidation because all credit union debt ranks senior to
members' shares and deposits.  S&P believes the NCUA's program to
guarantee all member deposits through December 2010, into which
all of the rated corporates with the exception of Eascorp have
opted, is crucial to the corporate credit unions'
creditworthiness.

To resolve the CreditWatch on the remaining rated corporate credit
unions, S&P will closely monitor further industry and company-
specific developments, assess each rated corporate's capital
plans, and seek further insight from the NCUA as to its plans for
the corporate credit union network.

              Ratings Lowered, Remain On CreditWatch

             Southeast Corporate Federal Credit Union
                     Counterparty Credit Rating

             To                      From
             --                      ----
             BBB-/Watch Neg/A-3      A+/Watch Neg/A-1

             Southwest Corporate Federal Credit Union
                     Counterparty Credit Rating

             To                      From
             --                      ----
             BBB-/Watch Neg/A-3      A+/Watch Neg/A-1

           Constitution Corporate Federal Credit Union
                     Counterparty Credit Rating

             To                      From
             --                      ----
             --/Watch Neg/A-3        --/Watch Neg/A-1

                   SunCorp Corporate Credit Union
                     Counterparty Credit Rating

             To                      From
             --                      ----
             --/Watch Neg/A-3        --/Watch Neg/A-1+

                   Central Corporate Credit Union
                     Counterparty Credit Rating

             To                      From
             --                      ----
             --/Watch Neg/B          --/Watch Neg/A-1+

              Eastern Corporate Federal Credit Union
                     Counterparty Credit Rating

             To                      From
             --                      ----
             --/Watch Neg/B          --/Watch Neg/A-1+

                         Ratings Withdrawn

                  Central Corporate Credit Union
                     Counterparty Credit Rating

             To                      From
             --                      ----
             NR                      --/Watch Neg/B

               Eastern Corporate Federal Credit Union
                     Counterparty Credit Rating

             To                      From
             --                      ----
             NR                      --/Watch Neg/B


* S&P Downgrades Ratings on 14 Classes from Three 2005 RMBS Deals
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 14
classes from three U.S. residential mortgage-backed securities
transactions issued in 2005 that contain seasoned prime mortgage
collateral.  Additionally, S&P affirmed its ratings on 28 classes
from the same transactions.

S&P arrived at the rating actions by applying its criteria for the
surveillance of transactions backed by "prime" mortgage
collateral.  S&P assessed the projected losses based on the dollar
amount of loans currently in the transactions' or structures'
delinquency, foreclosure, and real estate owned pipelines.  S&P
also incorporated cumulative losses to date in S&P's analysis when
assessing lifetime loss projections.

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 in some cases may have been low compared with
S&P's projected lifetime losses for the transactions reviewed, S&P
is projecting an increase in losses due to upward trends S&P has
observed in delinquencies and the current condition of the housing
market.  Generally, S&P's loss projections will represent its 'B'
case rating scenario and S&P increase the projection per rating
category based on rating designated credit enhancement multiples.
Typically, if a rating is commensurate with the ratio derived from
subordination-to-remaining loss, S&P will affirm it.  The
affirmations reflect S&P's view that there is sufficient credit
enhancement to support the ratings at their current levels.

The subordination of more-junior classes within each structure
provides credit support for the affected transactions.  The
collateral backing the affected trusts originally consisted
predominantly of seasoned first-lien, fixed- or adjustable-rate
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 S&P think the
applicable credit enhancement features are sufficient to support
the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P deem
appropriate.
                         Ratings Lowered

           MASTR Seasoned Securitization Trust 2005-1
                        Series    2005-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        30-B-1     55265WCS0     BB                   AA
        15-B-1     55265WCP6     BB                   AA
        HY-B-1     55265WCV3     BB                   AA
        30-B-2     55265WCT8     B                    BBB
        15-B-2     55265WCQ4     B                    A
        HY-B-2     55265WCW1     B                    A
        30-B-3     55265WCU5     CCC                  BB
        15-B-3     55265WCR2     CCC                  BBB
        HY-B-3     55265WCX9     CCC                  BBB
        C-B-4      55265WCY7     CCC                  B

           MASTR Seasoned Securitization Trust 2005-2
                         Series    2005-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        55265WDV2     BB                   A
        B-3        55265WDW0     CCC                  BB

                   Prime Mortgage Trust 2005-2
                         Series    2005-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-B-4     74160MJE3     B                    BB
        II-B-5     74160MJF0     CCC                  B

                         Ratings Affirmed

           MASTR Seasoned Securitization Trust 2005-1
                         Series    2005-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      55265WCF8     AAA
                 2-A-1      55265WCH4     AAA
                 3-A-1      55265WCJ0     AAA
                 4-A-1      55265WCK7     AAA
                 4-A-2      55265WCL5     AAA
                 C-B-5      55265WCZ4     CCC

           MASTR Seasoned Securitization Trust 2005-2
                        Series    2005-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      55265WDB6     AAA
                 1-A-2      55265WDC4     AAA
                 1-A-3      55265WDD2     AAA
                 1-A-4      55265WDE0     AAA
                 2-A-1      55265WDF7     AAA
                 2-A-2      55265WDG5     AAA
                 30-A-X     55265WDH3     AAA
                 3-A-1      55265WDJ9     AAA
                 3-A-2      55265WDK6     AAA
                 4-A-1      55265WDM2     AAA
                 5-A-1      55265WDN0     AAA
                 30-PO      55265WDR1     AAA
                 15-PO      55265WDS9     AAA
                 15-A-X     55265WDT7     AAA
                 B-1        55265WDU4     AA
                 B-4        55265WDX8     CCC

                Prime Mortgage Trust 2005-2
                         Series    2005-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-A-1     74160MHU9     AAA
                 II-X       74160MHV7     AAA
                 II-B-1     74160MHX3     AA
                 II-XB      74160MJA1     AA
                 II-B-2     74160MHY1     A
                 II-B-3     74160MHZ8     BBB


* S&P Puts Ratings on 31 Asia-Pacific CDOs on Negative CreditWatch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings on 31 Asia-
Pacific (excluding Japan) synthetic collateralized debt
obligations on CreditWatch with negative implications.  In
addition, the ratings on five CDOs were taken off CreditWatch
negative and affirmed.

The 31 transactions have been placed on CreditWatch negative due
to a fall in their SROC to below 100% at the current rating level
in the end-of-month analysis for March 2009.  This reflects the
negative rating migration within the portfolios.

                                      Rating
                                      ------
  Deal Name                        To                  From     SROC
  ---------                        --                  ----     ----
ARLO IX Ltd. 2007
(Pascal SCO A-1)                  BB-/Watch Neg       BB-        9.7280%
ARLO Ltd. Series 2006 (OCL-1)      CCC/Watch Neg       CCC       99.9885%
ARLO Ltd. Series 2006
(SKL CDO Series 11)               BBBpNRi/Watch Neg   BBBpNRi   99.6011%
Athenee CDO PLC Series 2007-2      BBB+/Watch Neg      BBB+      99.3212%
Athenee CDO PLC Series 2007-3      BBB+/Watch Neg      BBB+      99.5077%
Athenee CDO PLC Series 2007-8      BBB+/Watch Neg      BBB+      99.5077%
Athenee CDO PLC Series 2007-9      BBB+/Watch Neg      BBB+      99.3212%
Athenee CDO PLC Series 2007-10     AAA/Watch Neg       AAA       99.7607%
Athenee CDO PLC Series 2007-11     BBB+/Watch Neg      BBB+      99.3212%
Athenee CDO PLC Series 2007-15     BBB+/Watch Neg      BBB+      99.4678%
Chess II Ltd. Series 2004-6        AAA/Watch Neg       AAA       99.9514%
Chess II Ltd. Series 2004-7        AA/Watch Neg        AA        99.8611%
Corsair (Jersey) No. 2 Ltd.
Series 72                         B-/Watch Neg        B-        99.0520%
Eirles Two Ltd. Series 241         B/Watch Neg         B         99.9949%
Magnolia Finance I PLC
Series 2006-21                    B-/Watch Neg        B-        99.9462%
Magnolia Finance I PLC
Series 2006-22                    B-/Watch Neg        B-        99.9462%
Morgan Stanley Managed ACES SPC
Series 2006-12 Class IA           CCC+/Watch Neg      CCC+      99.4017%
Morgan Stanley Managed ACES SPC
Series 2006-7 Class IIA           CCC/Watch Neg       CCC       99.6900%
Morgan Stanley ACES SPC
Series 2006-31                    BB-/Watch Neg       BB-       99.9792%
Sceptre Capital B.V.
Series 2005-3                     BBB+/Watch Neg      BBB+      85.5362%
Sceptre Capital B.V.
Series 2007-2                     B/Watch Neg         B         92.4445%
Signum Platinum III Ltd.
Series 2007-1                     CCC+/Watch Neg      CCC+      98.8722%
United Investment Grade ABS/CDO Fund
2005-1A                           AA/Watch Neg        AA        98.0133%
Xelo PLC Series 2006 (Spinnaker III Asia Mezz)
Tranche B                         B/Watch Neg         B         99.7231%
Xelo PLC Series 2007
(Spinnaker III Asia Mezzanine 3)  B/Watch Neg         B         99.7711%
Castlereagh Trust Series 1         CCC/Watch Neg       CCC       99.9033%
Echo Funding Pty Ltd. Series 16    B/Watch Neg         B         90.4000%
Echo Funding Pty Ltd. Series 19    CCC+/Watch Neg      CCC+      99.9125%
Echo Funding Pty Ltd. Series 21    B+/Watch Neg        B+        99.9125%
SELECT ACCESS Investments Ltd.
Series 2005-2                     BB/Watch Neg        BB        98.4046%
Security Holding Investment
Entity Linking Deals (SHIELD)
Series 24                          AA/Watch Neg        AA        99.9515%

The ratings on these five CDOs were taken off CreditWatch negative
and affirmed as their SROC passed 100% at their current rating
level in the end-of-month analysis for March 2009, thereby
reflecting a positive rating migration within the portfolios.

  Deal Name                  Rating To    Rating From    SROC
  ---------                  ---------    -----------    ----
Zenesis SPC Series 2005-3    AA           AA/Watch Neg   111.8172%
Zenesis SPC Series 2005-4    AAA          AAA/Watch Neg  105.4753%
Jacaranda Trust Series 1     AAA          AAA/Watch Neg  100.0690%
Jacaranda Trust Series 2     AA-          AA-/Watch Neg  100.3584%
Wollemi 2005-1 Trust         AAA          AAA/Watch Neg  100.9642%

Note: Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into consideration
the auction results for these names from the International Swaps
and Derivatives Association, Inc.

NRI -- Interest is not rated.

The Global SROC Report with the SROC analysis as of end-March 2009
will be published shortly.  In the week following the publication
of the report, a full review of the affected tranches of Asia-
Pacific synthetic CDOs will be performed and appropriate rating
actions, if any, will be taken.  The Global SROC Report provides
SROC and other performance metrics on more than 3,000 individual
CDO tranches.


* S&P Downgrades Ratings on 48 Classes from Three Prime Jumbo RMBS
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 48
classes from three U.S. prime jumbo residential mortgage-backed
securities transactions issued in 2006.  The downgraded classes
have a current balance of approximately $1.35 billon.  S&P removed
47 of the lowered ratings from CreditWatch with negative
implications.  Additionally, S&P affirmed its ratings on two
classes and removed 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.  S&P's default
curve for U.S. prime jumbo RMBS is a key component of S&P's loss
projection analysis of U.S. RMBS transactions.  These articles
describe how S&P uses its loss curve forecasting methodology and
how S&P incorporate each transaction's current delinquency
(including 60- and 90-day delinquencies), default, and loss
trends.  S&P is currently assuming a 35% loss severity on prime
jumbo collateral originated in 2005 and a 40% loss severity on
prime jumbo collateral originated in 2006 and 2007.

As part of S&P's analysis, S&P considered the characteristics of
the underlying mortgage collateral as well as macroeconomic
influences.  For example, the risk profile of the underlying
mortgage pools influences S&P's default projections, while its
outlook for housing price declines and the health of the housing
market influence S&P's loss severity assumptions.

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
expected ability to withstand additional credit deterioration.  In
order to maintain a rating higher than 'B', S&P considered whether
a class was able to absorb losses in excess of the base-case
assumptions S&P made in its analysis, subject to individual caps
and qualitative factors assumed on specific transactions.  For
example, a class may have to withstand approximately 127% of S&P's
base-case loss assumptions in order to maintain a 'BB' rating,
while a different class may have to withstand approximately 154%
of S&P's base-case loss assumptions to maintain a 'BBB' rating.
An affirmed 'AAA' rating reflects S&P's opinion that the class can
withstand approximately 235% of S&P's base-case loss assumptions.

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.

The collateral for these deals consists of prime jumbo fixed- and
adjustable-rate mortgage loans secured by one- to four-family
residential properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether, in S&P's
opinion, the applicable credit enhancement features are sufficient
to support the current ratings.  S&P will continue to monitor
these transactions and take additional rating actions as S&P deem
appropriate.

                          Rating Actions

             CHL Mortgage Pass-Through Trust 2006-10
                       Series      2006-10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      126694Z76     B+                   BBB/Watch Neg
    1-A-2      126694Z84     B+                   BBB/Watch Neg
    1-A-3      126694Z92     B+                   BBB/Watch Neg
    1-A-4      1266942A5     B+                   BBB/Watch Neg
    1-A-5      1266942B3     B+                   BBB/Watch Neg
    1-A-6      1266942C1     B+                   BBB/Watch Neg
    1-A-7      1266942D9     B+                   BBB/Watch Neg
    1-A-8      1266942E7     BBB                  AA/Watch Neg
    1-A-9      1266942F4     B+                   BBB/Watch Neg
    1-A-10     1266942G2     BB                   BBB/Watch Neg
    1-A-11     1266942H0     B+                   BBB/Watch Neg
    1-A-12     1266942J6     B+                   BBB/Watch Neg
    1-A-13     1266942K3     B+                   BBB/Watch Neg
    1-A-14     1266942L1     B+                   BBB/Watch Neg
    1-A-15     1266942M9     B+                   BBB/Watch Neg
    1-A-16     1266942N7     B+                   BBB/Watch Neg
    1-X        1266942P2     BBB                  AA/Watch Neg
    2-A-1      1266942Q0     B+                   BBB/Watch Neg
    2-A-2      1266943A4     B+                   BBB/Watch Neg
    2-X        1266942R8     B+                   BBB/Watch Neg
    PO         1266942S6     B+                   BBB/Watch Neg
    M-1        1266942U1     CCC                  BB/Watch Neg

              CHL Mortgage Pass-Through Trust 2006-16
                       Series      2006-16

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      170257AA7     B                    AA+/Watch Neg
    1-X        170257AB5     B                    AA+/Watch Neg
    2-A-1      170257AC3     B                    AA+/Watch Neg
    2-X        170257AD1     B                    AA+/Watch Neg
    3-A-1      170257AE9     B                    AA+/Watch Neg
    3-A-2      170257AF6     B                    AA+/Watch Neg
    3-A-3      170257AG4     B                    AA+/Watch Neg
    3-A-4      170257AH2     B                    AA+/Watch Neg
    3-A-5      170257AJ8     B                    AA+/Watch Neg
    3-A-6      170257AK5     B                    AA+/Watch Neg
    3-A-7      170257AV1     B                    AA+/Watch Neg
    3-X        170257AL3     B                    AA+/Watch Neg
    PO         170257AM1     B                    AA+/Watch Neg
    M-1        170257AP4     CCC                  BBB/Watch Neg

                    RFMSI Series 2006-S1 Trust
                       Series      2006-S1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      76111XJ20     BBB                  AA/Watch Neg
    I-A-2      76111XJ38     BBB                  AA/Watch Neg
    I-A-3      76111XJ46     AAA                  AAA/Watch Neg
    I-A-4      76111XJ53     BBB                  AA/Watch Neg
    I-A-5      76111XJ61     BBB                  AA/Watch Neg
    I-A-6      76111XJ79     BBB                  AA/Watch Neg
    I-A-8      76111XJ95     BBB                  AA/Watch Neg
    I-A-9      76111XK28     BBB                  AA/Watch Neg
    II-A       76111XK36     BBB                  AA/Watch Neg
    A-P        76111XK44     BBB                  AA/Watch Neg
    A-V        76111XK51     AAA                  AAA/Watch Neg
    M-1        76111XK85     CCC                  BB/Watch Neg
    M-2        76111XK93     CCC                  B/Watch Neg
    M-3        76111XL27     CC                   CCC


* S&P Downgrades Ratings on 89 Classes from Three RMBS Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 89
classes from three residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2006 and 2007.  The downgraded classes have a current
balance of approximately $2.41 billion.  S&P removed 72 of the
lowered ratings from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 16 classes from these
transactions and removed four of the affirmed ratings from
CreditWatch with negative implications.  Two ratings remain on
CreditWatch with negative implications because the rating on the
bond insurer for these classes is on 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 assessing 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, in S&P's view, 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.  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.

To maintain a 'AAA' rating, S&P considers whether a bond is able
to withstand approximately 150% 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 considers whether a bond is able to
withstand S&P's base-case loss assumption.  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 110% 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 120% of S&P's base-case loss
assumptions to maintain a 'BBB' rating.

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 more-junior classes within each structure
provides credit support for the affected transactions.  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 features are 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

             CSMC Mortgage-Backed Trust Series 2006-3
                          Series 2006-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-2      225470M42     BB                   AAA/Watch Neg
    1-A-3      225470M59     BB                   A/Watch Neg
    1-A-4A     225470M67     BBB+                 AAA/Watch Neg
    1-A-4B     225470M75     BB+                  A/Watch Neg
    1-M-1      225470R70     CC                   B/Watch Neg
    1-M-2      225470R88     CC                   CCC
    2-A-1      225470M83     B                    AAA/Watch Neg
    2-A-2      225470M91     B                    AAA/Watch Neg
    2-A-3      225470N25     B                    AAA/Watch Neg
    2-A-4      225470N33     B                    AAA/Watch Neg
    2-A-5      225470N41     B                    AAA/Watch Neg
    2-A-6      225470N58     B                    AAA/Watch Neg
    2-A-7      225470N66     B                    AAA/Watch Neg
    2-A-8      225470N74     B                    AAA/Watch Neg
    2-A-10     225470N90     B                    AAA/Watch Neg
    2-A-11     225470P23     B                    AAA/Watch Neg
    2-A-12     225470P31     B                    AAA/Watch Neg
    2-A-13     225470P49     B                    AAA/Watch Neg
    2-A-14     225470P56     B                    AAA/Watch Neg
    3-A-1      225470P64     B                    AAA/Watch Neg
    4-A-1      225470P72     AAA                  AAA/Watch Neg
    4-A-2      225470P80     B                    AAA/Watch Neg
    4-A-3      225470P98     B                    AAA/Watch Neg
    4-A-4      225470Q22     B                    AAA/Watch Neg
    4-A-5      225470Q30     B                    AAA/Watch Neg
    5-A-1      225470Q48     B                    AAA/Watch Neg
    5-A-2      225470Q55     B                    AAA/Watch Neg
    5-A-3      225470Q63     B                    AAA/Watch Neg
    5-A-4      225470Q71     B                    AAA/Watch Neg
    5-A-5      225470Q89     B                    AAA/Watch Neg
    5-A-6      225470Q97     B                    AAA/Watch Neg
    5-A-7      225470R21     B                    AAA/Watch Neg
    5-A-8      225470R39     B                    AAA/Watch Neg
    5-A-9      225470R47     B                    AAA/Watch Neg
    A-P        225470R62     B                    AAA/Watch Neg
    C-B-1      225470S38     CCC                  BB/Watch Neg
    C-B-3      225470S53     CC                   CCC

                CSMC Mortgage-Backed Trust 2007-3
                          Series 2007-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1A     12638PAB5     CCC                  BB-/Watch Neg
    1-A-1B     12638PAC3     CCC                  B/Watch Neg
    1-A-2      12638PAD1     CCC                  BB-/Watch Neg
    1-A-3A     12638PAE9     CCC                  BB-/Watch Neg
    1-A-3B     12638PAF6     CCC                  B/Watch Neg
    1-A-6A     12638PAJ8     CCC                  BBB-/Watch Neg
    1-A-6B     12638PAK5     CCC                  B/Watch Neg
    1-M-1      12638PAL3     CC                   CCC
    1-M-2      12638PAM1     CC                   CCC
    1-M-3      12638PAN9     CC                   CCC
    1-M-5      12638PAQ2     D                    CC


    Washington Mutual Mortgage Pass-Through Certificates WMALT
                       Series 2006-5 Trust
                          Series 2006-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      93934NAA3     CCC                  BB/Watch Neg
    1-A-2      93934NAB1     B-                   AA/Watch Neg
    1-A-3      93934NAC9     CCC                  B/Watch Neg
    1-A-4      93934NAD7     CCC                  BB
    1-A-5      93934NAE5     CCC                  B/Watch Neg
    1-A-6      93934NAF2     CCC                  B/Watch Neg
    1-A-7      93934NAG0     CCC                  B/Watch Neg
    1-A-8      93934NAH8     B                    AAA/Watch Neg
    1-A-9      93934NAJ4     CCC                  B/Watch Neg
    1-A-10     93934NAK1     B                    AAA/Watch Neg
    1-A-11     93934NAL9     CCC                  B/Watch Neg
    1-A-12     93934NAM7     B                    AAA/Watch Neg
    1-A-13     93934NAN5     CCC                  B/Watch Neg
    1-A-14     93934NAP0     CCC                  B/Watch Neg
    2-CB-1     93934NAQ8     CCC                  BB/Watch Neg
    2-CB-2     93934NAR6     CCC                  BB/Watch Neg
    2-CB-3     93934NAS4     CCC                  B/Watch Neg
    2-CB-4     93934NAT2     CCC                  BB
    2-CB-5     93934NAU9     CCC                  B/Watch Neg
    2-CB-6     93934NAV7     B-                   AA/Watch Neg
    2-CB-7     93934NAW5     B-                   AA/Watch Neg
    2-CB-8     93934NAX3     CCC                  B/Watch Neg
    3-A-7      93935BAJ9     CCC                  B/Watch Neg
    3-M-2      93935BAL4     CC                   CCC
    3-M-3      93935BAM2     CC                   CCC
    3-M-4      93935BAN0     CC                   CCC
    3-M-5      93935BAP5     CC                   CCC
    3-M-6      93935BAQ3     CC                   CCC
    3-B-1      93935BAR1     CC                   CCC
    2-CB-9     93934NAY1     CCC                  B/Watch Neg
    2-CB-P     93934NBD6     CCC                  B/Watch Neg
    4-A-1      93934NAZ8     B-                   AA/Watch Neg
    4-A-2      93934NBA2     CCC                  B/Watch Neg
    C-X        93934NBB0     B                    AAA
    C-P        93934NBC8     CCC                  B/Watch Neg
    L-B-1      93934NBE4     CC                   CCC
    L-B-2      93934NBF1     CC                   CCC
    3-A-1A     93935BAA8     A                    A/Watch Neg
    3-A-1B     93935BAB6     A                    A/Watch Neg
    3-A-2      93935BAC4     BB                   BB/Watch Neg
    3-A-3      93935BAD2     CCC                  B/Watch Neg
    3-A-4A     93935BAE0     CCC                  B/Watch Neg
    3-A-4B     93935BAF7     CCC                  B/Watch Neg
    3-A-5      93935BAG5     CCC                  B/Watch Neg
    3-A-6      93935BAH3     CCC                  B+/Watch Neg

            Ratings Remaining On Creditwatch Negative

                CSMC Mortgage-Backed Trust 2007-3
                          Series 2007-3
                Class      CUSIP         Rating
                1-A-4      12638PAG4     AAA/Watch Neg
                1-A-5      12638PAH2     AAA/Watch Neg

                         Ratings Affirmed

                CSMC Mortgage-Backed Trust 2006-3
                          Series 2006-3

                Class      CUSIP         Rating
                -----      ------        ------
                PP         225470V91     AAA
                2-A-9      225470N82     AAA
                A-X        225470R54     AAA
                C-B-2      225470S46     CCC

                CSMC Mortgage-Backed Trust 2007-3
                          Series 2007-3

                Class      CUSIP         Rating
                -----      -----         ------
                1-P        12638PCU1     AAA
                2-A-4      12638PAW9     AAA
                2-A-12     12638PBE8     AAA
                4-A-3      12638PBS7     AAA
                4-A-4      12638PBT5     AAA

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                       Series 2006-5 Trust
                          Series 2006-5

                Class      CUSIP         Rating
                -----      -----         ------
                3-PPP      93935BAU4     AAA
                3-M-1      93935BAK6     CCC
                C-PPP      93934NBN4     AAA


* S&P Downgrades Ratings on 166 Classes from 72 Risk Transfer RMBS
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 166
classes from 72 U.S. synthetic risk transfer residential mortgage-
backed securities deals issued by RESI Finance Ltd. Partnership,
RESIX Finance Ltd., WASI Finance Ltd.  Partnership, and Smart Home
Reinsurance Ltd., which are predominantly used for risk-transfer
securitizations.  S&P placed three of the lowered ratings on
CreditWatch with negative implications.  Additionally, S&P raised
its ratings on seven classes from RESIX Finance Ltd.  Lastly, S&P
affirmed its ratings on 101 classes.

Some of the downgrades are based on S&P's view that cumulative
losses will increase due to the general rise in delinquencies in
the pools observed from prior remittance periods.  Other
downgrades and CreditWatch negative placements are a result of the
dependency on S&P's financial strength rating on the applicable
entity that has obligations to provide contractual interest
payments to security holders.

The upgrades from RESIX Finance Ltd. are dependent on related
ratings on the parent trusts that Standard & Poor's has previously
upgraded.

The affirmations reflect S&P's belief that the credit support
available for the related classes is sufficient based on S&P's
projected losses for the affected deals.

S&P's analysis is based on several factors including S&P's
projected losses based on the performance and seasoning of the
mortgage pools, the change in delinquencies over time, and the
rating on the applicable party responsible for making certain
interest payments

The collateral is predominantly made up of prime loans and also
includes subprime loans and home equity lines of credit.  S&P will
continue to evaluate the ratings on these transactions and adjust
ratings as S&P deem appropriate.

                         Ratings Lowered

             RESI Finance Limited Partnership 2003-A
                        Series      2003-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         74951PAT5     A+                   AAA
        B9         74951PAU2     A+                   AA+
        B10        74951PAV0     A+                   AA-

            RESI Finance Limited Partnership 2003-B
                        Series      2003-B

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B4         74951PAZ1     A+                   AAA
        B5         74951PBA5     A+                   AA+
        B6         74951PBB3     A+                   AA
        B7         74951PBC1     A+                   AA-

            RESI Finance Limited Partnership 2003-CB1
                      Series      2003-CB1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         74951PBH0     A+                   AA-

             RESI Finance Limited Partnership 2004-C
                        Series      2004-C

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        74951PDP0     CCC                  B-

             RESI Finance Limited Partnership 2005-A
                        Series      2005-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         74951PDU9     B                    BB
        B8         74951PDV7     B-                   BB-
        B9         74951PDW5     CCC                  B+
        B10        74951PDX3     CCC                  B
        B11        74951PDY1     CCC                  B-

             RESI Finance Limited Partnership 2005-B
                        Series      2005-B

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         74951PDZ8     A+                   AA-
        B4         74951PEA2     A                    A+
        B5         74951PEB0     BB                   BBB+
        B6         74951PEC8     B+                   BBB
        B7         74951PED6     CCC                  BB
        B8         74951PEE4     CCC                  BB-
        B9         74951PEF1     CCC                  B+
        B10        74951PEG9     CCC                  B
        B11        74951PEH7     CCC                  B

             RESI Finance Limited Partnership 2005-C
                        Series      2005-C

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         76113GAA6     BBB+                 A
        B4         76113GAB4     BB+                  A-
        B5         76113GAC2     B                    BBB
        B6         76113GAD0     B-                   BBB-
        B7         76113GAE8     CCC                  BB
        B8         76113GAF5     CCC                  BB-
        B9         76113GAG3     CCC                  B+
        B10        76113GAH1     CCC                  B
        B11        76113GAJ7     CCC                  B-

             RESI Finance Limited Partnership 2005-D
                        Series      2005-D

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         74951PEJ3     B                    A
        B4         74951PEK0     B-                   A-
        B5         74951PEL8     CCC                  BBB
        B6         74951PEM6     CCC                  BBB-
        B7         74951PEN4     CCC                  BB
        B8         74951PEP9     CCC                  BB-
        B9         74951PEQ7     CCC                  B+
        B10        74951PER5     CCC                  B
        B11        74951PES3     CC                   B-

              RESI Finance Limited Partnership 2006-A
                        Series      2006-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3 NOTES   76113DAA3     BB                   A
        B4 NOTES   76113DAB1     B                    A-
        B5 NOTES   76113DAC9     CCC                  BBB
        B6 NOTES   76113DAD7     CCC                  BBB-
        B7 NOTES   76113DAE5     CCC                  BB
        B8 NOTES   76113DAF2     CCC                  BB-
        B9 CERTS   76113DAG0     CCC                  B+
        B10 CERTS  76113DAH8     CC                   B
        B11 CERTS  76113DAJ4     CC                   B-

             RESI Finance Limited Partnership 2006-B
                        Series      2006-B

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3 Notes   76113RAA2     CCC                  A
        B4 Notes   76113RAB0     CCC                  A-
        B5 Notes   76113RAC8     CCC                  BBB
        B6 Notes   76113RAD6     CCC                  BBB-
        B7 Notes   76113RAE4     CCC                  BB
        B8 Notes   76113RAF1     CCC                  BB-
        B9 Cert    76113RAG9     CCC                  B+
        B10 Cert   76113RAH7     CC                   B
        B11 Cert   76113RAJ3     CC                   B-

             RESI Finance Limited Partnership 2006-C
                        Series      2006-C

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         76113VAA3     CCC                  A
        B4         76113VAB1     CCC                  A-
        B5         76113VAC9     CCC                  BBB
        B6         76113VAD7     CCC                  BBB-
        B7         76113VAE5     CCC                  BB+
        B8         76113VAF2     CCC                  BB
        B9         76113VAG0     CCC                  BB-
        B10        76113VAH8     CCC                  B+
        B11        76113VAJ4     CC                   B
        B12        76113VAK1     CC                   B-

             RESI Finance Limited Partnership 2007-A
                        Series      2007-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         74951RAA2     CCC                  A-
        B4         74951RAB0     CCC                  BBB+
        B5         74951RAC8     CCC                  BBB
        B6         74951RAD6     CCC                  BBB-
        B7         74951RAE4     CCC                  BB+
        B8         74951RAF1     CCC                  BB
        B9         74951RAG9     CCC                  BB-
        B10        74951RAH7     CC                   B+
        B11        74951RAJ3     CC                   B
        B12        74951RAK0     CC                   B-

             RESI Finance Limited Partnership 2007-B
                        Series      2007-B

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         74951QAA4     CCC                  A-
        B4         74951QAB2     CCC                  BBB+
        B5         74951QAC0     CCC                  BBB
        B6         74951QAD8     CCC                  BBB-
        B7         74951QAE6     CCC                  BB+
        B8         74951QAF3     CCC                  BB
        B9         74951QAG1     CCC                  BB-
        B10        74951QAH9     CCC                  B+
        B11        74951QAJ5     CC                   B
        B12        74951QAK2     CC                   B-

             RESI Finance Limited Partnership 2007-C
                        Series      2007-C

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B6         74951TAA8     CCC                  BBB-
        B7         74951TAB6     CCC                  BB+
        B8         74951TAC4     CCC                  BB
        B9         74951TAD2     CCC                  BB-
        B10        74951TAE0     CCC                  B+
        B11        74951TAF7     CCC                  B
        B12        74951TAG5     CC                   B-

                      RESIX Finance Limited
                      Series      2003-A B9


                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LAW4     A+                   AA-

                     RESIX Finance Limited
                     Series      2004-C B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LBV5     CCC                  B-

                     RESIX Finance Limited
                     Series      2005-A-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LBW3     B                    BB

                    RESIX Finance Limited
                    Series      2005-A-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         76116LBX1     B-                   BB-

                     RESIX Finance Limited
                     Series      2005-A-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LBY9     CCC                  B+

                     RESIX Finance Limited
                     Series      2005-A-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LBZ6     CCC                  B

                      RESIX Finance Limited
                     Series      2005-A-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LCA0     CCC                  B-

                     RESIX Finance Limited
                     Series      2005-B-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LCB8     CCC                  BB

                      RESIX Finance Limited
                      Series      2005-B-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         76116LCC6     CCC                  BB-

                     RESIX Finance Limited
                     Series      2005-B-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LCD4     CCC                  B+

                      RESIX Finance Limited
                     Series      2005-B-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LCF9     CCC                  B

                     RESIX Finance Limited
                     Series      2005-B-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LCE2     CCC                  B

                     RESIX Finance Limited
                     Series      2005-C-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LCG7     CCC                  BB

                      RESIX Finance Limited
                      Series      2005-C-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         76116LCH5     CCC                  BB-

                     RESIX Finance Limited
                     Series      2005-C-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LCJ1     CCC                  B+

                      RESIX Finance Limited
                     Series      2005-C-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LCK8     CCC                  B

                     RESIX Finance Limited
                     Series      2005-C-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LCL6     CCC                  B-

                     RESIX Finance Limited
                     Series      2005-D-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LCM4     CCC                  BB

                     RESIX Finance Limited
                     Series      2005-D-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         76116LCN2     CCC                  BB-

                     RESIX Finance Limited
                     Series      2005-D-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LCP7     CCC                  B+

                     RESIX Finance Limited
                     Series      2005-D-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LCQ5     CCC                  B

                     RESIX Finance Limited
                     Series      2005-D-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LCR3     CC                   B-

                     RESIX Finance Limited
                     Series      2006-A-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7 Notes   76116LCS1     CCC                  BB

                     RESIX Finance Limited
                     Series      2006-A-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8 Notes   76116LCT9     CCC                  BB-

                     RESIX Finance Limited
                     Series      2006-A-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9 Notes   76116LCU6     CCC                  B+

                     RESIX Finance Limited
                     Series      2006-A-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10 Notes  76116LCV4     CC                   B

                     RESIX Finance Limited
                     Series      2006-A-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11 Notes  76116LCW2     CC                   B-

                     RESIX Finance Limited
                     Series      2006-B-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LDD3     CCC                  BB

                     RESIX Finance Limited
                     Series      2006-B-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         76116LDE1     CCC                  BB-

                     RESIX Finance Limited
                     Series      2006-B-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LDF8     CCC                  B+

                     RESIX Finance Limited
                     Series      2006-B-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LDG6     CC                   B

                     RESIX Finance Limited
                     Series      2006-B-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----

        B11        76116LDH4     CC                   B-

                     RESIX Finance Limited
                     Series      2006-C B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LDJ0     CCC                  BB+

                     RESIX Finance Limited
                     Series      2006-C B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         76116LDK7     CCC                  BB

                     RESIX Finance Limited
                     Series      2006-C B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LDL5     CCC                  BB-

                     RESIX Finance Limited
                     Series      2006-C B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LDM3     CCC                  B+

                     RESIX Finance Limited
                     Series      2006-C B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LDN1     CC                   B

                     RESIX Finance Limited
                     Series      2006-C B12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B12        76116LDP6     CC                   B-

                     RESIX Finance Limited
                          Series      2007-A-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-7        76116LDQ4     CCC                  BB+

                     RESIX Finance Limited
                     Series      2007-A-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-8        76116LDR2     CCC                  BB

                     RESIX Finance Limited
                     Series      2007-A-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-9        76116LDS0     CCC                  BB-

                     RESIX Finance Limited
                     Series      2007-A-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-10       76116LDT8     CC                   B+

                     RESIX Finance Limited
                     Series      2007-A-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-11       76116LDU5     CC                   B

                     RESIX Finance Limited
                     Series      2007-A-B12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-12       76116LDV3     CC                   B-

                     RESIX Finance Limited
                     Series      2007-B-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LDW1     CCC                  BB+

                     RESIX Finance Limited
                     Series      2007-B-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         76116LDX9     CCC                  BB

                     RESIX Finance Limited
                     Series      2007-B-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LDY7     CCC                  BB-

                     RESIX Finance Limited
                     Series      2007-B-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LDZ4     CCC                  B+

                     RESIX Finance Limited
                     Series      2007-B-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LEA8     CC                   B

                     RESIX Finance Limited
                     Series      2007-B-B12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B12        76116LEB6     CC                   B-

                     RESIX Finance Limited
                     Series      2007-C-B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LEC4     CCC                  BB+

                     RESIX Finance Limited
                     Series      2007-C-B8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B8         76116LED2     CCC                  BB

                     RESIX Finance Limited
                     Series      2007-C-B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B9         76116LEE0     CCC                  BB-

                     RESIX Finance Limited
                     Series      2007-C-B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LEF7     CCC                  B+

                     RESIX Finance Limited
                     Series      2007-C-B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LEG5     CCC                  B

                     RESIX Finance Limited
                     Series      2007-C-B12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B12        76116LEH3     CC                   B-

                HOME Reinsurance 2006-1 Limited
                        Series      2006-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-5        83170GAG9     B                    A
        M-6        83170GAJ3     CCC                  A-
        M-7        83170GAL8     CCC                  BBB+
        M-8        83170GAN4     CCC                  BBB
        M-9        83170GAQ7     CC                   BBB-
        B-1        83170GAS3     CC                   BB+

            WASI Finance Limited Partnership 2006-HES1
                      Series      2006-HES1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-5        941034AB6     CCC                  BBB+
        M-6        941034AC4     CCC                  BBB
        B-1-A      941034AD2     CCC                  BBB-
        B-1-B      941034AE0     CCC                  BBB-

        Ratings Lowered And Placed On Creditwatch Negative

             SMART HOME Reinsurance 2006-1 Limited
                        Series      2006-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        83170GAA2     BB/Watch Neg         AA
        M-3        83170GAC8     BB/Watch Neg         AA
        M-4        83170GAE4     BB/Watch Neg         A+

                          Ratings Raised

                     RESIX Finance Limited
                     Series      2003-A B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LAC8     A-                   BB+

                     RESIX Finance Limited
                     Series      2003-A B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LAB0     A+                   A-

                      RESIX Finance Limited
                      Series      2003-B B9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----

        B9         76116LAD6     BBB+                 BB

                     RESIX Finance Limited
                      Series      2003-B B10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10        76116LAE4     BBB                  BB-

                      RESIX Finance Limited
                      Series      2003-B B11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B11        76116LAF1     BB                   B-

                      RESIX Finance Limited
                      Series      2003-B B7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B7         76116LAY0     A+                   BBB

                      RESIX Finance Limited
                     Series      2003-A B10S

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B10-S      76116LAX2     A+                   A-

                         Ratings Affirmed

             RESI Finance Limited Partnership 2003-A
                        Series      2003-A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B11        74951PAW8     A-

             RESI Finance Limited Partnership 2003-B
                        Series      2003-B


                  Class      CUSIP         Rating
                  -----      -----         ------
                  B8         74951PBD9     A+
                  B9         74951PBE7     BBB+
                  B10        74951PBF4     BBB
                  B11        74951PBG2     BB

             RESI Finance Limited Partnership 2003-C
                        Series      2003-C

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B3         74951PBT4     A
                  B-4        74951PBU1     A-
                  B5         74951PBV9     BBB
                  B6         74951PBW7     BBB-
                  B7         74951PBX5     BB
                  B8         74951PBY3     BB-
                  B9         74951PBZ0     B+
                  B10        74951PCA4     B
                  B11        74951PCB2     B-

           RESI Finance Limited Partnership 2003-CB1
                      Series      2003-CB1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B4         74951PBJ6     A+
                  B5         74951PBK3     A
                  B6         74951PBL1     A-
                  B7         74951PBM9     BBB-
                  B8         74951PBN7     BB+
                  B9         74951PBP2     BB-
                  B10        74951PBQ0     B+
                  B11        74951PBR8     B

             RESI Finance Limited Partnership 2003-D
                       Series      2003-D

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B3         74951PCC0     A
                  B4         74951PCD8     A-
                  B5         74951PCE6     BBB
                  B6         74951PCF3     BBB-
                  B7         74951PCG1     BB
                  B8         74951PCH9     BB-
                  B9         74951PCJ5     B+
                  B10        74951PCK2     B+
                  B11        74951PCL0     B

            RESI Finance Limited Partnership 2004-A
                       Series      2004-A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B3         74951PCM8     A+
                  B4         74951PCN6     A
                  B5         74951PCP1     BBB
                  B6         74951PCQ9     BBB-
                  B7         74951PCR7     BB
                  B8         74951PCS5     BB-
                  B9         74951PCT3     B+
                  B10        74951PCU0     B
                  B11        74951PCV8     B-

             RESI Finance Limited Partnership 2004-B
                       Series      2004-B

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B3         74951PCW6     A
                  B4         74951PCX4     A-
                  B5         74951PCY2     BBB
                  B6         74951PCZ9     BBB-
                  B7         74951PDA3     BB+
                  B8         74951PDB1     BB
                  B9         74951PDC9     BB-
                  B10        74951PDD7     B+
                  B11        74951PDE5     B

            RESI Finance Limited Partnership 2004-C
                       Series      2004-C

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B3         74951PDF2     A
                  B4         74951PDG0     A-
                  B5         74951PDH8     BBB
                  B6         74951PDJ4     BBB-
                  B7         74951PDK1     BB
                  B8         74951PDL9     BB-
                  B9         74951PDM7     B+
                  B10        74951PDN5     B

           RESI Finance Limited Partnership 2005-A
                       Series      2005-A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B3         74951PDQ8     A
                  B4         74951PDR6     A-
                  B5         74951PDS4     BBB-
                  B6         74951PDT2     BB+

                   RESIX Finance Limited
                      Series      2003-C B9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B9         76116LAQ7     B+

                   RESIX Finance Limited
                      Series      2003-C B10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B10        76116LAR5     B

                   RESIX Finance Limited
                      Series      2003-C B11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B11        76116LAS3     B-

                   RESIX Finance Limited
                      Series      2003-C B7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B7         76116LAN4     BB

                   RESIX Finance Limited
                      Series      2003-C B8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B8         76116LAP9     BB-

                  RESIX Finance Limited
                     Series      2003-CB1 B7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B7         76116LAG9     BBB-

                  RESIX Finance Limited
                     Series      2003-CB1 B8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B8         76116LAH7     BB+

                  RESIX Finance Limited
                     Series      2003-CB1 B9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B9         76116LAJ3     BB-

                  RESIX Finance Limited
                     Series      2003-CB1 B10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B10        76116LAK0     B+

                  RESIX Finance Limited
                     Series      2003-CB1 B11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B11        76116LAL8     B

                  RESIX Finance Limited
                      Series      2003-D B11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B11        76116LBD5     B

                   RESIX Finance Limited
                      Series      2003-D B10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B10        76116LBC7     B+

                   RESIX Finance Limited
                      Series      2003-D B9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B9         76116LBB9     B+

                   RESIX Finance Limited
                      Series      2003-D B8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B8         76116LBA1     BB-

                   RESIX Finance Limited
                      Series      2003-D B7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B7         76116LAZ7     BB

                   RESIX Finance Limited
                      Series      2004-A B11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B11        76116LBK9     B-

                   RESIX Finance Limited
                      Series      2004-A B10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B10        76116LBJ2     B

                   RESIX Finance Limited
                      Series      2004-A B9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B9         76116LBH6     B+

                   RESIX Finance Limited
                      Series      2004-A B8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B8         76116LBG8     BB-

                   RESIX Finance Limited
                      Series      2004-A B7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B7         76116LBF0     BB

                   RESIX Finance Limited
                      Series      2004-B B7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B7         76116LBL7     BB+

                   RESIX Finance Limited
                      Series      2004-B B8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B8         76116LBM5     BB

                   RESIX Finance Limited
                      Series      2004-B B9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B9         76116LBN3     BB-

                   RESIX Finance Limited
                      Series      2004-B B10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B10        76116LBP8     B+

                   RESIX Finance Limited
                      Series      2004-B B11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B11        76116LBQ6     B

                   RESIX Finance Limited
                      Series      2004-C B10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B10        76116LBU7     B

                    RESIX Finance Limited
                      Series      2004-C B9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B9         76116LBT0     B+

                   RESIX Finance Limited
                      Series      2004-C B8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B8         76116LBS2     BB-

                   RESIX Finance Limited
                      Series      2004-C B7


                  Class      CUSIP         Rating
                  -----      -----         ------
                  B7         76116LBR4     BB

              SMART HOME Reinsurance 2004-1 Limited
                        Series      2004-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        83168LAA5     AA
                  M-2        83168LAB3     A

             Smart Home Reinsurance 2005-1 Limited
                        Series      2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        83169RAA1     AA+
                  M-2        83169RAB9     AA
                  M-3        83169RAC7     AA-
                  M-4        83169RAD5     A+
                  M-5        83169RAE3     A
                  M-6        83169RAF0     A-
                  M-7        83169RAG8     BBB+
                  M-8        83169RAH6     BBB
                  M-9        83169RAJ2     BBB-


* S&P Downgrades Ratings on 174 Classes from 10 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 174
classes from 10 residential mortgage-backed securities
transactions backed by U.S. subprime and Alternative-A mortgage
loan collateral from 2006 and 2007.  S&P removed 135 of the
lowered ratings from CreditWatch with negative implications.  In
addition, S&P affirmed 12 ratings from these transactions and
removed seven of them from CreditWatch negative.

The lowered ratings reflect S&P's belief that the amount of credit
enhancement available for the downgraded classes is insufficient
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.  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 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.

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.

To maintain a 'AAA' rating, S&P considers whether a bond is able
to withstand approximately 1.5% of its 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 considers 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.

The subordination from the more-junior classes within each
structure provides credit support for the affected transactions.
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 S&P believes
the applicable credit enhancement features are 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

                 Alternative Loan Trust 2007-7T2
                      Series      2007-7T2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        02147BAA3     B                    AAA/Watch Neg
    A-2        02147BAB1     CCC                  B/Watch Neg
    A-3        02147BAC9     B                    AAA/Watch Neg
    A-4        02147BAD7     B                    AAA
    A-5        02147BAE5     CCC                  B/Watch Neg
    A-6        02147BAF2     CCC                  B/Watch Neg
    A-7        02147BAG0     CCC                  B
    A-8        02147BAH8     CCC                  B+/Watch Neg
    A-9        02147BAJ4     CCC                  B/Watch Neg
    A-11       02147BAL9     CCC                  B/Watch Neg
    A-12       02147BAM7     CCC                  B/Watch Neg
    A-13       02147BAN5     CCC                  B/Watch Neg
    A-14       02147BAP0     CCC                  B/Watch Neg
    A-15       02147BAQ8     CCC                  B/Watch Neg
    A-16       02147BAR6     CCC                  B
    A-17       02147BAS4     CCC                  B/Watch Neg
    A-18       02147BAT2     CCC                  B/Watch Neg
    A-19       02147BAU9     CCC                  B/Watch Neg
    A-20       02147BAV7     CCC                  B
    A-21       02147BAW5     CCC                  B+/Watch Neg
    A-22       02147BAX3     CCC                  B+/Watch Neg
    A-23       02147BAY1     CCC                  B+/Watch Neg
    A-24       02147BAZ8     CCC                  B+/Watch Neg
    A-25       02147BBA2     CCC                  B+/Watch Neg
    A-26       02147BBB0     CCC                  B+
    A-27       02147BBC8     CCC                  B/Watch Neg
    A-28       02147BBD6     CCC                  B/Watch Neg
    A-29       02147BBE4     CCC                  B/Watch Neg
    A-30       02147BBF1     CCC                  B
    A-31       02147BBG9     CCC                  B/Watch Neg
    A-32       02147BBH7     CCC                  B/Watch Neg
    X          02147BBJ3     B                    AAA
    PO         02147BBK0     CCC                  B/Watch Neg
    M          02147BBM6     CC                   CCC
    B-1        02147BBN4     CC                   CCC
    B-2        02147BBP9     CC                   CCC

                  Bear Stearns ALT-A Trust 2007-1
                        Series      2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      07386XAA4     CCC                  B+/Watch Neg
    I-A-2      07386XAB2     CC                   B/Watch Neg
    I-M-1      07386XAC0     CC                   CCC
    II-1A-1    07386XAH9     B                    AAA/Watch Neg
    II-1A-2    07386XAJ5     CCC                  B/Watch Neg
    II-1X-1    07386XAK2     B                    AAA
    II-2A-1    07386XAL0     B                    AAA/Watch Neg
    II-2A-2    07386XAM8     CCC                  B/Watch Neg
    II-2X-1    07386XAN6     B                    AAA
    II-B-1     07386XAZ9     CC                   CCC
    II-BX-1    07386XBA3     CC                   CCC
    II-B-2     07386XAP1     CC                   CCC
    II-B-3     07386XAQ9     CC                   CCC

                  Bear Stearns ARM Trust 2007-1
                        Series      2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      073880AA4     B                    AA/Watch Neg
    I-A-2      073880AC0     CCC                  B/Watch Neg
    I-X-1      073880AB2     B                    AA
    II-A-1     073880AD8     B                    AA/Watch Neg
    II-A-2     073880AF3     CCC                  B/Watch Neg
    II-X-1     073880AE6     B                    AA
    III-A-1    073880AG1     B                    AA/Watch Neg
    III-A-2    073880AJ5     CCC                  B/Watch Neg
    III-X-1    073880AH9     B                    AA
    IV-A-1     073880AK2     CCC                  B/Watch Neg
    IV-X-1     073880AL0     CCC                  B
    V-A-1      073880AM8     B                    AA/Watch Neg
    V-A-2      073880AP1     CCC                  B/Watch Neg
    V-X-1      073880AN6     B                    AA

                  ChaseFlex Trust Series 2006-2
                        Series      2006-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1-A      16165MAA6     AAA                  AAA/Watch Neg
    A-1-B      16165MAB4     AAA                  AAA/Watch Neg
    A-2-A      16165MAC2     AAA                  AAA/Watch Neg
    A-2-B      16165MAD0     A                    AAA/Watch Neg
    A-3        16165MAE8     A                    AAA/Watch Neg
    A-4        16165MAF5     A                    AAA/Watch Neg
    A-5        16165MAG3     A                    AAA/Watch Neg
    A-6        16165MAH1     B                    AAA/Watch Neg
    M-1        16165MAK4     CCC                  BBB-/Watch Neg
    M-2        16165MAL2     CC                   B-/Watch Neg
    B-1        16165MAM0     CC                   CCC
    B-2        16165MAN8     CC                   CCC

                  HomeBanc Mortgage Trust 2007-1
                        Series      2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-1A-1     43741BAA7     BB                   AAA/Watch Neg
    I-1A-2     43741BAB5     CCC                  B/Watch Neg
    I-1X       43741BAK5     BB                   AAA
    I-2A-1     43741BAC3     B-                   AA/Watch Neg
    I-2A-2     43741BAD1     CCC                  B/Watch Neg
    I-2X       43741BAL3     B-                   AA
    I-3A-1     43741BAE9     B-                   AA/Watch Neg
    I-3A-2     43741BAF6     CCC                  B/Watch Neg
    I-3X       43741BAM1     B-                   AA
    I-B-2      43741BAH2     CC                   CCC
    I-B-3      43741BAJ8     CC                   CCC
    I-B-4      43741BAT6     D                    CC

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                          Series 2006-AP1
                       Series      2006 AP1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        65535VSH2     AAA                  AAA/Watch Neg
    A-2        65535VSJ8     CCC                  B-/Watch Neg
    A-3        65535VSK5     CCC                  B-/Watch Neg
    A-4        65535VSL3     CCC                  B-/Watch Neg
    A-5        65535VSM1     CCC                  B-/Watch Neg

           PHH Alternative Mortgage Trust, Series 2007-1
                        Series      2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A1       69337BAA2     BBB                  AAA/Watch Neg
    I-A-2      69337BAB0     BBB                  AAA/Watch Neg
    I-A-3      69337BAC8     B                    AAA/Watch Neg
    I-M-1      69337BAD6     CCC                  AA/Watch Neg
    I-M-2      69337BAE4     CCC                  BBB/Watch Neg
    I-M-3      69337BAF1     CC                   CCC
    II-1A      69337BAH7     B                    AAA/Watch Neg
    II-2A1     69337BAJ3     BBB                  AAA/Watch Neg
    II-2A2     69337BAY0     B                    AAA/Watch Neg
    II-1AX     69337BAK0     B                    AAA
    II-2AX     69337BAL8     BBB                  AAA
    II-1PO     69337BAM6     B                    AAA/Watch Neg
    II-2PO     69337BAN4     B                    AAA/Watch Neg
    II-B-1     69337BAP9     CCC                  AA/Watch Neg
    II-B-2     69337BAQ7     CCC                  B/Watch Neg
    II-B-4     69337BAS3     CC                   CCC

                   RALI Series 2006-QS13 Trust
                      Series      2006-QS13

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      75115DAA3     CCC                  B/Watch Neg
    I-A-3      75115DAC9     BB                   AAA/Watch Neg
    I-A-2      75115DAB1     CCC                  AAA
    I-A-4      75115DAD7     CCC                  B/Watch Neg
    I-A-5      75115DAE5     CCC                  B/Watch Neg
    I-A-6      75115DAF2     CCC                  B/Watch Neg
    I-A-7      75115DAG0     CCC                  B/Watch Neg
    I-A-8      75115DAH8     BB+                  AAA/Watch Neg
    I-A-9      75115DAJ4     CCC                  B/Watch Neg
    I-A-10     75115DAK1     CCC                  B/Watch Neg
    I-A-11     75115DAL9     CCC                  B/Watch Neg
    I-A-P      75115DAN5     CCC                  B/Watch Neg
    I-A-V      75115DAP0     BB+                  AAA
    II-A-1     75115DAM7     CCC                  BBB/Watch Neg
    II-A-P     75115DBD6     CCC                  BBB/Watch Neg
    II-A-V     75115DBE4     CCC                  BBB

                    RALI Series 2007-QS9 Trust
                       Series      2007-QS9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        75116FAA7     B                    AAA/Watch Neg
    A-2        75116FAB5     B                    AAA/Watch Neg
    A-3        75116FAC3     B                    AAA/Watch Neg
    A-4        75116FAD1     B                    AAA/Watch Neg
    A-5        75116FAE9     B                    AAA/Watch Neg
    A-6        75116FAF6     B                    AAA/Watch Neg
    A-7        75116FAG4     B                    AAA/Watch Neg
    A-8        75116FAH2     B                    AAA/Watch Neg
    A-9        75116FAJ8     B                    AAA/Watch Neg
    A-10       75116FAK5     B                    AAA/Watch Neg
    A-11       75116FAL3     B                    AAA/Watch Neg
    A-12       75116FAM1     B                    AAA/Watch Neg
    A-13       75116FAN9     B                    AAA/Watch Neg
    A-14       75116FAP4     B                    AAA/Watch Neg
    A-15       75116FAQ2     B                    AAA/Watch Neg
    A-16       75116FAR0     B                    AAA/Watch Neg
    A-17       75116FAS8     CCC                  AAA/Watch Neg
    A-18       75116FAT6     B                    AAA/Watch Neg
    A-19       75116FAU3     B                    AAA/Watch Neg
    A-20       75116FAV1     B                    AAA/Watch Neg
    A-21       75116FAW9     B                    AAA/Watch Neg
    A-22       75116FBU2     B                    AAA/Watch Neg
    A-23       75116FAX7     B                    AAA/Watch Neg
    A-24       75116FAY5     B                    AAA/Watch Neg
    A-25       75116FAZ2     B                    AAA/Watch Neg
    A-26       75116FBA6     B                    AAA/Watch Neg
    A-27       75116FBB4     B                    AAA/Watch Neg
    A-28       75116FBC2     B                    AAA/Watch Neg
    A-29       75116FBD0     B                    AAA/Watch Neg
    A-30       75116FBE8     B                    AAA/Watch Neg
    A-31       75116FBF5     B                    AAA/Watch Neg
    A-32       75116FBG3     B                    AAA/Watch Neg
    A-33       75116FBH1     B                    AAA/Watch Neg
    A-P        75116FBJ7     CCC                  AAA/Watch Neg
    A-V        75116FBK4     B                    AAA/Watch Neg
    P          75116FBV0     AAA                  AAA/Watch Neg



    Washington Mutual Mortgage Pass-Through Certificates, WMALT
                       Series 2007-4 Trust
                        Series      2007-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      93936NAA1     B                    AAA/Watch Neg
    1-A-2      93936NAB9     CCC                  A+/Watch Neg
    1-A-3      93936NAC7     B                    AAA/Watch Neg
    1-A-4      93936NAD5     CCC                  A+/Watch Neg
    1-A-5      93936NAE3     AAA                  AAA/Watch Neg
    1-A-6      93936NAF0     CCC                  A+/Watch Neg
    1-A-7      93936NAG8     B                    AAA/Watch Neg
    1-A-8      93936NAH6     B                    AAA/Watch Neg
    1-A-9      93936NAJ2     B                    AAA/Watch Neg
    1-A-10     93936NAK9     B                    AAA/Watch Neg
    1-A-11     93936NAL7     B                    AAA/Watch Neg
    1-A-12     93936NAM5     B                    AAA/Watch Neg
    1-A-13     93936NAN3     CCC                  A+/Watch Neg
    2-A-1      93936NAP8     AAA                  AAA/Watch Neg
    2-A-2      93936NAQ6     B+                   AAA/Watch Neg
    2-A-3      93936NBC6     CCC                  A+/Watch Neg
    2-A-4      93936NAR4     B+                   AAA/Watch Neg
    C-P        93936NAT0     CCC                  AAA/Watch Neg
    B-1        93936NAU7     CC                   B/Watch Neg
    B-2        93936NAV5     CC                   CCC
    B-3        93936NAW3     D                    CC

                         Ratings Affirmed

                  HomeBanc Mortgage Trust 2007-1
                        Series      2007-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-B-1      43741BAG4     CCC

Nomura Asset Acceptance Corporation Alternative Loan Trust Series
                             2006-AP1
                       Series      2006 AP1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-1        65535VSP4     CCC

          PHH Alternative Mortgage Trust, Series 2007-1
                    Series      2007-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-B-3     69337BAR5     CCC

Washington Mutual Mortgage Pass-Through Certificates, WMALT Series
                           2007-4 Trust
                        Series      2007-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 C-X        93936NAS2     AAA
                 C-PPP      93936NAY9     AAA


* S&P Downgrades Ratings on 293 Classes from 14 Prime Jumbo RMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 293
classes from 14 U.S. prime jumbo residential mortgage-backed
securities transactions issued in 1992-2007.  S&P removed 267 of
the lowered ratings from CreditWatch with negative implications.
In addition, S&P affirmed its ratings on 50 classes from the same
transactions and removed 22 of the affirmed ratings from
CreditWatch negative.  Two ratings remain on CreditWatch with
negative implications.

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
expected ability to withstand additional credit deterioration.  In
order to maintain a rating higher than 'B', S&P considered whether
a class absorbed losses in excess of the base-case assumptions S&P
made in S&P's analysis.  For example, S&P assess whether a class
can withstand approximately 127% of S&P's base-case loss
assumptions in order to maintain a 'BB' rating, while S&P
considers whether a different class can withstand approximately
154% of S&P's base-case loss assumptions to maintain a 'BBB'
rating.  An affirmed 'AAA' rating reflects S&P's opinion that the
class can withstand approximately 235% of S&P's base-case loss
assumptions.

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.

S&P is currently assuming a 35% loss severity on prime jumbo
collateral originated in 2005 and a 40% loss severity on prime
jumbo collateral originated in 2006 and 2007.

As part of S&P's analysis, S&P considered the characteristics of
the underlying mortgage collateral as well as macroeconomic
influences.  For example, the risk profile of the underlying
mortgage pools influences S&P's default projections, while its
outlook for housing price declines and the health of the housing
market influences S&P's loss severity assumptions.  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.

The collateral for these deals consists of prime jumbo fixed- and
adjustable-rate mortgage loans secured by one- to four-family
residential properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether S&P believes
the applicable credit enhancement features are sufficient to
support the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P deems
appropriate.

                          Rating Actions

                Banc of America Funding 2006-B Trust
                        Series    2006-B

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        1-A-1      058928AA0     B              A/Watch Neg
        1-A-2      058928AB8     CCC            BB/Watch Neg
        2-A-1      058928AD4     B              A/Watch Neg
        2-A-2      058928AE2     CCC            BB/Watch Neg
        3-A-1      058928AF9     B              A/Watch Neg
        3-A-2      058928AG7     CCC            BB/Watch Neg
        4-A-1      058928AH5     B              A/Watch Neg
        4-A-2      058928AJ1     CCC            BB/Watch Neg
        5-A-1      058928AK8     CCC            BB/Watch Neg
        6-A-1      058928AL6     B              A/Watch Neg
        6-A-2      058928AM4     CCC            BB/Watch Neg
        7-A-1      058928AN2     BB             AAA/Watch Neg
        7-A-2      058928AP7     CCC            BB/Watch Neg
        B-1        058928AQ5     CC             CCC

                   Bear Stearns ARM Trust 2007-4
                         Series    2007-4

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        I-1A-1     07401CAA1     BB             AA/Watch Neg
        I-1A-2     07401CAB9     CCC            B/Watch Neg
        I-1X-1     07401CAC7     BB             AA
        I-2A-1     07401CAD5     BB             AA/Watch Neg
        I-2A-2     07401CAE3     CCC            B/Watch Neg
        I-2X-1     07401CAF0     BB             AA
        I-B-2      07401CAM5     CC             CCC
        I-B-3      07401CAN3     CC             CCC
        II-1A-1    07401CAS2     B              A/Watch Neg
        II-1A-2    07401CAT0     CCC            BB/Watch Neg
        II-1X-1    07401CAU7     B              A/Watch Neg
        II-2A-1    07401CAV5     B              A/Watch Neg
        II-2A-2    07401CAW3     CCC            BB/Watch Neg
        II-2X-1    07401CAX1     B              A/Watch Neg

            Chase Mortgage Finance Trust Series 2006-S4
                         Series    2006-S4

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        A-1        16162YAA3     A              AAA/Watch Neg
        A-2        16162YAB1     A              AAA/Watch Neg
        A-3        16162YAC9     A              AAA/Watch Neg
        A-4        16162YAD7     A              AAA/Watch Neg
        A-5        16162YAE5     A              AAA/Watch Neg
        A-6        16162YAF2     A              AAA/Watch Neg
        A-7        16162YAG0     A              AAA/Watch Neg
        A-8        16162YAH8     CCC            A/Watch Neg
        A-9        16162YAJ4     CCC            A/Watch Neg
        A-10       16162YAK1     CCC            A/Watch Neg
        A-11       16162YAL9     CCC            A/Watch Neg
        A-13       16162YAN5     CCC            A/Watch Neg
        A-14       16162YAP0     CCC            A/Watch Neg
        A-15       16162YAQ8     CCC            A/Watch Neg
        A-16       16162YAR6     A              AAA/Watch Neg
        A-17       16162YAS4     A              AAA/Watch Neg
        A-18       16162YAT2     A              AAA/Watch Neg
        A-19       16162YAU9     CCC            A/Watch Neg
        A-20       16162YAV7     CCC            A/Watch Neg
        A-21       16162YAW5     CCC            A/Watch Neg
        A-22       16162YAX3     CCC            A/Watch Neg
        A-23       16162YAY1     CCC            A/Watch Neg
        A-X        16162YAZ8     A              AAA/Watch Neg
        A-P        16162YBA2     CCC            A/Watch Neg
        A-M        16162YBC8     CCC            BB/Watch Neg

            CHL Mortgage Pass-Through Trust 2006-HYB3
                       Series    2006-HYB3

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        1-A-1A     1266943U0     B              BB/Watch Neg
        1-A-1B     1266943V8     B              BB/Watch Neg
        1-A-IO     1266943X4     B              BB/Watch Neg
        2-A-1A     1266943Y2     B              BB/Watch Neg
        2-A-B-1    1266943Z9     BB             BB/Watch Neg
        2-A-B-2    1266944A3     B              BB/Watch Neg
        2-A-B-3    1266944B1     B              BB/Watch Neg
        2-A-IO     1266944D7     BB             BB/Watch Neg
        3-A-1A     1266944E5     CCC            BB/Watch Neg
        3-A-1B     1266944F2     B              BB/Watch Neg
        3-A-IO     1266944H8     B              BB/Watch Neg
        4-A-1A     1266944J4     B              BB/Watch Neg
        4-A-1B     1266944K1     B              BB/Watch Neg
        4-A-1C     1266944L9     B              BB/Watch Neg
        4-A-IO     1266944N5     B              BB/Watch Neg
        M          1266944P0     CC             CCC
        B-2        1266944R6     D              CC

               Financial Asset Securitization, Inc.
                      Series    1997-NAMC2

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        FXS        31738VBP9     BB             AAA
        S          31738VBZ7     BB             AAA

          First Horizon Mortgage Pass-Through Trust 2007-2
                         Series    2007-2

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        I-A-1      320520AA7     B              AAA/Watch Neg
        I-A-2      320520AB5     B              AAA/Watch Neg
        I-A-3      320520AC3     B              AAA/Watch Neg
        I-A-4      320520AD1     B              AAA/Watch Neg
        I-A-6      320520AF6     B              AAA/Watch Neg
        I-A-7      320520AG4     B              AAA/Watch Neg
        I-A-PO     320520AH2     B              AAA/Watch Neg
        II-1       320520AK5     B              AAA/Watch Neg
        I-A-5      320520AE9     B              AAA/Watch Neg

                 Greenwich Capital Acceptance Inc.
                       Series    1994-ARM5

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        A-1        396782CW2     B              AAA
        A-2        396782CX0     B              AAA
        B-1        396782CY8     B              AAA
        B-2        396782CZ5     B              AAA

                 GSR Mortgage Loan Trust 2006-AR2
                       Series    2006-AR2

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        2A1        36297TAB8     AAA            AAA/Watch Neg
        2A2        36297TAC6     BBB            BBB/Watch Neg
        2A3        36297TAD4     B              BBB/Watch Neg
        3A1        36297TAE2     BBB            AAA/Watch Neg
        3A2        36297TAF9     B              BBB/Watch Neg
        4A1        36297TAG7     BBB            AAA/Watch Neg
        4A2        36297TAH5     B              BBB/Watch Neg
        5A1        36297TAJ1     BBB            AAA/Watch Neg
        5A2        36297TAK8     B              BBB/Watch Neg
        1B1        36297TAM4     AA             AA/Watch Neg
        2B1        36297TAQ5     CCC            B/Watch Neg
        1B2        36297TAN2     BBB            BBB/Watch Neg
        2B2        36297TAR3     CC             CCC
        1B3        36297TAP7     CCC            B/Watch Neg
        2B3        36297TAS1     CC             CCC
        2B4        36297TAY8     CC             CCC

                  JPMorgan Mortgage Trust 2007-S2
                        Series    2007-S2

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        1-A-1      46630WAA8     B              AAA/Watch Neg
        1-A-3      46630WAC4     B              AAA/Watch Neg
        1-A-4      46630WAD2     AAA            AAA/Watch Neg
        1-A-5      46630WAE0     AAA            AAA/Watch Neg
        1-A-7      46630WAG5     B              AAA/Watch Neg
        1-A-8      46630WAH3     AAA            AAA/Watch Neg
        1-A-2      46630WAB6     BBB            AAA/Watch Neg
        1-A-9      46630WAJ9     AAA            AAA/Watch Neg
        1-A-10     46630WAK6     B              AAA/Watch Neg
        1-A-11     46630WAL4     AAA            AAA/Watch Neg
        1-A-12     46630WAM2     B              AAA/Watch Neg
        1-A-13     46630WAN0     B              AAA/Watch Neg
        1-A-14     46630WAP5     B              AAA/Watch Neg
        1-A-15     46630WAQ3     B              AAA/Watch Neg
        1-A-16     46630WAR1     B              AAA/Watch Neg
        1-A-17     46630WAS9     B              AAA/Watch Neg
        1-A-18     46630WBP4     B              AAA/Watch Neg
        2-A-1      46630WAT7     B              AAA/Watch Neg
        2-A-2      46630WAU4     B              AAA/Watch Neg
        2-A-3      46630WAV2     B              AAA/Watch Neg
        2-A-4      46630WAW0     B              AAA/Watch Neg
        2-A-5      46630WAX8     B              AAA/Watch Neg
        2-A-6      46630WAY6     B              AAA/Watch Neg
        2-A-7      46630WAZ3     B              AAA/Watch Neg
        3-A-1      46630WBA7     B              AAA/Watch Neg
        3-A-2      46630WBB5     B              AAA/Watch Neg
        3-A-3      46630WBC3     B              AAA/Watch Neg
        A-P        46630WBD1     B              AAA/Watch Neg
        A-X        46630WBE9     AAA            AAA/Watch Neg
        P          46630WBN9     AAA            AAA/Watch Neg

                  JPMorgan Mortgage Trust 2007-S3
                         Series    2007-S3

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        1-A-1      46631NAA7     BB             A/Watch Neg
        1-A-2      46631NAB5     CCC            B/Watch Neg
        1-A-3      46631NAC3     CCC            B/Watch Neg
        1-A-4      46631NAD1     CCC            B/Watch Neg
        1-A-5      46631NAE9     CCC            B/Watch Neg
        1-A-6      46631NAF6     CCC            B/Watch Neg
        1-A-7      46631NAG4     CCC            B/Watch Neg
        1-A-8      46631NAH2     CCC            B/Watch Neg
        1-A-9      46631NAJ8     CCC            B/Watch Neg
        1-A-10     46631NAK5     CCC            B/Watch Neg
        1-A-11     46631NAL3     BB             A/Watch Neg
        1-A-12     46631NAM1     BB             A/Watch Neg
        1-A-13     46631NAN9     BB             A/Watch Neg
        1-A-14     46631NAP4     BB             A/Watch Neg
        1-A-15     46631NAQ2     BB             A/Watch Neg
        1-A-16     46631NAR0     BB             A/Watch Neg
        1-A-17     46631NAS8     BB             A/Watch Neg
        1-A-18     46631NAT6     CCC            B/Watch Neg
        1-A-19     46631NAU3     CCC            B/Watch Neg
        1-A-20     46631NAV1     BB             A/Watch Neg
        1-A-21     46631NAW9     BB             A/Watch Neg
        1-A-22     46631NAX7     BB             A/Watch Neg
        1-A-23     46631NAY5     BB             A/Watch Neg
        1-A-24     46631NAZ2     BB             A/Watch Neg
        1-A-25     46631NBA6     BB             A/Watch Neg
        1-A-26     46631NBB4     BB             A/Watch Neg
        1-A-27     46631NBC2     BB             A/Watch Neg
        1-A-28     46631NBD0     BB             A/Watch Neg
        1-A-29     46631NBE8     BB             A/Watch Neg
        1-A-30     46631NBF5     BB             A/Watch Neg
        1-A-31     46631NBG3     BB             A/Watch Neg
        1-A-32     46631NBH1     BB             A/Watch Neg
        1-A-33     46631NBJ7     BB             A/Watch Neg
        1-A-34     46631NBK4     BB             A/Watch Neg
        1-A-35     46631NBL2     BB             A/Watch Neg
        1-A-36     46631NBM0     BB             A/Watch Neg
        1-A-37     46631NBN8     BB             A/Watch Neg
        1-A-38     46631NBP3     BB             A/Watch Neg
        1-A-39     46631NBQ1     BB             A/Watch Neg
        1-A-40     46631NBR9     CCC            B/Watch Neg
        1-A-41     46631NBS7     CCC            B/Watch Neg
        1-A-42     46631NBT5     BB             A/Watch Neg
        1-A-43     46631NBU2     BB             A/Watch Neg
        1-A-44     46631NBV0     BB             A/Watch Neg
        1-A-45     46631NBW8     BB             A/Watch Neg
        1-A-46     46631NBX6     BB             A/Watch Neg
        1-A-47     46631NBY4     BB             A/Watch Neg
        1-A-48     46631NBZ1     BB             A/Watch Neg
        1-A-49     46631NCA5     CCC            A/Watch Neg
        1-A-50     46631NCB3     BBB            A/Watch Neg
        1-A-51     46631NCC1     CCC            A/Watch Neg
        1-A-52     46631NCD9     CCC            A/Watch Neg
        1-A-53     46631NCE7     CCC            A/Watch Neg
        1-A-54     46631NCF4     BBB            A/Watch Neg
        1-A-55     46631NCG2     BBB            A/Watch Neg
        1-A-56     46631NCH0     BBB            A/Watch Neg
        1-A-57     46631NCJ6     BBB            A/Watch Neg
        1-A-58     46631NCK3     BBB            A/Watch Neg
        1-A-59     46631NCL1     CCC            B/Watch Neg
        1-A-60     46631NCM9     BB             BBB/Watch Neg
        1-A-61     46631NCN7     BB             BBB/Watch Neg
        1-A-62     46631NCP2     CCC            B/Watch Neg
        1-A-63     46631NCQ0     CCC            B/Watch Neg
        1-A-64     46631NCR8     BB             BBB/Watch Neg
        1-A-65     46631NCS6     CCC            B/Watch Neg
        1-A-66     46631NCT4     CCC            B/Watch Neg
        1-A-67     46631NCU1     BB             BBB/Watch Neg
        1-A-68     46631NCV9     BB             BBB/Watch Neg
        1-A-69     46631NCW7     BB             BBB/Watch Neg
        1-A-70     46631NCX5     BB             BBB/Watch Neg
        1-A-71     46631NCY3     BB             A/Watch Neg
        1-A-72     46631NCZ0     BB             A/Watch Neg
        1-A-73     46631NDA4     BB             A/Watch Neg
        1-A-74     46631NDB2     BB             A/Watch Neg
        1-A-75     46631NDC0     BB             A/Watch Neg
        1-A-76     46631NDD8     BBB            A/Watch Neg
        1-A-77     46631NDE6     BBB            A/Watch Neg
        1-A-78     46631NDF3     BBB            A/Watch Neg
        1-A-79     46631NDG1     BBB            A/Watch Neg
        1-A-80     46631NDH9     BBB            A/Watch Neg
        1-A-81     46631NDJ5     BB             A/Watch Neg
        1-A-82     46631NDK2     BB             A/Watch Neg
        1-A-83     46631NDL0     BB             A/Watch Neg
        1-A-84     46631NDM8     BB             A/Watch Neg
        1-A-85     46631NDN6     BB             A/Watch Neg
        1-A-86     46631NDP1     BB             A/Watch Neg
        1-A-87     46631NDQ9     BB             A/Watch Neg
        1-A-88     46631NDR7     CCC            B/Watch Neg
        1-A-89     46631NDS5     BB             A/Watch Neg
        1-A-90     46631NDT3     BB             A/Watch Neg
        1-A-91     46631NDU0     CCC            B/Watch Neg
        1-A-92     46631NDV8     CCC            B/Watch Neg
        1-A-93     46631NDW6     CCC            B/Watch Neg
        1-A-94     46631NDX4     CCC            B/Watch Neg
        1-A-95     46631NDY2     CCC            B/Watch Neg
        1-A-96     46631NDZ9     BB             A/Watch Neg
        1-A-97     46631NEA3     BB             A/Watch Neg
        1-A-98     46631NEB1     CCC            B/Watch Neg
        1-A-99     46631NEC9     BB             A/Watch Neg
        A-100      46631NED7     BB             A/Watch Neg
        A-101      46631NEE5     CCC            B/Watch Neg
        A-102      46631NEF2     CCC            B/Watch Neg
        A-103      46631NEG0     CCC            B/Watch Neg
        A-104      46631NEH8     CCC            B/Watch Neg
        A-105      46631NEJ4     CCC            B/Watch Neg
        A-106      46631NEK1     CCC            B/Watch Neg
        A-107      46631NEL9     CCC            B/Watch Neg
        A-108      46631NEM7     CCC            B/Watch Neg
        A-109      46631NEN5     CCC            B/Watch Neg
        A-110      46631NEP0     CCC            B/Watch Neg
        A-111      46631NEQ8     CCC            B/Watch Neg
        A-112      46631NER6     CCC            B/Watch Neg
        A-113      46631NES4     CCC            B/Watch Neg
        A-114      46631NET2     CCC            A/Watch Neg
        2-A-1      46631NEX3     CCC            B/Watch Neg
        2-A-2      46631NEY1     CCC            B/Watch Neg
        2-A-3      46631NEZ8     CCC            B/Watch Neg
        2-A-4      46631NFA2     CCC            B/Watch Neg
        A-P        46631NFB0     CCC            B/Watch Neg
        A-X        46631NFC8     B              B/Watch Neg
        P          46631NFL8     AAA            AAA/Watch Neg

            MASTR Seasoned Securitization Trust 2003-1
                         Series    2003-1

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        B-5        55265WAB9     BB             BBB

  Structured Adjustable Rate Mortgage Loan Trust Series 2005-18
                        Series    2005-18

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        1-A1       863579WZ7     AA+            AAA/Watch Neg
        1-A2       863579XA1     B              AAA/Watch Neg
        2-A        863579XB9     B              AAA/Watch Neg
        3-A1       863579XC7     BBB            AAA/Watch Neg
        3-A2       863579XD5     B              AAA/Watch Neg
        4-A1       863579XE3     B              AAA/Watch Neg
        4-A2       863579XF0     BBB            AAA/Watch Neg
        4-A3       863579XG8     B              AAA/Watch Neg
        5-A1       863579XH6     AA+            AAA/Watch Neg
        5-A2       863579XJ2     B              AAA/Watch Neg
        6-A1       863579XK9     BBB            AAA/Watch Neg
        6-A2       863579XL7     B              AAA/Watch Neg
        B1-I       863579XY9     CCC            AA+/Watch Neg
        B2-I       863579XZ6     CCC            AA/Watch Neg
        B3-I       863579YA0     CC             A/Watch Neg
        B4-I       863579YB8     CC             BB/Watch Neg
        B5-I       863579YC6     CC             B+/Watch Neg
        B6-I       863579YK8     D              CCC
        7-A1       863579XM5     BB             AAA/Watch Neg
        7-A2       863579XN3     BB             AAA/Watch Neg
        7-A3       863579XP8     BB             AAA/Watch Neg
        7-AX       863579XQ6     BB             AAA
        8-A1       863579XR4     AAA            AAA/Watch Neg
        8-A2       863579XS2     BB             AAA/Watch Neg
        9-A1       863579XT0     AAA            AAA/Watch Neg
        9-A2       863579XU7     AAA            AAA/Watch Neg
        9-A3       863579XV5     AAA            AAA/Watch Neg
        9-A4       863579XW3     BB             AAA/Watch Neg
        B1-II      863579YD4     B              AA+/Watch Neg
        B2-II      863579YE2     CCC            AA/Watch Neg
        B3-II      863579YF9     CC             BBB/Watch Neg
        B4-II      863579YG7     CC             B+/Watch Neg
        B5-II      863579YH5     CC             B/Watch Neg
        B6-II      863579YN2     CC             CCC

   Structured Asset Securities Corporation Assistance Loan Trust
                        Series    2003-AL1

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        B4         86359AML4     B              BB
        B5         86359AMM2     CC             CCC

   WaMu  Mortgage Pass-Through Certificates Series 2007-HY1 Trust
                        Series    2007-HY1

                                      Rating
                                      ------
        Class      CUSIP         To             From
        -----      -----         --             ----
        1-A1       92925VAA8     B              AA/Watch Neg
        1-A2       92925VAB6     CCC            BB/Watch Neg
        2-A1       92925VAC4     B              AA/Watch Neg
        2-A2A      92925VAD2     BBB            AAA/Watch Neg
        2-A2B      92925VAE0     B              AA/Watch Neg
        2-A3       92925VAF7     B              BB/Watch Neg
        2-A4       92925VAG5     CCC            BB/Watch Neg
        L-B-1      92925VAR1     CC             B/Watch Neg
        L-B-2      92925VAS9     CC             CCC
        L-B-4      92925VBB5     D              CC
        3-A1       92925VAH3     AAA            AAA/Watch Neg
        3-A2       92925VAJ9     AAA            AAA/Watch Neg
        3-A3       92925VAK6     AAA            AAA/Watch Neg
        3-A4       92925VAL4     A              AAA/Watch Neg
        3-B-1      92925VAU4     B              AA/Watch Neg
        3-B-2      92925VAV2     CCC            A/Watch Neg
        3-B-3      92925VAW0     CCC            BBB/Watch Neg
        3-B-4      92925VBE9     CC             B/Watch Neg
        3-B-5      92925VBF6     CC             CCC
        4-A1       92925VAM2     BBB-           AAA/Watch Neg
        4-A2       92925VAN0     CCC            A/Watch Neg
        5-A1       92925VAP5     BBB-           AAA/Watch Neg
        5-A2       92925VAQ3     CCC            A/Watch Neg
        M-B-1      92925VAX8     CCC            BB/Watch Neg
        M-B-2      92925VAY6     CC             B/Watch Neg
        M-B-3      92925VAZ3     CC             CCC

                         Ratings Affirmed

                  Bear Stearns ARM Trust 2007-4
                         Series    2007-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-B-1      07401CAL7     CCC

             CHL Mortgage Pass-Through Trust 2006-HYB3
                        Series    2006-HYB3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-2      1266943W6     CCC
                  2-A-2      1266944C9     CCC
                  3-A-2      1266944G0     CCC
                  4-A-2      1266944M7     CCC

                 GSR Mortgage Loan Trust 2006-AR2
                        Series    2006-AR2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1A1        36297TAA0     AAA
                  1X         36297TAL6     AAA

             MASTR Seasoned Securitization Trust 2003-1
                         Series    2003-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-1      55265WAE3     AAA
                  3-A-1      55265WAF0     AAA
                  3-A-2      55265WAG8     AAA
                  3-A-3      55265WAH6     AAA
                  PO         55265WAP8     AAA
                  A-X        55265WAQ6     AAA
                  A-R        55265WAR4     AAA
                  B-1        55265WAS2     AAA
                  B-2        55265WAT0     AAA
                  B-3        55265WAU7     AA
                  B-4        55265WAA1     A+

   Structured Adjustable Rate Mortgage Loan Trust Series 2005-18
                        Series    2005-18

                  Class      CUSIP         Rating
                  -----      -----         ------
                  9-AX       863579XX1     AAA

                  Structured Asset Securities Corp.
                        Series    2002-8A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  7-A1       86358RE29     AAA
                  7-A2       86358RE37     AAA
                  B3         86358RE86     BBB

   Structured Asset Securities Corporation Assistance Loan Trust
                        Series    2003-AL1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          86359AME0     AAA
                  APO        86359AMG5     AAA
                  AIO        86359AMF7     AAA
                  B1         86359AMH3     AA
                  B2         86359AMJ9     A
                  B3         86359AMK6     BBB

                  Ratings On Creditwatch Negative
     Structured Mortgage Asset Residential Trust, Series 92-12
                         Series    1992-12

               Class      CUSIP         Rating
               -----      -----         ------
               BX         863573UU3     AAA/Watch Neg

     Structured Mortgage Asset Residential Trust, Series 93-2
                         Series    1993-2

               Class      CUSIP         Rating
               -----      -----         ------
               BX                       AAA/Watch Neg


* S&P Downgrades Ratings on 385 Classes from 13 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 385
classes from 13 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2005, 2006, and 2007.  The downgraded classes have a
current balance of approximately $11.28 billion.  S&P removed 337
of the lowered ratings from CreditWatch with negative
implications.  In addition, S&P affirmed its ratings on 56 classes
from these transactions and removed 35 of the affirmed ratings
from CreditWatch with negative implications.

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 assessing 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 in S&P's view 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.  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.

To maintain a 'AAA' rating, S&P considers 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 considers whether a bond is able to
withstand S&P's base-case loss assumption.  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."

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 more junior classes within each structure
provides credit support for the affected transactions.  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 S&P believes
the applicable credit enhancement features are 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

                 Alternative Loan Trust 2005-54CB
                      Series      2005-54CB

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      12668ANT8     BBB                  AAA/Watch Neg
    1-A-2      12668ANU5     BBB                  AAA/Watch Neg
    1-A-3      12668ANV3     BBB                  AAA/Watch Neg
    1-A-4      12668ANW1     A-                   AAA/Watch Neg
    1-A-5      12668ANX9     BBB                  AAA/Watch Neg
    1-A-6      12668ANY7     BBB                  AAA/Watch Neg
    1-A-7      12668ANZ4     AAA                  AAA/Watch Neg
    1-A-8      12668APA7     BBB                  AAA/Watch Neg
    1-A-9      12668APB5     BBB                  AAA/Watch Neg
    1-A-10     12668APC3     BBB                  AAA/Watch Neg
    1-A-11     12668APD1     A+                   AAA/Watch Neg
    2-A-1      12668APE9     AAA                  AAA/Watch Neg
    2-A-2      12668APF6     BBB                  AAA/Watch Neg
    2-A-3      12668APG4     A                    AAA/Watch Neg
    2-A-4      12668APH2     A-                   AAA/Watch Neg
    2-A-5      12668APJ8     BBB                  AAA/Watch Neg
    2-A-6      12668APK5     BBB                  AAA/Watch Neg
    3-A-1      12668APL3     BBB                  AAA/Watch Neg
    3-A-2      12668APM1     BBB                  AAA/Watch Neg
    3-A-3      12668APN9     BBB                  AAA/Watch Neg
    3-A-4      12668APP4     A                    AAA/Watch Neg
    3-A-5      12668APQ2     BBB                  AAA/Watch Neg
    3-A-6      12668APR0     BBB                  AAA/Watch Neg
    3-A-7      12668APS8     A                    AAA/Watch Neg
    3-A-8      12668APT6     BBB                  AAA/Watch Neg
    3-A-9      12668APU3     BBB                  AAA/Watch Neg
    3-A-10     12668APV1     BBB                  AAA/Watch Neg
    3-A-11     12668APW9     BBB                  AAA/Watch Neg
    3-A-12     12668APX7     BBB                  AAA/Watch Neg
    3-A-13     12668APY5     BBB                  AAA/Watch Neg
    PO         12668APZ2     BBB                  AAA/Watch Neg
    M          12668AQB4     CCC                  AA/Watch Neg
    B-1        12668AQC2     CCC                  A/Watch Neg
    B-2        12668AQD0     CCC                  BBB/Watch Neg
    B-3        12668AQE8     CC                   BB/Watch Neg

                 Alternative Loan Trust 2006-32CB
                      Series      2006-32CB

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        02147XAA5     B                    AAA/Watch Neg
    A-2        02147XAB3     B                    AAA
    A-3        02147XAC1     B                    A/Watch Neg
    A-4        02147XAD9     BB                   AAA/Watch Neg
    A-5        02147XAE7     BB                   AAA/Watch Neg
    A-6        02147XAF4     BB                   AAA/Watch Neg
    A-7        02147XAG2     B                    AAA/Watch Neg
    A-8        02147XAH0     B                    AAA
    A-9        02147XAJ6     BB                   AAA/Watch Neg
    A-10       02147XAK3     BB                   AAA/Watch Neg
    A-11       02147XAL1     BB                   AAA/Watch Neg
    A-12       02147XAM9     BB                   AAA/Watch Neg
    A-13       02147XAN7     BB                   AAA/Watch Neg
    A-14       02147XAP2     BB                   AAA/Watch Neg
    A-15       02147XAQ0     BB                   AAA
    A-16       02147XAR8     BB                   AAA/Watch Neg
    A-17       02147XAS6     BB                   AAA/Watch Neg
    A-18       02147XAT4     BB                   AAA/Watch Neg
    A-19       02147XAU1     BB                   AAA/Watch Neg
    A-20       02147XAV9     BB                   AAA/Watch Neg
    A-21       02147XAW7     BB                   AAA/Watch Neg
    A-22       02147XAX5     B                    A/Watch Neg
    X          02147XAY3     BB                   AAA
    PO         02147XAZ0     B                    A/Watch Neg

             CSFB Mortgage-Backed Trust Series 2005-8
                        Series      2005-8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      225458W87     AA                   AAA/Watch Neg
    I-A-2      225458W95     AA                   AAA/Watch Neg
    I-A-3      225458X29     AAA                  AAA/Watch Neg
    I-A-4      225458X37     AA                   AAA/Watch Neg
    IV-A-1     2254582C1     AA                   AAA/Watch Neg
    V-A-1      2254582D9     AAA                  AAA/Watch Neg
    V-A-2      2254582E7     AA                   AAA/Watch Neg
    V-A-3      2254582F4     AAA                  AAA/Watch Neg
    VI-A-1     2254582G2     AA                   AAA/Watch Neg
    IX-A-1     2254582K3     AA                   AAA/Watch Neg
    IX-A-2     2254582L1     AAA                  AAA/Watch Neg
    IX-A-3     2254582M9     AA                   AAA/Watch Neg
    IX-A-4     2254582N7     AA                   AAA/Watch Neg
    IX-A-6     2254582Q0     AAA                  AAA/Watch Neg
    IX-A-8     2254582S6     AA                   AAA/Watch Neg
    IX-A-9     2254582T4     AA                   AAA/Watch Neg
    IX-A-10    2254582U1     AA                   AAA/Watch Neg
    IX-A-11    2254582V9     AA                   AAA/Watch Neg
    IX-A-12    2254582W7     AA                   AAA/Watch Neg
    IX-A-13    2254582X5     AAA                  AAA/Watch Neg
    IX-A-14    2254582Y3     AA                   AAA/Watch Neg
    IX-A-15    2254582Z0     AA                   AAA/Watch Neg
    A-X        2254583A4     AAA                  AAA/Watch Neg
    D-X        2254583B2     B                    AAA/Watch Neg
    A-P        2254583C0     AA                   AAA/Watch Neg
    B-1        2254583D8     CCC                  AA/Watch Neg
    B-2        2254583E6     CCC                  A/Watch Neg
    B-3        2254583F3     CCC                  BBB/Watch Neg
    B-4        2254583Q9     CC                   BB/Watch Neg
    II-A-1     225458X45     AAA                  AAA/Watch Neg
    II-A-2     225458X52     AAA                  AAA/Watch Neg
    III-A-1    225458X60     AAA                  AAA/Watch Neg
    III-A-2    225458X78     AAA                  AAA/Watch Neg
    III-A-3    225458X86     AAA                  AAA/Watch Neg
    III-A-5    225458Y28     AAA                  AAA/Watch Neg
    III-A-6    225458Y36     AAA                  AAA/Watch Neg
    III-A-7    225458Y44     AAA                  AAA/Watch Neg
    III-A-8    225458Y51     AAA                  AAA/Watch Neg
    III-A-9    225458Y69     AAA                  AAA/Watch Neg
    III-A-10   225458Y77     AAA                  AAA/Watch Neg
    III-A-11   225458Y85     AAA                  AAA/Watch Neg
    III-A-12   225458Y93     AAA                  AAA/Watch Neg
    III-A-13   225458Z27     AAA                  AAA/Watch Neg
    III-A-14   225458Z35     AAA                  AAA/Watch Neg
    III-A-15   225458Z43     AAA                  AAA/Watch Neg
    III-A-16   225458Z50     AAA                  AAA/Watch Neg
    III-A-17   225458Z68     AAA                  AAA/Watch Neg
    III-A-18   225458Z76     AAA                  AAA/Watch Neg
    III-A-19   225458Z84     AAA                  AAA/Watch Neg
    III-A-20   225458Z92     AAA                  AAA/Watch Neg
    III-A-21   2254582A5     AAA                  AAA/Watch Neg
    III-A-22   2254582B3     AAA                  AAA/Watch Neg
    C-B-1      2254583G1     B                    AA/Watch Neg
    C-B-2      2254583H9     CCC                  A/Watch Neg
    C-B-3      2254583J5     CCC                  BBB/Watch Neg
    C-B-4      2254583T3     CCC                  BB/Watch Neg
    C-B-5      2254583U0     CC                   B/Watch Neg
    VII-A-1    2254582H0     B                    AAA/Watch Neg
    VIII-A-1   2254582J6     B                    AAA/Watch Neg
    D-B-1      2254583K2     CC                   AA/Watch Neg
    D-B-2      2254583L0     D                    A/Watch Neg

    First Horizon Alternative Mortgage Securities Trust 2006-FA1
                       Series      2006-FA1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      32051GS48     B                    AAA/Watch Neg
    I-A-2      32051GS55     AAA                  AAA/Watch Neg
    I-A-3      32051GS63     B                    AAA/Watch Neg
    I-A-5      32051GS89     B                    AAA/Watch Neg
    I-A-7      32051GT21     B                    AAA/Watch Neg
    I-A-8      32051GT39     B                    AAA/Watch Neg
    I-A-9      32051GT47     B                    AAA/Watch Neg
    I-A-10     32051GT54     B+                   AAA/Watch Neg
    I-A-11     32051GT62     B                    AAA/Watch Neg
    I-A-12     32051GT70     B                    AAA/Watch Neg
    I-A-PO     32051GT88     B                    AAA/Watch Neg
    II-A-1     32051GU37     B                    AAA/Watch Neg
    II-A-PO    32051GU29     B                    AAA/Watch Neg

    First Horizon Alternative Mortgage Securities Trust 2006-FA3
                       Series      2006-FA3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        32051HAA1     CCC                  B+/Watch Neg
    A-2        32051HAB9     CCC                  B/Watch Neg
    A-3        32051HAC7     CCC                  AA/Watch Neg
    A-4        32051HAD5     CCC                  B+/Watch Neg
    A-5        32051HAE3     CCC                  B+
    A-6        32051HAF0     AA                   AAA/Watch Neg
    A-7        32051HAG8     CCC                  B/Watch Neg
    A-8        32051HAH6     A                    AAA/Watch Neg
    A-9        32051HAJ2     CCC                  B/Watch Neg
    A-10       32051HAK9     CCC                  B/Watch Neg
    A-11       32051HAL7     CCC                  B/Watch Neg
    A-12       32051HAM5     CCC                  B/Watch Neg
    A-13       32051HAN3     CCC                  B/Watch Neg
    A-PO       32051HAP8     CCC                  B/Watch Neg
    B-2A       32051HAS2     CC                   CCC
    B-2B       32051HAT0     CC                   CCC
    B-3        32051HAU7     CC                   CCC

             JPMorgan Alternative Loan Trust 2006-S1
                       Series      2006-S1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      46627MDX2     B                    AAA/Watch Neg
    1-A-2      46627MDY0     B                    AAA/Watch Neg
    1-A-3      46627MDZ7     B                    AAA/Watch Neg
    1-A-4      46627MEA1     B                    AAA/Watch Neg
    1-A-5      46627MEB9     B+                   AAA/Watch Neg
    1-A-6      46627MEC7     B                    AAA/Watch Neg
    1-A-7      46627MED5     B                    AAA/Watch Neg
    1-A-8      46627MEE3     B                    AAA/Watch Neg
    1-A-9      46627MEF0     B                    AAA/Watch Neg
    1-A-10     46627MEG8     B                    AAA/Watch Neg
    1-A-11     46627MEH6     A                    AAA/Watch Neg
    1-A-12     46627MEJ2     A                    AAA/Watch Neg
    1-A-13     46627MEK9     A                    AAA/Watch Neg
    1-A-14     46627MEL7     A                    AAA/Watch Neg
    1-A-15     46627MEM5     A                    AAA/Watch Neg
    1-A-16     46627MEN3     A                    AAA/Watch Neg
    1-A-17     46627MEP8     A                    AAA/Watch Neg
    1-A-18     46627MEQ6     B                    AAA/Watch Neg
    1-A-19     46627MER4     B                    AAA/Watch Neg
    2-A-1      46627MES2     B                    AAA/Watch Neg
    2-A-2      46627MET0     BBB                  AAA/Watch Neg
    2-A-3      46627MEU7     B                    AAA/Watch Neg
    2-A-4      46627MEV5     B                    AAA/Watch Neg
    2-A-5      46627MEW3     B                    AAA/Watch Neg
    2-A-6      46627MEX1     B                    AAA/Watch Neg
    A-X        46627MFG7     BBB                  AAA
    A-P        46627MFH5     B                    AAA/Watch Neg
    3-A-1      46627MEY9     AAA                  AAA/Watch Neg
    3-A-1A     46627MEZ6     AAA                  AAA/Watch Neg
    3-A-2      46627MFA0     B                    AAA/Watch Neg
    3-A-2A     46627MFB8     B                    AAA/Watch Neg
    3-A-3      46627MFU6     B                    AAA/Watch Neg
    3-A-4      46627MFV4     B                    AAA/Watch Neg
    3-A-5      46627MFW2     B                    AAA/Watch Neg
    3-M-1      46627MFC6     CCC                  BBB/Watch Neg
    3-M-2      46627MFD4     CCC                  B/Watch Neg
    3-B-1      46627MFE2     CC                   CCC
    3-B-2      46627MFF9     CC                   CCC

                    RALI Series 2006-QS1 Trust
                       Series      2006-QS1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        761118RZ3     CCC                  BBB/Watch Neg
    A-2        761118SA7     CCC                  A/Watch Neg
    A-3        761118SB5     BB                   AAA/Watch Neg
    A-4        761118SC3     CCC                  BBB/Watch Neg
    A-5        761118SD1     CCC                  A/Watch Neg
    A-6        761118SE9     CCC                  A/Watch Neg
    A-7        761118SF6     CCC                  BBB/Watch Neg
    A-8        761118SG4     CCC                  BBB/Watch Neg
    A-9        761118SH2     CCC                  BBB
    A-P        761118SJ8     CCC                  BBB/Watch Neg
    A-V        761118SK5     BB                   AAA

                    RALI Series 2006-QS2 Trust
                       Series      2006-QS2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      761118UG1     B                    BB/Watch Neg
    I-A-2      761118UH9     B                    AAA/Watch Neg
    I-A-3      761118UJ5     B                    AAA
    I-A-4      761118UK2     B+                   AAA/Watch Neg
    I-A-5      761118UL0     B                    BB/Watch Neg
    I-A-6      761118UM8     B                    BB/Watch Neg
    I-A-7      761118UN6     B+                   BB
    I-A-8      761118UP1     B                    BB/Watch Neg
    I-A-9      761118UQ9     B                    BB/Watch Neg
    I-A-10     761118UR7     B                    BB/Watch Neg
    I-A-11     761118US5     B                    BB
    I-A-13     761118UU0     B                    BB/Watch Neg
    I-A-14     761118UV8     B                    BB/Watch Neg
    I-A-15     761118UW6     B                    BB
    I-A-16     761118UX4     B                    BB/Watch Neg
    I-A-17     761118UY2     B                    BB/Watch Neg
    I-A-18     761118UZ9     B                    BB
    I-A-P      761118VD7     B                    BB/Watch Neg
    I-A-V      761118VE5     B+                   AAA
    II-A-1     761118VA3     BBB                  AAA/Watch Neg
    II-A-2     761118VB1     BBB                  AAA/Watch Neg
    III-A-1    761118VC9     BBB                  AAA/Watch Neg
    II-A-P     761118VF2     BBB                  AAA/Watch Neg
    II-A-V     761118VG0     BBB                  AAA

                    RALI Series 2007-QS4 Trust
                       Series      2007-QS4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      74923HAA9     CCC                  B/Watch Neg
    I-A-2      74923HAB7     CCC                  B
    I-A-3      74923HAC5     CCC                  B/Watch Neg
    I-A-4      74923HAD3     CCC                  B/Watch Neg
    II-A-1     74923HAE1     B-                   BB-/Watch Neg
    II-A-2     74923HAF8     B-                   BB-
    II-A-3     74923HAG6     CCC                  B/Watch Neg
    II-A-4     74923HAH4     B-                   BB-/Watch Neg
    II-A-5     74923HAJ0     B-                   BB-
    III-A-1    74923HAK7     CCC                  B/Watch Neg
    III-A-2    74923HAL5     B-                   B+/Watch Neg
    III-A-3    74923HAM3     CCC                  B/Watch Neg
    III-A-4    74923HAN1     CCC                  B/Watch Neg
    III-A-5    74923HAP6     CCC                  B/Watch Neg
    III-A-6    74923HAQ4     CCC                  B+/Watch Neg
    III-A-7    74923HAR2     B-                   BB/Watch Neg
    III-A-8    74923HAS0     B-                   BB
    III-A-9    74923HAT8     B-                   B+/Watch Neg
    III-A-10   74923HAU5     CCC                  B/Watch Neg
    III-A-11   74923HAV3     CCC                  B/Watch Neg
    IV-A-1     74923HAW1     CCC                  B/Watch Neg
    IV-A-2     74923HAX9     CCC                  B
    IV-A-3     74923HAY7     CCC                  B/Watch Neg
    V-A-1      74923HAZ4     CCC                  B/Watch Neg
    V-A-2      74923HBA8     CCC                  B/Watch Neg
    I-A-P      74923HBB6     CCC                  B/Watch Neg
    I-A-V      74923HBC4     CCC                  B
    II-A-P     74923HBD2     CCC                  B/Watch Neg
    II-A-V     74923HBE0     B-                   BB-
    III-A-P    74923HBF7     CCC                  B/Watch Neg
    III-A-V    74923HBG5     B-                   BB
    V-A-P      74923HBH3     CCC                  B/Watch Neg
    V-A-V      74923HBJ9     CCC                  B

                    RALI Series 2007-QS6 Trust
                       Series      2007-QS6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        75116CAA4     CCC                  B/Watch Neg
    A-2        75116CAB2     CCC                  B/Watch Neg
    A-3        75116CAC0     CCC                  B/Watch Neg
    A-4        75116CAD8     CCC                  B/Watch Neg
    A-5        75116CAE6     CCC                  B/Watch Neg
    A-6        75116CAF3     CCC                  B+/Watch Neg
    A-7        75116CAG1     CCC                  B+/Watch Neg
    A-8        75116CAH9     CCC                  B/Watch Neg
    A-9        75116CAJ5     CCC                  B/Watch Neg
    A-10       75116CAK2     CCC                  B/Watch Neg
    A-11       75116CAL0     CCC                  B/Watch Neg
    A-12       75116CAM8     CCC                  B/Watch Neg
    A-13       75116CAN6     CCC                  B/Watch Neg
    A-14       75116CAP1     CCC                  B/Watch Neg
    A-15       75116CAQ9     CCC                  B/Watch Neg
    A-16       75116CAR7     CCC                  B/Watch Neg
    A-P        75116CEW2     CCC                  B/Watch Neg
    A-V        75116CEX0     CCC                  B+
    A-17       75116CAS5     CCC                  B/Watch Neg
    A-18       75116CAT3     CCC                  B/Watch Neg
    A-19       75116CAU0     CCC                  B/Watch Neg
    A-20       75116CAV8     CCC                  B/Watch Neg
    A-21       75116CAW6     CCC                  B/Watch Neg
    A-22       75116CAX4     CCC                  B/Watch Neg
    A-23       75116CAY2     CCC                  B/Watch Neg
    A-24       75116CAZ9     CCC                  B/Watch Neg
    A-25       75116CBA3     CCC                  B+/Watch Neg
    A-26       75116CBB1     CCC                  B+/Watch Neg
    A-27       75116CBC9     CCC                  B+/Watch Neg
    A-28       75116CBD7     CCC                  B+/Watch Neg
    A-29       75116CBE5     CCC                  B+/Watch Neg
    A-30       75116CBF2     CCC                  B+
    A-31       75116CBG0     CCC                  B/Watch Neg
    A-32       75116CBH8     CCC                  B/Watch Neg
    A-33       75116CBJ4     CCC                  B/Watch Neg
    A-34       75116CBK1     CCC                  B
    A-35       75116CBL9     CCC                  B+/Watch Neg
    A-36       75116CBM7     CCC                  B+/Watch Neg
    A-37       75116CBN5     CCC                  B+/Watch Neg
    A-38       75116CBP0     CCC                  B+/Watch Neg
    A-39       75116CBQ8     CCC                  B+/Watch Neg
    A-40       75116CBR6     CCC                  B+/Watch Neg
    A-41       75116CBS4     CCC                  B+/Watch Neg
    A-42       75116CBT2     CCC                  B+/Watch Neg
    A-43       75116CBU9     CCC                  B/Watch Neg
    A-44       75116CBV7     CCC                  B/Watch Neg
    A-45       75116CBW5     CCC                  B/Watch Neg
    A-46       75116CBX3     CCC                  B/Watch Neg
    A-47       75116CBY1     CCC                  B
    A-48       75116CBZ8     CCC                  B/Watch Neg
    A-49       75116CCA2     CCC                  B/Watch Neg
    A-50       75116CCB0     CCC                  B/Watch Neg
    A-51       75116CCC8     CCC                  B/Watch Neg
    A-52       75116CCD6     CCC                  B/Watch Neg
    A-53       75116CCE4     CCC                  B/Watch Neg
    A-54       75116CCF1     CCC                  B/Watch Neg
    A-55       75116CCG9     CCC                  B/Watch Neg
    A-56       75116CCH7     CCC                  B/Watch Neg
    A-57       75116CCJ3     CCC                  B/Watch Neg
    A-58       75116CCK0     CCC                  B/Watch Neg
    A-59       75116CCL8     CCC                  B/Watch Neg
    A-60       75116CCM6     CCC                  B/Watch Neg
    A-61       75116CCN4     CCC                  B/Watch Neg
    A-62       75116CCP9     CCC                  B/Watch Neg
    A-63       75116CCQ7     CCC                  B/Watch Neg
    A-64       75116CCR5     CCC                  B/Watch Neg
    A-65       75116CCS3     CCC                  B
    A-66       75116CCT1     CCC                  B/Watch Neg
    A-67       75116CCU8     CCC                  B/Watch Neg
    A-68       75116CCV6     CCC                  B/Watch Neg
    A-69       75116CCW4     CCC                  B/Watch Neg
    A-70       75116CCX2     CCC                  B/Watch Neg
    A-71       75116CCY0     CCC                  B/Watch Neg
    A-72       75116CCZ7     CCC                  B/Watch Neg
    A-73       75116CDA1     CCC                  B/Watch Neg
    A-74       75116CDB9     CCC                  B/Watch Neg
    A-75       75116CDC7     CCC                  B/Watch Neg
    A-76       75116CDD5     CCC                  B/Watch Neg
    A-77       75116CDE3     CCC                  B/Watch Neg
    A-78       75116CDF0     CCC                  B/Watch Neg
    A-79       75116CDG8     CCC                  B/Watch Neg
    A-80       75116CDH6     CCC                  B/Watch Neg
    A-81       75116CDJ2     CCC                  B/Watch Neg
    A-82       75116CDK9     CCC                  B/Watch Neg
    A-83       75116CDL7     CCC                  B/Watch Neg
    A-84       75116CDM5     CCC                  B/Watch Neg
    A-85       75116CDN3     CCC                  B/Watch Neg
    A-86       75116CDP8     CCC                  B/Watch Neg
    A-87       75116CDQ6     CCC                  B/Watch Neg
    A-88       75116CDR4     CCC                  B/Watch Neg
    A-89       75116CDS2     CCC                  B/Watch Neg
    A-90       75116CDT0     CCC                  B/Watch Neg
    A-91       75116CDU7     CCC                  B/Watch Neg
    A-92       75116CDV5     CCC                  B/Watch Neg
    A-93       75116CDW3     CCC                  B/Watch Neg
    A-94       75116CDX1     CCC                  B/Watch Neg
    A-95       75116CDY9     CCC                  B/Watch Neg
    A-96       75116CDZ6     CCC                  B/Watch Neg
    A-97       75116CEA0     CCC                  B/Watch Neg
    A-98       75116CEB8     CCC                  B
    A-99       75116CEC6     CCC                  B+/Watch Neg
    A-100      75116CED4     CCC                  B+/Watch Neg
    A-101      75116CEE2     CCC                  B+/Watch Neg
    A-102      75116CEF9     CCC                  B+/Watch Neg
    A-103      75116CEG7     CCC                  B+/Watch Neg
    A-104      75116CEH5     CCC                  B+
    A-105      75116CEJ1     CCC                  B/Watch Neg
    A-106      75116CEK8     CCC                  B/Watch Neg
    A-107      75116CEL6     CCC                  B/Watch Neg
    A-108      75116CEM4     CCC                  B/Watch Neg
    A-109      75116CEN2     CCC                  B/Watch Neg
    A-110      75116CEP7     CCC                  B
    A-111      75116CEQ5     CCC                  B/Watch Neg
    A-112      75116CER3     CCC                  B/Watch Neg
    A-113      75116CES1     CCC                  B/Watch Neg
    A-114      75116CET9     CCC                  B/Watch Neg
    A-115      75116CEU6     CCC                  B/Watch Neg
    A-116      75116CEV4     CCC                  B

   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5
                       Series      2006-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       86360NAG7     CCC                  BB/Watch Neg
    1-A2       86360NAH5     CCC                  B/Watch Neg
    2-A1       86360NAJ1     CCC                  BB/Watch Neg
    2-A2       86360NAK8     CCC                  BB/Watch Neg
    2-A3       86360NAL6     CCC                  B/Watch Neg
    2-AX       86360NAM4     CCC                  BB
    3-A        86360NAN2     CCC                  BBB/Watch Neg
    4-A1       86360NAP7     BBB                  AAA/Watch Neg
    4-A2       86360NAQ5     CCC                  BBB/Watch Neg
    5-A1       86360NAR3     BBB                  AAA/Watch Neg
    5-A2       86360NAS1     BBB                  AAA/Watch Neg
    5-A3       86360NAT9     BBB                  AAA/Watch Neg
    5-A4       86360NAU6     CCC                  BBB/Watch Neg
    B1-II      86360NAZ5     CCC                  B/Watch Neg
    B3-II      86360NBB7     CC                   CCC

  WaMu Mortgage Pass-Through Certificates, Series 2006-AR19 Trust
                     Series      2006-AR19

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    CA-1C      933638AF5     CCC                  B/Watch Neg
    B-7        933638AR9     CC                   CCC
    B-8        933638AS7     CC                   CCC
    B-9        933638AT5     CC                   CCC

            Washington Mutual Mortgage Securities Corp
                        Series      2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      93934FKH4     B                    AAA/Watch Neg
    1-A-2      93934FKJ0     CCC                  BB/Watch Neg
    2-CB-1     93934FKK7     CCC                  BB/Watch Neg
    2-CB-2     93934FKL5     CCC                  BB/Watch Neg
    2-CB-3     93934FKM3     CCC                  BB/Watch Neg
    3-A-1      93934FKN1     B                    AAA/Watch Neg
    3-A-2      93934FKP6     B                    AAA/Watch Neg
    3-A-3      93934FKQ4     CCC                  BB/Watch Neg
    3-A-4      93934FKR2     CCC                  BB/Watch Neg
    3-A-5      93934FKS0     CCC                  BB
    3-A-6      93934FKT8     CCC                  BB/Watch Neg
    3-A-7      93934FKU5     CCC                  BB/Watch Neg
    3-A-8      93934FKV3     CCC                  BB/Watch Neg
    3-A-9      93934FKW1     CCC                  BB/Watch Neg
    3-A-10     93934FKX9     CCC                  BB/Watch Neg
    4-CB       93934FKY7     CCC                  BB/Watch Neg
    5-CB-1     93934FKZ4     B                    AAA/Watch Neg
    5-CB-2     93934FLA8     B                    AAA/Watch Neg
    5-CB-3     93934FLB6     CCC                  BB/Watch Neg
    5-CB-4     93934FLC4     BB                   AAA/Watch Neg
    5-CB-5     93934FLD2     CCC                  BB/Watch Neg
    5-CB-6     93934FLE0     CCC                  BB/Watch Neg
    CP         93934FLG5     CCC                  BB/Watch Neg
    CX         93934FLF7     BB                   AAA
    B-2        93934FLJ9     CC                   CCC
    B-3        93934FLK6     CC                   CCC
    B-4        93934FJZ6     CC                   CCC

                         Ratings Affirmed

   First Horizon Alternative Mortgage Securities Trust 2006-FA1
                       Series      2006-FA1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-6      32051GS97     AAA

   First Horizon Alternative Mortgage Securities Trust 2006-FA3
                       Series      2006-FA3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B-1A       32051HAQ6     CCC
                 B-1B       32051HAR4     CCC

              JPMorgan Alternative Loan Trust 2006-S1
                       Series      2006-S1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 P          46627MFR3     AAA
                 B-1        46627MFJ1     CCC

   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5
                        Series      2006-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B2-II      86360NBA9     CCC

  WaMu Mortgage Pass-Through Certificates, Series 2006-AR19 Trust
                      Series      2006-AR19

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A         933638AA6     AAA
                 1A-1A      933638AB4     AAA
                 1A-1B      933638AC2     AAA
                 1X-PPP     933638AG3     AAA
                 1X-2       933638AH1     AAA
                 2A         933638AD0     AAA
                 2A-1B      933638AE8     AAA
                 2X-PPP     933638AJ7     AAA
                 B-1        933638AK4     CCC
                 B-2        933638AL2     CCC
                 B-3        933638AM0     CCC
                 B-4        933638AN8     CCC
                 B-5        933638AP3     CCC
                 B-6        933638AQ1     CCC

            Washington Mutual Mortgage Securities Corp
                        Series      2006-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B-1        93934FLH3     CCC


* S&P Puts Ratings on 654 Classes on Negative CreditWatch
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 654
classes of commercial mortgage pass-through certificates from 45
floating-rate commercial mortgage-backed securities transactions
and 49 classes from seven large loan fixed-rate and single-
borrower CMBS transactions on CreditWatch with negative
implications.  In total, with the current CreditWatch placement
actions, S&P placed its ratings on 703 classes on CreditWatch
negative, and these classes have an aggregate par balance of
$37.5 billion.

The negative CreditWatch placements reflect S&P's preliminary re-
evaluation of the remaining underlying loans in the 52 identified
large loan transactions, based on the most recent master
servicer's reported net cash flow.  S&P previously placed its
ratings on 23 classes from four of the floating-rate CMBS
transactions and seven ratings from one of the fixed-rate and
single-borrower CMBS transactions on CreditWatch with negative
implications that remain outstanding.  Including the classes
previously placed on CreditWatch negative, these summarizes the
outstanding CreditWatch negative placements on the large loan
floating-rate, fixed-rate, and single-borrower CMBS transactions
rated by Standard & Poor's.  A summary of the 677 floating-rate
classes on CreditWatch negative by rating category:

  -- 219 'AAA' ($21.5 billion, 68.1%);
  -- 91 'AA' category ($3.5 billion, 11.2%);
  -- 108 'A' category ($2.5 billion, 8.0%);
  -- 180 'BBB' category ($3.0 billion, 9.4%);
  -- 61 'BB' category ($0.8 billion, 2.5%);
  -- 16 'B' category ($0.2 billion, 0.7%); and
  -- 2 'CCC-' ($16.2 million, 0.1%).

A summary of the 677 floating-rate classes on CreditWatch negative
by vintage:

  -- 234 2007 vintage ($14.6 billion, 46.4%);
  -- 256 2006 vintage ($13.0 billion, 41.2%);
  -- 104 2005 vintage ($2.8 billion, 8.9%);
  -- 69 2004 vintage ($0.9 billion, 2.9%);
  -- 11 2003 vintage ($0.2 billion, 0.6%); and
  -- 3 2001 vintage (N/A).

  N/A - represents ratings outstanding on interest-only
  certificates with notional balances.

A summary of the 56 fixed-rate and single-borrower classes on
CreditWatch negative by rating category:

  -- 17 'AAA' ($4.2 billion, 56.6%);
  -- 13 'AA' category ($779.0 million, 10.6%);
  -- 10 'A' category ($642.0 million, 8.7%);
  -- 11 'BBB' category ($658.1 million, 9.0%);
  -- 3 'BB' category ($807.8 million, 11.0%); and
  -- 2 'B' category ($300.0 million, 4.1%).

A summary of the 56 fixed-rate and single-borrower classes on
CreditWatch negative by vintage:

  -- 3 2008 vintage ($1.4 billion, 19.6%);
  -- 16 2007 vintage ($3.6 billion, 49.5%);
  -- 32 2006 vintage ($2.2 billion, 29.9%);
  -- 4 2001 vintage ($51.4 million, 0.7%); and
  -- 1 2000 vintage ($24.6 million, 0.3%).

To resolve S&P's negative CreditWatch placements, S&P expects to
analyze each of the remaining loans in the 52 large loan floating-
rate and fixed-rate and single-borrower transactions based on
current and expected net cash flows and derive updated property
valuations.  S&P will evaluate the impact of any changes in the
resultant valuations in the content of each transaction's capital
structure to determine if rating changes are appropriate.  In
performing S&P's analysis, S&P will also consider other factors
that potentially could impact the transaction's underlying
performance, including, but not limited to these: the transitional
nature of the underlying trust collateral (when applicable),
refinancing risk, liquidity interruption, loan payment status, and
special servicing transfers and associated fees.



* S&P Puts Ratings on 1,994 Classes on Negative CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 1,994
classes of commercial mortgage pass-through certificates from 170
conduit and fusion commercial mortgage pass-through transactions
on CreditWatch with negative implications.  In total, 2,149
conduit and fusion ratings are now on CreditWatch negative from
171 transactions, and the aggregate outstanding par balance of the
certificates is $59.1 billion.

The negative CreditWatch placements reflect S&P's preliminary
reevaluation of all the loans in the identified transactions.

S&P previously placed its ratings on 155 classes from 13 ($3.7
billion) transactions on CreditWatch with negative implications
that remain outstanding.  Including the ratings previously placed
on CreditWatch, these summarizes the outstanding CreditWatch
negative placements on the conduit and fusion transactions rated
by Standard & Poor's.

A rating summary of the CreditWatch placements:

  -- 112 'AAA' ($19.2 billion, 32.5%);
  -- 281 'AA' category ($8.7 billion, 14.7%);
  -- 364 'A' category ($9.7 billion, 16.4%);
  -- 423 'BBB' category ($12.0 billion, 20.3%);
  -- 396 'BB' category ($5.1 billion, 8.6%);
  -- 382 'B' category ($2.9 million, 4.9%); and
  -- 191 'CCC' category ($1.5 million, 2.5%).

A vintage summary of the CreditWatch placements:

  -- 98 2008 vintage ($1.4 billion, 2.3%);
  -- 742 2007 vintage ($29.2 billion, 49.4%);
  -- 529 2006 vintage ($14.8 billion, 25.1%);
  -- 324 2005 vintage ($7.5 billion, 12.7%);
  -- 209 2004 vintage ($3.4 billion, 5.7%);
  -- 84 2003 vintage ($1.0 billion, 1.7%);
  -- 76 2002 vintage ($0.7 billion, 1.3%);
  -- 44 2001 vintage ($0.5 billion, 0.9%);
  -- 34 2000 vintage ($0.4 billion, 0.6%); and
  -- 9 1999 vintage ($0.2 billion, 0.3%).

To resolve S&P's negative CreditWatch placements, S&P will
evaluate loan-level cash flows and will analyze the loans with low
or expected cash flow declines that have negatively affected their
property valuations.  In performing this analysis, S&P will seek
to isolate the loans that S&P believes are at heightened risk of
default and those that may, in S&P's view, incur losses.  S&P will
also consider other factors that could potentially affect the
transactions' underlying performance, including, but not limited
to these: specially serviced assets, refinancing risk, geographic
and property type concentrations, interest-only loan exposure,
liquidity interruptions, and defeased loans.


                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts.  The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland, USA.  Ma. Theresa
Amor J. Tan Singco, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


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