TCR_Public/090524.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, May 24, 2009, Vol. 13, No. 142

                            Headlines


ADVANTA BUSINESS: Moody's Downgrades Ratings on 23 Classes
AELTUS CBO: Fitch Affirms 'C' Rating on Second Priority Notes
ALEUTIAN INVESTMENTS: Moody's Downgrades Ratings on 2006 Notes
ALLMERICA CBO: Fitch Junks Ratings on Senior Notes from 'B'
ARCAP 2005-RR5: S&P Downgrades Ratings on Class L Certs. to 'D'

ARGON CAPITAL: S&P Downgrades Rating on Series 92 Notes to 'D'
ARLINGTON STREET: Moody's Downgrades Ratings on Various Notes
ASSET BACKED: Moody's Downgrades Ratings on 2001-AQ1 Notes
BALBOA CDO: Moody's Junks Ratings on $31 Mil. B Notes from 'Ba2'
BEA CBO: Fitch Affirms 'C/RR6' Rating on Three Classes of Notes

BEAR STEARNS: Fitch Downgrades Ratings on 2004-PWR5 Certs.
BEAR STEARNS: Moody's Downgrades Ratings on Seven NIMS
BERKELEY STREET: Moody's Junks Ratings on Three Classes of Notes
CALABASH RE: S&P Assigns 'BB-' Rating on Series 2009-1 Notes
CALHOUN CBO: Moody's Downgrades Ratings on $240 Mil. Notes to 'B2'

CAM CBO: Fitch Downgrades Ratings on Class C Notes to 'D'
CAPSTAN CBO: Moody's Downgrades Ratings on Various Classes
CHYPS CBO: Fitch Affirms 'C/RR6' Ratings on Four Classes of Notes
CITIGROUP COMMERCIAL: Fitch Downgrades Ratings on 2007-FL3 Certs.
COMM 2005-C6: S&P Downgrades Ratings on Three Classes to 'D'

CREDIT SUISSE: Fitch Downgrades Ratings on 2002-CP5 Notes
CREDIT SUISSE: Fitch Downgrades Ratings on Various 2004-C2 Notes
CREDIT SUISSE: Moody's Downgrades Ratings on 184 Tranches
DALLAGLIO CDO: S&P Withdraws 'CCC-' Rating on Class B Notes
DEVELOPERS DIVERSIFIED: Fitch Cuts Issuer Default Rating to 'BB'

E*TRADE ABS: Fitch Junks Ratings on $25 Mil. Class B Notes
EDUCATION FUNDING: Moody's Downgrades Ratings on Two 2006-1 Notes
FIRST FRANKLIN: Moody's Downgrades Ratings on Two NIMS
FIRST INDUSTRIAL: Fitch Downgrades Issuer Default Rating to 'BB-'
FIRST NATIONAL: Moody's Reviews Ratings on 12 Classes of Notes

GREENWICH CAPITAL: Fitch Downgrades Ratings on 2002-C1 Certs.
GREENWICH STRUCTURED: Moody's Cuts Ratings on Class N-1 Certs.
GSAA HOME: Moody's Downgrades Ratings on Four NIMS
HIGH POINT: Moody's Downgrades Rating on $4.1 Mil. Bonds to 'Ba2'
INDX MORTGAGE: Moody's Downgrades Ratings on Three Certificates

INNER HARBOR: Fitch Downgrades Ratings on Two 1999-1 Notes
JP MORGAN: Moody's Downgrades Ratings on Two 2008-R2 Certs.
LARGO LTD: Moody's Downgrades Ratings on Various Classes of Notes
LEHMAN BROTHERS: Fitch Downgrades Ratings on Two 2004-LLF C5 Notes
LEHMAN BROS: S&P Cuts Rating on Class K 2005-LLF Certs. to 'D'

LEHMAN XS: Moody's Downgrades Ratings on 40 NIMS by RMBS
LIBERTY SQUARE: Moody's Downgrades Ratings on Various Notes
LONDON WALL: Fitch Downgrades Ratings on Six 2006-1 Notes
MAGNOLIA FINANCE: Write-Downs Cue S&P's Rating Downgrades to 'D'
MASTR ALTERNATIVE: Moody's Downgrades Ratings on 13 NIMS

MILLENNIUM PARK: Moody's Downgrades Ratings on Various Classes
NERVA LTD: Fitch Downgrades Ratings on Class A Notes to 'C/RR6'
PACIFIC LIFE: Fitch Downgrades Ratings on Class B Notes to 'D'
PRADO CDO: Moody's Junks Ratings on Three Classes of Notes
PUTNAM CBO: Fitch Cuts Ratings on Second Priority Notes to 'C'

RACERS SERIES: Moody's Downgrades Ratings on 2006-19-E Notes
RESTRUCTURED ASSET: Moody's Downgrades Ratings on 2004-26-E Notes
RESTRUCTURED ASSET: Moody's Junks Ratings on 2004-27-E Notes
RESTRUCTURED ASSET: Moody's Junks Ratings on 2007-5-TR Notes
RBSGC 2008-B: Moody's Downgrades Ratings on Two Certificates

RHYNO CBO: Fitch Affirms 'C' Rating on Class B 1997-1 Notes
RIVERSIDE CITY: Moody's Withdraws 'Ba3' Bond Rating on Biz Reasons
SAIL NET: Moody's Downgrades Ratings on Three NIMS by RMBS
SARM NET: Moody's Downgrades Ratings on Six NIMS by RMBS
SASCO NET: Moody's Downgrades Ratings on Five NIMS by RMBS

SHARPS SP: Moody's Downgrades Ratings on Four NIMS by RMBS
SUTTER CBO: Moody's Downgrades Ratings on Three 2000-2 Notes
TCW HIGH INCOME: Moody's Cuts Ratings on Various Classes of Notes
US BANCORP: Fitch Affirms Support Rating Floor at 'BB-'
VALEO INVESTMENT: Moody's Junks Ratings on Class A-2 Notes

VALEO INVESTMENT: Moody's Downgrades Ratings on Three Classes
WACHOVIA BANK: Fitch Downgrades Ratings on 2004-C12 Notes to 'B-'
WACHOVIA BANK: Fitch Downgrades Ratings on Seven 2003-C3 Notes

* Fitch Puts Ratings on Nine Banking Companies on Negative Watch
* Moody's Corrects Rating on Class 1-A-8 by Prime Jumbo Mortgages
* Moody's Cuts Ratings on Four Certs. by Two Resecuritized Deals
* Moody's Cuts Ratings on Six Certs. by Three Resecuritized Deals
* Moody's Cuts Ratings on Seven Certs. by 3 Resecuritized Deals

* Moody's Reviews Ratings on 386 386 FHA/VA RMBS Tranches
* S&P Downgrades Ratings on 10 Tranches from Four Hybrid CDO Deals
* S&P Downgrades Ratings on 55 Tranches from 20 Hybrid CDO Deals
* S&P Downgrades Ratings on 68 Classes from Five Alt-A RMBS Deals
* S&P Downgrades Ratings on 139 Classes from 41 RMBS Transactions

* S&P Downgrades Ratings on 467 Classes from 33 RMBS Transactions



                            *********

ADVANTA BUSINESS: Moody's Downgrades Ratings on 23 Classes
----------------------------------------------------------
Moody's Investors Service has downgraded 23 classes of senior and
subordinated securities issued out of the Advanta Business Card
Master Trust.  The senior notes remain under review for possible
further downgrade.  This rating action follows the May 11
announcement by Advanta Corporation that continued collateral
performance deterioration of the Trust is expected to trigger an
early amortization event on the determination date of June 10,
2009.  Furthermore, the Advanta announced its intention to close
all of the Trust's credit card accounts to future use coincident
with the triggering of an early amortization event.

Advanta announced that it will make a tender offer for the Class A
senior notes outstanding from the Trust at a price between 65% and
75% of the face value in a modified Dutch Auction.  At this point
Moody's believe that the company's decision to make a cash tender
offer was not done in contemplation of avoiding a payment default,
and, therefore, Moody's do not consider the tender offer a
distressed exchange or default.

                            Rationale

Charge-off rates have effectively doubled from year-ago levels,
and surges in both the early-stage and late-stage delinquency
rates leave little doubt that the current charge-off rate
trajectory will continue in the near future.  Moreover, Advanta's
stated intention to terminate cardholders' charging privileges is
likely to cause an acceleration of losses measured as a percentage
of the pool, as the trust portfolio reduces in size due to charge-
offs and payments.  In addition, recessionary conditions in the
U.S. and the Trust's concentrated exposures to areas of the
country experiencing the most severe economic downturn, including
California and Florida, will continue to negatively affect the
Trust's collateral performance.

                     Collateral Performance

If cardholders can no longer make purchases, the effect on the
securitization cash flows would be very significant.  In that
case, investors would receive a pro rata allocation of declining
collections and are exposed to a longer amortization period than
if the pool of receivables were replenished with new purchases.

As detailed in the February 19, 2009 downgrade of 25 classes of
senior and subordinated notes issued from the Trust, Moody's
ratings considered the stresses to performance that could ensue if
the Trust were to hit an early amortization trigger.  Now, with
the near certainty of an early amortization event and the
company's decision to revoke all charging privileges, Moody's
believe performance will deteriorate even further.

Assuming the early amortization event is triggered and Advanta
closes the credit card accounts as planned, Moody's expect charge-
offs will rapidly increase to a range of between 40% and 50%, from
March's 17.3%.  Moody's expect the principal payment rate will
fall rapidly from its March level of 19.5% to a range of between
5% and 8%.  The payment rate will fall because convenience users
(i.e. those who pay off their balance in full each month) will
quickly drop out of the trust.  The remaining obligors are
typically less credit worthy and have much lower payment rates.

The yield, too, will be adversely affected.  With no new purchases
allowed, interchange fees, which are generated from purchase
volume, will no longer contribute to the overall Trust yield.
That itself could cause the yield to drop by about five percentage
points.  Increasing delinquencies will cause the cash yield to
drop even further.  Moody's expect that yield will fall from its
March level of 22.4% to a range of 10% to 14%.

There are few precedents in credit card ABS market history to draw
valuable inferences as to expected future performance.  Two
instances where a credit card trust entered early amortization
while, at the same time, charging privileges were revoked include
NextCard Credit Card Master Note and First Consumer Credit Card
Master Note Trust.  These cases provide some guidance for what
Moody's can expect when the Trust hits an early amortization
trigger.  For example, after the NextCard and First Consumer deals
entered early amortization, charge-offs and payment rates followed
steep trajectories of deterioration.  Moody's expect the same will
be true in the Advanta case.  Even so, the Advanta case has some
notable differences.  First, the Advanta trust is comprised of
small business card accounts, not consumer card accounts. This may
result in differences in cardholder behavior.  Also, the current
economic environment is much more stressful than the ones which
the NextCard and First Consumer portfolios experienced during
their early amortization periods.  These factors create
incremental uncertainty with respect to the performance of the
Trust over the next several months.

                    Servicing And Collections

As the Trust amortizes, Advanta plans to continue to service and
collect the Trust's credit card receivables.  By staying on as
servicer, Advanta avoids any disruption caused by the transfer of
servicing responsibilities to a third party.  In addition to this
servicer fee revenue stream, Advanta's interest in the Trust (i.e.
both its seller's interest and any notes it has retained for its
own account), Advanta will continue to have a direct economic
interest in maximizing collections on the portfolio.  Even so,
there are no assurances that Advanta will remain as servicer
indefinitely, and so the lack of a contracted back-up servicing
arrangement means that the risks associated with the transfer
servicing to a third party remain.

The complete rating actions are:

                        Ratings Downgraded

Issuer: Advanta Business Card Master Trust, AdvantaSeries

  -- $225,000,000 Class A (2005-A2) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $250,000,000 Class A (2006-A3) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $300,000,000 Class A (2006-A4) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $200,000,000 Class A (2006-A5) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $250,000,000 Class A (2006-A6) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $200,000,000 Class A (2006-A7) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $200,000,000 Class A (2007-A1) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $225,000,000 Class A (2007-A2) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $200,000,000 Class A (2007-A3) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $200,000,000 Class A (2007-A4) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $400,000,000 Class A (2007-A5) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $150,000,000 Class A (2008-A3) Asset backed Notes, downgraded
     to Ba2 from Baa2 and placed under review for possible
     downgrade; previously downgraded on February 19, 2009 to Baa2
     from Aaa

  -- $100,000,000 Class B (2005-B1) Asset backed Notes, downgraded
     to Ca from B3; previously downgraded on February 19, 2009 to
     B3 from A2

  -- $125,000,000 Class B (2006-B2) Asset backed Notes, downgraded
     to Ca from B3; previously downgraded on February 19, 2009 to
     B3 from A2

  -- $100,000,000 Class B (2007-B1) Asset backed Notes, downgraded
     to Ca from B3; previously downgraded on February 19, 2009 to
     B3 from A2

  -- $100,000,000 Class B (2007-B2) Asset backed Notes, downgraded
     to Ca from B3; previously downgraded on February 19, 2009 to
     B3 from A2

  -- $100,000,000 Class C (2004-C1) Asset backed Notes, downgraded
     to C from Caa2; previously downgraded on February 19, 2009 to
     Caa2 from Baa2

  -- $140,000,000 Class C (2006-C1) Asset backed Notes, downgraded
     to C from Caa2; previously downgraded on February 19, 2009 to
     Caa2 from Baa2

  -- $10,000,000 Class D (2004-D1) Asset backed Notes, downgraded
     to C from Caa3; previously downgraded on February 19, 2009 to
     Caa3 from Ba2

  -- $15,000,000 Class D (2006-D1) Asset backed Notes, downgraded
     to C from Caa3; previously downgraded on February 19, 2009 to
     Caa3 from Ba2

  -- $25,000,000 Class D (2006-D2) Asset backed Notes, downgraded
     to C from Caa3; previously downgraded on February 19, 2009 to
     Caa3 from Ba2

  -- $30,000,000 Class D (2006-D3) Asset backed Notes, downgraded
     to C from Caa3; previously downgraded on February 19, 2009 to
     Caa3 from Ba2

  -- $25,000,000 Class D (2007-D1) Asset backed Notes, downgraded
     to C from Caa3; previously downgraded on February 19, 2009 to
     Caa3 from Ba2

The Class A (2005-A5) is expected to be paid down on May 20th and
was excluded from this rating action.

Advanta, headquartered in Spring House, Pennsylvania, reported
approximately $7.7 billion in managed assets as of December 31,
2008.  Advanta Bank Corp., a wholly owned subsidiary of Advanta,
is a depositary institution subject to regulatory oversight by
both the FDIC and the Utah Department of Financial Institutions.
Advanta has originated and serviced credit card receivables since
1995.


AELTUS CBO: Fitch Affirms 'C' Rating on Second Priority Notes
-------------------------------------------------------------
Fitch Ratings has revised the Recovery Rating on the class of
notes issued by Aeltus CBO II, Ltd. to reflect Fitch's updated
Rating Definitions Criteria released March 3, 2009.  The RR
revision is:

  -- $33,212,349 second priority senior notes affirmed at 'C/RR6'
     (revised from 'C/DR6').

Aeltus II is a collateralized bond obligation managed by Rogge
Global Partners, Inc. that closed Aug. 5, 1997.  The final
maturity of the transaction is Aug. 6, 2009.  The initial
portfolio was composed of high yield and emerging market bonds.

As of the May 8, 2009 trustee report, the portfolio consists of
two equity positions and $1.25 million remains in the principal
collections account.  No additional performing securities remain
in the portfolio.  Due to insufficient funds, Fitch expects the
second priority senior notes to recover little to no principal at
maturity.

In September 2006, Aeltus II experienced an event of default and
the noteholders elected to accelerate the maturity of the notes by
selling and liquidating the collateral.

The rating of the second priority senior notes addresses the
likelihood that investors will receive ultimate and compensating
interest payments, as per the governing documents, as well as the
stated balance of principal by the legal final maturity date.


ALEUTIAN INVESTMENTS: Moody's Downgrades Ratings on 2006 Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the medium-term note
program, 2006 Series A, issued by Aleutian Investments LLC.  The
rating is based on an insurance policy issued by Ambac Assurance
Corporation's, whose insurance financial strength rating is Ba3.
The policy provides unconditional and irrevocable guarantee of
timely payments of interest and repayment of principal at legal
final maturity date.

The complete rating action is:

Aleutian Investments LLC, 2006 Series A

  -- 2006 Series A Floating Rate Notes, downgraded to Ba3;
     previously on Mar 3, 2009 Upgraded from Baa1 to Aa2


ALLMERICA CBO: Fitch Junks Ratings on Senior Notes from 'B'
-----------------------------------------------------------
Fitch Ratings downgrades one class and revises the Recovery Rating
on two classes of notes issued by Allmerica CBO I, Ltd.  These
rating actions are effective immediately:

  -- $14,015,020 senior notes downgraded to 'CCC/RR3' from
     'B/DR2';

  -- $97,682,341 second priority senior notes affirmed at 'C/RR6'
     (revised from 'C/DR6').

Allmerica CBO is a collateralized bond obligation managed by Opus
Investment Management, Inc. which closed June 11, 1998.  The final
maturity for the transaction is June 11, 2010.  The remaining
collateral for Allmerica CBO is composed of high yield corporate
bonds and emerging market bonds.  Payments are made semi-annually
in June and December.  Allmerica CBO I exited its reinvestment
period in June 2003.

The downgrade of the senior notes is a result of an increased
concentration of the portfolio in distressed and defaulted
securities.  The trustee reported negligible cash in the principal
collections account and a portfolio collateral balance of $17.9
million, of which $1.7 million is defaulted.  In addition, of the
$17.9 million of collateral, $9.4 million matures after the
maturity of the notes.  According to the April 24, 2009 trustee
report, all par value tests failed.  The senior priority par value
test failed at 117.9% with a trigger of 126.5% and the second
priority par value test failed at 14.8% with a trigger of 104.9%.

On the Dec. 11, 2008 payment date, the second priority senior
notes did not receive their full interest payment due to
insufficient interest and principal proceeds available to pay the
entire current interest due on the second priority senior notes
and the failure of the over collateralization test, which is
redirecting cash flow to redeem the senior notes.  Fitch
anticipates this trend to carry on for future payments, with
continual leakage of scheduled principal proceeds to pay senior
note interest.  Furthermore, the second priority senior notes have
capitalized a total of $41.2 million in interest since close and
$7.1 million since the last review.

The rating of the senior notes addresses the likelihood that
investors will receive full and timely payments of interest, as
per the governing documents, as well as the stated balance of
principal by the legal final maturity date.  The ratings of the
second priority senior notes addresses the likelihood that
investors will receive ultimate and compensating interest
payments, as per the governing documents, as well as the stated
balance of principal by the legal final maturity date.

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


ARCAP 2005-RR5: S&P Downgrades Ratings on Class L Certs. to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
L commercial mortgage-backed securities pass-through certificates
from ARCap 2005-RR5 Resecuritization Inc. to 'D' from 'CCC-' and
removed it from CreditWatch with negative implications.

The downgrade reflects interest shortfalls to class L, which have
been ongoing for nine consecutive months and are expected to
continue.

As of the April 24, 2009, trustee report, the most recent interest
shortfall on class L totaled $45,724, which brought the cumulative
interest shortfall amount to $395,423.  The interest shortfalls
are due in part to interest shortfalls on the underlying
commercial mortgage-backed securities collateral, which S&P
expects to continue.  The trust has incurred $99.8 million in
losses to date, which has caused principal losses to the
subordinate class M, N, and O certificates.


ARGON CAPITAL: S&P Downgrades Rating on Series 92 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the notes
from Argon Capital PLC's series 92 to 'D' from 'CCC-' and
subsequently withdrew the rating.

The lowered rating follows the redemption of the notes as per the
notice of redemption.  The notes were redeemed due to a number of
credit events in the underlying portfolio, which has caused the
series 92 notes to incur a complete principal loss.  S&P withdrew
the rating because there is no principal outstanding on the notes.

                   Rating Lowered And Withdrawn

                        Argon Capital PLC
                            Series 92

                                Rating
                                ------
                Class          To  Interim   From
                -----          --  -------   ----
                Series 92      NR    D       CCC-

                          NR -- Not rated.


ARLINGTON STREET: Moody's Downgrades Ratings on Various Notes
-------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by
Arlington Street CDO (Cayman) Ltd.:

  -- US$124,000,000 Class A-1 Floating Rate Senior Secured
     Notes Due 2012, Downgraded to Baa3; previously on December
     21, 2006 Upgraded to Aaa;

  -- US$50,000,000 Class A-2 Fixed Rate Senior Secured Notes
     Due 2012, Downgraded to Baa3; previously on December 21, 2006
     Upgraded to Aaa;

  -- US$44,000,000 Class A-3 Fixed Rate Senior Secured Notes
     Due 2012, Downgraded to Caa3; previously on December 21, 2006
     Upgraded to A3;

   -- US$37,000,000 Class B Fixed Rate Senior Secured Notes Due
     2012, Downgraded to C; previously on April 3, 2007 Downgraded
     to Caa3.

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."  Moody's analysis also reflects the
expectation that recoveries for high-yield corporate bonds will be
below their historical averages, consistent with Moody's research
(see Moody's Special Comment titled "Strong Loan Issuance in
Recent Years Signals Low Recovery Prospects for Loans and Bonds of
Defaulted U.S. Corporate Issuers" dated June 2008)

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities rated Caa1 and below, and failure of
Overcollateralization and certain Interest Coverage Tests.  The
weighted average rating factor has significantly increased over
the last few months and it is currently at 4387 versus a test
level of 2720 as of the last trustee report, dated April 10, 2009.
The number of defaulted securities and percentage of Caa-rated
securities in the collateral pool has also increased substantially
since the deal's prior rating action.  Based on the same report,
defaulted securities total about $31.6 million and the percentage
of Caa1 and below rated securities stands at 41.9% versus a
covenant level of 7%.  The Class A, B and C Overcollateralization
Tests and Class B and C Interest Coverage Tests are currently
failing as well.


ASSET BACKED: Moody's Downgrades Ratings on 2001-AQ1 Notes
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Class
A net interest margin securities issued by Asset Backed Funding
Corporation NIM Trust 2001-AQ1 Notes.  These NIM transactions rely
on residual cash flows and prepayment penalties generated by the
underlying mortgage-backed securitizations.  These cash flows are
sensitive to a number of factors:

   i) Prepayment speeds on the collateral backing the RMBS

  ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

  iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: Asset Backed Funding Corporation NIM Trust 2001-AQ1 Notes

  -- Cl. A, Downgraded to C; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade


BALBOA CDO: Moody's Junks Ratings on $31 Mil. B Notes from 'Ba2'
----------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Balboa
CDO I, Limited:

  -- US$31,000,000 Class B Notes Due July 2014, Downgraded to
     Caa2; previously on October 30, 2006 Downgraded to Ba2.

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

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, and an increase in the
proportion of securities rated Caa1 and below.  The weighted
average rating factor has increased over the last few months and
it is currently at 963 versus a test level of 610 as of the last
trustee report dated April 6, 2009.  Based on the same trustee
report, the Diversity Score test is failing at 34.5 versus a test
level of 40 and approximately 13.8% of the transaction's assets
are rated below Baa3.  The Class B Overcollaterilization Ratio
Test ratio is reported the same trustee report at 98.00% versus a
test level of 100.5%.  Finally, Moody's noted that the portfolio
includes a number of investments in securities that mature after
the maturity date of the notes.  These investments potentially
expose the notes to market risk in the event of liquidation at the
time of the notes' maturity.

Balboa CDO I, Limited, issued in June of 2001, is a collateralized
bond obligation backed primarily by a portfolio of corporate bonds
with original investment grade ratings.


BEA CBO: Fitch Affirms 'C/RR6' Rating on Three Classes of Notes
---------------------------------------------------------------
Fitch Ratings has revised the Recovery Rating on the classes of
notes issued by BEA CBO 1998-1 Ltd.  The RR revisions are:

  -- $11,035,241 class A-2A notes affirmed at 'C/RR6' (revised
     from 'C/DR4');

  -- $1,929,238 class A-2B notes affirmed at 'C/RR6' (revised from
     'C/DR4');

  -- $26,000,000 class A-3 notes affirmed at 'C/RR6' (revised from
     'C/DR6').

BEA 1998-1 is a collateralized debt obligation that closed May 21,
1998 and is managed by Prudential Investment Management, Inc.
Prudential took over management from BEA Associates after BEA
1998-1 entered an event of default in September 2002.  The
proceeds of the issuance were invested in a portfolio of U.S high
yield corporate bonds.  Payments are made semi-annually in June
and December and the reinvestment period ended in December 2002.

Currently only two bonds remain in the portfolio, one of which has
defaulted.  The downward revision to the RR on the class B notes
is the result of a lower recovery expectation on the notes.
According to the May 2, 2009 trustee report the remaining
performing security has a par amount of $55,138.  As such, there
is significant undercollateralization to these notes.  Both the A
overcollateralization test and B OC test failed their respective
triggers.

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

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


BEAR STEARNS: Fitch Downgrades Ratings on 2004-PWR5 Certs.
----------------------------------------------------------
Fitch Ratings downgrades Bear Stearns Commercial Mortgage
Securities Inc. commercial mortgage pass-through certificates,
series 2004-PWR5, and assigns Rating Outlooks:

  -- $3.1 million class P to 'CCC/RR1' from 'B-'.

In addition, Fitch affirms and assigns Rating Outlooks to these
classes:

  -- $151.6 million class A-2 at 'AAA'; Outlook Stable;
  -- $134 million class A-3 at 'AAA'; Outlook Stable;
  -- $100 million class A-4 at 'AAA'; Outlook Stable;
  -- $579.1 million class A-5 at 'AAA'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable;
  -- Interest-only class X-2 at 'AAA'; Outlook Stable;
  -- $29.3 million class B at 'AA+'; Outlook Stable;
  -- $9.3 million class C at 'AA'; Outlook Stable;
  -- $20 million class D at 'A+'; Outlook Stable;
  -- $13 million class E at 'A'; Outlook Stable;
  -- $15.4 million class F at 'BBB+'; Outlook Stable;
  -- $9.3 million class G at 'BBB'; Outlook Stable;
  -- $18.5 million class H at 'BBB-'; Outlook Stable;
  -- $4.6 million class J at 'BB+'; Outlook Negative;
  -- $4.6 million class K at 'BB'; Outlook Negative;
  -- $6.2 million class L at 'BB-'; Outlook Negative;
  -- $4.6 million class M at 'B+'; Outlook Negative;
  -- $4.6 million class N at 'B'; Outlook Negative.

Class A-1 has paid in full. Fitch does not rate the $13.9 million
class Q certificates.

The downgrade reflects the transfer of two loans to special
servicing since Fitch's last rating action.  There are now a total
of three assets (1%) in special servicing.  All three assets are
retail properties, one is real estate owned and two are
delinquent.  Fitch is expecting losses on all three specially
serviced assets.

The largest specially serviced loan (0.57%) is secured by a 51,000
square foot retail center located in Garden City, New York.  The
loan transferred to the special servicer due to imminent default.
The center lost a second major tenant in December 2008 which
reduced the occupancy to 26%.  The other specially serviced assets
are retail centers which have also experienced performance
problems after major tenants vacated and the borrower was unable
to release the space.  Both centers are approximately 40%
occupied.

As of the April distribution date, the pool has paid down 10.7% to
$1.1 billion from $1.23 billion at issuance and 10 loans (18.3%)
have been defeased.

Fitch reviewed the performance of the six remaining shadow
ratings: Reisterstown Plaza (4.3%), Fullerton Metrocenter (2.4%),
New Castle Marketplace (1.2%) and New Hampshire Tower (0.9%) all
retain their investment-grade shadow ratings based on their stable
performance.  World Apparel Center (3.2%) and Palmetto Business
Park (1.2%) have both seen declines in performance due to declines
in occupancy.  These two loans are no longer considered investment
grade.  Monticello Mall has paid in full.

Reisterstown Plaza is a 791,661 sf mixed-use property consisting
of retail and office space in Baltimore, Maryland.  Anchor tenants
include Home Depot and Burlington Coat Factory.  The sponsor is
Inland Western Retail Real Estate Trust, a subsidiary of Inland
Group, Inc.  Occupancy as of year-end 2008 was 94% compared to
97.1% at issuance.  While the loan continues to perform well,
Fitch remains concerned about the borrower's ability to refinance
in the current lending environment when the loan matures in
September 2009.

World Apparel Center is a 1.2 million sf office property located
in Midtown Manhattan.  Major tenants include Jones Apparel Group,
Chase Manhattan and Levi Strauss.  The property benefits from the
experienced sponsorship of Trizec Properties, Inc., a publicly
traded real estate investment trust.  Occupancy as of YE 2008 had
declined to 80.6% compared to 97.9% at issuance.

The top 10 non-defeased loans represent 30.1% of the pool.  The
loans have generally experienced stable performance since
issuance.  None of the loans have reported debt service coverage
ratios below 1.47 times (x).  The largest loan in the pool is 2941
Fairview Park Drive which is collateralized by a 353,000 sf office
building in Falls Church, Virginia.  The servicer reported
occupancy and DSCR as of June 2008, the most recent available,
were 100% and 1.47x respectively.


BEAR STEARNS: Moody's Downgrades Ratings on Seven NIMS
------------------------------------------------------
Moody's Investors Service has downgraded the ratings of seven net
interest margin securities backed by residential mortgage-backed
securitizations issued by Bear Stearns.  These NIM transactions
rely on residual cash flows and prepayment penalties generated by
the underlying mortgage-backed securitizations.  These cash flows
are sensitive to a number of factors:

i) Prepayment speeds on the collateral backing the RMBS

ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Bear Stearns Struct Prod Inc. NIM Tr 2004-10

  -- Notes, Downgraded to Ca; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

BSSP NIM Trust 2007-N1

  -- Cl. I-A-1, Downgraded to C; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade

BSSP NIM Trust 2007-N2

  -- Cl. VIII-A-1, Downgraded to C; previously on 4/15/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. X-A-2, Downgraded to C; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade

BSSP NIM Trust 2007-N3

  -- Cl. IV-A-1, Downgraded to C; previously on 4/15/2009 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-2, Downgraded to C; previously on 4/15/2009 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. V-A-1, Downgraded to C; previously on 4/15/2009 Caa2
     Placed Under Review for Possible Downgrade


BERKELEY STREET: Moody's Junks Ratings on Three Classes of Notes
----------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by
Berkeley Street CDO (Cayman) Ltd.:

  -- US$192,500,000 Class A-1 Floating Rate Senior Secured
     Notes Due 2013, Downgraded to Ba1; previously on March 14,
     2001 Assigned Aaa;

  -- US$34,800,000 Class A-2 Fixed Rate Senior Secured Notes
     Due 2013, Downgraded to Caa3; previously on October 19, 2006
     Downgraded to A3;

  -- US$37,900,000 Class B Fixed Rate Senior Secured Notes Due
     2013, Downgraded to Ca; previously on October 19, 2006
     Downgraded to B1;

  -- US$8,600,000 Class C Fixed Rate Senior Secured Notes Due
     2013, Downgraded to C; previously on October 19, 2006
     Downgraded to Caa2.

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."  Moody's analysis also reflects the
expectation that recoveries for high-yield corporate bonds will be
below their historical averages, consistent with Moody's research
(see Moody's Special Comment titled "Strong Loan Issuance in
Recent Years Signals Low Recovery Prospects for Loans and Bonds of
Defaulted U.S. Corporate Issuers" dated June 2008)

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below, and
failure of certain Overcollateralization Tests.  The weighted
average rating factor has steadily increased over the last year
and it is currently at 3720 versus a test level of 2720 as of the
last trustee report, dated March 16, 2009. The number of defaulted
securities and percentage of Caa-rated Securities in the
collateral pool has also increased substantially over the last few
months.  Based on the same report, defaulted securities total
about $22.7 million and the percentage of Caa1 and below rated
securities stands at 28.6% versus a covenant level of 7%.  The
Class B and C Overcollateralization Tests are currently failing as
well.


CALABASH RE: S&P Assigns 'BB-' Rating on Series 2009-1 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' and 'BB+'
ratings to the Series 2009-1 Class A and B notes, respectively, to
be issued by Calabash Re III Ltd.

The Class A notes are exposed to U.S. hurricane and U.S.
earthquake, and the Class B notes are exposed only to U.S.
earthquake, each on a per-occurrence basis.  Calabash Re III is a
special-purpose Cayman Islands exempted company licensed as a
Class B insurer in the Cayman Islands.  All of its issued and
outstanding share capital will be held in trust for charitable
purposes.

The cedent will be Swiss Reinsurance America Corp. (SWRA;
A+/Stable/--).  SWRA, which S&P considers a core member of the
group, is a wholly owned subsidiary of Swiss Reinsurance Co., the
group's main U.S. property/casualty operating company.  SWRA will
be responsible for the payments due under the reinsurance
agreement in place between it and Calabash Re III and will be
transferring a portion of its U.S. hurricane and earthquake
exposure via a securitization to 144A fixed-income investors.
Covered losses will be calculated on a per-occurrence basis.  The
exposures being ceded constitute a portion of the exposure SWRA
has written with ACE American Insurance Co.  Because the
reinsurance agreement is between Calabash Re III and SWRA, there
is no direct credit exposure to ACE, so S&P did not factor ACE
into the rating analysis.


CALHOUN CBO: Moody's Downgrades Ratings on $240 Mil. Notes to 'B2'
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating on this note
issued by Calhoun CBO, Limited:

  -- US$240,000,000 Senior Secured Floating Rate Notes, Due
     2010, Downgraded to B2; previously on September 1, 2006,
     Upgraded to Baa3

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

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below.  As
per the April 24, 2009 dated trustee report, the transaction's
Weighted Average Rating Factor of the transaction was 3747 versus
a trigger level of 2720.  The transaction also has over 30% of its
assets rated at Caa1 or below.  Finally, Moody's noted that the
portfolio includes a number of investments in securities that
mature after the maturity date of the notes.  These investments
potentially expose the notes to market risk in the event of
liquidation at the time of the notes' maturity.  As per the April
trustee report, these assets represented over 29% of the
portfolio.

Calhoun CBO, Limited, issued in July of 1998, is a collateralized
bond obligation backed by a portfolio of senior unsecured bonds
issued by emerging market sovereign and corporate entities as well
as US entities.


CAM CBO: Fitch Downgrades Ratings on Class C Notes to 'D'
---------------------------------------------------------
Fitch Ratings downgraded and withdrew the rating on the remaining
class of notes issued by CAM CBO I, Ltd.  This rating action is
effective immediately:

  -- $38,413,924 Class C downgraded to 'D' from 'C/DR6'.

CAM CBO is a collateralized debt obligation managed by Conning
Asset Management which closed Nov. 13, 1998.

Fitch received a Notice of Maturity of Notes.  Under this notice,
noteholders have been informed that the maturity date for each of
the notes occurred on the Dec. 8, 2008 payment date.  There was no
payment on the notes on the maturity date.  Fitch expects no
future payments to class C.


CAPSTAN CBO: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service downgraded the ratings of these notes
issued by Capstan CBO Limited:

  -- Class B Floating Rate Senior Notes Due 2012, Downgraded to
     B2; previously on February 20, 2003 Downgraded to Baa2;

  -- Class C Fixed Rate Senior Notes Due 2012, Downgraded to Ca;
     previously on February 20, 2003 Downgraded to Ba3;

  -- Class D-1 Floating Rate Senior Subordinated Notes Due 2012,
     Downgraded to C; previously on February 20, 2003 Downgraded
     to Caa1;

  -- Class D-2 Fixed Rate Senior Subordinated Notes Due 2012,
     Downgraded to C; previously on February 20, 2003 Downgraded
     to Caa1

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."  Moody's analysis also reflects the
expectation that recoveries for high-yield corporate bonds will be
below their historical averages, consistent with Moody's research
(see Moody's Special Comment titled "Strong Loan Issuance in
Recent Years Signals Low Recovery Prospects for Loans and Bonds of
Defaulted U.S. Corporate Issuers" dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities rated Caa1 and below, and failure of the
Class B, C and D Overcollateralization Tests.  As of the last
trustee report, dated May 1, 2009, the weighted average rating
factor is currently 3231 versus the covenant level of 2720,
$6,080,000 in defaulted securities and 16.2% of the portfolio is
rated lower than B3.  Finally, Moody's noted that the portfolio
includes investments in securities that mature after the maturity
date of the notes.  These investments potentially expose the notes
to market risk in the event of liquidation at the time of the
notes' maturity.


CHYPS CBO: Fitch Affirms 'C/RR6' Ratings on Four Classes of Notes
-----------------------------------------------------------------
Fitch Ratings has revised the Recovery Ratings on these classes of
notes issued by CHYPS CBO 1997-1 Ltd.:

  -- $13,983,013 class A-2A notes affirmed at 'C/RR6' (revised
     from 'C/DR5');

  -- $2,024,797 class A-2B notes affirmed at 'C/RR6' (revised from
     'C/DR5');

  -- $57,100,000 class A-3 notes affirmed at 'C/RR6' (revised from
     'C/DR6');

  -- $42,400,000 class B notes affirmed at 'C/RR6' (revised from
     'C/DR5').

CHYPS 1997-1 is a collateralized debt obligation that closed Dec.
18, 1997 and is managed by Delaware Investment Advisers.  The
proceeds of the issuance were invested in a portfolio of U.S high
yield corporate bonds and emerging market assets.  Payments are
made semi-annually in January and July, and the reinvestment
period ended in January 2003.

The downward revision of the RR on the notes is the result of a
lower recovery expectation on the notes.  All of the remaining
assets mature after the maturity of the notes.

The class B notes benefit from a letter of credit provided by
Dresdner Bank AG (rated 'A+/F1+' by Fitch) which can be drawn upon
to make up for any interest shortfalls to these notes, or upon a
principal shortfall to the class B notes at the deal's maturity in
January 2010.  The LOC is currently being drawn to pay current
interest on the class B.  Approximately $8.5 million of this LOC
remains available.  Fitch expects this amount will be mostly used
to pay future interest payments to the class B notes for the
remainder of the transaction.

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

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


CITIGROUP COMMERCIAL: Fitch Downgrades Ratings on 2007-FL3 Certs.
-----------------------------------------------------------------
Fitch Ratings downgrades these classes of Citigroup Commercial
Mortgage Trust, series 2007-FL3, commercial mortgage pass-through
certificates and revises Rating Outlooks:

  -- $24,903,000 class B to 'AA-' from 'AA+'; to Outlook Negative
     from Stable;

  -- $19,923,000 class C to 'A+' from 'AA'; to Outlook Negative
     from Stable;

  -- $12,949,000 class D to 'A' from 'AA-'; to Outlook Negative
     from Stable;

  -- $11,954,000 class E to 'BBB+' from 'A+'; to Outlook Negative
     from Stable;

  -- $12,950,000 class F to 'BBB' 'A'; to Outlook Negative from
     Stable;

  -- $11,953,000 class G to 'BBB-' from 'A-'; to Outlook Negative
     from Stable;

  -- $11,954,000 class H to 'BB+' from 'BBB+'; Outlook Negative;

  -- $11,953,000 class J to 'BB' from 'BBB'; Outlook Negative;

  -- $19,923,000 class K to 'B' from 'BB'; Outlook Negative;

  -- $2,900,000 class INM to 'B-' from 'BBB-'; Outlook Negative;

  -- $3,600,000 class MLA-1 to 'B-' from 'BBB'; Outlook Negative;

  -- $3,200,000 class MLA-2 to 'B-' from 'BBB-'; Outlook Negative;

  -- $3,000,000 class VSM-1 to 'BB-' from 'BBB-'; to Outlook
     Negative from Stable;

  -- $1,000,000 class VSM-2 to 'BB-' from 'BBB-'; to Outlook
     Negative from Stable;

  -- $1,504,921 class WES to 'B' from 'BB+'; Outlook Negative;

  -- $1,200,000 class RSI-1 to 'B-' from 'BBB+'; Outlook Negative;

  -- $1,600,000 class RSI-2 to 'B-' from 'BBB-'; Outlook Negative;

  -- $1,900,000 class AVA to 'B-' from 'BBB-'; Outlook Negative;

  -- $800,000 class MOF to 'BB-' from 'BBB-'; to Outlook Negative
     from Stable.

In addition, Fitch affirms and revises Rating Outlooks on these
classes:

  -- $369,037,174 class A-1 at 'AAA'; Outlook Stable;

  -- $164,608,000 class A-2 at 'AAA'; to Outlook Negative from
     Stable;

  -- $796,900,000 interest only class X-2 at 'AAA'; Outlook
     Stable;

  -- $3,800,000 class THH-1 at 'BBB-'; Outlook Stable;

  -- $1,900,000 class HTT-1 at 'BBB-'; Outlook Stable.

Classes X-1, HOA-1, HOA-2, HFS-1, HFS-2, and HFS-3 have all paid
in full.  Fitch does not rate classes THH-2 and HTT-2.

The downgrades reflect the lowering of the shadow ratings of eight
loans in the pool to below investment grade.  These loans are The
Fairmont Scottsdale Princess (19.9%), Intercontinental Miami
(9.1%), Mondrian Los Angeles (5.6%), Viceroy Santa Monica (4.8%),
Westmont Hotel Portfolio (3.2%), Residence Inn White Plains
(1.8%), Avalon Hotel (1.7%) and Maison 140 (0.8%).  These loans
have seen a negative impact on performance due to the economic
downturn and are not expected to stabilize as anticipated at
issuance.

The Rating Outlooks reflect the likely direction of rating changes
over the next one to two years.  Negative Outlooks reflect loans
that are behind on their stabilization plans or where economic
pressures, which have hit hotels particularly hard, may make
execution of the original business plans less feasible.

The Fairmont Scottsdale Princess is a 651-key resort located in
Scottsdale, Arizona.  Performance at the hotel has weakened
despite recent renovations and significant performance gains
expected at issuance are unlikely to be achieved.  Per the March
2009 Smith Travel Research report the hotel's revenue per
available room had declined 44.1% over the trailing twelve months
period.  The borrower exercised one extension option, extending
the loan through September 2009 and there are two remaining one-
year extension options.

The Intercontinental Miami is a 641-key hotel located in Miami,
FL. Per the March 2009 STR report, RevPAR declined by 15% over the
TTM period.  Additionally, expenses increased.  The borrower
exercised one extension option, extending the loan through October
2009 and there are two remaining one-year extension options.

The Mondrian Los Angeles is a 237-room hotel located in West
Hollywood, CA, on the Sunset Strip.  The property underwent a
renovation of all rooms which began in September 2007 and was
completed during the first week of September 2008.  While the
hotel was not closed, operations were significantly impacted by
the renovation.  Despite this, Fitch views the stabilization
scenario projected at issuance as unlikely.  Per the February 2009
STR report, the hotel's RevPAR declined 22.5% over the trailing
three months from December-February 2009 vs. the same period in
2008 when the hotel was being renovated.  The TTM RevPAR declined
by 27%.

The downgrades of the shadow ratings of the Viceroy Santa Monica,
Westmont Hotel Portfolio, Residence Inn White Plains, Avalon Hotel
and Maison 140 are due to a decline in revenues driven by falling
RevPAR which is in some cases combined with higher expenses.

As of the April 2009 distribution date, the transaction has paid
down by 16.6% to $705.3 million from $845.8 million at issuance.
All of the loans are secured by hotel properties, and apart from
the previously mentioned loans, all pooled senior participations
included in the trust maintain investment-grade shadow ratings.
The non-pooled participations interest of nine loans in the trust,
The Hudson Hotel, Intercontinental Miami, The Mondrian Hotel,
Hotel Thirty-Thirty, Viceroy Santa Monica, The Westmont Portfolio,
Residence Inn-White Plains, Hotel Avalon and Maison 140, are
structured as rake classes.  The 13 remaining loans in the pool
are interest only.  The principal reduction since issuance
reflects the full payment of Hotel on the Avenue, Holiday Inn Soho
and Hotel 57 loans.

The second-largest loan is secured by the Radisson Lexington Hotel
(14.2%), a 705-key hotel located in New York City, New York.  For
the TTM period ending January 2009, the Fitch-stressed debt
service coverage ratio had improved to 2.43 times (x), compared to
2.35x at issuance.

Seventy six percent of the pool's loans have reached their initial
maturity and have used an extension option.  There is only one
loan (3.2%) which has an initial maturity remaining in 2009.  All
of the loans in the pool still have at least one extension option.


COMM 2005-C6: S&P Downgrades Ratings on Three Classes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
three classes of commercial mortgage pass-through certificates
from COMM 2005-C6 and removed them from CreditWatch, where they
were placed with negative implications on April 7, 2009.

The downgrades to 'D' reflect the recurring interest shortfalls
resulting from three appraisal reduction amounts totaling $32.9
million in effect on three assets with the special servicer,
Capmark Finance Inc.  The interest shortfalls reduced the
available distribution amounts due to the class M, N, and O
certificates.  S&P expects the shortfalls to recur for the
foreseeable future.

Details concerning the three assets with the special servicer are:

  -- The Communities of Southwood asset was the ninth-largest loan
     in the pool and has a total exposure of $58.4 million, which
     includes $8.4 million of servicer advances.  The asset was
     transferred to the special servicer on Feb. 8, 2008, due to
     payment default and became real estate owned on May 21, 2008.
     The asset is a 1,286-unit multifamily property in Richmond,
     Virginia.  A $25.2 million appraisal reduction amount is in
     effect on this asset.  The property is being actively
     marketed and Standard & Poor's expects a significant loss
     upon the resolution of this asset.

  -- The Oaks of Ashford Apartment Homes asset has a total
     exposure of $10.7 million, which includes $2.3 million of
     servicer advances.  The asset was transferred to the special
     servicer on Oct. 18, 2007 due to payment default and became
     REO on Feb 5, 2008.  The asset is a 199-unit multifamily
     property in Houston, Texas.  A $6.0 million ARA is in effect
     on this asset.  The property is being actively marketed and
     Standard & Poor's expects a significant loss upon the
     resolution of this asset.

  -- The Oaks of Ashford Point Apartment Homes II asset has a
     total exposure of $3.1 million, which includes 627,000 of
     servicer advances.  The loan was transferred to the special
     servicer on Oct. 18, 2007, due to payment default and became
     REO on Feb 5, 2008.  The asset is a 56-unit multifamily
     property in Houston, Texas.  A $1.7 million ARA is in effect
     on this asset.  The property is being actively marketed and
     Standard & Poor's expects a significant loss upon the
     resolution of this asset.

      Ratings Lowered And Removed From Creditwatch Negative

                          COMM 2005-C6
          Commercial mortgage pass-through certificates

                Rating
                ------
    Class     To       From              Credit enhancement (%)
    -----     --       ----              ----------------------
    M         D        CCC/Watch Neg                       1.53
    N         D        CCC-/Watch Neg                      1.40
    O         D        CCC-/Watch Neg                      1.15


CREDIT SUISSE: Fitch Downgrades Ratings on 2002-CP5 Notes
---------------------------------------------------------
Fitch Ratings downgrades these classes of Credit Suisse First
Boston Mortgage Securities Corp., series 2002-CP5, assigns
recovery ratings, and revises Rating Outlooks as indicated:

  -- $14.8 million class H to 'BBB+' from 'A'; Outlook Negative
     from Stable;

  -- $22.2 million class J to 'BB+' from 'BBB-'; Outlook Negative
     from Stable;

  -- $5.9 million class K to 'BB' from 'BB+'; Outlook Negative;

  -- $8.9 million class L to 'B-' from 'BB'; Outlook Negative

  -- $7.4 million class M to 'CCC/RR1' from 'B';

  -- $4.4 million class N to 'CC/RR3' from 'B-'; and

  -- $4.7 million class O to 'C/RR6' from 'CC/DR4'.

In addition, Fitch affirms these classes and revises Outlooks as
indicated:

  -- $98 million class A-1 at 'AAA'; Outlook Stable;
  -- $620.3 million class A-2 at 'AAA'; Outlook Stable;
  -- Interest-only class A-X at 'AAA'; Outlook Stable;
  -- Interest-only class A-SP at 'AAA'; Outlook Stable;
  -- $41.5 million class B at 'AAA'; Outlook Stable;
  -- $22.2 million class C at 'AAA'; Outlook Stable;
  -- $14.8 million class D at 'AAA'; Outlook Stable;
  -- $17.8 million class E at 'AA+'; Outlook Stable;
  -- $8.9 million class F at 'AA'; Outlook Stable;
  -- $16.3 million class G at 'A+'; Outlook Stable; and
  -- $7.2 million class P at 'C/RR6'.

Fitch does not rate the $176,941 class Q.

The downgrades and Negative Outlooks are due to expected losses on
five (3.1%) of the six specially serviced loans (3.9%) in the
transaction, as well as a high concentration of additional Fitch
Loans of Concern (13.9%).  As of the May 2009 distribution date,
the transaction has paid down approximately 22.8% to $915.6
million from $1.19 billion at issuance.  There are 22 loans
(34.2%) in the pool that are currently defeased.  The Rating
Outlooks reflect the likely direction of additional rating changes
over the next one to two years.

Twenty-four loans (17.8%) are considered Fitch Loans of Concern,
including the six loans in special servicing.  The largest
specially serviced loan (1.6%) is secured by a 530-unit
multifamily property in West Carrollton, Ohio.  The loan
transferred to the special servicer in February 2009 due to
payment default.  Property occupancy as of Feb. 24, 2009 was
reported to be 55%.  The servicer is trying to establish contact
with the borrower at this time in order to discuss workout
options.

The next specially serviced loan (0.78%) is secured by a 365-unit
multifamily property located in Houston, Texas.  The asset was
significantly damaged by Hurricane Ike in 2008.  The property's
insurance company has funded partial settlement of the claim and
the funds are with the master servicer.  The special servicer is
finalizing negotiations to bring the loan current and anticipates
completion by July 2009.

The next specially serviced asset (0.75%) is a 95,241 sf retail
shopping center in Middletown, New York.  The borrower indicated
that as a result of two anchor tenants recently vacating their
space, it would be difficult to pay debt service going forward.
The special servicer is working to get approval for a forbearance
agreement for the next six months to give the borrower additional
time to finalize negotiations with a couple of prospective
tenants.  The property was 50% occupied as of March 2009.

Fitch reviewed Fashion Square Mall (5.9%), a 797,146 sf regional
mall located in Saginaw, MI.  The property has suffered from an
increase in vacancy since issuance, partially due to the
bankruptcies and store closings of Steve & Barry's, which made up
6% of the total NRA at issuance.  As of year-end 2008, the
servicer reported occupancy for the mall was 98%, compared with
100% at issuance.  As a result of the decline in occupancy and net
cash flow, Fitch no longer considers this loan to have
characteristics consistent with investment grade obligations.

The largest loan in the pool (21.7%) is secured by 1633 Broadway,
an office property in Midtown Manhattan consisting of 2 million sf
of office space, 145,192 sf of theater space, 72,760 sf of retail
space, 55,875 sf of storage space, and a 225-space parking garage.
The loan is fully defeased and has an anticipated repayment date
of Oct. 11, 2012.

All of the non-defeased loans except three (0.3%) mature in 2012.
The weighted average coupon of the loans maturing in 2012 is
6.66%.


CREDIT SUISSE: Fitch Downgrades Ratings on Various 2004-C2 Notes
----------------------------------------------------------------
Fitch Ratings downgrades these classes of Credit Suisse First
Boston Mortgage Securities Corp. commercial mortgage pass-through
certificates, series 2004-C2, and assigns Recovery Ratings and
Rating Outlooks:

  -- $10.9 million class H to 'BB+' from 'BBB-'; Outlook Negative;
  -- $6 million class J to 'BB-' from 'BB+'; Outlook Negative;
  -- $3.6 million class K to 'B+' from 'BB'; Outlook Negative;
  -- $3.6 million class L to 'B-' from 'BB-'; Outlook Negative;
  -- $2.4 million class N to 'CCC/RR1' from 'B'; and
  -- $1.2 million class O to 'CC/RR3' from 'B-'.

In addition, Fitch affirms these classes and assigns Outlooks:

  -- $117.9 million class A-1 at 'AAA'; Outlook Stable;
  -- $211.6 million class A-1-A at 'AAA'; Outlook Stable;
  -- $392.8 million class A-2 at 'AAA'; Outlook Stable;
  -- Interest-only classes A-X and A-SP at 'AAA'; Outlook Stable;
  -- $26.6 million class B at 'AA+'; Outlook Stable;
  -- $10.9 million class C at 'AA'; Outlook Stable;
  -- $20.5 million class D at 'A'; Outlook Stable;
  -- $9.7 million class E at 'A-'; Outlook Stable;
  -- $9.7 million class F at 'BBB+'; Outlook Negative; and
  -- $9.7 million class G at 'BBB'; Outlook Negative.

Fitch does not rate the $6 million class M and the $12.1 million
class P.

The downgrades and Negative Outlooks are due to expected losses on
three (3%) of the six specially serviced loans (13.3%) in the
transaction as well as a high concentration of additional Fitch
Loans of Concern (7.7%).  As of the April 2009 distribution date,
the transaction has paid down approximately 11.5% to $855.2
million from $966.8 million at issuance.  Eleven loans (17.1%) are
currently defeased, including 230 Park Avenue South (8.8%), which
was shadow rated investment grade at issuance.  The Rating
Outlooks reflect the likely direction of any rating changes over
the next one to two years.

The largest specially serviced loan (6.7%) is secured by Valley
Hills Mall, a regional mall located in Hickory, North Carolina.
The loan transferred when the sponsor, General Growth Properties,
filed Chapter 11 bankruptcy on April 16, 2009.  While the property
is performing well, it is expected that the trust will incur
interest shortfalls as a result of the special servicing and legal
fees.

Fitch considers the commercial mortgage-backed securities loans
included in GGP's bankruptcy filing as Loans of Concern given the
uncertainty associated with the corporate bankruptcy.  The Valley
Hills Mall loan, which previously had an investment-grade shadow
rating, is no longer considered investment grade.

The second largest specially serviced loan (2.8%) is secured by a
360-unit multifamily complex in Fort Meyers, Florida.  The special
servicer recently took control of the asset as permitted under the
loan documents.  The servicer has brought loan payments current
and will continue with efforts to stabilize the property.  Losses
are possible.

The next specially serviced loan (2.4%) is secured by a 213,723
square foot retail property in Glendale, Arizona.  The loan
transferred after the borrower was unable to pay off the existing
debt at the April 2009 maturity.  Performance at the center is
strong, with a year-end 2008 debt service coverage ratio of 2.88
times (x), and occupancy of 98%.  The servicer is currently
discussing workout options with the borrower.

The next specially serviced loan (1.2%) is secured by a 62,812 sf
retail property in Thousand Oaks, California.  The loan
transferred to the special servicer due to maturity default in
April 2009.  As of year-end 2008, the DSCR was 3.51x, and the
property was 89% occupied.  The servicer is currently negotiating
workout options with the borrower.

Three loans maintain investment-grade shadow ratings due to stable
performance: Beverly Center (9.4%), 230 Park Avenue (8.8%), and
Energy Center (5.8%).

The Beverly Center loan is secured by a 427,508 sf regional mall
in Los Angeles, California.  The loan, sponsored by The Taubman
Realty Group, is anchored by Bloomingdale's, Macy*s, and Macy*s
Men's Store.  The whole loan consists of seven pari passu notes, a
B-note and a C-note, of which the A-2 and A-3 notes are included
in this transaction.  As of year-end 2008, the property was 96%
occupied, compared to 98% at YE 2005.  The loan matures on
February 11, 2014.

The 230 Park Avenue loan is secured by a 341,125 sf office
building in Manhattan, New York.  The loan is fully defeased and
matures on January 11, 2019.

The Energy Centre loan is secured by a 762,131 sf office building
in New Orleans, Louisiana.  The loan is sponsored by IPC, Inc.,
and matures on December 11, 2013.  As of YE 2008, occupancy was
87% compared to 92% at issuance.

There is limited near-team maturity for loans remaining in the
transaction.  Approximately 3.6% of the pool matures in 2009 and
4.8% in 2011.  There are no loan maturities in 2010.


CREDIT SUISSE: Moody's Downgrades Ratings on 184 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 184
tranches from 24 Alt-A RMBS transactions issued by CSFB.  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.
Additionally, Moody's further stresses the default rate
assumptions for deals with extremely low pool factors to account
for volatility arising from the small number of loans backing
these transactions.

Once expected losses have been determined, 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:

CS First Boston Mtge Securities Corp 2001-1

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

CSFB Adjustable Rate Mortgage Trust 2004-1

  -- Cl. 9-M-1, Downgraded to Ba2; previously on 10/23/2008
     Downgraded to Baa1

  -- Cl. 9-M-2, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa3

  -- Cl. C-B-1, Downgraded to Baa2; previously on 12/14/2004
     Assigned Aa2

  -- Cl. CB-1X, Downgraded to Baa2; previously on 12/14/2004
     Assigned Aa2

  -- Cl. C-B-2, Downgraded to B3; previously on 12/14/2004
     Assigned A3

  -- Cl. C-B-3, Downgraded to Caa3; previously on 10/23/2008
     Downgraded to B1

CSFB Adjustable Rate Mortgage Trust 2004-2

  -- Cl. 1-A-1, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 2-A-1, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 2-A-2, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 2-A-X, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 3-A-1, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 3-A-X, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 4-A-1, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 4-A-3, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 4-A-X, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 5-A-1, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 6-A-1, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. 7-M-1, Downgraded to Aa3; previously on 1/10/2005
     Assigned Aa2

  -- Cl. 7-M-2, Downgraded to Baa3; previously on 10/23/2008
     Downgraded to A3

  -- Cl. 7-M-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Ba3

  -- Cl. C-B-1, Downgraded to B3; previously on 10/23/2008
     Downgraded to A3

  -- Cl. CB-1X, Downgraded to B3; previously on 10/23/2008
     Downgraded to A3

  -- Cl. C-B-2, Downgraded to Caa3; previously on 10/23/2008
     Downgraded to B3

CSFB Adjustable Rate Mortgage Trust 2004-3

  -- Cl. C-M, Downgraded to Aa2; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. C-B-1, Downgraded to A2; previously on 1/10/2005 Assigned
     Aa2

  -- Cl. C-B-2, Downgraded to Ba1; previously on 10/23/2008
     Downgraded to A3

  -- Cl. C-B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to B1

  -- Cl. C-B-4, Downgraded to C; previously on 10/23/2008
     Downgraded to Ca

CSFB Adjustable Rate Mortgage Trust 2004-4

  -- Cl. 1-A-1, Downgraded to A1; previously on 2/16/2005 Assigned
     Aaa

  -- Cl. 2-A-1, Downgraded to A1; previously on 2/16/2005 Assigned
     Aaa

  -- Cl. 3-A-1, Downgraded to A1; previously on 2/16/2005 Assigned
     Aaa

  -- Cl. 4-A-1, Downgraded to A1; previously on 2/16/2005 Assigned
     Aaa

  -- Cl. 5-M-1, Downgraded to Baa3; previously on 10/23/2008
     Downgraded to A3

  -- Cl. 5-M-2, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa3

  -- Cl. 5-M-3, Downgraded to C; previously on 10/23/2008
     Downgraded to Ca

  -- Cl. C-B-1, Downgraded to B2; previously on 10/23/2008
     Downgraded to A2

  -- Cl. CB-1X, Downgraded to B2; previously on 10/23/2008
     Downgraded to A2

  -- Cl. C-B-2, Downgraded to Caa2; previously on 10/23/2008
     Downgraded to Ba2

  -- Cl. C-B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa3

  -- Cl. C-B-4, Downgraded to C; previously on 10/23/2008
     Downgraded to Ca

CSFB Adjustable Rate Mortgage Trust 2004-5

  -- Cl. 1-A-1, Downgraded to A3; previously on 4/29/2005 Assigned
     Aaa

  -- Cl. 2-A-1, Downgraded to A3; previously on 4/29/2005 Assigned
     Aaa

  -- Cl. 3-A-1, Downgraded to A3; previously on 4/29/2005 Assigned
     Aaa

  -- Cl. 4-A-1, Downgraded to A3; previously on 4/29/2005 Assigned
     Aaa

  -- Cl. 5-A-1, Downgraded to A3; previously on 4/29/2005 Assigned
     Aaa

  -- Cl. 6-A-1, Downgraded to A3; previously on 4/29/2005 Assigned
     Aaa

  -- Cl. 7-M-1, Downgraded to Baa3; previously on 10/23/2008
     Downgraded to A1

  -- Cl. 7-M-2, Downgraded to C; previously on 10/23/2008
     Downgraded to Caa2

  -- Cl. C-B-1, Downgraded to Ba2; previously on 10/23/2008
     Downgraded to A1

CSFB Mortgage Pass-Through Ctfs 2001-11

  -- Cl. C-B-2, Downgraded to B1; previously on 10/23/2008 Baa2
     Placed Under Review for Possible Downgrade

CSFB Mortgage Pass-Through Ctfs 2001-28

  -- Cl. I-A-1, Downgraded to A2; previously on 1/31/2002 Assigned
     Aaa

  -- Cl. I-A-2, Downgraded to A2; previously on 1/31/2002 Assigned
     Aaa

  -- Cl. I-A-3, Downgraded to A2; previously on 1/31/2002 Assigned
     Aaa

  -- Cl. II-A-1, Downgraded to A2; previously on 1/31/2002
     Assigned Aaa

  -- Cl. I-P, Downgraded to A2; previously on 1/31/2002 Assigned
     Aaa

  -- Cl. I-X, Downgraded to A2; previously on 1/31/2002 Assigned
     Aaa

  -- Cl. I-B-1, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa1

CSFB Mortgage Pass-Through Ctfs 2002-18

  -- Cl. II-B-1, Downgraded to Baa1; previously on 2/25/2009
     Downgraded to A3

  -- Cl. II-B-2, Downgraded to Ca; previously on 2/25/2009
     Downgraded to Caa3

CSFB Mortgage Pass-Through Ctfs 2002-19

  -- Cl. II-M-1, Downgraded to B3; previously on 10/17/2005
     Downgraded to B1

CSFB Mortgage Pass-Through Ctfs 2002-22

  -- Cl. I-M-2, Downgraded to Ba3; previously on 1/10/2005
     Downgraded to Baa2

  -- Cl. I-M-3, Downgraded to Ca; previously on 1/10/2005
     Downgraded to Caa1

  -- Cl. II-B-2, Downgraded to Ca; previously on 1/19/2006
     Downgraded to Caa2

CSFB Mortgage Pass-Through Ctfs 2002-29

  -- Cl. I-B-3, Downgraded to Ba1; previously on 11/5/2002
     Assigned Baa2

  -- Cl. I-B-4, Downgraded to Ca; previously on 10/23/2008
     Downgraded to B3

  -- Cl. II-B-2, Downgraded to B1; previously on 11/5/2002
     Assigned A3

  -- Cl. II-B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa1

CSFB Mortgage Pass-Through Ctfs 2002-30

  -- Cl. D-B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Ba1

  -- Cl. D-B-4, Downgraded to C; previously on 10/23/2008
     Downgraded to Ca

CSFB Mortgage Pass-Through Ctfs 2002-7

  -- Cl. M-1, Downgraded to Aa2; previously on 1/7/2005 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to Aa3; previously on 1/7/2005 Upgraded
     to Aaa

CSFB Mortgage Pass-Through Ctfs 2002-9

  -- Cl. I-B-1, Downgraded to Baa2; previously on 4/23/2002
     Assigned Aa2

  -- Cl. I-B-2, Downgraded to Ca; previously on 10/23/2008
     Downgraded to B3

  -- Cl. II-B, Downgraded to Caa2; previously on 3/24/2005
     Downgraded to B1

CSFB Mortgage Pass-Through Ctfs 2002-AR2

  -- Cl. I-A, Downgraded to A1; previously on 3/18/2002 Assigned
     Aaa

  -- Cl. I-B-1, Downgraded to B3; previously on 11/13/2007
     Downgraded to A1

  -- Cl. I-B-2, Downgraded to Ca; previously on 11/13/2007
     Downgraded to Ba2

  -- Cl. I-B-3, Downgraded to C; previously on 2/16/2007
     Downgraded to Ca

CSFB Mortgage Pass-Through Ctfs 2003-AR26

  -- Cl. I-A-1, Downgraded to A1; previously on 9/20/2005 Assigned
     Aaa

  -- Cl. II-A-1, Downgraded to A1; previously on 9/20/2005
     Assigned Aaa

  -- Cl. III-A-1, Downgraded to A1; previously on 9/20/2005
     Assigned Aaa

  -- Cl. III-A-2, Downgraded to A1; previously on 9/20/2005
     Assigned Aaa

  -- Cl. III-X, Downgraded to A1; previously on 9/20/2005 Assigned
     Aaa

  -- Cl. IV-A-1, Downgraded to A1; previously on 9/20/2005
     Assigned Aaa

  -- Cl. V-A-1, Downgraded to A1; previously on 9/20/2005 Assigned
     Aaa

  -- Cl. VI-A-1, Downgraded to A1; previously on 9/20/2005
     Assigned Aaa

  -- Cl. VII-A-1, Downgraded to A1; previously on 9/20/2005
     Assigned Aaa

  -- Cl. VIII-A-1, Downgraded to A1; previously on 9/20/2005
     Assigned Aaa

  -- Cl. IX-M-2, Downgraded to A2; previously on 9/27/2006
     Upgraded to Aa1

  -- Cl. C-B-1, Downgraded to Baa2; previously on 9/20/2005
     Assigned Aa2

  -- Cl. C-B-2, Downgraded to B1; previously on 9/20/2005 Assigned
     A2

  -- Cl. C-B-3, Downgraded to Caa3; previously on 9/20/2005
     Assigned Baa2

  -- Cl. C-B-4, Downgraded to Ca; previously on 10/23/2008
     Downgraded to B2

CSFB Mortgage Pass-Through Ctfs 2003-AR5

  -- Cl. I-A-1, Downgraded to Baa1; previously on 3/31/2003
     Assigned Aaa

  -- Cl. I-A-2, Downgraded to Baa2; previously on 9/27/2006
     Upgraded to Aaa

  -- Cl. II-A-1, Downgraded to Baa1; previously on 3/31/2003
     Assigned Aaa

  -- Cl. II-A-2, Downgraded to Baa1; previously on 3/31/2003
     Assigned Aaa

  -- Cl. II-A-3, Downgraded to Baa2; previously on 9/27/2006
     Upgraded to Aaa

  -- Cl. I-X, Downgraded to Baa1; previously on 3/31/2003 Assigned
     Aaa

  -- Cl. II-X, Downgraded to Baa1; previously on 3/31/2003
     Assigned Aaa

  -- Cl. III-M-2, Downgraded to Caa1; previously on 10/23/2008 A2
     Placed Under Review for Possible Downgrade

  -- Cl. C-B-1, Downgraded to B3; previously on 9/27/2006 Upgraded
     to Aaa

  -- Cl. C-B-2, Downgraded to Caa3; previously on 10/23/2008 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. C-B-3, Downgraded to Ca; previously on 10/23/2008 A3
     Placed Under Review for Possible Downgrade

CSFB Mortgage Pass-Through Ctfs 2004-AR1

  -- Cl. I-A-1, Downgraded to Aa2; previously on 8/30/2004
     Assigned Aaa

  -- Cl. II-A-1, Downgraded to Aa2; previously on 8/30/2004
     Assigned Aaa

  -- Cl. III-A-1, Downgraded to Aa2; previously on 8/30/2004
     Assigned Aaa

  -- Cl. IV-A-1, Downgraded to Aa2; previously on 8/30/2004
     Assigned Aaa

  -- Cl. V-A-1, Downgraded to Aa2; previously on 8/30/2004
     Assigned Aaa

  -- Cl. I-X, Downgraded to Aa2; previously on 8/30/2004 Assigned
     Aaa

  -- Cl. VI-M-2, Downgraded to Caa1; previously on 12/27/2007
     Downgraded to Ba1

  -- Cl. C-B-1, Downgraded to Baa2; previously on 8/30/2004
     Assigned Aa2

  -- Cl. C-B-2, Downgraded to B2; previously on 8/30/2004 Assigned
     A1

  -- Cl. C-B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Ba1

  -- Cl. C-B-4, Downgraded to C; previously on 10/23/2008
     Downgraded to Ca

CSFB Mortgage Pass-Through Ctfs 2004-AR3

  -- Cl. VI-M-3, Downgraded to Caa1; previously on 10/23/2008
     Downgraded to Ba1

  -- Cl. C-B-1, Downgraded to A1; previously on 9/7/2004 Assigned
     Aa1

  -- Cl. C-B-2, Downgraded to Baa2; previously on 9/7/2004
     Assigned A2

  -- Cl. C-B-3, Downgraded to Ba3; previously on 9/7/2004 Assigned
     Baa1

  -- Cl. C-B-4, Downgraded to Caa3; previously on 9/7/2004
     Assigned Ba2

CSFB Mortgage Pass-Through Ctfs 2004-AR4

  -- Cl. I-A-1, Downgraded to A2; previously on 8/13/2004 Assigned
     Aaa

  -- Cl. II-A-1, Downgraded to A2; previously on 8/13/2004
     Assigned Aaa

  -- Cl. II-A-2, Downgraded to A2; previously on 8/13/2004
     Assigned Aaa

  -- Cl. III-A-1, Downgraded to A2; previously on 8/13/2004
     Assigned Aaa

  -- Cl. IV-A-1, Downgraded to A2; previously on 8/13/2004
     Assigned Aaa

  -- Cl. I-X, Downgraded to A2; previously on 8/13/2004 Assigned
     Aaa

  -- Cl. II-X, Downgraded to A2; previously on 8/13/2004 Assigned
     Aaa

  -- Cl. C-B-1, Downgraded to Ba1; previously on 8/13/2004
     Assigned Aa2

  -- Cl. C-B-2, Downgraded to Caa3; previously on 10/23/2008
     Downgraded to Ba1

  -- Cl. C-B-3, Downgraded to C; previously on 10/23/2008
     Downgraded to Caa2

CSFB Mortgage Pass-Through Ctfs 2004-AR5

  -- Cl. 1-A-1, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 2-A-1, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 2-A-2, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 2-X, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 3-A-1, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 4-A-1, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 5-A-1, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 6-A-1, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 7-A-1, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 7-A-2, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 7-A-3, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 7-X, Downgraded to A1; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 8-A-1, Downgraded to Aa2; previously on 6/28/2004
     Assigned Aaa

  -- Cl. 9-A-1, Downgraded to Aa2; previously on 6/28/2004
     Assigned Aaa

  -- Cl. 9-X, Downgraded to Aa2; previously on 6/28/2004 Assigned
     Aaa

  -- Cl. 10-A-1, Downgraded to Aa1; previously on 6/28/2004
     Assigned Aaa

  -- Cl. 10-A-2, Downgraded to Aa2; previously on 12/27/2007
     Upgraded to Aaa

  -- Cl. 11-M-1, Downgraded to Baa3; previously on 12/27/2007
     Downgraded to Baa2

  -- Cl. 11-M-2, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa3

  -- Cl. I-B-1, Downgraded to A2; previously on 6/28/2004 Assigned
     Aa2

  -- Cl. I-B-2, Downgraded to Baa3; previously on 6/28/2004
     Assigned A2

  -- Cl. I-B-3, Downgraded to Caa2; previously on 6/28/2004
     Assigned Baa2

  -- Cl. C-B-1, Downgraded to Baa1; previously on 6/28/2004
     Assigned Aa2

  -- Cl. C-B-2, Downgraded to Ba2; previously on 6/28/2004
     Assigned A2

  -- Cl. C-B-3, Downgraded to Caa2; previously on 6/28/2004
     Assigned Baa2

  -- Cl. C-B-4, Downgraded to Ca; previously on 6/28/2004 Assigned
     Ba2

CSFB Mortgage Pass-Through Ctfs 2004-AR6

  -- Cl. 1-A-1, Downgraded to Aa3; previously on 8/27/2004
     Assigned Aaa

  -- Cl. 2-A-1, Downgraded to Aa3; previously on 8/27/2004
     Assigned Aaa

  -- Cl. 3-A-1, Downgraded to Aa3; previously on 8/27/2004
     Assigned Aaa

  -- Cl. 5-A-1, Downgraded to Aa3; previously on 8/27/2004
     Assigned Aaa

  -- Cl. 5-A-2, Downgraded to Aa3; previously on 8/27/2004
     Assigned Aa1

  -- Cl. 6-A-1, Downgraded to Aa3; previously on 8/27/2004
     Assigned Aaa

  -- Cl. 7-A-1, Downgraded to Aa3; previously on 8/27/2004
     Assigned Aaa

  -- Cl. 8-A-1, Downgraded to Aa3; previously on 8/27/2004
     Assigned Aaa

  -- Cl. C-B-1, Downgraded to Baa1; previously on 8/27/2004
     Assigned Aa2

  -- Cl. C-B-2, Downgraded to B2; previously on 10/23/2008
     Downgraded to Baa1

  -- Cl. C-B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to B1

CSFB Mortgage Pass-Through Ctfs 2004-AR7

  -- Cl. 1-A-1, Downgraded to Aa1; previously on 10/26/2004
     Assigned Aaa

  -- Cl. 2-A-1, Downgraded to Aa1; previously on 10/26/2004
     Assigned Aaa

  -- Cl. 3-A-1, Downgraded to Aa1; previously on 10/26/2004
     Assigned Aaa

  -- Cl. 4-A-1, Downgraded to Aa1; previously on 10/26/2004
     Assigned Aaa

  -- Cl. 5-A-1, Downgraded to Aa1; previously on 10/26/2004
     Assigned Aaa

  -- Cl. 6-M-1, Downgraded to Ba3; previously on 10/23/2008
     Downgraded to Baa1

  -- Cl. 6-M-2, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa3

  -- Cl. C-B-1, Downgraded to Baa3; previously on 10/26/2004
     Assigned Aa3

  -- Cl. CB-1X, Downgraded to Baa3; previously on 10/26/2004
     Assigned Aa3

  -- Cl. C-B-2, Downgraded to Caa1; previously on 10/23/2008
     Downgraded to Baa2

  -- Cl. C-B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa1

CSFB Mortgage Pass-Through Ctfs 2004-AR8

  -- Cl. 8-M-1, Downgraded to B3; previously on 10/23/2008
     Downgraded to Baa3

  -- Cl. 8-M-2, Downgraded to C; previously on 10/23/2008
     Downgraded to Caa3

  -- Cl. C-B-1, Downgraded to Baa2; previously on 10/23/2008
     Downgraded to A1

  -- Cl. CB-1X, Downgraded to Baa2; previously on 10/23/2008
     Downgraded to A1

  -- Cl. C-B-2, Downgraded to Caa1; previously on 10/23/2008
     Downgraded to Ba1

  -- Cl. C-B-3, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa2


DALLAGLIO CDO: S&P Withdraws 'CCC-' Rating on Class B Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the class B notes issued by Dallaglio CDO 2005-4 Ltd., a synthetic
collateralized debt obligation of mezzanine structured finance
bonds transaction.

The rating withdrawal follows the payment in full of the notes on
May 7, 2009.

                         Rating Withdrawn

                    Dallaglio CDO 2005-4 Ltd.

                       Rating          Balance (mil. $)
                       ------          ----------------
         Class       To      From    Current     Previous
         -----       --      ----    -------     --------
         B           NR      CCC-       0.00        50.00

                          NR -- Not rated.


DEVELOPERS DIVERSIFIED: Fitch Cuts Issuer Default Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings downgraded Developers Diversified Realty
Corporation's Issuer Default Rating to 'BB' with a Negative Rating
Outlook.

The rating actions centered on Fitch's view that DDR's borrowing
capacity under its unsecured revolving credit facilities,
unencumbered asset covenant compliance levels, and dependence upon
asset sales and secured debt refinancings are more consistent with
a 'BB' rating.

Fitch stated in its rating action in March that DDR's ratings
could come under further pressure if the company's revolver
availability remained limited.  While DDR had approximately $1.027
billion in borrowings outstanding under its $1.325 billion
unsecured credit facilities as of Dec. 31, 2008, it had $1.251
billion in borrowings outstanding under these facilities as of
March 31, 2009.  Moreover, while Fitch's rating action in March
took into account the fact that DDR used borrowings under its
unsecured credit facilities to repay unsecured notes that matured
in January 2009, Fitch also believed that asset sales and the
reduction in DDR's common stock dividend would improve the
company's liquidity.

However, Fitch calculates that DDR's sources of liquidity (cash,
availability under the company's $1.325 billion unsecured credit
facilities, retained cash flows from operations, capital raised
through transactions with the Otto family, and other secured debt
refinancings that have been executed subsequent to March 31, 2009)
less uses of liquidity (prorata consolidated and unconsolidated
debt maturities and recurring capital expenditures) result in a
liquidity shortfall of nearly $400 million from March 31, 2009
through Dec. 31, 2010.  This shortfall, which is largely unchanged
from Fitch's most recent review of DDR in March, does not take
into account prospective asset sales or secured debt refinancings.
However, revolver capacity has weakened to the point where the
company is now primarily dependent upon retained cash flow, asset
sales and secured debt refinancings for liquidity.

Fitch acknowledges that Developers Diversified is focused on
improving its liquidity position, as evidenced by the company's
intention to distribute the majority of the dividend through the
issuance of new shares.  DDR also sold over $67 million of assets
during first-quarter 2009 (1Q'09) at a weighted average cap rate
of 8% and currently has over $175 million of asset sales under
contract or subject to letter of intent, the majority of which is
under contract.  In addition, DDR has successfully refinanced
certain secured debt maturities in recent months.  DDR also
recently announced that the strategic review of Macquarie DDR
Trust may result in an asset swap with DDR and MDT that may reduce
a portion DDR's 2009-2010 debt maturities.  While the timing of a
swap may be some time within the next few months, Fitch
anticipates that such a swap may improve DDR's liquidity position.
DDR also has certain restricted cash in its joint ventures that
may be utilized for contingent liquidity.

Fitch's rating action also takes into account DDR's credit
strengths, including the fact that the company's leverage has
improved during 1Q'09. During the first quarter, DDR repurchased
unsecured bonds at a discount, generating $72.6 million of gains.
DDR's debt-to-annualized recurring EBITDA ratio improved from
12.7x for 4Q'08 to 10.7x for 1Q2009. For the trailing twelve
months ended Mar. 31, 2009, debt-to-recurring EBITDA was 10.3x,
which is solid for a 'BB' rating.

One of DDR's other major credit strengths is that the company
continues to maintain a large pool of high-quality unencumbered
assets, including $5.6 billion in gross book value of unencumbered
properties as of March 31, 2009 as defined in DDR's unsecured
credit facilities agreements.  Although DDR maintains a large
unencumbered pool, its unencumbered asset coverage ratio as
defined in these credit agreements was 1.67x (slightly exceeding
its 1.6x covenant requirement), compared with 1.63x as of Dec. 31,
2008.  Fitch is concerned that in the event of weakening property
fundamentals, compliance levels may further deteriorate, weakening
financial flexibility.

In addition, DDR's fixed charge coverage ratio (defined as
recurring EBITDA less capital expenditures less straight-line
rents divided by interest expense, capitalized interest and
preferred dividends) was 1.7x for the trailing twelve months ended
March 31, 2009, which is solid for a 'BB' rating.  Adjusted fixed
charge coverage (when adjusted for non-cash straight-line rent
adjustments, general and administrative expenses and convertible
debt-related interest expense, as well as operating cash received
from joint ventures) was 1.9x for the trailing twelve months ended
March 31, 2009.  DDR's geographically diversified portfolio as of
March 31, 2009 included 701 high-quality shopping centers and
other retail assets, thus providing downside protection to
unsecured bondholders.  Developers Diversified also has a strong
management team and granular tenant roster.

The two notch differential between DDR's IDR and its preferred
stock is consistent with Fitch's criteria for corporate entities
with an IDR of 'BB'.  The differential further reflects the fact
that DDR's preferred stock does not contain covenant protections
comparable to those within indentures governing DDR's unsecured
debt.  In addition, based on Fitch's criteria report concerning
'Equity Credit for Hybrids & Other Capital Securities,' DDR's
preferred stock is 75% equity-like and 25% debt-like since DDR's
preferred stock is perpetual and has no covenants, but has a
cumulative deferral option.  Debt plus 25% of preferred stock-to-
recurring EBITDA and debt plus 25% of preferred stock-to-
undepreciated book capital were 10.5x and 59.3%, respectively, as
of March 31, 2009, compared with 10.3x and 57.9% excluding
preferred stock.

The Negative Outlook takes into account DDR's liquidity shortfall
and ongoing efforts to re-lease space recently vacated by
retailers that have filed for bankruptcy.  The Negative Outlook
also reflects anticipated same-store net operating income to the
lower end of the 3% to 4% range in 2009, along with occupancy
declines to approximately 90%.

These factors may have a positive impact on the ratings:

  -- If DDR improves its liquidity position by having a greater
     borrowing capacity under its unsecured credit facilities in
     the coming quarters;

  -- If DDR's risk-adjusted capital ratio at a 'BB' rating
     category stress level returns to 1.0x (as of Mar. 31, 2009,
     DDR had a risk-adjusted capital ratio of 0.9x).

Conversely, these factors may place further pressure on DDR's
ratings:

  -- If DDR's liquidity deficit worsens;

  -- If unencumbered asset coverage of unsecured debt as defined
     under DDR's credit agreements declines;

  -- If DDR's fixed-charge coverage ratio were to sustain below
     1.5x (for the trailing twelve months ended Mar. 31, 2009,
     fixed charge coverage was 1.7x).

Developers Diversified is a real estate investment trust based in
Beachwood, Ohio in the business of acquiring, developing,
redeveloping, leasing and managing shopping centers and other
retail assets.  As of March 31, 2009, DDR's 701-property portfolio
was situated across 45 states as well as Puerto Rico, Brazil,
Russia, and Canada.  As of March 31, 2009, DDR had $10.2 billion
in undepreciated book assets and a total market capitalization of
approximately $6.6 billion.


E*TRADE ABS: Fitch Junks Ratings on $25 Mil. Class B Notes
----------------------------------------------------------
Fitch Ratings has downgraded $38.6 million from two classes and
affirmed $19.7 million from three classes of notes issued by
E*Trade ABS CDO I, Ltd:

  -- $13,600,000 class A-2 notes downgraded to 'BBB' from 'AAA';
     Outlook Stable;

  -- $25,000,000 class B notes downgraded to 'CCC/RR4' from
     'B/DR1';

  -- $10,648,007 class C-1 notes affirmed at 'C/RR6';

  -- $3,884,653 class C-2 notes affirmed at 'C/RR6';

  -- $5,181,264 composite securities affirmed at 'C/RR6'.

The class A-2 notes were assigned a Stable Outlook, 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 since the last review.
Approximately 55% of the portfolio is rated below investment
grade, of which 32.3% is rated 'CCC' and lower.

The class A-2 notes are now the most senior class of notes after
the class A-1 notes paid in full in July 2006. Since that time,
the class A-2 notes have paid down 72.8%.  The class A-2 notes
will receive all remaining principal proceeds, after any class B
interest not paid using interest proceeds is paid, and will
continue to delever in increments of $1 million until paid in
full.  The reason for the downgrade is primarily due to credit
deterioration which is partly responsible for causing interest
payments to class B to be made in part using principal proceeds
which reduces credit enhancement to the class A-2 notes.

Par coverage of the portfolio continues to erode as is evidenced
by the declining overcollateralization ratios.  The class A/B OC
test is currently failing with a ratio of 76.7% and the class C OC
test is failing with a ratio of 55.8% versus respective triggers
of 105.5% and 102%.  As the remaining collateral continues to
deteriorate, the likelihood of a loss of principal to the class B
notes is increased.  The class B notes receive interest
distributions prior to the coverage test diversion in the priority
of payments, so Fitch expects this class to continue to receive
interest distributions as well as some principal proceeds.

The class C-1, C-2 (class C) notes and the composite securities
will not be paid current interest until the class A/B OC test is
passing which is not expected to occur.  The class C notes have
received payment in kind interest payments, whereby the principal
balance of the notes is written up by the amount of interest owed,
regularly since the July 2007 distribution date.  Fitch does not
expect class C to receive any cash interest payments or any
principal recovery.

Because the composite notes are partially comprised of class C-1
notes and preference shares, this class will also not receive any
further cash interest or principal going forward.

E*Trade I is a static cash flow collateralized debt obligation
which closed Sept. 26, 2002 with a portfolio initially selected by
E*TRADE Global Asset Management, Inc., and is now monitored by
Vertical Capital, LLC.  E*TRADE I's collateral is composed of a
diversified portfolio of asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed securities,
and CDOs.

All of the referenced notes were assigned a Stable Outlook
reflecting Fitch's expectation that the ratings will remain stable
over the next one to two years.

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


EDUCATION FUNDING: Moody's Downgrades Ratings on Two 2006-1 Notes
-----------------------------------------------------------------
Moody's has downgraded three classes and confirmed the ratings of
two classes of notes issued in the Education Funding 2006-1 LLC
securitization.  The underlying collateral includes a pool of
private student loans originated by Education Finance Partners,
Inc. through both school financial aid offices and direct-to-
consumer origination channels.  The rating actions conclude the
review of the notes initiated in January 2009.

The rating actions were prompted by the continued deterioration in
the collateral performance.  Since the September 30, 2008
reporting date, cumulative defaults increased from approximately
5% of the original pool balance to 9% as of March 31, 2009.  For
the same time period, the ratio of total assets to total
liabilities declined from 98.4% to 96%.  In addition, Moody's
continues to be concerned with governance of this transaction.  In
March 2009, Student Loan Administration Company LLC assumed the
role of the successor administrator, replacing EFP, which filed
for Chapter 7 bankruptcy protection in December 2008.  SLAC, a
newly formed company, has executed a two-year contract with Loan
Science, which will perform main administration functions.  The
role of the administrator is crucial for this transaction's
performance.  In addition to instructing the Indenture Trustee to
make distributions of available funds on each quarterly
distribution date, the administrator transfers delinquent loans
from ACS Education Services, Inc., the primary servicer, to
collection agencies for more rigorous collections.

The complete rating actions are:

Issuer: Education Funding 2006-1 LLC

  -- Class A-1 Private Student Loan Asset-Backed Floating Rate
     Notes, Downgraded to A1; previously on Jan 23, 2009
     downgraded to Aa2 from Aaa, under review for possible
     downgrade

  -- Class A-2 Private Student Loan Asset-Backed Floating Rate
     Notes, Downgraded to A3; previously on Jan 23, 2009
     downgraded to A1 from Aa1, under review for possible
     downgrade

  -- Class A-3 Private Student Loan Asset-Backed Floating Rate
     Notes, Confirmed Ba2; previously on Jan 23, 2009 downgraded
     to Ba2 from A2, under review for possible downgrade;

  -- Class B Private Student Loan Asset-Backed Floating Rate
     Notes, Confirmed B3; previously on Jan 23, 2009 downgraded to
     B3 from Baa3, under review for possible downgrade

  -- Class C Private Student Loan Asset-Backed Floating Rate
     Notes, Downgraded Caa3; previously on Jan 23, 2009 downgraded
     to Caa2 from Ba2, under review for possible downgrade


FIRST FRANKLIN: Moody's Downgrades Ratings on Two NIMS
------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two net
interest margin securities backed by residential mortgage-backed
securitizations issued by First Franklin.  These NIM transactions
rely on residual cash flows and prepayment penalties generated by
the underlying mortgage-backed securitizations.  These cash flows
are sensitive to a number of factors:

   i) Prepayment speeds on the collateral backing the RMBS

  ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

  iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: FFML Net Interest Margin Trust 2003-FFB

  -- Cl. A Notes, Downgraded to C; previously on 4/15/2009 B3
     Placed Under Review for Possible Downgrade

Issuer: First Franklin CI-2 NIM Notes Series 2003-FFC

  -- Cl. N2, Downgraded to C; previously on 7/1/2008 Downgraded to
     Caa2


FIRST INDUSTRIAL: Fitch Downgrades Issuer Default Rating to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has downgraded these credit ratings of First
Industrial Realty Trust, Inc. and its operating partnership, First
Industrial, L.P.:

First Industrial Realty Trust, Inc.

  -- Issuer Default Rating to 'BB-' from 'BBB-';
  -- $275 million preferred stock to 'B' from 'BB+'.

First Industrial, L.P.

  -- IDR to 'BB-' from 'BBB-';

  -- $500 million unsecured revolving credit facility to 'BB-'
     from 'BBB-';

  -- $1.3 billion senior unsecured notes to 'BB-' from 'BBB-';

  -- $200 million senior unsecured exchangeable notes to 'BB-'
     from 'BBB-'.

The Rating Outlook is Negative.

The rating action revolves around the view that First Industrial's
earnings power has continued to weaken and will remain at weaker
levels for three reasons: first, the recession has had a negative
impact on tenant retention and occupancy in the company's
consolidated industrial property portfolio; secondly, earnings
from the company's joint venture portfolio has been diminished by
certain non-cash impairments; and third, the strength of company's
asset sale platform has subsided as capitalization rate
uncertainties linger and as the credit markets for potential
buyers of industrial properties remain dislocated.  These factors
have placed pressure on the company's ability to meet certain
covenants in its credit agreements.

When revising the rating Outlook on First Industrial to Negative
from Stable in December 2008, Fitch cited First Industrial's
recurring EBITDA fixed-charge coverage ratio (defined as recurring
EBITDA excluding joint venture impairments less capital
expenditures and straight-line rents divided by interest expense,
capitalized interest and preferred dividends) as a major rating
factor.  FR's fixed-charge coverage was 1.0 times (x) in 2008 and
1.1x for the trailing 12 months ended March 31, 2009.  Adjusted
fixed-charge coverage, when also including net income from
discontinued operations, was 1.1x in 2008 and 1.2x for the TTM
ended March 31, 2009.  Fitch expects that same-store net operating
income declines of 3%-5% in 2009 will pressure operating
performance and result in fixed-charge coverage weakening to a
level consistent with a 'BB-' IDR.  While the calculations of
fixed-charge coverage within the covenant in FR's credit
agreements differs from Fitch's calculations in terms of the
treatment of joint venture income and recurring capital
expenditures, Fitch believes that FR's operating performance will
position the company closer to certain financial covenants, which
may weaken the company's financial flexibility.

Moreover, the occupancy rate for in-service gross leasable area
declined from 88.1% at Dec. 31, 2008 to 86% at March 31, 2009, and
occupancy is expected to weaken further throughout 2009.  While
the 86% level includes all properties (including those currently
in lease-up), a major driver of the occupancy decline has been
weaker tenant retention levels.  First Industrial's tenant
retention declined from 76.4% in fourth-quarter 2008 (4Q'08) to
69.4% in 1Q'09, and tenant retention is expected to continue
declining and approximate 55% for the remainder of 2009.  In
addition, market fundamentals in FR's top market by rental income,
Detroit at 7.5% of total rental income for on-balance-sheet
properties, remain under stress.

With respect to JV earnings, while the $43 million in impairments
that First Industrial incurred in 4Q'08 were non-cash fair-value
adjustments driven by an unfavorable cap rate environment, such
impairments are indicative of the weakened earnings power of First
Industrial's JV platform.  That being said, First Industrial
continues to generate asset management fees in connection with its
remaining joint ventures.

The rating action also reflects Fitch's view that FR's ability to
sell properties at gains, though not a central driver of FR's
creditworthiness, has weakened and is expected to remain weaker,
as gains on sale declined from $254.4 million in 2007 to $108
million for the 12 months ended March 31, 2009.  Looking forward,
Fitch anticipates that First Industrial's asset sale volume will
remain at lower levels.

The 'BB-' IDR takes into account First Industrial's credit
strengths including the company's large unencumbered portfolio
representing 95.6% of total real estate as of March 31, 2009 and
adequate risk-adjusted capital ratio of 1.6x in the 'BB rating
category' stress environment.  First Industrial's credit strengths
also include a staggered lease expiration schedule and granular
tenant roster including 2,051 in-service tenants as of March 31,
2009.  The negative rating action is also offset by the
appointment of Bruce Duncan as Chief Executive Officer, who is
providing fresh direction to the company in a challenging
operating environment, which includes the company's reductions in
general and administrative expenses.

The two-notch differential between FR's IDR and its preferred
stock is consistent with Fitch's criteria for corporate entities
with an IDR of 'BB-' and further reflects the fact that FR's
preferred stock does not contain covenant protections comparable
to those within indentures governing senior FR's unsecured debt
obligations.  In addition, based on Fitch's criteria report,
'Equity Credit for Hybrids & Other Capital Securities,' FR's
preferred stock is 75% equity-like and 25% debt-like, since FR's
preferred stock is perpetual and has no covenants, but has a
cumulative deferral option.  Debt plus 25% of preferred stock-to-
recurring EBITDA and debt plus 25% of preferred stock-to-
undepreciated book capital were 11.2x and 59.7%, respectively, as
of March 31, 2009.

The Negative Outlook reflects the company's covenant compliance
levels, weak liquidity position and the likelihood that the
unencumbered pool will decrease during 2009.  While First
Industrial will not pay a cash dividend in the near term and has
limited consolidated debt maturities in 2009-2010, Fitch
calculates that sources of liquidity excluding cash proceeds from
asset sales (cash, availability under FR's revolving credit
facility and retained cash flows from operating activities) less
uses of liquidity (debt maturities and recurring capital
expenditures) result in a liquidity shortfall of approximately $87
million from March 31, 2009 through Dec. 31, 2010.  However, Fitch
anticipates that FR will no longer have a liquidity shortfall as
proceeds from expected secured debt transactions will be used to
fund the remaining $119 million of 5.25% unsecured bonds maturing
in June 2009.  While Fitch anticipates that the unencumbered asset
pool will decrease to below 90% of total real estate as these
secured debt transactions are consummated, Fitch notes that the
company has no other unsecured bond maturities to address
thereafter until March 2011.

Going forward, these may result in positive momentum on the
ratings:

  -- Fitch recurring fixed-charge coverage continuing to sustain
     above 1.0x (for the TTM ended Mar. 31, 2009, Fitch recurring
     fixed-charge coverage was 1.1x);

  -- Unencumbered asset coverage, defined as unencumbered assets -
     calculated from company reported unencumbered real estate as
     a percentage of total real estate - divided by unsecured
     debt, sustaining above 1.7x (as of March 31, 2009,
     unencumbered asset coverage was 1.6x);

  -- Debt-to-recurring EBITDA remaining below 10x (for the TTM
     ended March 31, 2009, debt-to-recurring EBITDA was 11x).

These factors may result in negative momentum on the ratings:

  -- A covenant breach under FR's credit agreements;
  -- Fitch recurring fixed-charge coverage sustaining below 1.0x;
  -- Unencumbered asset coverage sustaining below 1.6x;
  -- Debt-to-recurring EBITDA sustaining above 12x.

Organized in 1993, First Industrial is an umbrella partnership
real estate investment trust that owns, manages, acquires, sells,
develops, and redevelops industrial real estate, including bulk
warehouses, light industrial facilities, R&D/Flex space, regional
warehouses and manufacturing facilities.  As of March 31, 2009,
First Industrial had $3.7 billion in undepreciated book assets,
and a total market capitalization of $2.5 billion.  As of March
31, 2009, FR owned 796 properties (including developments in
process) containing an aggregate of 70.8 million square feet of
gross leasable area.


FIRST NATIONAL: Moody's Reviews Ratings on 12 Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade 12 classes of asset-backed securities issued out of the
First National Master Note Trust.  These securities are backed by
$2.5 billion of consumer credit card receivables originated and
serviced by First National Bank of Omaha and its affiliates.

                            Rationale

The review is driven by deterioration in some of the Trust's key
performance metrics, primarily the charge-off and delinquency
rates.  Furthermore, FNBO's relatively small credit card program
($3 billion) lacks the larger banks' economies of scale and makes
competing in the commoditized credit card market more difficult,
especially in the current recessionary environment.  In fact, many
card companies are struggling to maintain the profitability of
their card programs.  If the long-term profitability of this
business line is called into question, FNBO could choose to sell
or liquidate all or a portion of its credit card portfolio (e.g.
by selectively closing card accounts).  Liquidation, in
particular, could cause adverse Trust collateral performance.

FNBO has grown their portfolio mainly by competing on price with
the larger, national-scale card issuers using balance transfer and
promotional "teaser rate" offers.  Moody's acknowledge that FNBO's
portfolio has a relatively high proportion of accounts with high
credit scores (and a relatively low proportion of accounts with
low credit scores); however, that difference in credit profile has
not made a meaningful distinction in the Trust's credit
performance relative to the Moody's Credit Card Index.

In the initial stage of the current economic cycle, several of the
Trust's key collateral performance measures compared favorably to
the industry as measured by Moody's Credit Card Indices.  That
comparative advantage was attributable, in part, to a portfolio
consisting of mostly prime credit card receivables as measured by
credit score.  However, the Trust has grown approximately 25%
since early 2007.  Moody's believe that originations from the 2007
and 2008 vintages will under-perform originations from previous
vintages over the next year.  Furthermore, these originations are
entering the peak loss period typical of new credit card
originations.

In the last six months, the positive performance differential
between the Trust and the industry average has substantially
diminished.  Like other credit card issuers, collateral
performance has deteriorated in the current economic environment.
For example, the Trust's charge-off rate, which in April 2009
reached 8.8%, has risen approximately 53% from April 2008.
Similarly, the Trust's delinquency rate, a harbinger of near-term
charge-offs, is also rapidly rising and reached 4.9% in April
2009, an increase of 69% from a year ago.  Moreover, the Trust's
principal payment rate has maintained a steady negative decline,
falling to 12.70% in April 2009 from 13.88% a year earlier.  The
principal payment rate is a measure of cardholders' willingness
and ability to repay their credit card balances.  It is also a
measure of the speed by which securitized investors will be repaid
if an amortization event is triggered; therefore, a drop in this
rate may have negative consequences for securitized noteholders.

Moody's review will focus on FNBO's ability to address and
mitigate the risk of further deterioration in Trust performance.
At the conclusion of the review, which is typically no longer than
90 days, Moody's may downgrade the notes.  A downgrade, if any, of
the senior notes is not likely to exceed two notches. Any
downgrade of the subordinate notes is not likely to exceed four
notches.

The complete rating actions are:

               Under Review For Possible Downgrade

Issuer: First National Master Note Trust:

  -- $411,250,000 Class A Asset Backed Notes, Series 2007-1, rated
     Aaa, previously on April 24, 2007 Assigned Aaa

  -- $40,000,000 Class B Asset Backed Notes, Series 2007-1, rated
     A2, previously on April 24, 2007 Assigned A2

  -- $48,750,000 Class C Asset Backed Notes, Series 2007-1, rated
     Baa2, previously on April 24, 2007 Assigned Baa2

  -- Up to $44,800,000 Class B Asset Backed Notes, VFN Series
     2004-1, rated A2, previously on June 27, 2008 Assigned A2

  -- Up to $43,400,000 Class C Asset Backed Notes, VFN Series
     2004-1, rated Baa2, previously on June 27, 2008 Assigned Baa2

  -- Up to $11,200,000 Class D Asset Backed Notes, VFN Series
     2004-1, rated Ba2, previously on June 27, 2008 Assigned Ba2

  -- Up to $48,000,000 Class B Asset Backed Notes, VFN Series
     2008-2, rated A2, previously on October 6, 2008 Assigned A2

  -- Up to $46,500,000 Class C Asset Backed Notes, VFN Series
     2008-2, rated Baa2, previously on October 6, 2008 Assigned
     Baa2

  -- Up to $12,000,000 Class D Asset Backed Notes, VFN Series
     2008-2, rated Ba2, previously on October 6, 2008 Assigned Ba2

  -- Up to $44,000,000 Class B Asset Backed Notes, VFN Series
     2008-3, rated A2, previously on November 7, 2008 Assigned A2

  -- Up to $42,625,000 Class C Asset Backed Notes, VFN Series
     2008-3, rated Baa2, previously on November 7, 2008 Assigned
     Baa2

  -- Up to $11,000,000 Class D Asset Backed Notes, VFN Series
     2008-3, rated Ba2, previously on November 7, 2008 Assigned
     Ba2

The Series 2007-2 is excluded from this rating action due to a
relatively near-term expected maturity date in November 2009.

FNBO, based in Omaha, Nebraska, reported total assets of $9.9
billion as of September 30, 2008.  FNBO's long-term bank deposits
are rated A3 and its Bank Financial Strength rating is C.  The
outlook on all ratings is negative.


GREENWICH CAPITAL: Fitch Downgrades Ratings on 2002-C1 Certs.
-------------------------------------------------------------
Fitch Ratings has downgraded and revised Rating Outlooks to
Greenwich Capital Commercial Mortgage Trust's mortgage pass-
through certificates, series 2002-C1:

  -- $8.7 million class M to 'BB+' from 'BBB-'; Outlook to
     Negative from Stable;

  -- $5.8 million class N to 'BB-' from 'BB+'; Outlook to Negative
     from Stable;

  -- $8.7 million class O to 'B-' from 'B'; Outlook to Negative
     from Stable;

  -- $4.4 million class P to 'CCC/RR1' from 'B-'.

Fitch has also affirmed and revised the Rating Outlook on these
classes:

  -- $20.4 million class K at 'A'; Outlook to Negative from
     Stable;

  -- $20.4 million class L at 'BBB'; Outlook to Negative from
     Stable.

In addition, Fitch has affirmed and maintained Rating Outlooks for
these classes:

  -- $26.7 million class A-2 at 'AAA'; Outlook Stable;
  -- $63.7 million class A-3 at 'AAA'; Outlook Stable;
  -- $608.2 million class A-4 at 'AAA'; Outlook Stable;
  -- Interest-only class XP at 'AAA'; Outlook Stable;
  -- Interest-only class XC at 'AAA'; Outlook Stable;
  -- $46.5 million class B at 'AAA'; Outlook Stable;
  -- $11.6 million class C at 'AAA'; Outlook Stable;
  -- $14.5 million class D at 'AAA'; Outlook Stable;
  -- $20.4 million class E at 'AAA'; Outlook Stable;
  -- $16 million class F at 'AAA'; Outlook Stable;
  -- $16 million class G at 'AAA'; Outlook Stable;
  -- $17.4 million class H at 'AA+'; Outlook Stable;
  -- $14.5 million class J at 'AA-'; Outlook Stable.

Fitch does not rate the $22.4 million class Q. Class A-1,
interest-only class XPB and the non-rated class SWD-B are paid in
full.

The downgrades are the result of an increase in specially serviced
assets combined with higher loss expectations on those assets
since Fitch's last rating action.  Rating Outlooks reflect the
likely direction of any rating changes over the next one to two
years.  As of the May 2009 distribution date, the pool's aggregate
certificate balance has decreased 19.7%, to $946.4 million from
$1.2 billion at issuance.  Twenty-one loans are defeased (27.4%),
including three (15.4%) of the top 10 loans in the pool.

Fitch has identified 12 Loans of Concern (7.7%), including four
loans in special servicing (3.9%).  The largest specially serviced
asset (1.9%) is a retail property located in Ontario, California.
The asset transferred due to imminent default, as the property
suffered a significant loss of home furnishing tenants with
occupancy currently at 21%.  The loan is greater than 90 days
delinquent and the servicer is pursuing foreclosure.

The second largest specially serviced asset (0.8%) is a hotel
property located near a U.S. military base in Dayton, Ohio.  The
loan is greater than 90 days delinquent and the servicer is
pursuing foreclosure.

The largest Loan of Concern not in special servicing (1.1%) is
collateralized by an office complex located in Miami, Ohio.  The
property lost a major tenant in early 2009 (approximately 31% of
the net rentable area).  The servicer reported year-end 2008 debt
service coverage ratio was 1.54 times (x).

The second largest Loan of Concern not in special servicing (1.1%)
is collateralized by an office building located in Richmond,
Virginia.  The servicer reported YE 2008 occupancy was 61%,
compared to 91.5% at issuance, with a reported DSCR of 0.73x.

The largest remaining non-defeased loan (5.8%) is secured by a
retail center in Jamaica (Queens), New York.  The servicer
reported DSCR and occupancy as of YE 2008 was 1.65x and 93%,
respectively.  Occupancy at issuance was 99.4%.

The second largest remaining non-defeased loan (4.5%) is secured
by a portfolio of three self-storage facilities located in
California.  The servicer reported DSCR and combined occupancy as
of September 2008 was 1.68x and 87.9%, respectively.  Occupancy at
issuance was 96%.

The third largest remaining non-defeased loan (4.5%) is secured by
a mall located in Vineland, New Jersey.  The servicer reported
DSCR and occupancy as of YE 2008 was 1.76x and 87%, respectively.
Occupancy at issuance was 97%.  Tenants include JCPenney, Best Buy
and Boscov's.

Only one of the remaining loans is schedule to mature in 2009
(0.3%).  There are no loans scheduled to mature in 2010.


GREENWICH STRUCTURED: Moody's Cuts Ratings on Class N-1 Certs.
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Cl. N-1
certificate issued in Greenwich Structured ARM Products CI 2005-2
resecuritized transaction.

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

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

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

   (iii) The structure of the resecuritization transaction, as
described in more detail and the presence of certificate insurance
if any.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.
    The methodology used to update the loss assumptions on the
    underlying mortgage pools and ratings on the securities can be
    found at http://www.moodys.com/

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

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

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

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

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

Complete Rating Action are:

Greenwich Structured ARM Products CI 2005-2

  -- Cl. N-1, Downgraded to Ca; previously on 6/28/2005 Assigned
     Baa3


GSAA HOME: Moody's Downgrades Ratings on Four NIMS
--------------------------------------------------
Moody's Investors Service has downgraded the ratings of four net
interest margin securities, backed by residential mortgage-backed
securitizations, issued by GSAA Home Equity Trust 2005-NIM6 and
GSMSC Net Interest Margin Securities, Series 2007-NIM1.  These NIM
transactions rely on residual cash flows and prepayment penalties
generated by the underlying mortgage-backed securitizations.
These cash flows are sensitive to a number of factors:

   i) Prepayment speeds on the collateral backing the RMBS

  ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

  iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: GSAA Home Equity Trust 2005-NIM6

  -- Notes, Downgraded to C; previously on 4/15/2009 B1 Placed
     Under Review for Possible Downgrade

Issuer: GSMSC Net Interest Margin Securities, Series 2007-NIM1

  -- Cl. N2, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade

  -- Cl. N3, Downgraded to C; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. N4, Downgraded to C; previously on 4/15/2009 B3 Placed
     Under Review for Possible Downgrade


HIGH POINT: Moody's Downgrades Rating on $4.1 Mil. Bonds to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term rating of
High Point University's $4.1 million outstanding Series 2001 bonds
issued through the North Carolina Capital Facilities Finance
Agency to Ba2 from Baa2 and placed the rating on Watchlist for
further possible downgrade.

The rating action reflects the University's elevated leverage
levels (pro forma direct debt expected to grow 78% in FY 2009 to
$142.6 million estimated as of May 31, 2009) relative to low
financial resources ($17.8 million in expendable financial
resources as of FY 2008), predominantly variable rate debt
structure (95% of pro forma debt) all provided by one bank, Branch
Banking and Trust Company (BB&T, rated Aa2) through letters of
credit and lines of credit.  The downgrade also reflects the
University's failure to comply with certain additional bonds tests
under the fixed rate Series 2001 bonds and potential violations of
financial covenants included in letters of credit supporting
$105.9 million in debt that would occur if the University is not
successful in obtaining amendments or waivers from BB&T; the
University is currently in the process of amending the covenants
with BB&T's cooperation.  Additionally, investment losses incurred
during FY 2009 are expected to strongly pressure the balance sheet
cushion, further increasing the heightened leverage.

The University's high leverage is increasing further as pro forma
direct debt is projected at 2.8 times FY 2008's operating revenue.
The University's plans to finance construction currently underway
by increasing the amount outstanding on a line of credit by
approximately $15 million during FY 2010 (during FY 2008 the
University's debt service coverage was 2.3 times by Moody's
calculation).  Moody's expect to conclude Moody's next review of
the rating within a 90 day period as the University is actively
seeking to amend the covenants under its letters of credit and
potentially refund the Series 2001 bonds.

Legal Security: Unsecured general obligation.  The Loan Agreement
for the Series 2001 bonds includes covenants intended to limit
additional indebtedness undertaken by the University; these
covenants include restrictions on both long and short term
indebtedness.  The University failed to comply with the
Limitations on Incurrence of Indebtedness as covenanted under the
Series 2001 bond documents.

Interest Rate Derivatives: High Point University has entered into
a floating-to fixed Interest Rate Swap Agreement with Branch
Banking and Trust Company (BB&T, rated Aa2) with a $73.5 million
notional amount outstanding.  The agreement covers a portion of
the University's variable rate debt and has a termination date of
11/1/2018.  As of March 31, 2009, the mark-to-market on the swap
was a liability of $7.9 million for the University.  The
University has not been required to post collateral under the swap
agreements to date.  Events of Default under the swap include
cross-default under BB&T's Letter of Credit Agreements and
downgrade of the long-term senior, unsecured debt rating below
Baa3 by Moody's or BBB- by Standard & Poor's, in addition to
standard events of default.  If at any time the S&P or Moody's
debt ratings differ; the lower debt rating is specified as the
controlling threshold.  The collateral posting threshold is zero
if either party's long-term senior, unsecured rating is withdrawn
or moves below investment grade.

                           Challenges

* Highly leveraged operating profile with outstanding direct debt
  expected to grow 78% in FY 2009 to $142.6 million as of May 31,
  2009 (includes $4.1 million of the fixed rate Series 2001 bonds,
  $105.9 million in BB&T backed letter of credit supported VRDBs,
  and $30 million in borrowing on a BB&T line of credit).  At this
  level, debt covers revenues 2.8 times, and estimated pro forma
  MADS is a very high share of annual operating costs.  Additional
  debt is planned in FY 2010 with the amount outstanding on the
  line of credit increasing to $45 million as of November 2009
  with amortization of this debt expected to be short according to
  High Point management.  High Point has limited revenue diversity
  and is reliant on student charges for 91% of operating revenues
   (FY 2008).  High Point's management expects substantial future
  growth in revenue; however, at these debt levels High Point will
  likely remain one of the most highly leveraged entities in
  Moody's portfolio of private colleges and universities for some
  time.

* Thin balance sheet cushion in FY 2008 with strongly pressured
  expendable financial resources likely in FY 2009.  Expendable
  financial resources of $17.9 million cushioned pro-forma direct
  debt 0.1 times and operations by 0.3 times in FY 2008 (compares
  to Moody's Baa medians of 0.8 and 0.6 times, respectively).
  Recent investment losses (estimated negative return for the long
  term investment pool of 34.7% for the current fiscal year
  through February 28, 2009 with an allocation of 35.1% to public
  equity, 28.6% to alternative equity, 27.9% to fixed income, 7.8%
  to real assets and private equity, and 0.5% to cash) have
  further pressured this cushion.  Assuming a 30% investment loss
  to financial resources, expendable financial resources would
  cover estimated direct debt 0.1 times and annual operations 0.2
  times.  Moody's expect investment losses to severely diminish
  unrestricted and expendable financial resources as measured at
  the close of FY 2009.  The University had cash and cash
  equivalents of $13 million as of the FY 2008 audit and
  management projects an $8.5 million cash balance at the end of
  this fiscal year, with cash flow generated from operations being
  invested in plant.

* High Point's debt structure is dependent upon access to letters
  of credit and lines of credit financing with $105.9 million in
  letter of credit exposure with BB&T.  Moody's believe the
  renewal risk with a single bank as well as default and covenant
  provisions in the University's letters of credit add risk to
  University's credit profile.  These risks could result in a more
  rapid rating decline than would otherwise be the case.

* Rapidly growing university, with expansive capital plans,
  challenged by limited financial resources.  Over the past five
  years, High Point has received roughly $80 million in gifts and
  issued $130 million in debt, and combined with cash flow from
  operations, has grown gross property, plant and equipment by
  roughly $220 million.  Capital plans continue and present
  construction risk as well as the need to bridge finance
  construction costs incurred prior to receipt of pledged gifts.
  Construction projects initiated since January 1, 2005 will total
  $249,200,000 by December 2009 (accompanying cost overruns are
  projected to reach $23 million as of December 2009).  Capital
  investments relative to depreciation expense averaged 970% in
  fiscal years 2006-2008 (compares to Moody's median capital
  spending ratio of 180%).  In support of its long term growth
  aspirations, the University used a portion of the funds to
  acquire additional property in High Point as its campus expanded
  to 166 acres from 92 acres during FY 2007.  The pace of capital
  investment has been extremely rapid with fourteen new buildings
  totaling 910,000 square feet constructed at High Point
  University since January 2005, with 7 obsolete structures also
  being torn down during this period.

                            Strengths

* Growing private university with Mid-Atlantic draw located in
  High Point, North Carolina just outside of the City of
  Greensboro, with 3,150 full-time equivalent students in fall
  2008.  The University offers both undergraduate and graduate
  degree programs (93% undergraduate, 7% graduate).  Total FTE
  enrollment has grown approximately 20% over the past five years,
  while maintaining steady student demand metrics (selectivity of
  74% and a yield of 35% on admitted students in fall 2008).  The
  fall 2008-2009 entering traditional day freshmen class was 881
  students, 120 percent higher than the entering class of three
  years ago (402 in freshman class of 2005-2006).  Management
  reports that fall 2009 traditional day application numbers
  through May show a 15% increase over the prior year with
  preliminary yield numbers indicating an 82% selectivity rate and
  a 34% yield on admitted students.  Management reports that
  retention of traditional day current students is also at record
  levels, which when combined with growing freshman enrollment,
  results in overall traditional day student enrollment for the
  University growing from 1,554 in 2005-2006 to 2,309 in 2008-2009
   (48.6% growth in three years).  Management believes the
  University could reach an enrollment of 5,000 FTE students
  within five years combining the traditional day, evening degree,
  and graduate programs.  Average SAT scores for entering freshmen
  during the last four years have grown 63 points reflecting an
  improvement in student quality as well.

* Healthy demand has translated into continued growth in net
  tuition per student; at $11,825 in FY 2008 (a 19% increase over
  FY 2007 and 60% increase over five years ago); however, net
  tuition per student remains below Moody's median (the FY 2008
  preliminary median for Baa rated institutions was $15,862) but
  the net tuition per student is more favorable when compared to
  regional peers.

* Approximately breakeven operating performance generates good
  debt service coverage although the University's debt structure
  includes little principal being repaid on bonded debt until FY
  2011 (Moody's excluded $12.9 million in net assets released from
  restriction for capital purposes from calculations of operating
  performance).  During FY 2008 the University's debt service
  coverage was 2.3 times by Moody's calculation. Operating cash
  flow performance of 16% in FY 2008 supported a three year
  average operating cash flow margin of 14.4%.  The University's
  cash flow margin is particularly vibrant and reflects operations
  that continue to strengthen (although strong growth in revenues
  in FY2008 was offset by even more robust growth in expenses).
  Drivers behind expense growth include increases in fixed costs
  associated with expansion of the University's physical plant and
  associated increases in depreciation expense.  Debt service
  coverage has averaged 2.7 times over the last three years, but
  Moody's expects this coverage to show pressure in the future due
  to the addition of the Series 2008 bonds and debt service on the
  $30 million outstanding on the line of credit with BB&T.

* Significant increase in gift revenue as new administration
  engages donors with total gift revenue averaging $19.5 million
  for the last three years, nearly four times the prior pace of
  support and characteristic of a more highly rated institution
   (compares to Moody's Baa median of $6.6 million).

Recent Developments:

The Loan Agreement for the $4.1 million outstanding Series 2001
bonds includes limitations on the incurrence of indebtedness to
protect the Series 2001 bondholders.  The University has not
complied with these covenants, including but not limited to: i)
maximum annual debt service on long-term indebtedness of not more
than 10% of unrestricted revenues of the most recent fiscal year;
ii) long-term indebtedness not greater than 100% of expendable
financial resources; and ii) short-term indebtedness of not more
than 25% of unrestricted revenues (short-term indebtedness must
also be less than 5% of unrestricted revenues for at least twenty
days during each fiscal year).  The covenants included an
affirmative requirement for an Officer's Certificate of a
University Representative to be delivered to Trustee prior to the
incurrence of Long-Term Indebtedness and immediately after the
incurrence of Short-Term Indebtedness.  These violations could
become events of default in 30 days time upon written notification
to the University or the North Carolina Capital Facilities Finance
Agency from the bond's trustee or owners of at least 25% of the
debt outstanding under the Series 2001 bonds.  Remedies for an
event of default include immediate acceleration of the outstanding
principal and interest.

With $105.9 million in variable rate debt supported by letters of
credit outstanding, the College is also subject to events of
default and financial covenants under its letters of credit with
BB&T (rated Aa2).  The Letters of credit support the Series 2008,
Series 2007, and Series 2006 bonds (these bonds are not rated by
Moody's) and the letters of credit expire in June 2015, October
2014, and December 2013, respectively.  Events of default that
could result in acceleration of the bonds include the failure to
maintain certain financial covenants including: i) ratio of
unrestricted net assets to total funded of 1.2 to 1 for the fiscal
year ended May 31, 2009 ii) service coverage ratio of at least
1.25 time and iii) unrestricted net assets plus temporarily
restricted net assets of not less than $100 million.  Violations
of financial covenants would occur if the University is not
successful in obtaining amendments or waivers from BB&T; the
University is currently in the process of amending the covenants
with BB&T's cooperation.

                             Outlook

The University's Ba2 rating is currently on Watchlist. Moody's
expect to conclude Moody's next review of the rating within a 90
day period as the University is actively seeking to amend the
covenants under its letters of credit and restructure the Series
2001 bonds.

Key Indicators And Ratios (Fall 2008 enrollment data and FY 2008
financial data, the figure in parentheses, when present,
represents an estimated 30% decline from FY 2008 resources
levels):

* Enrollment: 3,150 full-time equivalents

* Total pro forma debt: May 31, 2009 estimate of $142.6 million
  (includes $4.1 million of the fixed rate Series 2001 bonds,
  $105.9 million in BB&T backed letter of credit supported VRDBs,
  and $30 million in borrowing on a BB&T line of credit)

* Net tuition per student: $11,825

* Expendable financial resources: $17.9 million ($12.5 million)

* Expendable resources to pro forma debt: 0.13 times (0.09 times)

* Expendable resources to operations: 0.3 times (0.2 times)

* Pro forma debt to revenue: 2.8 times

* 3-Year Average Operating Cash Flow Margin: 14.4%

* Average debt service coverage: 2.7 times

Rated Debt:

* Series 2001: Ba2

The last rating action was on November 1, 2007; High Point
University's rating was affirmed at Baa2, the outlook was revised
to stable from positive at that time.


INDX MORTGAGE: Moody's Downgrades Ratings on Three Certificates
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 3
certificates issued in INDX Mortgage Loan Trust 2006-R1
resecuritized transaction.

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

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

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

   (iii) The structure of the resecuritization transaction, as
described in more detail and the presence of certificate insurance
if any.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.
    The methodology used to update the loss assumptions on the
    underlying mortgage pools and ratings on the securities can be
    found at http://www.moodys.com/

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

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

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

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

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

Complete Rating Action are;

Issuer: IndyMac INDX Mortgage Loan Trust 2006-R1

  -- Cl. A-1, Downgraded to Baa2; previously on 8/15/2006 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Caa2; previously on 8/15/2006 Assigned
     Aaa

  -- Cl. A-3, Downgraded to Caa2; previously on 8/15/2006 Assigned
     Aaa


INNER HARBOR: Fitch Downgrades Ratings on Two 1999-1 Notes
----------------------------------------------------------
Fitch Ratings has downgraded two classes and revised the Recovery
Rating (RR) on all classes of notes issued by Inner Harbor CBO
1999-1 Ltd./Corp.:

  -- $10,851,869 class A-4A downgraded to 'CCC/RR1' from
     'CCC+/DR1';

  -- $3,875,667 class A-4B downgraded to 'CCC/RR1' from
     'CCC+'/DR1';
  -- $9,000,000 class B-1L affirmed at 'C' and revise to 'RR6'
     from 'DR4'

  -- $5,500,000 class B-2 affirmed at 'C' and revise to 'RR6' from
     'DR4'.

Inner Harbor 1999-1 is a collateralized bond obligation managed by
T. Rowe Price Associates, Inc. that closed Dec. 21, 1999.  The
final maturity of the transaction is Jan. 15, 2012. The remaining
collateral of Inner Harbor 1999-1 is composed of high yield
corporate bonds.  Payments are made semi-annually in January and
July, and the reinvestment period ended January 2004.

The downgrade of the class A-4A and A-4 B notes is a result of an
increased concentration of the portfolio in distressed and
defaulted securities.  The trustee reported a performing portfolio
collateral balance of $19.7 million and $2.7 million in defaulted
securities.  Approximately 18% of the current performing portfolio
is rated in the 'CCC' category or lower.  An additional 13.6% of
the performing portfolio is currently on Rating Watch Negative and
10.1% has a Negative Outlook.  According to the May 4, 2009
trustee report, the class A overcollateralization test passed at
135.5% relative to a trigger of 110%, but the class B OC failed at
59.9% relative to a trigger of 103%.  The interest coverage ratio
failed at 103.1% relative to a trigger of 130%.

The downward revision to the RR on the class B-1L and B-2 notes is
the result of a lower recovery expectation on the remaining
securities in the portfolio and the significant
undercollateralization of the classes.  As of the Jan. 15, 2009
payment period, principal proceeds were used to pay the remaining
interest on the class B-2 notes.  Fitch expects that principal
proceeds will continue to be used for interest payments and
further undercollateralization of the class B-1 and B-2 notes are
expected as this continued diversion of principal to pay interest
occurs over time.

The ratings of the classes A-4A, A-4B, B-1L, and B-2 notes address
the likelihood that investors will receive ultimate and
compensating interest payments, as per the governing documents, as
well as the stated balance of principal by the legal final
maturity date.

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


JP MORGAN: Moody's Downgrades Ratings on Two 2008-R2 Certs.
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 2
certificates issued in J.P. Morgan Alternative Loan Trust, Series
2008-R2 resecuritized transaction.

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

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

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

   (iii) The structure of the resecuritization transaction, as
described in more detail and the presence of certificate insurance
if any.

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

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

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

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

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

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

Complete Rating Action are:

Issuer: J.P. Morgan Alternative Loan Trust, Series 2008-R2

  -- Cl. A-1, Downgraded to B3; previously on 7/29/2008 Assigned
     Aaa

  -- Cl. A-2, Downgraded to C; previously on 7/29/2008 Assigned
     Aaa


LARGO LTD: Moody's Downgrades Ratings on Various Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Largo
(Wayfarer CDO 2007-1), Ltd.:

  -- US$143,700,000 Class A-2 Contingent Funding Notes, due
     June 2014, Downgraded to A2; previously on April 13, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- US$20,000,000 Class A-3 Floating Rate Notes, due June
     2014, Downgraded to B3; previously on April 13, 2009
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade;

  -- US$16,000,000 Class B Floating Rate Notes, due June 2014,
     Downgraded to Caa3; previously on April 13, 2009 Downgraded
     to A1 and Placed Under Review for Possible Downgrade;

  -- US$16,000,000 Class C Floating Rate Notes, due June 2014,
     Downgraded to Ca; previously on April 13, 2009 A2 Placed
     Under Review for Possible Downgrade;

  -- US$14,000,000 Class D Floating Rate Deferrable Interest
     Notes, due June 2014, Downgraded to C; previously on April
     13, 2009 Baa2 Placed Under Review for Possible Downgrade;

  -- US$14,000,000 Class E Floating Rate Deferrable Interest
     Notes, due June 2014, Downgraded to C; previously on April
     13, 2009 Ba2 Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and default and
asset correlations.  The revised assumptions that have been
applied to all corporate credits in the underlying portfolio are
described in the press release dated January 15, 2009, titled
"Moody's updates key assumptions for rating corporate synthetic
CDOs."

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, and an increase in the
proportion of securities from issuers rated Caa1 and below.  The
weighted average rating factor has significantly increased over
the last few months and it is currently at 2992 as of the last
trustee report, dated April 7, 2009.  Based on the same trustee
report, approximately 27% of the transaction's assets are rated
Caa1 or below.  To date, the trustee has reported $31,500,000 in
defaulted notional amount.

In addition, as a result of the failure of Class A/B/C Par Value
Test, excess interest will be diverted towards paying down the
Class A-1 Notes.  The failure of this test resulted in the
deferral of interest payments on the Class D Notes and the Class E
Notes on the previous payment date of March 23, 2009.

Moody's also notes the additional risk posed to the noteholders by
the increased risk of the collateral and the CDS counterparty.
The Class A-3, Class B, Class C, Class D, and Class E notes are
collateralized by floating rate global MTNs issued by General
Electric Capital Corporation.  On March 23, 2009, Moody's
downgraded the senior unsecured rating of GECC from Aaa to Aa2.
The credit default swap counterparty in this transaction is
Goldman Sachs Mitsui Marine Derivatives Products, L.P.  On April
7, 2009, Moody's downgraded the counterparty rating of GSMMDP from
Aaa to Aa1.  In its analysis, Moody's took into account the Aa2
default risk associated with GECC and the Aa1 expected loss
associated with GSMMDP.

In its analysis, Moody's has assumed a fixed 40% recovery rate
consistent with the terms of the Recovery Swap Transaction entered
into with GSMMDP.

Largo (Wayfarer CDO 2007-1), Ltd., issued in May of 2007, is a
collateralized bond obligation backed primarily by a synthetic
portfolio of corporate bonds.


LEHMAN BROTHERS: Fitch Downgrades Ratings on Two 2004-LLF C5 Notes
------------------------------------------------------------------
Fitch Ratings has downgraded and assigned Rating Outlooks to these
two classes of notes from Lehman Brothers Floating Rate Commercial
Mortgage Trust, series 2004-LLF C5:

  -- $25.1 million class J to 'BBB-' from 'BBB'; Outlook Negative;
  -- $31.5 million class K to 'BB' from 'BBB-'; Outlook Negative.

In addition, Fitch has affirmed and assigned Rating Outlooks to
these classes:

  -- $45.8 million class A-2 at 'AAA'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable;
  -- Interest-only class X1-WO at 'AAA'; Outlook Stable;
  -- Interest-only class X-2 at 'AAA'; Outlook Stable;
  -- $42.6 million class B at 'AAA'; Outlook Stable;
  -- $44.6 million class C at 'AAA'; Outlook Stable;
  -- $31.5 million class D at 'AAA'; Outlook Stable;
  -- $28.2 million class E at 'AA+'; Outlook Stable;
  -- $28.9 million class F at 'AA'; Outlook Stable;
  -- $27.8 million class G at 'A'; Outlook Stable;
  -- $22.8 million class H at 'BBB+'; Outlook Negative.

Classes A-1, PA, HC and interest-only classes X1-PA and X-FLP have
paid in full.  Fitch does not rate the WO class.

The downgrades to classes K and J reflect the high percentage of
hotel loans remaining in the pool and the decreased likelihood of
refinancing of the two loans maturing in July 2009.  Class K will
likely incur interest shortfalls as a result of special servicing
fees in the event the loans do not refinance and transfer to the
special servicer.  Although credit enhancement has increased due
to pay down, affirmations to the senior classes are warranted due
to concentrations and upcoming maturities.  Rating Outlooks
reflect the likely direction of any rating changes over the next
one to two years.  Of the original 13 loans at issuance, four
remain in the transaction.  As of the April 2009 distribution
date, the pool balance has paid down 74.2% to $328.8 million from
$1.3 billion at issuance.

The Walt Disney World Hilton (30%) shadow rating has been
downgraded below investment grade.  The property reported a March
2009 TTM occupancy, ADR and RevPAR of 83.1% $156 and $129,
respectively.  The Fitch stressed net cash flow is 8% below what
was anticipated at issuance.  The Fitch stressed debt service
coverage ration is approximately 1.53 times (x).

There are two Fitch Loans of Concern (26.5%) due to upcoming
maturities in July 2009.  Both loans do not have any remaining
extension options and if refinancing is not obtained will transfer
to the special servicer.  The Westin Oaks & Westin Galleria Hotels
comprise 893 rooms and are located in Houston, Texas.  The
portfolio reported a March 2009 TTM occupancy, ADR and RevPAR of
70.2% $156 and $110, respectively.  The Fitch stressed DSCR is
approximately 2.16x.  The Washington Tower at Pentagon City is
located in Arlington, Virginia.  The loan is backed by 169,547 sf
of office space in addition to an adjacent land parcel under a
ground lease to the Ritz Carlton Hotel.  The office space is 100%
leased as of a Jan. 16, 2009 rent roll.  The Fitch stressed DSCR
is approximately 1.28x.  The Washington Tower shadow rating has
been downgraded below investment grade.

The Sheraton Chicago Hotel & Towers loan (42.5%) is secured by a
1,209 room full-service convention-oriented hotel in the River
East section of Chicago.  As of the March 2009 trailing twelve
month period the occupancy was reported at 78.2% compared to 73.3%
at issuance.  The March 2009 TTM average daily rate and revenue
per available room were reported at $198 and $155.  The Sheraton
Chicago shadow rating has been downgraded below investment grade.


LEHMAN BROS: S&P Cuts Rating on Class K 2005-LLF Certs. to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'D' from
'BB-'on the class K commercial mortgage pass-through certificates
from Lehman Bros. Floating Rate Commercial Mortgage Trust 2005-LLF
C4 and removed it from CreditWatch, where it was placed with
negative implications on April 7, 2009.

The downgrade reflects interest shortfalls associated with special
servicing fees and other expenses related to the 60-plus-days
delinquent 321-329 Riverside Avenue Office loan.  The shortfalls
have reduced the available distribution amount to the class K
certificates, and S&P expects the shortfalls to this class to
continue for the foreseeable future.

The 321-329 Riverside Avenue Office loan, secured by a 49,690-sq.-
ft. office property in Westport, Connecticut, has a trust balance
of $8.4 million (10% of the pool trust balance) and a whole-loan
balance of $14.1 million.  This loan was transferred to the
special servicer, TriMont Real Estate Advisors Inc., on March 12,
2008, due to a maturity default.  The sponsor had originally
intended to convert the property from office to residential use,
but has since abandoned the conversion plan.  As of March 2009,
the office property was 10% occupied.

TriMont is working with the B noteholder on a forbearance
agreement, which is predicated on the B noteholder acquiring title
to the property.  The B noteholder is currently negotiating the
terms of a loan assumption with the borrower.

       Rating Lowered And Removed From Creditwatch Negative

Lehman Bros. Floating Rate Commercial Mortgage Trust 2005-LLF C4
           Commercial mortgage pass-through certificates

                            Rating
                            ------
                 Class    To       From
                 -----    --       ----
                 K        D        BB-/Watch Neg


LEHMAN XS: Moody's Downgrades Ratings on 40 NIMS by RMBS
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of forty net
interest margin securities backed by residential mortgage-backed
securitizations issued by Lehman XS Trusts.  These NIM
transactions rely on residual cash flows and prepayment penalties
generated by the underlying mortgage-backed securitizations.
These cash flows are sensitive to a number of factors:

i) Prepayment speeds on the collateral backing the RMBS

ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Lehman XS NIM 1 Company 2005-7N

  -- Cl. A-2, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade

Lehman XS NIM 1 Company 2007-GPM1

  -- Cl. A-2, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM 1 Company 2007-GPM2

  -- Cl. A-3, Downgraded to Ca; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2005-10

  -- Cl. A, Downgraded to C; previously on 4/15/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. B, Downgraded to C; previously on 4/15/2009 B3 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2005-2

  -- Cl. A, Downgraded to C; previously on 4/15/2009 Caa1 Placed
     Under Review for Possible Downgrade

  -- Cl. B, Downgraded to C; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2005-5N

  -- Cl. B, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2005-6

  -- Cl. A, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2005-8

  -- Cl. B, Downgraded to C; previously on 4/15/2009 Caa3 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-3

  -- Cl. A, Downgraded to C; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. B, Downgraded to C; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-7

  -- Cl. A, Downgraded to C; previously on 4/15/2009 Caa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B, Downgraded to C; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-AR2

  -- Cl. A-1, Downgraded to C; previously on 4/15/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on 7/1/2008 Downgraded
     to Ba2 and Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C; previously on 7/1/2008 Downgraded
     to B3 and Placed Under Review for Possible Downgrade

Lehman XS NIM Company 2006-AR4

  -- Cl. A-2, Downgraded to C; previously on 7/1/2008 Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C; previously on 7/1/2008 Downgraded
     to B2 and Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 Caa2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GP1

  -- Cl. A-3, Downgraded to C; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GP2

  -- Cl. A-3, Downgraded to C; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GP3

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GP4

  -- Cl. A-3, Downgraded to C; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GPM4

  -- Cl. A-3, Downgraded to C; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GPM5

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GPM6

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GPM7

  -- Cl. A-3, Downgraded to C; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2006-GPM8

  -- Cl. A-3, Downgraded to C; previously on 4/15/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS NIM Company 2007-QO8

  -- Cl. A-4, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Lehman XS Trust Series 2005-9N

  -- Cl. A-2, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade


LIBERTY SQUARE: Moody's Downgrades Ratings on Various Notes
-----------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Liberty
Square CDO I, Limited:

  -- US$311,750,000 Class A Floating Rate Notes due 2013,
     Downgraded to Aa2, previously on November 4, 2008 Upgraded to
     Aa1;

  -- US$41,250,000 Class B Floating Rate Notes due 2013,
     Downgraded to Ba1, previously on November 4, 2008 Upgraded to
     A1;

  -- US$45,800,000 Class C Floating Rate Notes due 2013,
     Downgraded to Ca, previously on October 21, 2003 Downgraded
     to B1;

  -- US$7,250,000 Class D-1 Floating Rate Notes due 2013,
     Downgraded to C, previously on October 21, 2003 Downgraded to
     Caa2;

  -- US$11,000,000 Class D-2 Floating Rate Notes due 2013,
     Downgraded to C, previously on October 21, 2003 Downgraded to
     Caa2;

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds will be below their historical
averages, consistent with Moody's research (see Moody's Special
Comment titled "Strong Loan Issuance in Recent Years Signals Low
Recovery Prospects for Loans and Bonds of Defaulted U.S. Corporate
Issuers" dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, and an increase in the
proportion of securities rated Caa1 and below.  As of the last
trustee report, dated April 6, 2009, the weighted average rating
factor is currently at 3490 versus a test level of 1850, defaulted
securities total $19,200,000 and securities rated Caa1 or lower
make up 21.5% of the portfolio.  Moody's also notes that the Class
C and Class D notes are currently deferring interest.

Liberty Square CDO I, Limited issued in March of 2001, is a
collateralized bond obligation backed primarily by a portfolio of
senior unsecured bonds.


LONDON WALL: Fitch Downgrades Ratings on Six 2006-1 Notes
---------------------------------------------------------
Fitch Ratings has downgraded six classes of notes issued by London
Wall 2006-1, Ltd.:

  -- EUR124,000,000 class A notes downgraded to 'AA' from 'AAA';
     Outlook Negative;

  -- EUR76,000,000 class B1 notes downgraded to 'A' from 'AAA';
     Outlook Negative;

  -- $30,000,000 class B2 notes downgraded to 'A' from 'AAA';
     Outlook Negative;

  -- EUR36,000,000 class C notes downgraded to 'BBB' from 'AAA';
     Outlook Negative;

  -- EUR36,000,000 class D notes downgraded to 'BB' from 'A+';
     Outlook Negative;

  -- EUR28,000,000 class E notes downgraded to 'B' from 'BBB';
     Outlook Negative.

A Negative Outlook has been assigned to each class of notes,
reflecting Fitch's expectation of further negative portfolio
credit quality migration and additional credit events over the
next one to two years.

The rating actions reflect the application of Fitch's updated
criteria for corporate collateralized debt obligations along with
deterioration in portfolio credit quality, particularly in
relation to assets rated below investment-grade.  Fitch analyzed
the transaction using the portfolio credit model and additionally
considered the size of the lowest credit quality buckets relative
to the remaining credit enhancement available to the notes.  The
portfolio's current Fitch derived weighted average rating is 'BBB-
', with 17.2% carrying a Fitch derived rating below investment-
grade.  Obligors with a Negative Outlook comprise 15.4% of the
portfolio while 1.8% is on Rating Watch Negative.  The reference
portfolio also contains 24.9% exposure to the Banking & Finance
industry and 7.5% exposure to emerging markets.

London Wall is a managed synthetic CDO referencing a diverse
portfolio of mostly investment-grade, senior unsecured loans.  The
trust gains access to the credit risk of the portfolio via a
credit default swap between the issuer and Deutsche Bank AG, as
swap counterparty (rated 'AA-(Rating Watch Negative)/F1+' by
Fitch).  Deutsche Bank AG, in its role as the portfolio manager,
can trade through the end of the revolving period in July 2010.

Approximately 45.3% of the reference portfolio does not carry a
public rating, including 20 undisclosed loan entities (8.4%).  In
this review analysis, Fitch used derived ratings from a mapping
system based on Deutsche Bank's internal credit assessment.  Prior
to closing the transaction, Deutsche Bank provided Fitch with a
large sample of entities internally rated by the bank and publicly
rated by at least one of the major rating agencies.  These ratings
and their default probabilities were run through a linear
regression analysis to facilitate the creation of a mapping scale.
Fitch's view of the mapping scale has not changed since closing.
The resulting mapped Fitch ratings were applied to London Wall's
privately rated loans for use in the PCM.  Additional default and
recovery sensitivity analysis was run on this privately rated
portion of the portfolio.

Fitch reviewed this transaction in accordance with its updated
criteria, 'Global Rating Criteria for Corporate CDOs', released on
April 30, 2008 for corporate CDOs.  At that time, Fitch noted it
would be reviewing its ratings accordingly to establish
consistency for existing and new transactions.  As part of this
review, Fitch makes standard adjustments for any names on Rating
Watch Negative or with a Negative Outlook, reducing such ratings
for default analysis purposes by two notches and one notch,
respectively.


MAGNOLIA FINANCE: Write-Downs Cue S&P's Rating Downgrades to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the notes
from Magnolia Finance II PLC's series 2006-5B to 'D' from 'CCC-'.

The lowered rating follows a number of recent write-downs of
underlying reference entities, which have caused the notes to
incur a principal loss.

                          Rating Lowered

                     Magnolia Finance II PLC
                          Series 2006-5B

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          D    CCC-


MASTR ALTERNATIVE: Moody's Downgrades Ratings on 13 NIMS
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of thirteen
net interest margin securities backed by residential mortgage-
backed securitizations issued by MASTR.  These NIM transactions
rely on residual cash flows and prepayment penalties generated by
the underlying mortgage-backed securitizations.  These cash flows
are sensitive to a number of factors:

i) Prepayment speeds on the collateral backing the RMBS

ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

MASTR Alternative Loan NIM 2006-1

  -- Cl. N-1, Downgraded to C; previously on 4/15/2009 Baa2 Placed
     Under Review for Possible Downgrade

  -- Cl. N-2, Downgraded to C; previously on 7/2/2008 Ba3 Placed
     Under Review for Possible Downgrade

MASTR Alternative Loan NIM 2006-3

  -- Cl. N-1, Downgraded to C; previously on 7/2/2008 Baa2 Placed
     Under Review for Possible Downgrade

  -- Cl. N-2, Downgraded to C; previously on 7/2/2008 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. N-3, Downgraded to C; previously on 4/15/2009 Caa1 Placed
     Under Review for Possible Downgrade

MASTR Alternative Loan NIM 2006-4

  -- Cl. N-1A, Downgraded to Ca; previously on 7/2/2008 Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade

  -- Cl. N-1B, Downgraded to Ca; previously on 7/2/2008 Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade

  -- Cl. N-1C, Downgraded to C; previously on 7/2/2008 Downgraded
     to Ba3 and Placed Under Review for Possible Downgrade

  -- Cl. N-2, Downgraded to C; previously on 4/15/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. N-3, Downgraded to C; previously on 4/15/2009 Caa1 Placed
     Under Review for Possible Downgrade

MASTR Alternative Loan NIM 2006-5

  -- Cl. N-1, Downgraded to C; previously on 7/2/2008 Baa2 Placed
     Under Review for Possible Downgrade

  -- Cl. N-2, Downgraded to C; previously on 7/2/2008 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. N-3, Downgraded to C; previously on 4/15/2009 Caa1 Placed
     Under Review for Possible Downgrade


MILLENNIUM PARK: Moody's Downgrades Ratings on Various Classes
--------------------------------------------------------------
Moody's Investors Service has downgraded these notes issued
Millennium Park CDO I, Ltd.:

  -- $1,740,000,000 Class A-1 Contingent Funding Notes, due March
     2014, Downgraded to A3; previously on April 13, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- $95,000,000 Class A-2 Floating Rate Notes, due March 2014,
     Downgraded to Caa3; previously on April 13, 2009 Downgraded
     to Aa3 and Placed Under Review for Possible Downgrade;

  -- $50,000,000 Class B Floating Rate Notes, due March 2014,
     Downgraded to Ca; previously on April 13, 2009 Downgraded to
     A1 and Placed Under Review for Possible Downgrade;

  -- $20,000,000 Class C Floating Rate Deferrable Interest Notes,
     due March 2014, Downgraded to C; previously on April 13, 2009
     A2 Placed Under Review for Possible Downgrade;

  -- $35,000,000 Class D Floating Rate Deferrable Interest Notes,
     due March 2014, Downgraded to C; previously on April 13, 2009
     Baa2 Placed Under Review for Possible Downgrade;

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and default and
asset correlations.  The revised assumptions that have been
applied to all corporate credits in the underlying portfolio are
described in the press release dated January 15, 2009, titled
"Moody's updates key assumptions for rating corporate synthetic
CDOs."

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, and an increase in the
proportion of securities from issuers rated Ba1 and below.  The
weighted average rating factor has significantly increased over
the last few months and it is currently at 1061 as of the last
trustee report, dated April 9, 2009.  Based on the same trustee
report, approximately 33% of the transaction's assets are rated
Ba1 or below.  To date, the trustee has reported $79,600,000 in
defaulted notional amount.

Moody's also assessed the collateral pool's elevated concentration
risk in a small number of industries.  This includes a significant
concentration in debt obligations of companies in the banking,
finance, real estate, and insurance industries, which Moody's
views to be more strongly correlated in the current market
environment.  These four industries account for approximately
23.5% of the transaction's underlying collateral pool.

In addition, as a result of the failure of Class A/B Par Value
Test, excess interest will be diverted towards paying down the
Class A-1 Notes.  The failure of this test resulted in the
deferral of interest payments on the Class C Notes and the Class D
Notes on the previous payment date of March 23, 2009.

Moody's also notes the additional risk posed to the noteholders by
the increased risk of the collateral and the CDS counterparty.
The Class A-2, Class B, Class C, and Class D notes are
collateralized by floating rate global MTNs issued by General
Electric Capital Corporation.  On March 23, 2009, Moody's
downgraded the senior unsecured rating of GECC from Aaa to Aa2.
The credit default swap counterparty in this transaction is
Goldman Sachs Mitsui Marine Derivatives Products, L.P.  On April
7, 2009, Moody's downgraded the counterparty rating of GSMMDP from
Aaa to Aa1.  In its analysis, Moody's took into account the Aa2
default risk associated with GECC and the Aa1 expected loss
associated with GSMMDP.

Millennium Park CDO I, Ltd., issued in March of 2007, is a
collateralized bond obligation backed primarily by a synthetic
portfolio of corporate bonds originally rated investment grade.


NERVA LTD: Fitch Downgrades Ratings on Class A Notes to 'C/RR6'
---------------------------------------------------------------
Fitch Ratings downgrades one class of notes issued by Nerva Ltd.
These rating action is effective immediately:

  -- $203,812,168 class A notes downgraded to 'C/RR6' from
     'CC/DR3'.

This rating action is primarily the result of continued collateral
deterioration and loss of par coverage due to the use of principal
proceeds to pay interest to the class A notes.

The $203.8 million balance of the class A notes is supported by a
reference portfolio approximately $64.1 million in size as of the
trustee report dated March 31, 2009.  The class A notes have been
receiving timely interest payments, primarily paid from principal
proceeds, until the latest distribution date in which there was an
interest shortfall to the class A notes.  Fitch expects the class
A notes to continue to receive future interest payments, though
such interest payments will likely decline with the frequency of
shortfalls increasing as the portfolio is too small to generate
sufficient interest coverage.  Further, there may or may not be
enough principal proceeds received to make up any future interest
shortfalls.  Fitch further expects a principal recovery of below
10% for the class A notes.

Nerva is a synthetic collateralized debt obligation with cashflow
features, such as overcollateralization triggers, that closed on
June 30, 2000.  The reference portfolio was selected by Barclays
Bank, PLC, and is currently comprised of 38% commercial mortgage
backed securities, 19.7% residential mortgage backed securities,
17.2% other CDOs, 14.3% asset backed securities, and 10.8% of
corporate debt.

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


PACIFIC LIFE: Fitch Downgrades Ratings on Class B Notes to 'D'
--------------------------------------------------------------
Fitch Ratings downgraded and withdrew the rating on the remaining
class of notes issued by Pacific Life CBO 1998-1 Ltd./Corp.  This
rating action is effective immediately:

  -- $30,527,137 class B notes downgraded to 'D' from 'C/DR6'.

Pacific Life 1998-1 is a collateralized bond obligation which
closed Jan. 15, 1998 and was managed by Pacific Life Insurance
Company.

Fitch received a Clean-Up Call Notice dated Nov. 24, 2008.  Under
this notice, the issuer has notified the trustee of its election
to exercise a Clean-up Call on Dec. 2, 2008.  The trustee released
the remaining trust estate to the holders of the class B notes.
These proceeds were insufficient to pay class B Notes in full.


PRADO CDO: Moody's Junks Ratings on Three Classes of Notes
----------------------------------------------------------
Moody's Investors Service downgraded the ratings of these notes
issued by PRADO CDO LTD.:

  -- US$200,000,000 Class A Notes Due 2014, Downgraded to Baa3;
     previously on 11/20/2003 Assigned Aaa;

  -- US$25,000,000 Class B Notes Due 2014, Downgraded to B1;
     previously on 11/20/2003 Assigned Aa2;

  -- US$18,000,000 Class X Notes Due 2014, Downgraded to Caa3;
     previously on 11/20/2003 Assigned A1;

  -- US$15,000,000 Class C Notes due 2014, Downgraded to C;
     previously on 11/20/2003 Assigned A3;

  -- US$76,000,000 Class D Notes Due 2014, Downgraded to C;
     previously on 4/17/2007 Downgraded to Caa3.

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009.  Moody's analysis also reflects
the expectation that recoveries for high-yield corporate bonds
will be below their historical averages, consistent with Moody's
research (see Moody's Global Credit Policy Credit Analysis report
titled "Strong Loan Issuance in Recent Years Signals Low Recovery
Prospects for Loans and Bonds of Defaulted U.S. Corporate Issuers"
dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below, and
failure of the Class A/B, Class C, and Class D over
collateralization tests.  Based on the trustee report dated April
15, 2009, the Weighted Average Rating Factor of the transaction
was 4933 versus a trigger level of 3325, and over 45% of the
performing assets were rated Caa1 or below.  There has also been
an increased amount of defaults in the portfolio in recent months.
There were $29 million of defaulted assets in the pool as per the
April trustee report, representing over 13% of total par.

PRADO CDO LTD., issued in November of 2003, is a collateralized
bond obligation backed primarily by a portfolio of senior
unsecured bonds.


PUTNAM CBO: Fitch Cuts Ratings on Second Priority Notes to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded and revised the Recovery Rating on
the remaining class of note issued by Putnam CBO II Ltd./Corp.:

  -- $51,331,518 second priority senior notes downgrade to 'C/RR6'
     from 'CC/DR4'.

Putnam CBO II is a collateralized bond obligation managed by
Putnam Advisory Company LLC that closed Nov. 5, 1997.  The final
maturity of the transaction is Nov. 8, 2009.  The initial
portfolio of Putnam CBO II was composed of high yield corporate
bonds and emerging market sovereign debt.  Payments are made semi-
annually in May and November, and the reinvestment period ended
November 2002.

The downgrade of the notes is based upon the significant
undercollateralization of the class.  As of May 1, 2009, the
trustee reported a portfolio collateral balance of $4.2 million,
of which $0.1 million was defaulted, and a principal collections
account balance of $2.7 million.  Due to insufficient funds, Fitch
expects the second priority senior notes to recover little to no
principal at maturity.

As of the last payment date on May 8, 2009, principal proceeds
continue to be diverted to pay second priority interest,
diminishing the ultimate principal recovery on these notes.  The
second priority principal par value ratio was at 13.2% versus a
minimum trigger of 106.5% and the second priority interest
coverage ratio was 13.5% versus a minimum trigger of 112.8%.

The rating of the second priority senior notes addresses the
likelihood that investors will receive ultimate and compensating
interest payments, as per the governing documents, as well as the
stated balance of principal by the legal final maturity date.

The revision of Distressed Recovery to RR reflects Fitch's updated
Rating Definitions Criteria released March 3, 2009.


RACERS SERIES: Moody's Downgrades Ratings on 2006-19-E Notes
------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by RACERS
Series 2006-19-E:

  -- US$15,000,000 RACERS Series 2006-19-E Certificates due 2013,
     Downgraded to Ca; previously on March 27, 2007 Assigned Ba2;

The deal is a repack of the US$37,900,000 Class B Fixed Rate
Senior Secured Notes Due 2013 issued by Berkeley Street CDO
(Cayman) Ltd., a high yield collateralized bond obligation that
closed in March 2001.  The Class B Notes were downgraded to Ca
from B1 on May 19, 2009.


RESTRUCTURED ASSET: Moody's Downgrades Ratings on 2004-26-E Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded the rating of these notes
issued by Restructured Asset Certificates with Enhanced Returns,
Series 2004-26-E:

  -- Restructured Asset Certificates with Enhanced Returns, Series
     2004-26-E Certificates, Downgraded to C; previously on April
     29, 2008 B1 Placed Under Review for Possible Downgrade.

The transaction is a repackaged security whose rating is based
upon the credit quality of the Reference Security and the credit
quality of the Swap Counterparty, Lehman Brothers International
(Europe), which is supported by its Credit Support Provider,
Lehman Brothers Holdings Inc.  The Reference Security consists of
the Nicholas-Applegate CBO II Limited Class C Notes, currently
rated C.  The bankruptcy filing of LBHI as the Credit Support
Provider has led to the occurrence of an Event of Default under
the ISDA Master Agreement between the Swap Counterparty and
Restructured Asset Certificates with Enhanced Returns, Series
2004-26-E.  As a result, the Trustee designated September 23, 2008
as the Early Termination Date in respect of all outstanding
Transactions under the Agreement.  The rating action reflects the
default of the Swap Counterparty and its Credit Support Provider,
and the current rating of the Reference Security.


RESTRUCTURED ASSET: Moody's Junks Ratings on 2004-27-E Notes
------------------------------------------------------------
Moody's Investors Service downgraded the rating of these notes
issued by Restructured Asset Certificates with Enhanced Returns,
Series 2004-27-E:

  -- Restructured Asset Certificates with Enhanced Returns, Series
     2004-27-E Certificates, Downgraded to C; previously on April
     29, 2008 B1 Placed Under Review for Possible Downgrade.

The transaction is a repackaged security whose rating is based
upon the credit quality of the Reference Security and the credit
quality of the Swap Counterparty, Lehman Brothers International
(Europe), which is supported by its Credit Support Provider,
Lehman Brothers Holdings Inc.  The Reference Security consists of
the Nicholas-Applegate CBO II Limited Class C Notes, currently
rated C.  The bankruptcy filing of LBHI as the Credit Support
Provider has led to the occurrence of an Event of Default under
the ISDA Master Agreement between the Swap Counterparty and
Restructured Asset Certificates with Enhanced Returns, Series
2004-27-E.  As a result, the Trustee designated September 23, 2008
as the Early Termination Date in respect of all outstanding
Transactions under the Agreement.  The rating action reflects the
default of the Swap Counterparty and its Credit Support Provider,
and the current rating of the Reference Security.


RESTRUCTURED ASSET: Moody's Junks Ratings on 2007-5-TR Notes
------------------------------------------------------------
Moody's Investors Service downgraded the rating of these notes
issued by Restructured Asset Certificates with Enhanced Return,
Series 2007-5-TR Trust:

  -- $10,000,000 Restructured Asset Certificates with Enhanced
     Returns, Series 2007-5-TR Certificates, Downgraded to Ca;
     previously on September 18, 2008 Baa3 Placed Under Review for
     Possible Downgrade.

The transaction is a repackaged security whose rating is based
upon the credit quality of the Reference Security, Eligible
Collateral, and the credit quality of the Swap Counterparty,
Lehman Brothers International (Europe), which is supported by its
Credit Support Provider, Lehman Brothers Holdings Inc.  The
Reference Security consists of the Kingsland IV CDO 2007-1 Class D
Notes, currently rated B2 and under review for possible downgrade.
The bankruptcy filing of LBHI as the Credit Support Provider has
led to the occurrence of an Event of Default under the ISDA Master
Agreement (the "Agreement") between the Swap Counterparty and
Restructured Asset Certificates with Enhanced Return, Series 2007-
5-TR Trust.  As a result, the Trustee designated September 23,
2008 as the Early Termination Date in respect of all outstanding
Transactions under the Agreement.  The rating action reflects the
default of the Swap Counterparty and its Credit Support Provider.


RBSGC 2008-B: Moody's Downgrades Ratings on Two Certificates
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 2
certificates issued in RBSGC 2008-B resecuritized transaction.

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

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

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

(iii) The structure of the resecuritization transaction, as
described in more detail and the presence of certificate insurance
if any.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.
    The methodology used to update the loss assumptions on the
    underlying mortgage pools and ratings on the securities can be
    found at http://www.moodys.com/

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

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

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

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

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

Complete Rating Action are as follows;

Issuer: RBSGC Structured Trust Pass-Through Certificates, Series
2008-B

  -- Cl. A-1, Downgraded to B3; previously on 7/22/2008 Assigned
     Aaa

  -- Cl. A-2, Downgraded to C; previously on 7/22/2008 Assigned
     Aaa


RHYNO CBO: Fitch Affirms 'C' Rating on Class B 1997-1 Notes
-----------------------------------------------------------
Fitch Ratings has revised the Recovery Rating on one class of note
issued by RHYNO CBO 1997-1 Ltd./Corp.:

  -- $36,769,132 Class B affirmed at 'C' and revised to 'RR6' from
     'DR5'.

Class A-3 has been paid in full since Fitch's last review.
RHYNO 1997-1 is a collateralized bond obligation that closed Aug.
19, 1997.  The final maturity of the transaction is Sept. 15,
2009.  The initial portfolio of RHYNO 1999-1 was composed of high
yield corporate bonds and emerging market corporate debt.
Payments are made semi-annually in March and September, and the
reinvestment period ended September 2001.

As of the May 2, 2009 trustee report, the portfolio consists of
three equity positions and $41,000 remains in the principal
collections account.  Due to insufficient funds, Fitch expects the
class B notes to recover little to no principal at maturity.

The transaction is currently experiencing an event of default due
to the failure to maintain an overcollateralization test at least
equal to 90% of the OC trigger.

The rating of the class B notes addresses the likelihood that
investors will receive ultimate and compensating interest
payments, as per the governing documents, as well as the stated
balance of principal by the legal final maturity date.

The revision of Distressed Recovery to RR reflects Fitch's updated
Rating Definitions Criteria released March 3, 2009.


RIVERSIDE CITY: Moody's Withdraws 'Ba3' Bond Rating on Biz Reasons
------------------------------------------------------------------
Moody's Investors Service has withdrawn for business reasons the
Ba3/S.G. ratings on Riverside City Industrial Development
Authority, CA Variable Rate Demand Empowerment Zone Facility
Revenue Bonds, Series 2005 (Guy Evans, Inc. Project).


SAIL NET: Moody's Downgrades Ratings on Three NIMS by RMBS
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three net
interest margin securities backed by residential mortgage-backed
securitizations issued by SAIL.  These NIM transactions rely on
residual cash flows and prepayment penalties generated by the
underlying mortgage-backed securitizations.  These cash flows are
sensitive to a number of factors:

   i) Prepayment speeds on the collateral backing the RMBS

  ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

  iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: SAIL Net Interest Margin Notes, Series 2003-2

  -- Cl. A Notes, Downgraded to C; previously on 7/2/2008
     Downgraded to Ca

Issuer: SAIL Net Interest Margin Notes, Series 2003-3

  -- Cl. A Notes, Downgraded to C; previously on 4/15/2009 Caa2
     Placed Under Review for Possible Downgrade

Issuer: SAIL Net Interest Margin Notes, Series 2003-5

  -- Cl. A Notes, Downgraded to C; previously on 4/15/2009 Caa2
     Placed Under Review for Possible Downgrade


SARM NET: Moody's Downgrades Ratings on Six NIMS by RMBS
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of six net
interest margin securities backed by residential mortgage-backed
securitizations issued by SARM. These NIM transactions rely on
residual cash flows and prepayment penalties generated by the
underlying mortgage-backed securitizations.  These cash flows are
sensitive to a number of factors:

   i) Prepayment speeds on the collateral backing the RMBS

  ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

  iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: SARM Net Interest Margin Notes, Series 2005-10

  -- Cl. A, Downgraded to C; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade

Issuer: SARM Net Interest Margin Notes, Series 2005-16XS

  -- Cl. A, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Issuer: SARM Net Interest Margin Notes, Series 2005-19XS-1

  -- Cl. A-2, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade

Issuer: SARM Net Interest Margin Notes, Series 2005-19XS-2

  -- Cl. A-2, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade

Issuer: SARM Net Interest Margin Notes, Series 2005-5

  -- Class A, Downgraded to C; previously on 7/1/2008 Downgraded
     to Ca

Issuer: SARM Net Interest Margin Notes, Series 2005-AXS

  -- Cl. B, Downgraded to C; previously on 7/1/2008 Downgraded to
     B3


SASCO NET: Moody's Downgrades Ratings on Five NIMS by RMBS
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of five net
interest margin securities backed by residential mortgage-backed
securitizations issued by SASCO.  These NIM transactions rely on
residual cash flows and prepayment penalties generated by the
underlying mortgage-backed securitizations.  These cash flows are
sensitive to a number of factors:

     i) Prepayment speeds on the collateral backing the RMBS

    ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

   iii) Impact of trigger breaches (which in turn affects step-
down and release of cash to residual bondholders) and

    iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: SASCO Net Interest Margin Trust 2003-12XS

  -- Cl. A, Downgraded to C; previously on 4/15/2009 Caa3 Placed
     Under Review for Possible Downgrade

Issuer: SASCO ARC Net Interest Margin Notes, Series 2003-BC2

  -- Cl. N2, Downgraded to C; previously on 4/15/2009 Caa3 Placed
     Under Review for Possible Downgrade

Issuer: SASCO Net Interest Margin Notes, Series 2005-9XS

  -- Cl. B, Downgraded to C; previously on 7/20/2005 Assigned Ba2

Issuer: SASCO Net Interest Margin Trust 2003-36XS

  -- Cl. A, Downgraded to C; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

Issuer: SASCO Net Interest Margin Trust 2003-S

  -- Cl. A Notes, Downgraded to C; previously on 7/1/2008
     Downgraded to Caa1


SHARPS SP: Moody's Downgrades Ratings on Four NIMS by RMBS
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four net
interest margin securities backed by residential mortgage-backed
securitizations issued by Sharps SP I LLC.  These NIM transactions
rely on residual cash flows and prepayment penalties generated by
the underlying mortgage-backed securitizations.  These cash flows
are sensitive to a number of factors:

   i) Prepayment speeds on the collateral backing the RMBS

  ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

  iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: Sharps SP I LLC Net Interest Margin 2006-AHM3N

  -- Cl. N-3, Downgraded to C; previously on 4/15/2009 Ba2 Placed
     Under Review for Possible Downgrade

Issuer: Sharps SP I LLC Net Interest Margin Trust 2003-2XSN

  -- Notes, Downgraded to C; previously on 4/15/2009 Baa2 Placed
     Under Review for Possible Downgrade

Issuer: Sharps SP I LLC Net Interest Margin Trust 2004-5N

  -- Notes, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade

Issuer: Sharps SP I LLC Net Interest Margin Trust 2006-AF1N

  -- Notes, Downgraded to C; previously on 4/15/2009 Baa3 Placed
     Under Review for Possible Downgrade


SUTTER CBO: Moody's Downgrades Ratings on Three 2000-2 Notes
------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Sutter
CBO 2000-2 Ltd.:

  -- US$16,000,000 Class B-1L Floating Rate Notes due January
     2013, Downgraded to Caa2; previously on October 14, 2004
     Downgraded to Ba1;

  -- US$24,000,000 Class B-1 9.36% Notes due January 2013,
     Downgraded to Caa2; previously on October 14, 2004 Downgraded
     to Ba1;

  -- US$19,000,000 Class B-2 11.36% Notes due January 2013,
     Downgraded to Ca; previously on October 14, 2004 Downgraded
     to Caa1.

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

Credit deterioration of the collateral pool is observed in, among
others, an increase in the dollar amount of defaulted securities,
and an increase in the proportion of securities from issuers rated
Caa1 and below.  As of the last trustee report, dated April 17,
2009, 26.4% of the transaction's assets are rated Caa1 or below,
and defaulted securities amount to roughly $34 million. In
addition, the failure of the Class B-2 Overcollateralization Test
will likely results in excess interest being diverted towards
paying down the Class A-2L notes.

Sutter CBO 2000-2 Ltd, issued in January of 2001, is a
collateralized bond obligation backed primarily by a portfolio of
senior unsecured bonds.


TCW HIGH INCOME: Moody's Cuts Ratings on Various Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by TCW
High Income Partners, Ltd.:

  -- US$25,000,000 Class II-A Senior Secured Floating Rate Notes
     due 2013, Downgraded to Baa1; previously on August 16, 2001
     Assigned Aa3;

  -- US$31,000,000 Class II-B Senior Secured Fixed Rate Notes due
     2013, Downgraded to Baa1; previously on August 16, 2001
     Assigned Aa3;

  -- US$10,000,000 Class III-A Mezzanine Secured Floating Rate
     Notes due 2013, Downgraded to Caa3; previously on August 16,
     2001 Assigned Baa2;

  -- US$23,000,000 Class III-B Mezzanine Secured Fixed Rate Notes
     due 2013, Downgraded to Caa3; previously on August 16, 2001
     Assigned Baa2;

  -- US$18,000,000 Class IV Mezzanine Secured Fixed Rate Notes
     due 2013, Downgraded to Ca; previously on August 16, 2001
     Assigned Ba3.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009.  Moody's analysis also reflects the expectation that
recoveries for high-yield corporate bonds will be below their
historical averages, consistent with Moody's research (see Moody's
Special Comment titled "Strong Loan Issuance in Recent Years
Signals Low Recovery Prospects for Loans and Bonds of Defaulted
U.S. Corporate Issuers" dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, and an increase in the
proportion of securities rated Caa1 and below.  As of the last
trustee report, dated April 16, 2009, the weighted average rating
factor is at 4160 versus a test level of 2900, defaulted
securities total about $18 million and securities rated Caa1 or
lower make up 36.5% of the transaction's underlying portfolio.

TCW High Income Partners, Ltd., issued in August of 2001, is a
collateralized bond obligation backed primarily by a portfolio of
senior unsecured bonds.


US BANCORP: Fitch Affirms Support Rating Floor at 'BB-'
-------------------------------------------------------
Fitch Ratings has affirmed U.S. Bancorp's ratings including its
Long and Short-term Issuer Default Ratings at 'AA-/F1+'.
Additionally, Fitch has revised USB's Rating Outlook to Stable
from Positive.

The Outlook revision echoes Fitch's view that while USB will
likely continue to outperform peers across numerous measures, the
current challenging and uncertain economic environment will
preclude a ratings upgrade in the near term.  The affirmation of
USB's ratings at their current high levels reflects the company's
comparatively strong position versus many peers, including its
diverse sources of non-interest income, and disciplined expense
management.  USB operates one of the premier banking franchises in
the U.S. with a retail banking network spanning 24 states, which
is augmented by meaningful presence in payment systems, corporate
trust, asset management, and business credit cards.

While not immune from the asset quality pressures facing the
banking industry, to date USB has fared relatively better than
many other financial institutions.  Previous steps intended to
reduce the risk profile of the organization have paid off as the
company has scaled back or exited some of the higher risk segments
of its loans portfolio and Fitch believes USB's performance in
this downturn will continue to be better than its performance in
the previous recession and relatively better than peers.  That
said, the banking environment is likely to remain challenging and
Fitch anticipates that USB will experience continued credit
deterioration.  In addition, earnings are expected to trend
significantly lower than USB's usual robust levels.  However,
Fitch expects to see USB's performance continue to outpace peers,
as USB's high level of revenue generation enables the company to
fund higher losses and remain comfortably profitable.

USB passed the government stress test in good shape with no
additional common issuance required.  The company recently
completed a common stock issuance totaling $2.5 billion.  This may
position the company to be able to repay the $6.6 billion in
capital purchase program preferred issued to the U.S. Treasury.

Fitch has affirmed these ratings with a Stable Outlook:

U.S. Bancorp

  -- Long-term IDR at 'AA-';
  -- Senior debt at 'AA-';
  -- Subordinated debt at 'A+';
  -- Preferred stock at 'A+';
  -- Short-term IDR at 'F1+';
  -- Commercial paper at 'F1+';
  -- Individual at 'A/B';
  -- Support at '5';
  -- Support Floor at 'NF';
  -- FDIC Guaranteed Long-term debt 'AAA';
  -- FDIC Guaranteed short-term debt 'F1+'.

U.S. Bank, NA

  -- Long-term deposits at 'AA';
  -- Short-term deposits at 'F1+';
  -- Long-term IDR at 'AA-';
  -- Senior debt at 'AA-';
  -- Subordinated debt at 'A+';
  -- Short-term IDR at 'F1+';
  -- Individual at 'A/B';
  -- Support at '3';
  -- Support Floor at 'BB-';

U.S. Bank NA ND

  -- Long-term deposits at 'AA';
  -- Short-term deposits at 'F1+';
  -- Long-term IDR at 'AA-';
  -- Senior debt at 'AA-';
  -- Subordinated debt at 'A+';
  -- Short-term IDR at 'F1+';
  -- Individual at 'A/B';
  -- Support at '3';
  -- Support Floor at 'BB-';

U.S. Bancorp Capital I
Firstar Capital Trust I
Star Capital I
Mercantile Capital Trust I
USB Capital VI
USB Capital VII
USB Capital VIII
USB Capital IX
USB Capital X
USB Capital XI
USB Capital XII
USB Realty Corp.

  -- Preferred at 'A+'.

Mercantile Bancorp.

  -- Subordinated debt at 'A+'.


VALEO INVESTMENT: Moody's Junks Ratings on Class A-2 Notes
----------------------------------------------------------
Moody's Investors Service downgraded the rating of these notes
issued by Valeo Investment Grade CDO:

  -- US$12,250,000 Class A-2 Floating Rate Senior Subordinated
     Notes due January 15, 2013, Downgraded to Caa2; previously on
     10/21/2008 upgraded to B2.

According to Moody's, the rating action taken on the notes is
primarily a result of applying Moody's revised assumptions.  Sunce
the review and rating actions in October 2008, Moody's announced
key assumption changes with respect to default probability, the
treatment of ratings on "Review for Possible Downgrade" or with a
"Negative Outlook," and the calculation of the Diversity Score.
The action also reflects consideration of credit deterioration of
the underlying portfolio.  The revised assumptions that have been
applied to all corporate credits in the underlying portfolio are
described in the press release dated February 4, 2009.


VALEO INVESTMENT: Moody's Downgrades Ratings on Three Classes
-------------------------------------------------------------
Moody's Investors Service downgraded these notes issued by Valeo
Investment Grade CDO II Ltd:

  -- $18,500,000 Class A-2 Floating Rate Senior Subordinated Notes
     Due June 1, 2013, Downgraded to B3; previously on June 11,
     2003 Downgraded to Ba3;

  -- $13,750,000 Class B-1 Floating Rate Senior Subordinated Notes
     Due June 1, 2013, Downgraded to Ca; previously on June 11,
     2003 Downgraded to Caa3;

  -- $9,000,000 Class B-2 8.697% Fixed Rate Senior Subordinated
     Notes Due June 1, 2013, Downgraded to Ca; previously on June
     11, 2003 Downgraded to Caa3.

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

Credit deterioration of the collateral pool is observed in a
decline in the average credit rating (as measured by the weighted
average rating factor) and an increase in the proportion of
securities rated Caa1 and below.  The weighted average rating
factor has significantly increased over the last few months.  As
of the last trustee report, dated April 29, 2009, it was 2236
versus a test level of 560.  Based on the same report, securities
rated Ba1 and below accounted for approximately 45% of the
transaction's underlying portfolio versus a limit of 10%.


WACHOVIA BANK: Fitch Downgrades Ratings on 2004-C12 Notes to 'B-'
-----------------------------------------------------------------
Fitch Ratings downgrades and assigns Rating Outlooks to Wachovia
Bank Commercial Mortgage Trust, series 2004-C12:

  -- $2.7 million class N to 'B-' from 'B'; Negative Outlook;

Fitch downgrades and assigns Recovery Rating to this class:

  -- $2.7 million class O to 'CCC/RR1' from 'B-';

In addition, Fitch affirms and assigns Rating Outlooks to these
classes:

  -- $1.8 million class A1 at 'AAA'; Stable Outlook;
  -- $65.8 million class A1-A at 'AAA'; Stable Outlook;
  -- $199.0 million class A2 at 'AAA'; Stable Outlook;
  -- $82.0 million class A3 at 'AAA'; Stable Outlook;
  -- $474.9 million class A4 at 'AAA'; Stable Outlook;
  -- Interest-only class IO at 'AAA'; Stable Outlook;
  -- $25.2 million class B at 'AAA'; Stable Outlook;
  -- $9.3 million class C at 'AA+'; Stable Outlook;
  -- $22.6 million class D at 'AA-'; Stable Outlook;
  -- $10.6 million class E at 'A'; Negative Outlook;
  -- $12.0 million class F at 'A-'; Negative Outlook;
  -- $12.0 million class G at 'BBB+'; Negative Outlook;
  -- $13.3 million class H at 'BBB-'; Negative Outlook;
  -- $4.0 million class J at 'BB+'; Negative Outlook;
  -- $2.7 million class K at 'BB'; Negative Outlook;
  -- $5.3 million class L at 'BB-'; Negative Outlook;
  -- $4.0 million class M at 'B+'; Negative Outlook;
  -- $13.6 million class MAD at 'AAA'; Stable Outlook.

Fitch does not rate the $16.0 million class P.

Although the transaction has paid down 5.9% since Fitch's last
review, upcoming maturities warrant affirmations.  Rating Outlooks
reflect the likely direction of any rating changes over the next
one to two years.  Eight loans (19.0%) have defeased including two
of the top five largest loans (15.3%) in the transaction.  As of
the April 2009 distribution date, the pool's aggregate certificate
balance has decreased 9.1% since issuance, to $979 million from
$1.1 billion at issuance.  Twelve non-defeased loans (9.75%)
mature in 2009.

Fitch has identified 23 Loans of Concern (16.9%), including three
assets (4.8%) that are in special servicing with losses expected.
The largest specially serviced loan (3.4%) is secured by a 110,334
square foot office center located in New York, New York.  The
asset was transferred to the special service in April 2009 due to
imminent default.  The loan matures in June 2009.  The property is
currently 97% occupied, with 13% net rentable area on month-to-
month leases.

The second largest specially serviced asset is a retail mall
(1.2%) located in Bartlesville, Oklahoma.  This loan is sponsored
by General Growth Properties, which filed for Chapter 11
bankruptcy protection on April 16, 2009 and has listed the loans
collateral within its filing.  While he mall is performing well,
it is expected that interest shortfalls will be incurred to the
trust as a result of the special servicing and legal fees.

The third largest specially serviced asset consists of two
multifamily properties (0.6%) located in Virginia.  The loan
transferred in November 2008 and is currently in foreclosure.  The
property is currently 89% occupied.

The largest Fitch Loan of Concern not in special servicing (6.3%)
is secured by 11 cross-collateralized, cross-defaulted self
storage properties geographically located across four different
states.  The loan is scheduled to mature in June 2009 and has an
average occupancy of 93.6%.

Four loans (26.0% of the pool) maintain investment grade shadow
ratings.  The 11 Madison Avenue loan (9.7%) has defeased.

Ernst & Young Plaza (11.3%) is secured by a 1.2 million sf office
building and retail center as well as a portion of an adjacent
parking garage in the downtown submarket of Los Angeles,
California.  As of December 2008, the property was 85.4% occupied,
compared to 86.7% at issuance.

Eastdale Mall (3.1%) is secured by a 485,772 sf regional mall
located in Montgomery, Alabama.  The mall is anchored by Dillard's
(177,427 sf) and JC Penney (98,542 sf), which are not part of the
collateral, Parisian (127,938 sf), and Sears (143,504 sf).  At
issuance, the entire mall was 96.5% occupied with 89.1% in-line
occupancy.  As of December 2008, the collateral was 97.0% occupied
with 93.2% in-line occupancy.

Highland Pinetree Apartments (1.9%) is secured by 320 multifamily
units located in Fullerton, California.  As of December 2008, the
property was 97.8% occupied, the same as issuance.


WACHOVIA BANK: Fitch Downgrades Ratings on Seven 2003-C3 Notes
--------------------------------------------------------------
Fitch Ratings has downgraded seven classes of Wachovia Bank
Commercial Mortgage Trust's commercial mortgage pass-through
certificates, series 2003-C3, and assigned a Recovery Rating:

  -- $12.9 million class H to 'A' from 'A+'; Outlook Stable;
  -- $22.3 million class J to 'BBB' from 'BBB+'; Outlook Stable;
  -- $9.4 million class K to 'BB+' from 'BBB'; Outlook Stable;
  -- $7 million class L to 'BB-' from 'BBB-'; Outlook Negative;
  -- $2.3 million class M to 'B+' from 'BB+'; Outlook Negative;
  -- $7 million class N to 'B-' from 'BB+'; Outlook Negative;
  -- $4.7 million class O to 'CCC/RR1' from 'BB-'.

In addition, Fitch has affirmed these classes:

  -- $103.4 million class A-1 at 'AAA'; Outlook Stable;
  -- $477.8 million class A-2 at 'AAA'; Outlook Stable;
  -- $781.6 million class IO-I at 'AAA'; Outlook Stable;
  -- $488.1 million class IO-II at 'AAA'; Outlook Stable;
  -- $36.3 million class B at 'AAA'; Outlook Stable;
  -- $12.9 million class C at 'AAA'; Outlook Stable;
  -- $25.8 million class D at 'AAA'; Outlook Stable;
  -- $12.9 million class E at 'AAA'; Outlook Stable;
  -- $10.5 million class F at 'AAA; Outlook Stable;
  -- $12.9 million class G at 'AA'; Outlook Stable.

Fitch does not rate the $23.4 million class P certificates.

The downgrades are due to the recent transfer of the largest
specially serviced loan (1.1%) and an increase in projected losses
on four loans which remain with the special servicer (3%)
following the previous Fitch rating action.  The Rating Outlooks
reflect the likely direction of any changes to the ratings over
the next one to two years.

Currently, six loans (4.9%) are in special servicing.  The largest
specially serviced loan (1.1%) transferred April 15, 2009 due to
payment default.  The loan is secured by a 107,087 square foot
office property located in Aurora, Illinois.  As of year-end 2008,
the occupancy and debt service coverage ratio were 96% and 2.26
times (x), respectively.  However, the property's largest tenant,
which leased approximately 76% of the net rentable area, vacated
upon lease expiration in January 2009.  It is expected that an
additional 9% of the NRA which corresponds to the same tenant will
be vacated later in the year.  To date, the borrower has been
unable to re-lease the space.

Four specially serviced loans (3%), which transferred Dec. 3, 2008
due to imminent default, correspond to the same loan sponsor.  All
four loans are located within suburbs of Atlanta, Georgia and are
secured by multifamily properties comprising 760 units in the
aggregate.  Servicer-reported financials showed stable performance
as of second-quarter 2008, with DSCRs ranging from 1.19x to 1.55x,
and occupancies between 88% and 92%.  However, January 2009
appraised values came in significantly lower than Fitch values
derived by applying a stressed capitalization rate to the net cash
flow, indicating a likelihood of further declines in performance
since that time or significant deferred maintenance.  As a result,
Fitch's projected losses on the loans have increased subsequent to
the prior Fitch rating action.

The remaining specially serviced loan (0.9%) is collateralized by
a 38,990 sf retail property located in Hayward, California.  The
loan transferred July 2, 2008 due to a technical default.  The
special servicer is currently processing the borrower's request
for substitution of the general partner.  The loan remains
current.

Including the specially serviced loans (4.9%), 14 loans (9.6%)
have been designated Fitch Loans of Concern.  The largest
performing Loan of Concern (1%) is secured by a 108,738 sf office
building located in San Diego, California which was 60% occupied
as of year-end 2008.  An additional transaction-level concern is
geographic concentration, with loans representing approximately
36% of the pool located across CA, FL, and NV.

As of the May 2009 distribution date, the transaction has paid
down approximately 16.6% to $781.6 million, from $937.3 million at
issuance.  Nineteen loans (18.5%) have defeased to date.  Maturity
risk is somewhat limited in the short term. In 2009, one non-
defeased loan (0.1%) matures and an additional loan (2%) reaches
its anticipated maturity date.  In 2010, two non-defeased loans
(3%) mature.


* Fitch Puts Ratings on Nine Banking Companies on Negative Watch
----------------------------------------------------------------
Earlier, Fitch Ratings placed certain ratings for nine U.S.
banking companies and their bank subsidiaries on Rating Watch
Negative, as detailed in a press release published earlier.

These rating actions complete the initial phase of Fitch's most
recent U.S. bank review announced earlier this month and reflect
increased vulnerability of the institutions in question to further
loan quality declines.

Fitch has taken these rating actions:

BB&T Corporation

  -- Long-term IDR, rated 'AA-', placed on Rating Watch Negative;

  -- Individual, rated 'A/B', placed on Rating Watch Negative;

  -- Senior debt, rated 'AA-', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'A+', placed on Rating Watch
     Negative;

  -- Preferred stock, rated 'A+', placed on Rating Watch Negative;

  -- Short-term IDR affirmed at 'F1+';

  -- Short-term debt affirmed at F1+';

  -- Support affirmed at '5';

  -- Support Floor affirmed at 'NF'.

Branch Banking and Trust Company

  -- Long-term IDR, rated 'AA-', placed on Rating Watch Negative;

  -- Individual, rated 'A/B', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'AA', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'AA-', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'A+', placed on Rating Watch
     Negative;

  -- Short-term IDR affirmed at 'F1+';

  -- Short-term debt affirmed at 'F1+';

  -- Short-term deposits affirmed at 'F1+';

  -- Support affirmed at '4';

  -- Support Floor affirmed at 'B'.

BB&T Financial, FSB

  -- Long-term IDR, rated 'AA-', placed on Rating Watch Negative;
  -- Individual, rated 'A/B', placed on Rating Watch Negative;
  -- Short-term IDR affirmed at 'F1+';
  -- Support affirmed at '4';
  -- Support Floor affirmed at 'B';

BB&T Capital Trust I
BB&T Capital Trust II
BB&T Capital Trust IV
BB&T Capital Trust V

  -- Preferred stock, rated 'A+', placed on Rating Watch Negative;

Discover Financial Services

  -- Long-term IDR, rated 'BBB', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F2', placed on Rating Watch Negative;

  -- Individual, rated 'B/C', placed on Rating Watch Negative;

  -- Senior debt, rated 'BBB', placed on Rating Watch Negative;

  -- Preferred stock, rated 'BB+', placed on Rating Watch
     Negative;

  -- Support affirmed at '5';

Discover Bank

  -- Long-term IDR, rated 'BBB', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F2', placed on Rating Watch Negative;

  -- Individual, rated 'B/C', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'BBB+', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'BBB', placed on Rating Watch Negative;

  -- Short-term deposits, rated 'F2', placed on Rating Watch
     Negative;

  -- Support affirmed at '5';

Fifth Third Bancorp

  -- Long-term IDR, rated 'A', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'B/C', placed on Rating Watch Negative;

  -- Senior debt, rated 'A', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative;

  -- Preferred stock, rated 'A-', placed on Rating Watch Negative;

  -- Short-term debt, rated 'F1', placed on Rating Watch Negative;

  -- Support affirmed at '5';

  -- Support Floor affirmed at 'NF'.

Fifth Third Bank (Ohio)

  -- Long-term IDR, rated 'A', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'B/C', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'A+', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'A', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative;

  -- Short-term deposits, rated 'F1', placed on Rating Watch
     Negative;

  -- Support affirmed at '4';

  -- Support Floor affirmed at 'B';

Fifth Third Bank (Michigan)

  -- Long-term IDR, rated 'A', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'B/C', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'A+', placed on Rating Watch
     Negative;

  -- Short-term deposits, rated 'F1', placed on Rating Watch
     Negative;

  -- Support affirmed at '4';

  -- Support Floor affirmed at 'B';

Fifth Third Capital Trust IV
Fifth Third Capital Trust V
Fifth Third Capital Trust VI
Fifth Third Capital Trust VII

  -- Preferred stock, rated 'A-', placed on Rating Watch Negative;

KeyCorp

  -- Long-term IDR, rated A', placed on Rating Watch Negative;

  -- Short-term IDR, rated F1', placed on Rating Watch Negative;

  -- Individual, rated B', placed on Rating Watch Negative;

  -- Senior debt, rated 'A', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative;

  -- Preferred stock, rated 'A-', placed on Rating Watch Negative;

  -- Short-term debt, rated 'F1', placed on Rating Watch Negative;

  -- Support affirmed at '5';

  -- Support Floor affirmed at 'NF';

  -- TLGP Senior debt affirmed at 'AAA';

  -- TLGP Short-term debt affirmed at 'F1+';

KeyBank NA

  -- Long-term IDR, rated 'A', placed on Rating Watch Negative

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative

  -- Individual, rated 'B', placed on Rating Watch Negative

  -- Long-term deposits, rated 'A+', placed on Rating Watch
     Negative

  -- Senior debt, rated 'A', placed on Rating Watch Negative

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative

  -- Short-term deposits, rated 'F1', placed on Rating Watch
     Negative

  -- Support affirmed at '4';

  -- Support Floor affirmed at 'B';

  -- TLGP senior debt affirmed at 'AAA';

  -- TLGP short-term debt affirmed at 'F1+';

Key Bank USA, NA

  -- Long-term deposits, rated 'A+', placed on Rating Watch
     Negative

Key Corporate Capital, Inc.
Key Treasury Management Company

  -- Long-term IDR, rated 'A', placed on Rating Watch Negative
  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative

KeyCorp Institutional Capital A
KeyCorp Institutional Capital B
KeyCorp Capital I
KeyCorp Capital II
KeyCorp Capital III
KeyCorp Capital VII
KeyCorp Capital VIII
KeyCorp Capital IX
KeyCorp Capital X

  -- Preferred stock, rated 'A-', placed on Rating Watch Negative

M&T Bank Corporation

  -- Long-term IDR, rated 'A-', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'B', placed on Rating Watch Negative;

  -- Senior debt, rated 'A-', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'BBB+', placed on Rating Watch
     Negative;

  -- Preferred stock, rated 'BBB+', placed on Rating Watch
     Negative;

  -- Support affirmed at '3';

Manufacturers and Traders Trust Company

  -- Long-term IDR, rated 'A-', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'B', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'A', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'A-', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'BBB+', placed on Rating Watch
     Negative;

  -- Short-term deposits, rated 'F1', placed on Rating Watch
     Negative;

  -- Support affirmed at '3';

M&T Bank, National Association

  -- Long-term IDR, rated 'A-', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'B', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'A ', placed on Rating Watch
     Negative;

  -- Short-term deposits, rated 'F1', placed on Rating Watch
     Negative;

  -- Support affirmed at '3';

M&T Capital Trust I
M&T Capital Trust II
M&T Capital Trust III
M&T Capital Trust IV
M&T Capital Trust V
M&T Capital Trust VI

  -- Preferred stock, rated 'BBB+', placed on Rating Watch
     Negative;

Popular, Inc.

  -- Long-term IDR, rated 'BBB', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F2', placed on Rating Watch Negative;

  -- Individual, 'rated C', placed on Rating Watch Negative;

  -- Senior debt, rated 'BBB', placed on Rating Watch Negative;

  -- Preferred stock, rated 'BB+', placed on Rating Watch
     Negative;

  -- Short-term debt, rated 'F2', placed on Rating Watch Negative;

  -- Support affirmed at '5';

  -- Support Floor affirmed at 'NF';


Popular North America, Inc.

  -- Long-term IDR, rated 'BBB', placed on Rating Watch Negative;
  -- Short-term IDR, rated 'F2', placed on Rating Watch Negative;
  -- Individual, rated 'C', placed on Rating Watch Negative;
  -- Senior debt, rated 'BBB', placed on Rating Watch Negative;
  -- Short-term debt, rated 'F2', placed on Rating Watch Negative;
  -- Support affirmed at '5';
  -- Support Floor affirmed at 'NF';

Banco Popular North America

  -- Long-term IDR, rated 'BBB', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F2', placed on Rating Watch Negative;

  -- Individual, rated 'C', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'BBB+', placed on Rating Watch
     Negative;

  -- Short-term deposits, rated 'F2', placed on Rating Watch
     Negative;

  -- Support affirmed at '5';

  -- Support Floor affirmed at 'NF';

Banco Popular de Puerto Rico

  -- Long-term IDR, rated 'BBB', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F2', placed on Rating Watch Negative;

  -- Individual, rated 'C', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'BBB+', placed on Rating Watch
     Negative;
  -- Short-term deposits, rated 'F2', placed on Rating Watch
     Negative;

  -- Support affirmed at '4';

  -- Support floor affirmed at 'B'.

Banponce Trust I
Popular Capital Trust I
Popular Capital Trust II
Popular North America Cap. Trust I

  -- Preferred stock, rated 'BB+', placed on Rating Watch
     Negative;

Regions Financial Corporation

  -- Long-term IDR, rated 'A', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'B/C', placed on Rating Watch Negative;

  -- Senior debt, rated 'A', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative;

  -- Preferred stock, rated 'BBB+', placed on Rating Watch
     Negative;

  -- Support affirmed at '5';

  -- Support Floor affirmed at 'NF';

Regions Bank

  -- Long-term IDR, rated 'A', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'B/C', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'A+', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'A', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative;

  -- Short-term deposits, rated 'F1', placed on Rating Watch
     Negative;

  -- Support affirmed at '4';

  -- Support Floor affirmed at 'B';

  -- TLGP Senior debt affirmed at 'AAA';

  -- TLGP Short-term debt affirmed at 'F1+';

AmSouth Bancorporation

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative;

AmSouth Bank

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative;

Union Planters Corporation

  -- Senior debt, rated 'A', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'A-', placed on Rating Watch
     Negative;

Regions Financing Trust II
Regions Financing Trust III

  -- Preferred stock, rated 'BBB+', placed on Rating Watch
     Negative;

SunTrust Banks, Inc.

  -- Long-term IDR, rated 'A-', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'C', placed on Rating Watch Negative;

  -- Senior debt, rated 'A-', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'BBB+', placed on Rating Watch
     Negative;

  -- Preferred stock, rated 'BBB ', placed on Rating Watch
     Negative;

  -- Short-term debt, rated 'F1', placed on Rating Watch Negative;

  -- Support affirmed at '5';

  -- Support Floor affirmed at 'NF';

  -- TLGP Senior debt affirmed at 'AAA';

  -- TLGP Short-term debt affirmed at 'F1+';

SunTrust Bank

  -- Long-term IDR, rated 'A-', placed on Rating Watch Negative;

  -- Short-term IDR, rated 'F1', placed on Rating Watch Negative;

  -- Individual, rated 'C', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'A ', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'A-', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'BBB+', placed on Rating Watch
     Negative;

  -- Short-term deposits, rated 'F1', placed on Rating Watch
     Negative;

  -- Short-term debt, rated 'F1', placed on Rating Watch Negative;

  -- Support affirmed at '3';

  -- Support Floor affirmed at 'BB-';

  -- TLGP senior debt affirmed at 'AAA';

  -- TLGP short-term debt affirmed at 'F1+';

SunTrust Capital I
SunTrust Capital III
SunTrust Preferred Capital I
SunTrust Capital VIII
SunTrust Capital IX
National Commerce Capital Trust I

  -- Preferred stock, rated 'BBB', placed on Rating Watch
     Negative;

Wells Fargo & Company, Inc.

  -- Long-term IDR, rated 'AA', placed on Rating Watch Negative;

  -- Individual, rated 'A/B', placed on Rating Watch Negative;

  -- Senior debt, rated 'AA', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'AA-', placed on Rating Watch
     Negative;

  -- Preferred stock, rated 'AA-', placed on Rating Watch
     Negative;

Wells Fargo & Company, Inc.

  -- Short-term IDR affirmed at 'F1+';
  -- Short-term debt affirmed at 'F1+';
  -- Support affirmed at '5';
  -- Support Floor affirmed at 'NF';
  -- TLGP Senior debt affirmed at 'AAA';
  -- TLGP Short-term debt affirmed at 'F1+';

Wells Fargo Bank, N.A.

  -- Long-term IDR, rated 'AA', placed on Rating Watch Negative;

  -- Individual, rated 'A/B', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'AA+', placed on Rating Watch
     Negative;

  -- Subordinated debt, rated 'AA-', placed on Rating Watch
     Negative;

Wells Fargo Bank Northwest, NA

  -- Long-term IDR, rated 'AA', placed on Rating Watch Negative;

  -- Individual, rated 'A/B', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'AA+', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'AA', placed on Rating Watch Negative;

Wachovia Bank, NA

  -- Long-term IDR, rated 'AA', placed on Rating Watch Negative;

  -- Individual, rated 'A/B', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'AA+', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'AA', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'AA-', placed on Rating Watch
     Negative;

Wachovia Bank of Delaware, NA

  -- Long-term IDR, rated 'AA', placed on Rating Watch Negative;
  -- Individual, rated 'A/B', placed on Rating Watch Negative;

Wachovia Mortgage, FSB

  -- Long-term IDR, rated 'AA', placed on Rating Watch Negative;

  -- Individual, rated 'A/B', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'AA+', placed on Rating Watch
     Negative;

  -- Senior debt, rated 'AA', placed on Rating Watch Negative;

Wachovia Bank, FSB (Texas)

  -- Long-term IDR, rated 'AA', placed on Rating Watch Negative;

  -- Individual, rated 'A/B', placed on Rating Watch Negative;

  -- Long-term deposits, rated 'AA+', placed on Rating Watch
     Negative;

Congress Financial Capital Company (Gtd by WFC)
Wells Fargo Financial Canada Corp.
Wells Fargo Financial, Inc.

  -- Long-term IDR, rated 'AA', placed on Rating Watch Negative;
  -- Senior debt, rated 'AA', placed on Rating Watch Negative;

First Union National-Florida
SouthTrust Corporation
Western Financial Bank
WFC Holdings Inc.

  -- Subordinated debt, rated 'AA-', placed on Rating Watch
     Negative;

Golden West Financial Corporation
Greater Bay Bancorp, Inc.

  -- Senior debt, rated 'AA', placed on Rating Watch Negative;

SouthTrust Bank

  -- Senior debt, rated 'AA', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'AA-', placed on Rating Watch
     Negative;

Wachovia Corporation

  -- Senior debt, rated 'AA', placed on Rating Watch Negative;

  -- Subordinated debt, rated 'AA-', placed on Rating Watch
     Negative;

  -- Preferred stock, rated 'AA-', placed on Rating Watch
     Negative;

Greater Bay Bank, NA

  -- Long-term deposits, rated 'AA+', placed on Rating Watch
     Negative;

Central Fidelity Capital Trust I
CoreStates Capital I
CoreStates Capital II
CoreStates Capital III
First Union Capital I
First Union Capital II
First Union Institutional Capital I
First Union Institutional Capital II
InterWest Capital Trust I
Wachovia Capital Trust I
Wachovia Capital Trust II
Wachovia Capital Trust III
Wachovia Capital Trust IV
Wachovia Capital Trust V
Wachovia Capital Trust IX
Wachovia Capital Trust X
Wells Fargo Capital II
Wells Fargo Capital Trust IV
Wells Fargo Capital Trust VII
Wells Fargo Capital Trust VIII
Wells Fargo Capital Trust X
Wells Fargo Capital Trust XI
Wells Fargo Capital Trust XII
Wells Fargo Capital Trust XIII
Wells Fargo Capital Trust XIV
Wells Fargo Capital Trust XV

  -- Preferred stock, rated 'AA-', placed on Rating Watch
     Negative;

Wachovia Bank of Delaware, NA
Wachovia Bank, FSB (Texas)
Wachovia Bank, NA
Wachovia Capital Finance Corporation (Canada)
(Gtd by Wachovia Bank, NA)
Wachovia Mortgage, FSB
Wells Fargo Bank Northwest, NA
Wells Fargo Bank, N.A.
Wells Fargo Financial Canada Corp.

  -- Short-term IDR affirmed at 'F1+';

Wachovia Corporation
Wells Fargo Bank, N.A.
Wells Fargo Financial Canada Corp.

  -- Short-term debt affirmed at 'F1+';

Greater Bay Bank, NA
Wachovia Bank, FSB (Texas)
Wachovia Bank, NA
Wachovia Mortgage, FSB
Wells Fargo Bank Northwest, NA
Wells Fargo Bank, N.A.

  -- Short-term deposits affirmed at 'F1+';

Wachovia Bank of Delaware, NA
Wachovia Bank, FSB (Texas)
Wachovia Bank, NA
Wachovia Mortgage, FSB
Wells Fargo Bank Northwest, NA
Wells Fargo Bank, N.A.

  -- Support affirmed at '1';
  -- Support Floor affirmed at 'A+';


* Moody's Corrects Rating on Class 1-A-8 by Prime Jumbo Mortgages
-----------------------------------------------------------------
Moody's Investors Service has corrected the rating on Class 1-A-8
to Aaa from WR.  The rating was inadvertently withdrawn in
November 2008.  Concurrently, the Aaa rating of this tranche is
being placed on review for downgrade to reflect Moody's updated
loss projections, published on March 19th 2009, on jumbo
transactions issued in '05, '06, '07, and '08.

On March 19th 2009 Moody's Investors Service revised its loss
projections for residential mortgage backed securities backed by
prime Jumbo mortgages issued in the US from 2005 to 2008.  On
average, Moody's is now projecting cumulative losses of about
1.70% for 2005 securitizations, 3.55% for 2006 securitizations,
5.05% for 2007 securitizations and 6.20% for 2008 securitizations
(all loss projections are reported as a percentage of original
balance of loans securitized for each vintage).  As a result, it
has placed 4,988 tranches of Jumbo RMBS with an original balance
of $240.7 billion and current outstanding balance of $173.3
billion, on review for possible downgrade in addition to the
tranche named.

Ratings actions on the senior securities, due to the revised loss
projections, will vary for the different vintages.  Approximately
70% of the senior securities issued in 2005 are expected to
maintain investment grade ratings.  The remaining senior
securities from this vintage are expected to migrate to Ba/B
ratings.  A vast majority of the senior securities issued in 2006
are expected to migrate to a rating ranging from Baa1 to B3 and,
in the case of about 35% of the senior securities, to ratings
below B3.  For senior securities issued in 2007, about 20% are
expected to migrate to a Ba1-Ba3 rating.  The majority of the
senior securities from this vintage are expected to migrate to
ratings below B3.  In all cases, super senior bonds which are
supported by other senior securities that are first in line to
take losses once subordinate bonds are written down will benefit
from the additional credit protection and could maintain
investment grade ratings.

Moody's concludes that in most cases, subordinate securities from
2006, 2007 and 2008 transactions will likely be completely written
down.  Moody's is likely to downgrade the ratings of these
securities to Ca or C.  However, for most Jumbo deals that Moody's
rated from 2005-2008, it was not asked to rate the subordinate
certificates.

                 Calculation of Estimated Losses

The rating agency says that during the last six months, Jumbo
mortgage loans backing 2005 to 2008 securitizations have shown
substantial increases in serious delinquencies and decreases in
prepayment rates -- levels that are unprecedented for this asset
class.  Borrowers who are 60 or more days delinquent on their
payments, have had foreclosure proceedings started against them or
properties that are held for sale comprise 1.6%, 2.9%, 3.6% and
3.75% for the 2005, 2006, 2007 and 2008 vintages respectively
(reported as a percentage of original pool balance).  The quickly
deteriorating performance, along with concerns about the
continuing drop in housing prices nationwide and the rising
unemployment rate has prompted Moody's to revise its loss
expectations.  Moody's revised loss expectations, however, take
into account the benefit afforded by the recent Housing
Affordability and Stability Plan that was announced by the Obama
Administration.  The Stability Plan under HASP will help some
Jumbo borrowers avoid foreclosure through loan modification.
Accounting for the government actions resulted in Moody's loss
expectations being reduced by approximately 15% for each vintage.

To estimate losses, Moody's first projected delinquency rates and
eventual losses through the end of 2009, when it anticipates that
home prices will reach a bottom in many parts of the US. The
delinquency projections take into account:

     i) The erosion in equity that borrowers face due to home
price depreciation experienced so far and expected in the future.
Peak-to-trough home price depreciation has been approximately 25%
(based on the Case-Schiller index) and Moody's Economy.com
projects another 11% decline by the end of the year.

    ii) Increase in unemployment rates -- MEDC is projecting
unemployment rates in the US to peak at 9.8% and

   iii) Limited refinancing options -- Voluntary prepayments for
the sector are at historical lows.  Recent government refinancing
programs have focused primarily on agency-eligible mortgages.
With only a small percentage of jumbo mortgages meeting agency
guidelines, Moody's expects prepayments to remain low for jumbo
borrowers in the near term.

The projected defaults were reduced to take into account the
positive effect of the Stability Plan under HASP.  The plan will
provide modification options to some borrowers who took out jumbo
mortgages in 2005-2007, as the loan eligibility limit has been set
at $729,750 for single family homes (and higher for 2-4 family
homes).  Agency loan eligibility limits were considerably lower
than $729,750 in 2005-2007.  Moody's estimates that approximately
15% of borrowers who would have otherwise defaulted on their
mortgages by the end of the year will be able to avoid default as
a result of taking advantage of modifications.  This estimate nets
out approximately 30-40% of borrowers who are projected to re-
default after modification of their loan.

Taking the assumptions into account, Moody's is estimating that
eventual default rates for borrowers who become seriously
delinquent by end of 2009 on jumbo pools from 2005, 2006, 2007 and
2008 vintages will be 2.3%, 3.9%, 5.0%, and 6.2% respectively
(reported as a percentage of original pool balance).  Because
Moody's expects a further 11% decline in home prices, it has
assumed average losses on defaulting jumbo mortgages to be
approximately 40% -- which is higher than historical severities.

To estimate losses beyond 2009, Moody's has taken into account
economic, home price and foreclosure projections from MEDC.  When
compared to ultimate default rates in 2009, Moody's estimates
default rates to be 15% lower in 2010, 50% lower in 2011%, 70%
lower in 2012 and 90% lower in 2013 and beyond.  Moody's has also
assumed slightly higher voluntary prepay rates from 2010 and
beyond.  The assumptions are then translated into a default rate
through the remaining life of the deal after 2009.  Based on these
assumptions, Moody's is now projecting cumulative losses of about
1.70% for 2005 securitizations, 3.55% for 2006 securitizations,
5.05% for 2007 securitizations and 6.20% for 2008 securitizations.

Moody's will release a special report in the coming days that will
detail its methodology for determining revised loss projections
for Jumbo transactions issued in 2005, 2006, 2007 and 2008.

In summary, Moody's rates securities B2 or higher if they are
likely to be paid off under an expected scenario.  If a security
is likely to take a loss under an expected scenario, it will
typically be rated B3 or lower.  To determine ratings that are
lower than B3, an estimated recovery ratio is calculated using
available enhancement and the current priority of principal
distribution.  Securities with expected recoveries of 75% to 95%
are rated in the Caa range.  Securities with expected recoveries
of 25% to 75% are rated Ca, while securities with expected
recoveries below 25% are rated C.

Traditionally, Jumbo RMBS transactions are backed by mortgages
that are considered prime quality but which do not meet the
stricter underwriting guidelines required by Fannie Mae and
Freddie Mac for various reasons, most notably because of their
large loan size.

Moody's has already taken widespread rating actions on deals
backed by Jumbo collateral from the 2006 and 2007 vintages in
December 2008.  Of about 180 Moody's-rated Jumbo securitizations
from these vintages, over 80% experienced negative rating actions.
In light of the updated loss expectations, Moody's will again
review all outstanding Jumbo ratings from the 2006 and 2007
vintages as well as the 2005 and 2008 vintages.  Rating actions
will be released as individual analyses are completed and a
summary will be published upon completion of the overall review.


* Moody's Cuts Ratings on Four Certs. by Two Resecuritized Deals
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 4
certificates issued in 2 resecuritized transactions.

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

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

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

(iii) The structure of the resecuritization transaction, as
described in more detail and the presence of certificate insurance
if any.

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

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

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

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

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

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

Complete Rating Action are;

Residential Asset Securitization Tr 2006-R1

  -- Cl. A-1, Downgraded to Caa2; previously on 12/1/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on 12/1/2008 Aaa
     Placed Under Review for Possible Downgrade

Residential Asset Securitization Tr 2006-R2

  -- Cl. A-1, Downgraded to B2; previously on 11/10/2006 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Caa3; previously on 11/10/2006
     Assigned Aaa


* Moody's Cuts Ratings on Six Certs. by Three Resecuritized Deals
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 6
certificates issued in 3 resecuritized transactions.

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

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

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

(iii) The structure of the resecuritization transaction, as
described in more detail and the presence of certificate insurance
if any.

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

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

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

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

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

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

Complete Rating Action are:

Lehman Mortgage Trust 2008-4

  -- Cl. A1, Downgraded to B3; previously on 7/10/2008 Assigned
     Aaa

  -- Cl. A2, Downgraded to C; previously on 7/10/2008 Assigned Aaa

Structured Asset Securities Corp 2006-12

  -- Cl. AXP1, Downgraded to Caa3; previously on 1/4/2007 Assigned
     Aaa

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

Structured Asset Securities Corp Trust 2007-9

  -- Cl. AX7N, Downgraded to B3; previously on 8/6/2007 Assigned
     Aaa

  -- Cl. AXP, Downgraded to B3; previously on 8/6/2007 Assigned
     Aaa


* Moody's Cuts Ratings on Seven Certs. by 3 Resecuritized Deals
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 7
certificates issued in 3 resecuritized transactions.

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

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

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

   (iii) The structure of the resecuritization transaction, as
described in more detail and the presence of certificate insurance
if any.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.
    The methodology used to update the loss assumptions on the
    underlying mortgage pools and ratings on the securities can be
    found at http://www.moodys.com/

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

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

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

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

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

Complete Rating Action are;

MASTR Adjustable Rate Mortgages Trust 2007-R5

  -- Cl. A1, Downgraded to Caa1; previously on 12/1/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Ca; previously on 12/1/2008 Aaa Placed
     Under Review for Possible Downgrade

MASTR Resecuritization 2006-1CI

  -- Cl. N3, Downgraded to B3; previously on 5/12/2006 Assigned
     Baa2

  -- Cl. N4, Downgraded to C; previously on 5/12/2006 Assigned Ba2

MASTR Resecuritization Trust 2008-1

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

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

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


* Moody's Reviews Ratings on 386 386 FHA/VA RMBS Tranches
---------------------------------------------------------
Moody's Investors Service placed the ratings of 386 FHA/VA RMBS
tranches on review for possible downgrade due to concerns about
recent performance trends in residential mortgage securitizations
backed by FHA insured and VA guaranteed loans.

As default frequencies on these loans have increased in recent
months, losses in excess of Moody's initial expectations have
begun to accumulate.  For pools issued from 2002 through 2007,
cumulative losses have risen from 0.48% in March of 2008 to 0.61%
one year later.  Loss levels are expected to rise further as the
general level of remaining delinquencies remains elevated.
Currently, for pools issued in or after 2002, 60+ delinquencies as
a percentage of original balance have risen from 12.1% 12 months
ago, to 13.8% as of March 2009.  Since FHA loans are typically
originated with high loan-to-value ratios -- typically in excess
of 90% -- a majority of the borrowers are likely to have negative
equity in their homes given recent home price declines.  As has
been true for all RMBS sectors, this has increased the risk of
future default among currently non-delinquent borrowers.

In addition to the increased frequency of projected and observed
defaults, Moody's actions are also based on concerns relating to
expectations of severity of loss given default.  The nature of the
FHA insurance and VA guarantees on the underlying loans insures
that severity of loss upon default will be limited.  In the cases
of securities backed by FHA-insured and VA-guaranteed loans,
specific consideration is given to the loan loss coverage provided
by the respective guarantees.

Loans benefiting from FHA insurance have generally experienced
very low loss severity upon default as all unpaid principal is
insured.  Interest on the loans is also paid through the FHA
insurance from the date when loans are at least 30 days delinquent
at a prescribed rate.  However, this rate may be less than the
mortgage rate.  Also, for loans originated in or after 2004 there
is an increased risk that the insured interest rate may be less
than the loan rate as the insured rate is established based on the
prevailing debenture rates as of the onset of 30 day delinquency
for these loans.  This risk has increased as benchmark interest
rates have dropped to historical lows.  Also, only 66% of eligible
foreclosure costs are paid under the FHA insurance, leaving some
additional losses to be borne by bondholders.

In the case of loans supported by VA guarantees, loss coverage is
generally limited to 25% to 50% of the unpaid loan balance
(dependant on loan size) and accrued interest and foreclosure
expenses.  Given the severe housing market value declines, these
guaranteed amounts may represent insufficient protection against
high loss severities experienced by loans of comparable size and
credit quality.

While the FHA insurance and VA guarantees are still expected to
provide substantial protection against losses, the risks outlined
-- combined with the low levels of credit support from
subordination in most transactions -- have led Moody's to place
these bonds on review for possible downgrade.  In selecting bonds
for potential review, Moody's has compared tranche-specific credit
enhancement levels to preliminary loss estimates.  Preliminary
loss estimates have been arrived at by applying assumed lifetime
roll-rates (probabilities of transition to default) to the
transactions' current delinquency buckets and a pipeline
multiplier.  The pipeline multiplier accounts for further possible
defaults that might arise from borrowers that are current.
Moody's then applies deal-specific severity assumptions to arrive
at projected losses.

During the review period Moody's will further refine its
assumptions relating to expected frequency of default and severity
of loss on a deal-by-deal basis.  Additionally, Moody's will
examine what benefit, if any, can be expected from servicers'
efforts to modify loans.  Moody's expects to resolve the review
and take final action on all bonds placed on review with the next
few weeks.

Complete rating actions are:

CWMBS, Inc. Structured Pass-Thru Ctfs 2003-R3

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 10/6/2003 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 10/6/2003 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 10/6/2003 Assigned Baa2

  -- Cl. B-3, B1 Placed Under Review for Possible Downgrade;
     previously on 9/4/2007 Downgraded to B1

  -- Cl. B-4, Caa3 Placed Under Review for Possible Downgrade;
     previously on 9/4/2007 Downgraded to Caa3

Re-Performing Loan REMIC Trust 2002-1

  -- Cl. 1A-4, Aaa Placed Under Review for Possible Downgrade;
     previously on 5/29/2002 Assigned Aaa

  -- Cl. 2A, Aaa Placed Under Review for Possible Downgrade;
     previously on 5/29/2002 Assigned Aaa

  -- Cl. 2A-IO, Aaa Placed Under Review for Possible Downgrade;
     previously on 5/29/2002 Assigned Aaa

  -- Cl. 3A, Aaa Placed Under Review for Possible Downgrade;
     previously on 5/29/2002 Assigned Aaa

  -- Cl. 3A-IO, Aaa Placed Under Review for Possible Downgrade;
     previously on 5/29/2002 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 5/29/2002 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 5/29/2002 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 5/30/2002 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 5/30/2002 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 5/30/2002 Assigned Ba2

  -- Cl. B-4, B2 Placed Under Review for Possible Downgrade;
     previously on 5/30/2002 Assigned B2

Reperforming Loan REMIC Trust 2003-R2

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 7/11/2003 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 7/11/2003 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 7/11/2003 Assigned Baa2

  -- Cl. B-3, B2 Placed Under Review for Possible Downgrade;
     previously on 9/4/2007 Downgraded to B2

  -- Cl. B-4, Caa3 Placed Under Review for Possible Downgrade;
     previously on 9/4/2007 Downgraded to Caa3

Reperforming Loan REMIC Trust 2003-R4

  -- Cl. 1A-1X, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aaa

  -- Cl. 1A-2S, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aaa

  -- Cl. 1A-3, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aaa

  -- Cl. 1A-4, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aaa

  -- Cl. 1A-IO, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aaa

  -- Cl. 1A-PO, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aaa

  -- Cl. 2A, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aaa

  -- Cl. 2A-IO, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 12/5/2003 Assigned Baa2

  -- Cl. B-3, B2 Placed Under Review for Possible Downgrade;
     previously on 1/30/2007 Downgraded to B2

  -- Cl. B-4, Ca Placed Under Review for Possible Downgrade;
     previously on 1/30/2007 Downgraded to Ca

Reperforming Loan REMIC Trust 2004-R1

  -- Cl. 1A-F, Aaa Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Aaa

  -- Cl. 1A-S, Aaa Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Aaa

  -- Cl. 1M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Aa2

  -- Cl. 1B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned A2

  -- Cl. 1B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Baa2

  -- Cl. 1B-3, Caa2 Placed Under Review for Possible Downgrade;
     previously on 3/28/2007 Downgraded to Caa2

  -- Cl. 1B-4, Ca Placed Under Review for Possible Downgrade;
     previously on 3/28/2007 Downgraded to Ca

  -- Cl. 2A, Aaa Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Aaa

  -- Cl. 3A, Aaa Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Aaa

  -- Cl. PT, Aaa Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Aaa

  -- Cl. 2M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Aa2

  -- Cl. 2B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned A2

  -- Cl. 2B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 10/7/2004 Assigned Baa2

  -- Cl. 2B-3, Caa1 Placed Under Review for Possible Downgrade;
     previously on 3/28/2007 Downgraded to Caa1

  -- Cl. 2B-4, Ca Placed Under Review for Possible Downgrade;
     previously on 3/28/2007 Downgraded to Ca

Reperforming Loan REMIC Trust 2004-R2

  -- Cl. 1A-F1, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1A-F2, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1A-S, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned A2

  -- Cl. B-2, Baa3 Placed Under Review for Possible Downgrade;
     previously on 3/28/2007 Downgraded to Baa3

  -- Cl. B-3, B3 Placed Under Review for Possible Downgrade;
     previously on 3/28/2007 Downgraded to B3

  -- Cl. B-4, Ca Placed Under Review for Possible Downgrade;
     previously on 3/28/2007 Downgraded to Ca

Reperforming Loan REMIC Trust 2005-R1

  -- Cl. 1A-F1, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Aaa

  -- Cl. 1A-F2, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Aaa

  -- Cl. 1A-S, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Aaa

  -- Cl. 2A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Aaa

  -- Cl. 2A-2, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Aaa

  -- Cl. 2A-IO, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Aaa

  -- Cl. 2A-PO, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned Ba2

  -- Cl. B-4, B2 Placed Under Review for Possible Downgrade;
     previously on 4/11/2005 Assigned B2

Reperforming Loan REMIC Trust 2005-R2

  -- Cl. 1A-F1, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aaa

  -- Cl. 1A-F2, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aaa

  -- Cl. 1A-S, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aaa

  -- Cl. 2A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aaa

  -- Cl. 2A-2, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aaa

  -- Cl. 2A-3, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aaa

  -- Cl. 2A-4, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aaa

  -- Cl. 2A-IO, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned Ba2

  -- Cl. B-4, B2 Placed Under Review for Possible Downgrade;
     previously on 7/28/2005 Assigned B2

Reperforming Loan REMIC Trust 2005-R3

  -- Cl. A-F, Aaa Placed Under Review for Possible Downgrade;
     previously on 10/21/2005 Assigned Aaa

  -- Cl. A-S, Aaa Placed Under Review for Possible Downgrade;
     previously on 10/21/2005 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 10/21/2005 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 10/21/2005 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 10/21/2005 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 10/21/2005 Assigned Ba2

  -- Cl. B-4, B2 Placed Under Review for Possible Downgrade;
     previously on 10/21/2005 Assigned B2

Reperforming Loan REMIC Trust 2006-R1

  -- Cl. A-F-1, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. A-F-2, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. A-S, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Ba2

  -- Cl. B-4, B2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned B2

Reperforming Loan REMIC Trust 2006-R2

  -- Cl. A-F-1, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/29/2006 Assigned Aaa

  -- Cl. A-F-2, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/29/2006 Assigned Aaa

  -- Cl. A-S, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/29/2006 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 8/29/2006 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 8/29/2006 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 8/29/2006 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 8/29/2006 Assigned Ba2

  -- Cl. B-4, B2 Placed Under Review for Possible Downgrade;
     previously on 8/29/2006 Assigned B2

GSMPS Mortgage Loan Trust 2002-1

  -- Cl. B1, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/21/2006 Upgraded to Aaa

  -- Cl. B2, Aa2 Placed Under Review for Possible Downgrade;
     previously on 9/21/2006 Upgraded to Aa2

  -- Cl. B3, Baa1 Placed Under Review for Possible Downgrade;
     previously on 9/21/2006 Upgraded to Baa1

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 9/30/2002 Assigned Ba2

  -- Cl. B5, Caa3 Placed Under Review for Possible Downgrade;
     previously on 9/21/2006 Downgraded to Caa3

GSMPS Mortgage Loan Trust 2003-1

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 5/9/2003 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 5/9/2003 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 5/9/2003 Assigned Baa2

  -- Cl. B4, Ba3 Placed Under Review for Possible Downgrade;
     previously on 4/27/2007 Downgraded to Ba3

  -- Cl. B5, Ca Placed Under Review for Possible Downgrade;
     previously on 4/27/2007 Downgraded to Ca

GSMPS Mortgage Loan Trust 2004-4

  -- Cl. 1A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Aaa

  -- Cl. 1A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Aaa

  -- Cl. 1A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Aaa

  -- Cl. 1AF, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Aaa

  -- Cl. 1AS, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Aaa

  -- Cl. AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 11/10/2004 Assigned B2

GSMPS Mortgage Loan Trust 2005-LT1

  -- Cl. A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/30/2005 Assigned Aaa

  -- Cl. M-1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 8/30/2005 Assigned Aa2

  -- Cl. M-2, A2 Placed Under Review for Possible Downgrade;
     previously on 8/30/2005 Assigned A2

  -- Cl. B-1, Baa3 Placed Under Review for Possible Downgrade;
     previously on 5/11/2007 Downgraded to Baa3

  -- Cl. B-2, Caa1 Placed Under Review for Possible Downgrade;
     previously on 5/11/2007 Downgraded to Caa1

GSMPS Mortgage Loan Trust 2005-RP1

  -- Cl. 1A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1AF, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1AS, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. B1, A1 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned A1

  -- Cl. B2, A3 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned A3

  -- Cl. B3, Baa3 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Baa3

GSMPS Mortgage Loan Trust 2005-RP2

  -- Cl. 1A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Aaa

  -- Cl. 1A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Aaa

  -- Cl. 1A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Aaa

  -- Cl. 1AF, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Aaa

  -- Cl. 1AS, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Aaa

  -- Cl. AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 4/29/2005 Assigned B2

GSMPS Mortgage Loan Trust 2005-RP3

  -- Cl. 1A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Aaa

  -- Cl. 1A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Aaa

  -- Cl. 1A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Aaa

  -- Cl. 1AF, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Aaa

  -- Cl. 1AS, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Aaa

  -- Cl. AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 9/1/2005 Assigned B2

GSMPS Mortgage Loan Trust 2006-RP1

  -- Cl. 1A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aaa

  -- Cl. 1A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aaa

  -- Cl. 1A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aaa

  -- Cl. 1AF1, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aaa

  -- Cl. 1AF2, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aaa

  -- Cl. 1AS, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aaa

  -- Cl. AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 2/10/2006 Assigned B2

GSMPS Mortgage Loan Trust 2006-RP2

  -- Cl. 1AF1, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Aaa

  -- Cl. 1AF2, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Aaa

  -- Cl. 1AS1, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Aaa

  -- Cl. 1AS2, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned B2

  -- Cl. R1, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Aaa

  -- Cl. R2, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/31/2006 Assigned Aaa

MASTR Reperforming Loan Trust 2005-1

  -- Cl. 1A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 1A5, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- PO, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 6/15/2005 Assigned B2


MASTR Reperforming Loan Trust 2005-2

  -- Cl. 1A1F, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Aaa

  -- Cl. 1A1S, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Aaa

  -- Cl. 1A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Aaa

  -- Cl. 1A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Aaa

  -- Cl. 1A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Aaa

  -- Cl. AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 9/12/2005 Assigned B2

MASTR Reperforming Loan Trust 2006-1

  -- Cl. 1A1F, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. 1A1S, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. 1A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. 1A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. 1A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 2/3/2006 Assigned B2

MASTR Reperforming Loan Trust 2006-2

  -- Cl. 1A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/18/2006 Assigned Aaa

  -- Cl. 2A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/18/2006 Assigned Aaa

NAAC Reperforming Loan Remic Trust 2004-R1

  -- Cl. A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/11/2004 Assigned Aaa

  -- Cl. A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/11/2004 Assigned Aaa

  -- Cl. PT, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/11/2004 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 2/11/2004 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 2/11/2004 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 2/11/2004 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 2/11/2004 Assigned Ba2

  -- Cl. B-4, Caa3 Placed Under Review for Possible Downgrade;
     previously on 8/23/2007 Downgraded to Caa3

NAAC Reperforming Loan Remic Trust 2004-R2

  -- Cl. A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aaa

  -- Cl. A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aaa

  -- Cl. A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aaa

  -- Cl. PT, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 9/7/2004 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Ba2

  -- Cl. B-4, Caa3 Placed Under Review for Possible Downgrade;
     previously on 8/23/2007 Downgraded to Caa3

NAAC Reperforming Loan Remic Trust 2004-R3

  -- Cl. A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned Aaa

  -- Cl. AF, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned Aaa

  -- Cl. AS, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned Aaa

  -- Cl. PT, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned Aaa

  -- Cl. M, Aa2 Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned Aa2

  -- Cl. B-1, A2 Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned A2

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned Baa2

  -- Cl. B-3, Ba2 Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned Ba2

  -- Cl. B-4, B2 Placed Under Review for Possible Downgrade;
     previously on 1/7/2005 Assigned B2

RBSGC Mortgage Loan Trust 2005-RP1

  -- Cl. I-F, Aaa Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Aaa

  -- Cl. I-SB, Aaa Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Aaa

  -- Cl. I-SF, Aaa Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Aaa

  -- Cl. II-A, Aaa Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Aaa

  -- Cl. I-B-1, Aa2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Aa2

  -- Cl. I-B-2, A2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned A2

  -- Cl. I-B-3, Baa2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Baa2

  -- Cl. I-B-4, Ba2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Ba2

  -- Cl. I-B-5, B2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned B2

  -- Cl. II-B-1, Aa2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Aa2

  -- Cl. II-B-2, A2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned A2

  -- Cl. II-B-3, Baa2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Baa2

  -- Cl. II-B-4, Ba2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned Ba2

  -- Cl. II-B-5, B2 Placed on Review for Possible Downgrade;
     previously on 6/29/2005 Assigned B2

SASCO Mortgage Loan Trust 2002-NP1

  -- Cl. B, Baa2 Placed Under Review for Possible Downgrade;
     previously on 9/17/2002 Assigned Baa2

SASCO Mortgage Loan Trust 2004-NP1

  -- Cl. M1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 7/12/2004 Assigned Aa2

  -- Cl. M2, A2 Placed Under Review for Possible Downgrade;
     previously on 7/12/2004 Assigned A2

  -- Cl. B, Baa2 Placed Under Review for Possible Downgrade;
     previously on 7/12/2004 Assigned Baa2

SASCO Mortgage Loan Trust 2004-NP2

  -- Cl. M1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 12/23/2004 Assigned Aa2

  -- Cl. M2, A2 Placed Under Review for Possible Downgrade;
     previously on 12/23/2004 Assigned A2

  -- Cl. B, Baa2 Placed Under Review for Possible Downgrade;
     previously on 12/23/2004 Assigned Baa2

Structured Asset Securities Corp 2006-RF4

  -- Cl. 1-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aaa

  -- Cl. 1-AIO, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aaa

  -- Cl. 2-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aaa

  -- Cl. 2-A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aaa

  -- Cl. 2-AP, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aaa

  -- Cl. 2-AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aaa

  -- Cl. 3-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2007 Assigned B2

Structured Asset Securities Corp 2007-RF1

  -- Cl. 1-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned Aaa

  -- Cl. 1-AIO, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned Aaa

  -- Cl. 2-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 4/9/2007 Assigned B2

Structured Asset Securities Corp Tr 2005-RF3

  -- Cl. 1-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned Aaa

  -- Cl. 1-AIO, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned Aaa

  -- Cl. 2-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 8/8/2005 Assigned B2

Structured Asset Securities Corp Tr 2005-RF4

  -- Cl. A, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/19/2005 Assigned Aaa

  -- Cl. AIO, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/19/2005 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 9/19/2005 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 9/19/2005 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 9/19/2005 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 9/19/2005 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 9/19/2005 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 9/19/2005 Assigned B2

Structured Asset Securities Corp Tr 2006-RF1

  -- Cl. 1-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned Aaa

  -- Cl. 1-AIO, Aaa Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned Aaa

  -- Cl. 2-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned Aaa

  -- Cl. B-1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned Aa2

  -- Cl. B-2, A2 Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned A2

  -- Cl. B-3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned Baa2

  -- Cl. B-4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned Ba2

  -- Cl. B-5, B2 Placed Under Review for Possible Downgrade;
     previously on 3/22/2006 Assigned B2

Structured Asset Securities Corp Tr 2006-RF3

  -- Cl. 1-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 1-A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 1-A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 1-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 1-AP, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 1-AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 2-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 3-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 3-A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 3-AP, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 3-AX, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. 4-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aaa

  -- Cl. B1-I, Aa2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aa2

  -- Cl. B1-II, Aa2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Aa2

  -- Cl. B2-I, A2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned A2

  -- Cl. B2-II, A2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned A2

  -- Cl. B3-I, Baa2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Baa2

  -- Cl. B3-II, Baa2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Baa2

  -- Cl. B4-I, Ba2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Ba2

  -- Cl. B4-II, Ba2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned Ba2

  -- Cl. B5-I, B2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned B2

  -- Cl. B5-II, B2 Placed Under Review for Possible Downgrade;
     previously on 11/13/2006 Assigned B2

Structured Asset Securities Corp. 2005-RF6

  -- Cl. A, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2006 Assigned Aaa

  -- Cl. AIO, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2006 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/3/2006 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2006 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2006 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2006 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2006 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 1/3/2006 Assigned B2

Structured Asset Securities Corp. 2005-RF7

  -- Cl. A, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/10/2006 Assigned Aaa

  -- Cl. AIO, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/10/2006 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/10/2006 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 1/10/2006 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 1/10/2006 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 1/10/2006 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 1/10/2006 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 1/10/2006 Assigned B2

Structured Asset Securities Corp. 2006-RF2

  -- Cl. A, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/15/2006 Assigned Aaa

  -- Cl. AIO, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/15/2006 Assigned Aaa

  -- Cl. R, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/15/2006 Assigned Aaa

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 8/15/2006 Assigned Aa2

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 8/15/2006 Assigned A2

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 8/15/2006 Assigned Baa2

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 8/15/2006 Assigned Ba2

  -- Cl. B5, B2 Placed Under Review for Possible Downgrade;
     previously on 8/15/2006 Assigned B2

WaMu Mortgage Pass-Through Certificates Series 2004-RP1 Tr

  -- Cl. I-F, Aaa Placed on Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aaa

  -- Cl. I-HJ, Aaa Placed on Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aaa

  -- Cl. I-S, Aaa Placed on Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aaa

  -- Cl. II-A, Aaa Placed on Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aaa

  -- Cl. I-B-1, Aa2 Placed on Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Aa2

  -- Cl. I-B-2, A2 Placed on Review for Possible Downgrade;
     previously on 9/7/2004 Assigned A2

  -- Cl. I-B-3, Baa2 Placed on Review for Possible Downgrade;
     previously on 9/7/2004 Assigned Baa2

  -- Cl. I-B-4, B2 Placed on Review for Possible Downgrade;
     previously on 94/2007 Downgraded to B2

  -- Cl. I-B-5, Caa3 Placed on Review for Possible Downgrade;
     previously on 9/4/2007 Downgraded to Caa3

  -- Cl. II-B-1, Aa1 Placed on Review for Possible Downgrade;
     previously on 9/4/2007 Upgraded to Aa1

  -- Cl. II-B-2, Aa3 Placed on Review for Possible Downgrade;
     previously on 9/4/2007 Upgraded to Aa3

  -- Cl. II-B-3, A3 Placed on Review for Possible Downgrade;
     previously on 9/4/2007 Upgraded to A3

  -- Cl. II-B-4, Ba2 Placed on Review for Possible Downgrade,
     currently Ba2; previously on 9/7/2004 Assigned Ba2

  -- Cl. II-B-5, B2 Placed on Review for Possible Downgrade,
     currently B2; previously on 9/7/2004 Assigned B2


* S&P Downgrades Ratings on 10 Tranches from Four Hybrid CDO Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 10
tranches from four U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed one of the
lowered ratings from CreditWatch with negative implications.  The
ratings on nine of the downgraded tranches are on CreditWatch with
negative implications, indicating a significant likelihood of
further downgrades.  Additionally, S&P affirmed its ratings on
three tranches from two of the reviewed transactions.

The CreditWatch placements primarily affect transactions for which
a significant portion of the collateral assets currently have
ratings on CreditWatch with negative implications or have
significant exposure to assets rated in the 'CCC' category.

The 10 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $1.257 billion.  Two of the four affected
transactions are mezzanine structured finance CDOs of asset-backed
securities, which are collateralized in large part by mezzanine
tranches of residential mortgage-backed securities and other SF
securities.  One is a CDO of CDO that was collateralized at
origination primarily by notes from other CDOs, as well as by
tranches from RMBS and other SF transactions.  The other
transaction is a retranching of other CDO tranches.  The CDO
downgrades reflect a number of factors, including credit
deterioration and recent negative rating actions on U.S. subprime
RMBS.

In addition, Standard & Poor's reviewed the rating assigned to SFA
CABS II CDO Ltd. and based on the current credit support available
to the tranche, has left the rating at its current level.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                       Rating Actions

                                                Rating
                                                ------
Transaction                      Class      To            From
-----------                      -----      --            ----
C-Bass CBO XII, Ltd              C          BB+/Watch Neg A
C-Bass CBO XII, Ltd              D          B/Watch Neg   BBB
Fortress ABS Opportunities Ltd   A          A+/Watch Neg  AA+/Watch Neg
Fortress ABS Opportunities Ltd   B          BB/Watch Neg  BBB/Watch Neg
Fortress ABS Opportunities Ltd   A-1a       A+/Watch Neg  AA+/Watch Neg
Fortress ABS Opportunities Ltd   A-2        A+/Watch Neg  AA+/Watch Neg
Fortress ABS Opportunities Ltd   Ba         BB/Watch Neg  BBB/Watch Neg
Restructured Asset Certificates  RestAsset  B/Watch Neg   A+
   with Enhanced Returns,
   Series 2004-13-Etrust
Stockbridge CDO Ltd              A-1        BBB-/WatchNeg AAA
Stockbridge CDO Ltd              A-2        CC            CCC-/WatchNeg

                         Ratings Affirmed

         Transaction                     Class     Rating
         -----------                     -----     ------
         C-Bass CBO XII, Ltd             A         AAA
         C-Bass CBO XII, Ltd             B         AA+
         SFA CABS II CDO Ltd.            A         AAA

                      Other Ratings Reviewed

         Transaction                     Class     Rating
         -----------                     -----     ------
         Stockbridge CDO Ltd             A-3       CC
         Stockbridge CDO Ltd             B         CC


* S&P Downgrades Ratings on 55 Tranches from 20 Hybrid CDO Deals
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 55
tranches from 20 U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed 11 of the
lowered ratings from CreditWatch with negative implications.  The
ratings on 43 of the downgraded tranches are on CreditWatch with
negative implications, indicating a significant likelihood of
further downgrades.

The CreditWatch placements primarily affect transactions for which
a significant portion of the collateral assets currently have
ratings on CreditWatch with negative implications or have
significant exposure to assets rated in the 'CCC' category.

The 55 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $12.781 billion.  Seven of the 20 affected
transactions are mezzanine structured finance CDOs of asset-backed
securities, which are collateralized in large part by mezzanine
tranches of residential mortgage-backed securities and other SF
securities.  Seven of the 20 are high-grade SF CDOs of ABS that
were collateralized at origination primarily by 'AAA' through 'A'
rated tranches of RMBS and other SF securities.  The other six are
CDOs of CDOs that were collateralized at origination primarily by
notes from other CDOs, as well as by tranches from RMBS and other
SF transactions.  The CDO downgrades reflect a number of factors,
including credit deterioration and recent negative rating actions
on U.S. subprime RMBS.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                          Rating Actions

                                                Rating
                                                ------
Transaction                       Class    To             From
-----------                       -----    --             ----
Altius I Funding Ltd.             A-1LT-a  BBB/Watch Neg  A-/Watch Neg
Altius I Funding Ltd.             A-1LT-b  BBB/Watch Neg  A-/Watch Neg
Altius I Funding Ltd.             A-2      BB+/Watch Neg  BBB+/WatchNeg
Altius I Funding Ltd.             B        CCC/Watch Neg  B-/Watch Neg
Altius I Funding Ltd.             C        CC             CCC-
Altius IV Funding Ltd.            A-1F     BBB/Watch Neg  AA/Watch Neg
Ambassador Structured Finance CDO A-1      BB+/Watch Neg  A/Watch Neg
Ambassador Structured Finance CDO A-2      CCC/Watch Neg  BB+/Watch Neg
Ambassador Structured Finance CDO B        CC             B+/Watch Neg
Ambassador Structured Finance CDO C        CC             CCC-/WatchNeg
Aurelius Capital CDO 2007-1 Ltd.  A        BBB-/Watch Neg BBB+/WatchNeg
Aurelius Capital CDO 2007-1 Ltd.  C        BB/Watch Neg   BBB-/WatchNeg
Aurelius Capital CDO 2007-1 Ltd.  D        B-/Watch Neg   BB-/Watch Neg
Aurelius Capital CDO 2007-1 Ltd.  E        CCC/Watch Neg  CCC+
Barrington II CDO Ltd.            A1-S     BB+/Watch Neg  AAA/Watch Neg
C-Bass CBO XI Ltd.                A        AA+/Watch Neg  AAA
C-Bass CBO XI Ltd.                B        A+/Watch Neg   AA+
C-Bass CBO XI Ltd.                C        BBB-/Watch Neg A+
C-Bass CBO XI Ltd.                D        B/Watch Neg    BBB+
Class V Funding Ltd.              A1       BBB-/Watch Neg AA/Watch Neg
Commodore CDO IV Ltd.             A-1(b)   A-/Watch Neg   AA-/Watch Neg
Commodore CDO IV Ltd.             A-2      CCC-/Watch Neg CCC/Watch Neg
Coriolanus Ltd.                   Combo Nts CC            BBB-/WatchNeg
Dalton CDO Ltd.                   A-1a1    BB/Watch Neg   A-/Watch Neg
Dalton CDO Ltd.                   A-1a2    CCC-/Watch Neg B-/Watch Neg
Dalton CDO Ltd.                   A-1b1    CC             CCC-/WatchNeg
Davis Square Funding V Ltd.       A-1-a    BB-/Watch Neg  A/Watch Neg
Davis Square Funding V Ltd.       A-1-b    BB-/Watch Neg  A/Watch Neg
Davis Square Funding V Ltd.       A-2      B+/Watch Neg   BBB/Watch Neg
Davis Square Funding V Ltd.       B        CC             CCC-/WatchNeg
Farmington Finance Ltd.           Ser A    CCC-/Watch Neg CCC
Farmington Finance Ltd.           Ser C    CCC-/Watch Neg CCC
Farmington Finance Ltd.           Ser D    CCC-/Watch Neg CCC
Farmington Finance Ltd.           Term Ln  BBB+/Watch Neg A+/Watch Neg
Farmington Finance Ltd.           Term Nts BBB+/Watch Neg A+/Watch Neg
Glacier Funding CDO III Ltd.      A-1      BB-/Watch Neg  BBB/Watch Neg
Glacier Funding CDO III Ltd.      A-2      CC             CCC-/WatchNeg
Hout Bay 2006-1 Ltd.              A-1      CC             B-/Watch Neg
Jupiter High-Grade CDO III Ltd.   A-1NV    B+/Watch Neg   A/Watch Neg
Jupiter High-Grade CDO III Ltd.   A-1VA    B+/Watch Neg   A/Watch Neg
Jupiter High-Grade CDO III Ltd.   A-1VB    B+/Watch Neg   A/Watch Neg
Jupiter High-Grade CDO III Ltd.   A-2      CC             BB-/Watch Neg
Jupiter High-Grade CDO III Ltd.   A-2B     CC             BB-/Watch Neg
Jupiter High-Grade CDO III Ltd.   B        CC             CCC-/WatchNeg
Neptune CDO 2004-1 Ltd.           A-1LA    BBB-/Watch Neg AA-/Watch Neg
Neptune CDO 2004-1 Ltd.           A-1LB    CCC/Watch Neg  BB/Watch Neg
Orchid Structured Finance CDO II  A-1      A/Watch Neg    AA/Watch Neg
Orchid Structured Finance CDO II  A-2      CCC+/Watch Neg B-/Watch Neg
Revelstoke CDO I Ltd.             A-1      A/Watch Neg    AAA/Watch Neg
Revelstoke CDO I Ltd.             A-2      CC             BBB/Watch Neg
Tricadia CDO 2006-5 Ltd.          B        BB/Watch Neg   BBB/Watch Neg
Tricadia CDO 2006-5 Ltd.          C        CCC+/Watch Neg BB/Watch Neg
Zais Investment Grade Ltd. VII    A-1A     BB/Watch Neg   BBB/Watch Neg
Zais Investment Grade Ltd. VII    A-1B     BB/Watch Neg   BBB/Watch Neg
Zais Investment Grade Ltd. VII    A-2      B-/Watch Neg   BB-/Watch Neg

                      Other Ratings Reviewed

  Transaction                            Class      Rating
  -----------                            -----      ------
  Altius I Funding Ltd.                  D          CC
  Altius I Funding Ltd.                  E          CC
  Altius IV Funding Ltd                  A-1B       CC
  Altius IV Funding Ltd                  A-1V       CC
  Altius IV Funding Ltd                  A-2a       CC
  Altius IV Funding Ltd                  A-2b       CC
  Altius IV Funding Ltd                  B          CC
  Altius IV Funding Ltd                  C          CC
  Altius IV Funding Ltd                  D          CC
  Altius IV Funding Ltd                  E          CC
  Ambassador Structured Finance CDO Ltd  D          CC
  Barrington II CDO Ltd                  A1J-M      CC
  Barrington II CDO Ltd                  A1J-Q      CC
  Barrington II CDO Ltd                  A1-M       CC
  Barrington II CDO Ltd                  A1-Q       CC
  Barrington II CDO Ltd                  A2         CC
  Barrington II CDO Ltd                  A-3        CC
  Barrington II CDO Ltd                  B          CC
  Barrington II CDO Ltd                  C          CC
  Barrington II CDO Ltd                  D          CC
  Barrington II CDO Ltd                  X          AAA/Watch Neg
  Class V Funding Ltd.                   A2         CC
  Class V Funding Ltd.                   B          CC
  Class V Funding Ltd.                   C          CC
  Class V Funding Ltd.                   D1         CC
  Class V Funding Ltd.                   D2         CC
  Commodore CDO IV Ltd                   A-1(a)-F   AAA/Watch Neg
  Commodore CDO IV Ltd                   A-1(a)-U   AAA/Watch Neg
  Commodore CDO IV Ltd                   B          CC
  Commodore CDO IV Ltd                   C          CC
  Commodore CDO IV Ltd                   Comp Nts   CC
  Commodore CDO IV Ltd                   D          CC
  Dalton CDO Ltd                         A-1b2      CC
  Dalton CDO Ltd                         A-2        CC
  Dalton CDO Ltd                         B          CC
  Dalton CDO Ltd                         C          CC
  Dalton CDO Ltd                         D          CC
  Davis Square Funding V Ltd             C          CC
  Davis Square Funding V Ltd             D          CC
  Davis Square Funding V Ltd             E          CC
  Davis Square Funding V Ltd             S          AAA
  Glacier Funding CDO III Ltd.           B          CC
  Glacier Funding CDO III Ltd.           C          CC
  Glacier Funding CDO III Ltd.           D          CC
  Hout Bay 2006-1 Ltd                    A-2        CC
  Hout Bay 2006-1 Ltd                    B          CC
  Hout Bay 2006-1 Ltd                    C          CC
  Hout Bay 2006-1 Ltd                    D          CC
  Hout Bay 2006-1 Ltd                    E          CC
  Hout Bay 2006-1 Ltd                    S          AAA
  Jupiter High-Grade CDO III Ltd         C          CC
  Neptune CDO 2004-1 Ltd.                A-2L       CC
  Neptune CDO 2004-1 Ltd.                A-3L       CC
  Neptune CDO 2004-1 Ltd.                B-1L       CC
  Orchid Structured Finance CDO II Ltd.  A-3        CC
  Orchid Structured Finance CDO II Ltd.  B          CC
  Revelstoke CDO I Ltd.                  A-3        CC
  Revelstoke CDO I Ltd.                  B          CC
  Tricadia CDO 2006-5 Ltd.               D          CC
  Tricadia CDO 2006-5 Ltd.               E          CC
  Tricadia CDO 2006-5 Ltd.               F          CC
  Zais Investment Grade Ltd. VII         A-3        CC
  Zais Investment Grade Ltd. VII         B-1A       CC
  Zais Investment Grade Ltd. VII         B-1B       CC


* S&P Downgrades Ratings on 68 Classes from Five Alt-A RMBS Deals
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 68
classes from five U.S. Alternative-A residential mortgage-backed
securities transactions issued in 2006 and 2007.  S&P removed 39
of the lowered ratings from CreditWatch with negative
implications.  Additionally, S&P affirmed its ratings on three
classes from the same transactions and removed one of the affirmed
ratings from CreditWatch negative.

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's current and projected losses based on the dollar
amounts of loans currently in the transactions' delinquency,
foreclosure, and real estate owned pipelines, as well as S&P's
projection of future defaults.  S&P also incorporated cumulative
losses to date in S&P's analysis when assessing rating outcomes.

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 S&P's
outlook for housing price declines and the health of the housing
market influence S&P's loss severity assumptions.  Furthermore,
S&P adjusted its loss expectations for each deal based on upward
trends in delinquencies.

To maintain a 'AAA' rating, S&P considers whether a class in an
Alt-A transaction 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 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, given out current
projected losses.  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 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 deem
appropriate.

                          Rating Actions

        GreenPoint Mortgage Funding Trust, Series 2006-AR5
                       Series      2006-AR5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1A      39538AAA4     B                    AAA/Watch Neg
    1-A1B      39538AAB2     CCC                  A+/Watch Neg
    1-A2A1     39538AAC0     B                    AAA/Watch Neg
    1-A2A2U    39538AAE6     B                    AAA/Watch Neg
    1-A2B      39538AAF3     CCC                  BB/Watch Neg
    1-A3A1     39538AAG1     B                    AAA/Watch Neg
    1-A3A2     39538AAJ5     B                    AAA/Watch Neg
    1-A3B      39538AAK2     CCC                  BB/Watch Neg
    1-A4       39538AAL0     B                    A/Watch Neg
    2-A        39538AAM8     CCC                  BB/Watch Neg
    M1         39538AAN6     CC                   CCC
    M2         39538AAP1     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2006-AR21
                      Series      2006-AR21

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        45660HAA6     B                    AAA/Watch Neg
    A-2        45660HAB4     CC                   BB/Watch Neg
    M-1        45660HAD0     CC                   B/Watch Neg
    M-2        45660HAE8     CC                   CCC
    M-3        45660HAF5     CC                   CCC
    M-4        45660HAG3     D                    CCC

                 Lehman XS Trust, Series 2007-2N
                       Series      2007-2N

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1A      52524LAA9     B                    AAA/Watch Neg
    1-A1B      52524LAB7     CCC                  BB/Watch Neg
    1-AX       52524LAC5     B                    AAA
    2-A        52524LAD3     CCC                  BB/Watch Neg
    2-AX       52524LAW1     CCC                  AAA
    3-A1       52524LAE1     CCC                  BBB-/Watch Neg
    3-A2       52524LAF8     CCC                  BB/Watch Neg
    3-A3       52524LAG6     CCC                  BB/Watch Neg
    3-AX       52524LAH4     CCC                  AAA
    M1         52524LAJ0     CC                   B/Watch Neg
    M2         52524LAK7     CC                   B-/Watch Neg
    M3         52524LAL5     CC                   CCC
    M4         52524LAM3     CC                   CCC
    M5         52524LAN1     CC                   CCC
    M6         52524LAP6     CC                   CCC
    M7         52524LAQ4     CC                   CCC
    M8         52524LAR2     CC                   CCC
    M9         52524LAS0     CC                   CCC
    M10        52524LAT8     CC                   CCC

          MASTR Adjustable Rate Mortgages Trust 2006-OA2
                      Series      2006-OA2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      55275NAA9     B                    AAA/Watch Neg
    1-A-2      55275NAB7     CCC                  AAA/Watch Neg
    1-A-3      55275NAC5     AAA                  AAA/Watch Neg
    X-1        55275NAD3     B                    AAA
    2-A-1      55275NAE1     B                    AAA/Watch Neg
    2-A-2      55275NAF8     CCC                  AAA/Watch Neg
    X-2        55275NAH4     B                    AAA
    XW         55275NAJ0     B                    AAA
    3-A-1      55275NAK7     B                    AAA/Watch Neg
    3-A-2      55275NAL5     CCC                  BB/Watch Neg
    4-A-1A     55275NAM3     B                    AAA/Watch Neg
    4-A-1B     55275NAN1     B                    AAA/Watch Neg
    M-1        55275NAR2     CC                   B/Watch Neg
    M-2        55275NAS0     CC                   CCC
    M-3        55275NBA8     CC                   CCC

                    RALI Series 2006-QO8 Trust
                       Series      2006-QO8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A1AU     75115FAU4     B                    A/Watch Neg
    I-A1B      75115FAB6     CCC                  B/Watch Neg
    I-A2AU     75115FAV2     CCC                  A/Watch Neg
    I-A3A      75115FAD2     B                    AAA/Watch Neg
    I-A3B      75115FAE0     CCC                  B/Watch Neg
    I-A4A      75115FAQ3     CCC                  A/Watch Neg
    I-A4B      75115FAR1     CCC                  B/Watch Neg
    I-A5AU     75115FAW0     CCC                  A/Watch Neg
    I-AX       75115FAX8     B                    AAA
    II-A       75115FAT7     CCC                  B/Watch Neg
    II-AX      75115FAY6     CCC                  AAA
    M-1        75115FAF7     CC                   CCC
    M-2        75115FAG5     CC                   CCC
    M-3        75115FAH3     CC                   CCC
    M-4        75115FAJ9     CC                   CCC
    M-5        75115FAK6     CC                   CCC
    M-7        75115FAM2     D                    CC

                         Ratings Affirmed

          MASTR Adjustable Rate Mortgages Trust 2006-OA2
                      Series      2006-OA2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-3      55275NAG6     AAA
                 4-A-2      55275NAP6     AAA


* S&P Downgrades Ratings on 139 Classes from 41 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 139
classes from 41 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2003, 2004, 2006, and 2007.  S&P removed 20 of the
lowered ratings from CreditWatch with negative implications.  S&P
also affirmed its ratings on 361 classes from the 41 downgraded
transactions as well as one additional deal.  S&P removed 67 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 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 consider 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 consider whether a bond is able to withstand S&P's
base-case loss assumptions.  Other rating categories are
dispersed, approximately equally, between these two loss
assumptions.  For example, to maintain a 'BB' rating on one class,
S&P may consider whether the class is able to withstand
approximately 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.

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

              Adjustable Rate Mortgage Trust 2004-3
                        Series     2004-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        C-B-3      007036CZ7     CCC                  BBB
        C-B-4      007036DC7     CC                   BB

                Alternative Loan Trust 2004-10CB
                      Series     2004-10CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FJF3     BBB                  A
        B-2        12667FJG1     CCC                  BBB
        B-3        12667FJH9     CCC                  BB
        B-4        12667FJJ5     CCC                  B

                 Alternative Loan Trust 2004-12CB
                       Series     2004-12CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FJV8     BBB                  A
        B-2        12667FJW6     BB                   BBB
        B-3        12667FJX4     CCC                  BB
        B-4        12667FJY2     CC                   B

                Alternative Loan Trust 2004-13CB
                      Series     2004-13CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FKP9     B                    A
        B-2        12667FKQ7     CCC                  BBB
        B-3        12667FKD6     CCC                  BB
        B-4        12667FKE4     CC                   B

                 Alternative Loan Trust 2004-14T2
                       Series     2004-14T2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FND3     B                    AA
        B-1        12667FNE1     CCC                  A
        B-2        12667FNF8     CCC                  BBB
        B-3        12667FNT8     CC                   B

                  Alternative Loan Trust 2004-15
                        Series     2004-15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FQA6     CCC                  AA
        B-1        12667FQB4     CCC                  A
        B-2        12667FQC2     CC                   BBB
        B-3        12667FQD0     D                    B

                Alternative Loan Trust 2004-16CB
                      Series     2004-16CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12667FML6     B                    BBB
        B-3        12667FNQ4     CCC                  BB
        B-4        12667FNR2     CCC                  B

                Alternative Loan Trust 2004-17CB
                      Series     2004-17CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667FNW1     AAA                  AAA/Watch Neg
   2-A-1      12667FNX9     AAA                  AAA/Watch Neg
   3-A-1      12667FNY7     AAA                  AAA/Watch Neg
   A-M        12667FNZ4     AA+                  AA+/Watch Neg
   M          12667FPB5     BBB                  AA/Watch Neg
   B-1        12667FPC3     CCC                  A/Watch Neg
   B-2        12667FPD1     CCC                  BBB/Watch Neg
   B-3        12667FPS8     CC                   BB/Watch Neg

                Alternative Loan Trust 2004-18CB
                      Series     2004-18CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FQY4     BBB                  A
        B-3        12667FRA5     CCC                  BB
        B-2        12667FQZ1     CCC                  BBB
        B-4        12667FRB3     CC                   B

                 Alternative Loan Trust 2004-1T1
                       Series     2004-1T1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FBZ7     BB                   A
        B-2        12667FCA1     CCC                  BBB
        B-3        12667FBM6     CCC                  BB
        B-4        12667FBN4     CC                   B

                Alternative Loan Trust 2004-20T1
                      Series     2004-20T1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FPL3     A                    AA
        B-1        12667FPM1     CCC                  A
        B-2        12667FPN9     CCC                  BBB
        B-3        12667FPP4     CC                   BB
        B-4        12667FPQ2     D                    CCC

                Alternative Loan Trust 2004-22CB
                      Series     2004-22CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FSD8     BB                   A
        B-2        12667FSE6     CCC                  BBB
        B-3        12667FRV9     CC                   BB
        B-4        12667FRW7     D                    B

                Alternative Loan Trust 2004-24CB
                      Series     2004-24CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667FVN2     AAA                  AAA/Watch Neg
   2-A-1      12667FVP7     AAA                  AAA/Watch Neg
   PO         12667FVQ5     AAA                  AAA/Watch Neg
   M          12667FVS1     AA                   AA/Watch Neg
   B-1        12667FVT9     CCC                  A/Watch Neg
   B-2        12667FVU6     CCC                  BBB/Watch Neg
   B-3        12667FVV4     CC                   BB/Watch Neg

                Alternative Loan Trust 2004-26T1
                       Series     2004-26T1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        12667FVZ5     AAA                  AAA/Watch Neg
   PO         12667FWA9     AAA                  AAA/Watch Neg
   M          12667FWC5     BB                   AA/Watch Neg
   B-1        12667FWD3     CCC                  A/Watch Neg
   B-2        12667FWE1     CCC                  BBB/Watch Neg
   B-3        12667FWF8     CC                   BB/Watch Neg

                 Alternative Loan Trust 2004-27CB
                       Series     2004-27CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FXD2     B                    A
        B-2        12667FXE0     CCC                  BBB
        B-3        12667FXF7     CC                   BB

                Alternative Loan Trust 2004-28CB
                      Series     2004-28CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FYZ2     BBB                  AA
        B-1        12667FZA6     B                    A
        B-2        12667FZB4     CCC                  BBB
        B-3        12667FZC2     CC                   BB
        B-4        12667FZD0     D                    B

                 Alternative Loan Trust 2004-29CB
                       Series     2004-29CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FZU2     BBB                  AA
        B-1        12667FZV0     CCC                  A
        B-2        12667FZW8     CCC                  B
        B-3        12667FZX6     CC                   CCC

                 Alternative Loan Trust 2004-2CB
                       Series     2004-2CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12667FBB0     B                    BBB
        B-3        12667FAD7     CCC                  BB
        B-4        12667FAE5     CC                   B

                Alternative Loan Trust 2004-30CB
                      Series     2004-30CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667FF75     AAA                  AAA/Watch Neg
   1-A-2      12667FF83     AAA                  AAA/Watch Neg
   1-A-3      12667FF91     AAA                  AAA/Watch Neg
   1-A-4      12667FG25     AAA                  AAA/Watch Neg
   1-A-5      12667FG33     AAA                  AAA/Watch Neg
   1-A-6      12667FG41     AAA                  AAA/Watch Neg
   1-A-7      12667FG58     AAA                  AAA/Watch Neg
   1-A-8      12667FG66     AAA                  AAA/Watch Neg
   1-A-9      12667FG74     AAA                  AAA/Watch Neg
   1-A-10     12667FG82     AAA                  AAA/Watch Neg
   1-A-11     12667FG90     AAA                  AAA/Watch Neg
   1-A-12     12667FH24     AAA                  AAA/Watch Neg
   1-A-13     12667FH32     AAA                  AAA/Watch Neg
   1-A-14     12667FH40     AAA                  AAA/Watch Neg
   1-A-15     12667FH57     AAA                  AAA/Watch Neg
   1-A-16     12667FH65     AAA                  AAA/Watch Neg
   1-A-17     12667FH73     AAA                  AAA/Watch Neg
   1-A-18     12667FH81     AAA                  AAA/Watch Neg
   2-A-1      12667FJ22     AAA                  AAA/Watch Neg
   2-A-2      12667FJ30     AAA                  AAA/Watch Neg
   2-A-3      12667FJ48     AAA                  AAA/Watch Neg
   2-A-4      12667FJ55     AAA                  AAA/Watch Neg
   3-A-1      12667FJ63     AAA                  AAA/Watch Neg
   PO         12667FJ71     AAA                  AAA/Watch Neg
   M          12667FJ97     AA                   AA/Watch Neg
   B-1        12667FK20     BB                   A/Watch Neg
   B-2        12667FK38     CCC                  BBB/Watch Neg
   B-3        12667FK46     CC                   BB/Watch Neg

                Alternative Loan Trust 2004-32CB
                      Series     2004-32CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667FP25     AAA                  AAA/Watch Neg
   2-A-1      12667FP33     AAA                  AAA/Watch Neg
   2-A-2      12667FP41     AAA                  AAA/Watch Neg
   2-A-3      12667FP58     AAA                  AAA/Watch Neg
   2-A-4      12667FP66     AAA                  AAA/Watch Neg
   2-A-5      12667FP74     AAA                  AAA/Watch Neg
   PO         12667FP82     AAA                  AAA/Watch Neg
   M          12667FQ24     B                    AA/Watch Neg
   B-1        12667FQ32     CCC                  A/Watch Neg
   B-2        12667FQ40     CCC                  BBB/Watch Neg
   B-3        12667FQ57     CC                   BB/Watch Neg

                Alternative Loan Trust 2004-34T1
                      Series     2004-34T1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FM28     B                    AA
        B-1        12667FM36     CCC                  A
        B-2        12667FM44     CC                   BBB
        B-3        12667FL37     CC                   B

                Alternative Loan Trust 2004-35T2
                      Series     2004-35T2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FN27     B                    AA
        B-1        12667FN35     CCC                  A
        B-2        12667FN43     CC                   BB
        B-3        12667FN50     D                    B

                 Alternative Loan Trust 2004-3T1
                       Series     2004-3T1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FDU6     BB                   A
        B-2        12667FDV4     CCC                  BBB
        B-3        12667FFC4     CCC                  BB
        B-4        12667FFD2     CC                   B

                 Alternative Loan Trust 2004-4CB
                       Series     2004-4CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12667FCS2     CCC                  BBB
        B-3        12667FCT0     CCC                  BB
        B-4        12667FCU7     CC                   B

                 Alternative Loan Trust 2004-5CB
                       Series     2004-5CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FDH5     CCC                  A
        B-2        12667FDJ1     CCC                  BBB
        B-3        12667FDX0     CC                   BB
        B-4        12667FDY8     CC                   CCC

                 Alternative Loan Trust 2004-7T1
                       Series     2004-7T1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FGG4     BB                   AA
        B-1        12667FGH2     B                    A
        B-2        12667FGJ8     CCC                  BBB
        B-3        12667FFX8     CC                   BB
        B-4        12667FFY6     CC                   CCC

                 Alternative Loan Trust 2004-9T1
                       Series     2004-9T1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FHZ1     BBB                  AA
        B-1        12667FJA4     CCC                  A
        B-2        12667FJB2     CCC                  BBB
        B-3        12667FKA2     CC                   BB
        B-4        12667FKB0     CC                   B

                  Alternative Loan Trust 2004-J1
                        Series     2004-J1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12667FBL8     B                    BBB
        B-3        12667FAA3     CC                   CCC

                 Alternative Loan Trust 2004-J10
                       Series     2004-J10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FVL6     B                    A
        B-2        12667FVM4     CCC                  BBB
        B-3        12667FUR4     CC                   BB
        B-4        12667FUS2     CC                   B

                 Alternative Loan Trust 2004-J11
                       Series     2004-J11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12667FXT7     B                    A
        B-2        12667FXU4     CCC                  BBB
        B-3        12667FXV2     CCC                  BB
        B-4        12667FXW0     CC                   B

                 Alternative Loan Trust 2004-J12
                       Series     2004-J12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FE84     BBB                  AA
        B-1        12667FE92     CCC                  A
        B-2        12667FF26     CCC                  BBB
        B-3        12667FF42     CC                   BB
        B-4        12667FF59     CC                   B

                  Alternative Loan Trust 2004-J2
                        Series     2004-J2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667FEA9     AAA                  AAA/Watch Neg
   1-X        12667FEB7     AAA                  AAA/Watch Neg
   2-A-1      12667FED3     AAA                  AAA/Watch Neg
   2-X        12667FEC5     AAA                  AAA/Watch Neg
   3-A-2      12667FEF8     AAA                  AAA/Watch Neg
   3-A-3      12667FEG6     AAA                  AAA/Watch Neg
   3-A-5      12667FEJ0     AAA                  AAA/Watch Neg
   3-A-6      12667FEK7     AAA                  AAA/Watch Neg
   3-A-7      12667FEL5     AAA                  AAA/Watch Neg
   3-A-8      12667FEM3     AAA                  AAA/Watch Neg
   3-X        12667FEN1     AAA                  AAA/Watch Neg
   4-A-1      12667FET8     AAA                  AAA/Watch Neg
   4-X        12667FEP6     AAA                  AAA/Watch Neg
   5-A-1      12667FEU5     AAA                  AAA/Watch Neg
   5-X        12667FEQ4     AAA                  AAA/Watch Neg
   6-A-1      12667FEV3     AAA                  AAA/Watch Neg
   6-X        12667FER2     AAA                  AAA/Watch Neg
   7-A-1      12667FEW1     AAA                  AAA/Watch Neg
   7-X        12667FES0     AAA                  AAA/Watch Neg
   PO         12667FEX9     AAA                  AAA/Watch Neg
   M          12667FEZ4     AA                   AA/Watch Neg
   B-1        12667FFA8     A                    A/Watch Neg
   B-2        12667FFB6     B                    BBB/Watch Neg
   B-3        12667FDK8     CCC                  BB/Watch Neg

                  Alternative Loan Trust 2004-J3
                        Series     2004-J3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12667FHH1     B                    BBB
        B-3        12667FGQ2     CCC                  BB
        B-4        12667FGR0     CC                   B

                  Alternative Loan Trust 2004-J6
                        Series     2004-J6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12667FRQ0     B                    BBB
        B-3        12667FRR8     CC                   B+
        B-4        12667FRS6     CC                   CCC

                  Alternative Loan Trust 2004-J8
                        Series     2004-J8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12667FSR7     A                    AA
        B-1        12667FSS5     CCC                  A
        B-2        12667FST3     CC                   BB

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                          Series 2003-A2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B6         65535VBW7     CCC                  A

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                         Series 2004-AP3


                                 Rating
                                 ------
Class      CUSIP         To                   From
-----      -----         --                   ----
A-4        65535VFX1     AAA                  AAA/Watch Neg
A-5A       65535VFY9     AAA                  AAA/Watch Neg
A-6        65535VGH5     AAA                  AAA/Watch Neg
M-1        65535VGB8     AA-                  AA+
M-2        65535VGC6     CCC                  A+

   Nomura Asset Acceptance Corporation Alternative Loan Trust,
                          Series 2003-A1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        65535VBG2     CC                   B

   Nomura Asset Acceptance Corporation, Alternative Loan Trust,
                          Series 2007-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        65537UAE8     D                    CCC

                       RALI Series 2006 QO6
                       Series     2006-Q06

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        75114NAA2     CCC                  AAA
        A-2        75114NAB0     CCC                  B
        M-8        75114NAL8     D                    CC

          Structured Adjustable Rate Mortgage Loan Trust
                       Series     2004-9XS

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M2         86359BVJ7     CC                   B

                         Ratings Affirmed

              Adjustable Rate Mortgage Trust 2004-3
                        Series     2004-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      007036CR5     AAA
                 2-A-1      007036CT1     AAA
                 X          007036CV6     AAA
                 C-M        007036CW4     AA+
                 C-B-1      007036CX2     AA
                 C-B-2      007036CY0     A

                 Alternative Loan Trust 2004-10CB
                 Series     2004-10CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          12667FJC0     AAA
                 M          12667FJE6     AA

                 Alternative Loan Trust 2004-12CB
                      Series     2004-12CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FJL0     AAA
                 1-A-2      12667FJM8     AAA
                 1-A-3      12667FJN6     AAA
                 2-A-1      12667FJP1     AAA
                 2-A-2      12667FJQ9     AAA
                 3-A-1      12667FJR7     AAA
                 PO         12667FJS5     AAA
                 M          12667FJU0     AA

                Alternative Loan Trust 2004-13CB
                      Series     2004-13CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FKG9     AAA
                 A-2        12667FKH7     AAA
                 A-3        12667FKJ3     AAA
                 A-4        12667FKK0     AAA
                 PO         12667FKL8     AAA
                 M          12667FKN4     AA

                Alternative Loan Trust 2004-14T2
                      Series     2004-14T2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        12667FMN2     AAA
                 A-3        12667FMP7     AAA
                 A-4        12667FMQ5     AAA
                 A-5        12667FMR3     AAA
                 A-6        12667FMS1     AAA
                 A-7        12667FMT9     AAA
                 A-8        12667FMU6     AAA
                 A-9        12667FMV4     AAA
                 A-10       12667FMW2     AAA
                 A-11       12667FMX0     AAA
                 A-12       12667FMY8     AAA
                 A-13       12667FMZ5     AAA
                 A-14       12667FNA9     AAA
                 PO         12667FNB7     AAA

                 Alternative Loan Trust 2004-15
                       Series     2004-15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FPV1     AAA
                 1-A-2      12667FPW9     AAA
                 2-A-1      12667FPX7     AAA
                 2-A-2      12667FPY5     AAA

                 Alternative Loan Trust 2004-16CB
                       Series     2004-16CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FLT0     AAA
                 1-A-2      12667FLU7     AAA
                 1-A-3      12667FLV5     AAA
                 1-A-4      12667FLW3     AAA
                 1-A-5      12667FNJ0     AAA
                 1-A-6      12667FNK7     AAA
                 2-A-1      12667FLX1     AAA
                 2-A-2      12667FLY9     AAA
                 2-A-3      12667FNL5     AAA
                 2-A-4      12667FNM3     AAA
                 3-A-1      12667FLZ6     AAA
                 4-A-1      12667FMA0     AAA
                 4-A-2      12667FMB8     AAA
                 4-A-3      12667FMC6     AAA
                 4-A-4      12667FMD4     AAA
                 4-A-5      12667FME2     AAA
                 5-A-1      12667FMF9     AAA
                 PO         12667FMG7     AAA
                 M          12667FMJ1     AA
                 B-1        12667FMK8     A

                Alternative Loan Trust 2004-18CB
                      Series     2004-18CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FQG3     AAA
                 2-A-3      12667FQK4     AAA
                 2-A-4      12667FQL2     AAA
                 2-A-5      12667FQM0     AAA
                 2-A-6      12667FQN8     AAA
                 2-A-7      12667FQP3     AAA
                 2-A-8      12667FQQ1     AAA
                 2-A-9      12667FQR9     AAA
                 3-A-1      12667FQS7     AAA
                 4-A-1      12667FQT5     AAA
                 5-A-1      12667FQU2     AAA
                 5-A-2      12667FRD9     AAA
                 PO         12667FQV0     AAA
                 M          12667FQX6     AA

                 Alternative Loan Trust 2004-1T1
                       Series     2004-1T1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FBQ7     AAA
                 A-2        12667FBR5     AAA
                 A-3        12667FBS3     AAA
                 A-4        12667FBT1     AAA
                 A-5        12667FBU8     AAA
                 A-6        12667FBV6     AAA
                 PO         12667FBW4     AAA
                 M          12667FBY0     AA

                Alternative Loan Trust 2004-20T1
                      Series     2004-20T1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FPE9     AAA
                 A-2        12667FPF6     AAA
                 A-3        12667FPG4     AAA
                 A-4        12667FPH2     AAA
                 PO         12667FPJ8     AAA

                Alternative Loan Trust 2004-22CB
                      Series     2004-22CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FRY3     AAA
                 2-A-1      12667FRZ0     AAA
                 PO         12667FSA4     AAA
                 M          12667FSC0     AA

                Alternative Loan Trust 2004-27CB
                      Series     2004-27CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FWU5     AAA
                 A-2        12667FWV3     AAA
                 A-3        12667FWW1     AAA
                 A-4        12667FWX9     AAA
                 A-5        12667FWY7     AAA
                 A-6        12667FWZ4     AAA
                 PO         12667FXA8     AAA
                 M          12667FXC4     AA

                Alternative Loan Trust 2004-28CB
                      Series     2004-28CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FYE9     AAA
                 1-A-2      12667FYF6     AAA
                 1-A-3      12667FYG4     AAA
                 2-A-1      12667FYH2     AAA
                 2-A-2      12667FYJ8     AAA
                 2-A-3      12667FYK5     AAA
                 2-A-4      12667FYL3     AAA
                 2-A-5      12667FYM1     AAA
                 2-A-6      12667FYN9     AAA
                 2-A-7      12667FYP4     AAA
                 2-A-8      12667FYQ2     AAA
                 2-A-9      12667FYR0     AAA
                 3-A-1      12667FYS8     AAA
                 4-A-1      12667FYT6     AAA
                 5-A-1      12667FYU3     AAA
                 6-A-1      12667FYV1     AAA
                 7-A-1      12667FYW9     AAA
                 PO         12667FYX7     AAA

                Alternative Loan Trust 2004-29CB
                      Series     2004-29CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FZF5     AAA
                 A-2        12667FZG3     AAA
                 A-3        12667FZH1     AAA
                 A-4        12667FZJ7     AAA
                 A-5        12667FZK4     AAA
                 A-6        12667FZL2     AAA
                 A-7        12667FZM0     AAA
                 A-8        12667FZN8     AAA
                 A-9        12667FZP3     AAA
                 A-10       12667FZQ1     AAA
                 A-11       12667FZR9     AAA
                 PO         12667FZS7     AAA

                 Alternative Loan Trust 2004-2CB
                       Series     2004-2CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FAG0     AAA
                 1-A-2      12667FAH8     AAA
                 1-A-3      12667FAJ4     AAA
                 1-A-4      12667FAK1     AAA
                 1-A-5      12667FAL9     AAA
                 1-A-8      12667FAP0     AAA
                 1-A-9      12667FAQ8     AAA
                 2-A-1      12667FAU9     AAA
                 3-A-1      12667FAV7     AAA
                 4-A-1      12667FAW5     AAA
                 PO         12667FAX3     AAA
                 M          12667FAZ8     AA
                 B-1        12667FBA2     A

                Alternative Loan Trust 2004-34T1
                      Series     2004-34T1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FK79     AAA
                 A-2        12667FK87     AAA
                 A-3        12667FK95     AAA
                 A-4        12667FN84     AAA
                 A-5        12667FN92     AAA
                 PO         12667FL29     AAA

                Alternative Loan Trust 2004-35T2
                      Series     2004-35T2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FM51     AAA
                 A-2        12667FM69     AAA
                 A-3        12667FM77     AAA
                 A-4        12667FQ81     AAA
                 A-5        12667FQ99     AAA
                 PO         12667FM85     AAA

                 Alternative Loan Trust 2004-3T1
                       Series     2004-3T1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FDN2     AAA
                 A-2        12667FDP7     AAA
                 A-3        12667FDQ5     AAA
                 A-4        12667FDR3     AAA
                 PO         12667FDW2     AAA
                 M          12667FDT9     AA

                 Alternative Loan Trust 2004-4CB
                       Series     2004-4CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FCB9     AAA
                 1-A-2      12667FCC7     AAA
                 1-A-3      12667FCD5     AAA
                 1-A-4      12667FCE3     AAA
                 1-A-5      12667FCF0     AAA
                 1-A-6      12667FCG8     AAA
                 2-A-1      12667FCH6     AAA
                 3-A-1      12667FCJ2     AAA
                 3-A-2      12667FCK9     AAA
                 3-A-3      12667FCL7     AAA
                 3-A-4      12667FCM5     AAA
                 PO         12667FCN3     AAA
                 M          12667FCQ6     AA
                 B-1        12667FCR4     A

                 Alternative Loan Trust 2004-5CB
                       Series     2004-5CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FDB8     AAA
                 2-A-1      12667FDC6     AAA
                 3-A-1      12667FDD4     AAA
                 PO         12667FDE2     AAA
                 M          12667FDG7     AA

                 Alternative Loan Trust 2004-7T1
                       Series     2004-7T1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FGA7     AAA
                 A-2        12667FGB5     AAA
                 A-3        12667FGC3     AAA
                 A-4        12667FGD1     AAA
                 PO         12667FGE9     AAA

                 Alternative Loan Trust 2004-9T1
                       Series     2004-9T1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FHJ7     AAA
                 A-2        12667FHK4     AAA
                 A-3        12667FHL2     AAA
                 A-4        12667FHM0     AAA
                 A-5        12667FHN8     AAA
                 A-11       12667FHU2     AAA
                 A-12       12667FHV0     AAA
                 A-13       12667FHW8     AAA
                 PO         12667FHX6     AAA

                 Alternative Loan Trust 2004-J1
                       Series     2004-J1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FBC8     AAA
                 1-X        12667FBD6     AAA
                 2-A-1      12667FBE4     AAA
                 2-X        12667FBF1     AAA
                 PO         12667FBG9     AAA
                 M          12667FBJ3     AA
                 B-1        12667FBK0     A

                 Alternative Loan Trust 2004-J10
                       Series     2004-J10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FUU7     AAA
                 1-A-2      12667FUV5     AAA
                 1-A-3      12667FUW3     AAA
                 1-A-6      12667FUZ6     AAA
                 2-CB-1     12667FVB8     AAA
                 3-A-1      12667FVD4     AAA
                 4-CB-1     12667FVF9     AAA
                 5-CB-1     12667FVG7     AAA
                 X-A        12667FVA0     AAA
                 X-B        12667FVC6     AAA
                 X-C        12667FVE2     AAA
                 PO         12667FVH5     AAA
                 M          12667FVK8     AA

                 Alternative Loan Trust 2004-J11
                       Series     2004-J11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-CB-1     12667FXJ9     AAA
                 1-X        12667FXK6     AAA
                 2-CB-1     12667FXL4     AAA
                 2-X        12667FXM2     AAA
                 3-A-1      12667FXN0     AAA
                 3-X        12667FXP5     AAA
                 PO-A       12667FXQ3     AAA
                 PO-B       12667FXZ3     AAA
                 M          12667FXS9     AA

                 Alternative Loan Trust 2004-J12
                       Series     2004-J12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667FE35     AAA
                 A-2        12667FE43     AAA
                 A-3        12667FE50     AAA
                 A-4        12667FE68     AAA
                 X          12667FS71     AAA
                 PO         12667FF34     AAA

                 Alternative Loan Trust 2004-J3
                        Series     2004-J3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FGT6     AAA
                 1-X        12667FGU3     AAA
                 2-A-1      12667FGV1     AAA
                 2-X        12667FGW9     AAA
                 3-A-1      12667FGX7     AAA
                 3-X        12667FGY5     AAA
                 4-A-1      12667FGZ2     AAA
                 4-X        12667FHA6     AAA
                 5-A-1      12667FHB4     AAA
                 5-X        12667FHC2     AAA
                 PO         12667FHD0     AAA
                 M          12667FHF5     AA
                 B-1        12667FHG3     A

                 Alternative Loan Trust 2004-J6
                       Series     2004-J6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FRE7     AAA
                 1-X        12667FRF4     AAA
                 2-A-1      12667FRG2     AAA
                 2-X        12667FRH0     AAA
                 3-A-1      12667FRJ6     AAA
                 3-X        12667FRK3     AAA
                 PO         12667FRL1     AAA
                 M          12667FRN7     AA
                 B-1        12667FRP2     A

                 Alternative Loan Trust 2004-J8
                       Series     2004-J8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12667FSF3     AAA
                 1-X        12667FSG1     AAA
                 2-A-1      12667FSH9     AAA
                 2-X        12667FSJ5     AAA
                 3-A-1      12667FSK2     AAA
                 3-X        12667FSL0     AAA
                 4-A-1      12667FSM8     AAA
                 4-X        12667FSN6     AAA
                 PO-A       12667FSP1     AAA
                 PO-B       12667FTT2     AAA
                 IO         12667FTR6     AAA

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                         Series 2003-A2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M1         65535VBM9     AAA
                 M2         65535VBN7     AAA
                 B1         65535VBP2     AAA
                 B2         65535VBQ0     AAA
                 B3         65535VBR8     AAA
                 B4         65535VBS6     AA+
                 B5         65535VBV9     AA
                 AIO-2      65535VBU1     AAA

   Nomura Asset Acceptance Corporation Alternative Loan Trust
                         Series 2004-AP3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-5B       65535VFZ6     AAA

   Nomura Asset Acceptance Corporation Alternative Loan Trust,
                         Series 2003-A1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        65535VAT5     AAA
                 A-2        65535VAU2     AAA
                 A-3        65535VAV0     AAA
                 A-4        65535VAW8     AAA
                 A-5        65535VAX6     AAA
                 A-6        65535VAY4     AAA
                 A-7        65535VAZ1     AAA
                 AIO        65535VBA5     AAA
                 APO        65535VBB3     AAA
                 M          65535VBC1     AA
                 B-1        65535VBD9     A
                 B-2        65535VBE7     BBB
                 B-3        65535VBF4     BB

   Nomura Asset Acceptance Corporation, Alternative Loan Trust,
                         Series 2003-A3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        65535VBZ0     AAA
                 M-1        65535VCB2     AA+
                 M-2        65535VCC0     A
                 B-1        65535VCD8     BBB

   Nomura Asset Acceptance Corporation, Alternative Loan Trust,
                          Series 2007-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        65537UAA6     A
                 A-2        65537UAB4     A
                 A-3        65537UAC2     A
                 A-4        65537UAD0     A

                      RALI Series 2006 QO6
                       Series     2006-Q06

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3        75114NAC8     CCC

          Structured Adjustable Rate Mortgage Loan Trust
                       Series     2004-9XS

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          86359BVG3     AAA
                 M1         86359BVH1     BBB


* S&P Downgrades Ratings on 467 Classes from 33 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 467
classes from 33 residential mortgage-backed securities
transactions backed by U.S. subprime, Alternative-A, and prime
jumbo mortgage loan collateral issued in 2005, 2006, and 2007.
S&P removed 320 of the lowered ratings from CreditWatch with
negative implications.  In addition, S&P affirmed its ratings on
41 classes from 14 transactions and removed 29 of the affirmed
ratings from CreditWatch with negative implications.

The downgrades, affirmations, and CreditWatch resolutions
incorporate current losses as well as projected losses based on
S&P's methodology and assumptions.  The lowered ratings reflect
S&P's belief that the amount of credit enhancement available for
the downgraded classes is not sufficient to cover losses at the
previous rating levels.  Although cumulative losses were generally
low in comparison to S&P's projected lifetime losses for the
transactions reviewed, S&P is projecting an increase in losses due
to increases in delinquencies and the current negative condition
of the housing market.  The affirmed ratings reflect S&P's belief
that the amount of credit enhancement available for the classes is
sufficient to cover losses associated with the rating levels

For a list of publications detailing S&P's derivation of lifetime
losses for the reviewed transactions, refer to the "Related
Research" section.  In addition, S&P revised its loss projections
for 13 of the reviewed transactions based on S&P's forward-looking
default curve:

                                          Orig. bal.  Lifetime
Transaction                               ($ mil.)    exp. loss (%)
-----------                               ---------- -------------
IndyMac INDX Mortgage Loan Trust 2006-AR27
Series   2006-AR27 (structure 1)              329.3        15.91
IndyMac INDX Mortgage Loan Trust 2006-AR27
Series   2006-AR27 (structure 2)              379.9        10.39
WaMu Mortgage Pass-Through Certificates
Series   2006-AR11 (structure 1)              1,057        16.15
  WaMu Mortgage Pass-Through Certificates
Series   2006-AR11 (structure 2)              579.8        17.3
Deutsche Alt-A Securities, Inc.
Mortgage Loan Trust
Series   2006-AR1   (structure 1)             615.8        18.26
Deutsche Alt-A Securities, Inc.
Mortgage Loan Trust
Series   2006-AR1   (structure 2)             405.6        13.82
Bear Stearns Alt-A Trust 2006-3
Series   2006-3  (structure 1)                921.2        23.22
Bear Stearns Alt-A Trust 2006-3
Series   2006-3  (structure 2)                1,115        19.71
Washington Mutual Mortgage
Pass-Through Certificates WMALT
Series 2007-1                                 243.6        14.59
Washington Mutual Mortgage Pass-Through
Certificates WMALT Series 2005-AR1
Trust Series   2005-AR1                       447          22.19
WaMu Mortgage Pass-Through Certificates
Series 2006-AR4 Trust
Series   2006-AR1                             1,516        9.30
WaMu Mortgage Pass-Through Certificates
Series 2006-AR4 Trust
Series   2006-AR13                            1,487        13.8
WaMu Asset-Backed Certificates
WaMu Series 2007-HE1 Trust
Series   2007-HE1                             1,394        35.98
Renaissance Home Equity Loan Trust 2006-3
Series   2006-3                               825          19.51
IndyMac INDA Mortgage Loan Trust 2005-AR2
Series   2005-AR2                             306.7        4.33
HarborView Mortgage Loan Trust 2007-7
Series   2007-7                               1,643        37.96
Alternative Loan Trust 2005-85CB
Series   2005-85CB                            1,271        4.95

To maintain a 'AAA' rating for subprime and Alt-A transactions,
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
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 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.

To maintain a rating higher than 'B' for prime jumbo transactions,
S&P assessed whether, in S&P's view, a class could absorb losses
in excess of the base-case loss assumptions S&P assumed in its
analysis.  For example, generally, S&P assessed whether one class
could, in S&P's view, withstand approximately 130% of S&P's base-
case loss assumptions in order to maintain a 'BB' rating, while
S&P assessed whether a different class could withstand 155% of
S&P's base-case loss assumption to maintain a 'BBB' rating.  Each
class that has an affirmed 'AAA' rating can, in S&P's view,
withstand approximately 235% of S&P's base-case loss assumptions
under S&P's analysis.

The subordination of more-junior classes within each structure
provides credit support for the affected transactions.  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.  Additionally, some
structures may utilize overcollateralization and excess interest
as credit enhancement.  The collateral backing these transactions
originally consisted predominantly of subprime, Alt-A, or prime
jumbo, 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 the applicable
credit enhancement features, in S&P's view, 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 2005-76
                       Series      2005-76

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12668BDC4     BB                   AAA
   1-A-2      12668BDD2     CCC                  A/Watch Neg
   2-A-1      12668BDE0     B                    AAA
   2-A-2      12668BDF7     CCC                  AAA/Watch Neg
   2-A-3      12668BDG5     CCC                  A+/Watch Neg
   2-A-4      12668BDH3     CCC                  A+/Watch Neg
   3-A-1      12668BDJ9     B                    AAA
   3-A-2      12668BDK6     CCC                  AAA/Watch Neg
   3-A-3      12668BDL4     CCC                  AA/Watch Neg
   M-1        12668BDN0     CC                   BB/Watch Neg
   M-2        12668BDP5     CC                   B/Watch Neg
   M-3        12668BDQ3     CC                   CCC
   M-4        12668BDR1     CC                   CCC
   M-5        12668BDS9     CC                   CCC
   M-6        12668BDT7     CC                   CCC

                 Alternative Loan Trust 2005-85CB
                      Series      2005-85CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12668BEE9     CCC                  BBB/Watch Neg
   2-A-1      12668BEF6     A                    AAA
   2-A-2      12668BEG4     CCC                  BBB/Watch Neg
   2-A-3      12668BEH2     A                    AAA
   2-A-4      12668BEJ8     A                    AAA
   2-A-5      12668BEK5     CCC                  BBB/Watch Neg
   2-A-6      12668BEL3     CCC                  BBB/Watch Neg
   2-A-7      12668BEM1     CCC                  BBB/Watch Neg
   2-A-8      12668BEN9     CCC                  BBB/Watch Neg
   2-A-9      12668BFY4     CCC                  BBB/Watch Neg
   3-A-1      12668BEY5     CCC                  BBB/Watch Neg
   3-A-2      12668BEZ2     CCC                  BBB/Watch Neg
   1-X        12668BEQ2     CCC                  BBB
   2-X        12668BER0     A                    AAA
   3-X        12668BES8     CCC                  BBB
   PO         12668BET6     CCC                  BBB/Watch Neg

                Alternative Loan Trust 2006-18CB
                      Series      2006-18CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        02147FAA4     CCC                  AAA/Watch Neg
   A-2        02147FAB2     CCC                  AAA/Watch Neg
   A-3        02147FAC0     CCC                  AAA/Watch Neg
   A-4        02147FAD8     CCC                  AAA/Watch Neg
   A-5        02147FAE6     CCC                  AAA/Watch Neg
   A-6        02147FAQ9     CCC                  AAA/Watch Neg
   A-7        02147FAR7     B                    AAA/Watch Neg
   A-8        02147FAS5     CCC                  AAA/Watch Neg
   A-10       02147FAU0     CCC                  AAA/Watch Neg
   A-11       02147FAV8     CCC                  AAA/Watch Neg
   A-12       02147FAW6     CCC                  AAA/Watch Neg
   A-13       02147FAX4     CCC                  AAA/Watch Neg
   A-14       02147FAY2     CCC                  AAA/Watch Neg
   A-15       02147FAZ9     CCC                  AAA/Watch Neg
   X          02147FAF3     B                    AAA
   PO         02147FAG1     CCC                  AAA/Watch Neg
   A-16       02147FBA3     CCC                  AA+/Watch Neg

                 Alternative Loan Trust 2006-OA11
                      Series      2006-OA11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1B       02147DAB7     B                    AAA/Watch Neg
   A-1C       02147DAC5     B                    AAA/Watch Neg
   A-2        02147DAD3     B                    AAA/Watch Neg
   A-3A       02147DAE1     CCC                  A/Watch Neg
   A-3B1      02147DAS0     CCC                  AAA/Watch Neg
   A-3B2      02147DAT8     CCC                  A/Watch Neg
   A-4        02147DAU5     B                    AAA/Watch Neg
   A-5        02147DAV3     CCC                  A/Watch Neg
   M-1        02147DAF8     CC                   BB/Watch Neg
   M-2        02147DAG6     CC                   B/Watch Neg
   M-3        02147DAH4     CC                   B-/Watch Neg
   M-4        02147DAJ0     CC                   CCC
   M-5        02147DAK7     CC                   CCC
   M-6        02147DAL5     CC                   CCC
   M-9        02147DAW1     D                    CC

                Alternative Loan Trust 2006-OA14
                      Series      2006-OA14

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      02146SAA7     BBB                  AAA
   1-A-2      02146SAB5     CCC                  A/Watch Neg
   1-A-3      02146SAC3     CC                   BB/Watch Neg
   2-A-1      02146SAD1     BBB                  AAA
   2-A-2      02146SAE9     CCC                  A/Watch Neg
   2-A-3      02146SAF6     CC                   BB/Watch Neg
   3-A-1      02146SAG4     B                    AAA/Watch Neg
   3-A-2      02146SAH2     CC                   BB/Watch Neg
   X-1        02146SAJ8     BBB                  AAA
   X-2        02146SAK5     B                    AAA
   M-1        02146SAM1     CC                   B/Watch Neg
   M-4        02146SAQ2     CC                   CCC
   M-5        02146SAR0     CC                   CCC
   M-7        02146SAT6     D                    CC
   M-2        02146SAN9     CC                   CCC
   M-3        02146SAP4     CC                   CCC

                 Alternative Loan Trust 2006-OA17
                      Series      2006-OA17

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1-A     12668PAA0     A                    AAA
   1-A1-C     12668PAC6     A                    AAA
   1-A1-D     12668PAD4     A                    AAA
   1-A2-A     12668PAE2     CCC                  AAA/Watch Neg
   1-A2-B     12668PAF9     AAA                  AAA/Watch Neg
   1-A2-C     12668PAG7     CCC                  AAA/Watch Neg
   1-A2-D     12668PAH5     CCC                  AAA/Watch Neg
   1-A3       12668PAJ1     CC                   A/Watch Neg
   2-A-1      12668PAL6     CCC                  AAA/Watch Neg
   2-A-2      12668PAM4     CC                   A/Watch Neg
   1-X-P      12668PAK8     CC                   AAA
   2-X        12668PAN2     CC                   AAA
   M-1        12668PAP7     CC                   BB/Watch Neg
   M-2        12668PAQ5     CC                   B/Watch Neg
   M-3        12668PAR3     CC                   B/Watch Neg
   M-4        12668PAS1     CC                   CCC
   M-5        12668PAT9     CC                   CCC
   M-6        12668PAU6     CC                   CCC

                 Alternative Loan Trust 2006-OC2
                      Series      2006-OC2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A        12668BRC9     B                    BB/Watch Neg
   2-A-2      12668BRF2     B                    AAA/Watch Neg
   2-A-3      12668BRG0     B                    BB/Watch Neg
   M-1        12668BRJ4     CC                   B/Watch Neg
   M-2        12668BRK1     CC                   CCC
   M-3        12668BRL9     CC                   CCC
   M-4        12668BRM7     D                    CC

                 Bear Stearns Alt-A Trust 2006-3
                       Series      2006-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      07386HK26     CCC                  AAA/Watch Neg
   I-A-2      07386HK34     CC                   BB/Watch Neg
   II-1A-1    07386HK83     CCC                  AAA/Watch Neg
   II-1A-2    07386HK91     CC                   B/Watch Neg
   II-1X-1    07386HL25     CCC                  AAA
   II-2A-1    07386HL33     CCC                  AAA/Watch Neg
   II-2A-2    07386HL41     CC                   B/Watch Neg
   II-2X-1    07386HL58     CCC                  AAA
   II-3A-1    07386HL66     CCC                  AAA/Watch Neg
   II-3A-2    07386HL74     CC                   B/Watch Neg
   II-3X-1    07386HL82     CCC                  AAA
   II-4A-1    07386HL90     CCC                  AAA/Watch Neg
   II-4A-2    07386HM24     CC                   B/Watch Neg
   III-1A-1   07386HP54     CCC                  AAA/Watch Neg
   III-1A-2   07386HP62     CC                   BB/Watch Neg
   III-1X-1   07386HP70     CCC                  AAA
   III-2A-1   07386HP88     CCC                  AAA/Watch Neg
   III-2A-2   07386HP96     CC                   BB/Watch Neg
   III-2X-1   07386HQ20     CCC                  AAA
   III-3A-1   07386HQ38     CCC                  AAA/Watch Neg
   III-3A-2   07386HQ46     CC                   BB/Watch Neg
   III-4A-1   07386HQ53     CCC                  AAA/Watch Neg
   III-4A-2   07386HQ61     CC                   BB/Watch Neg
   III-4X-1   07386HQ79     CCC                  AAA
   III-5A-1   07386HQ87     CCC                  AAA/Watch Neg
   III-5A-2   07386HQ95     CC                   BB/Watch Neg
   III-6A-1   07386HR52     CCC                  AAA/Watch Neg
   III-6A-2   07386HR60     CC                   BB/Watch Neg
   II-X-B1    07386HM40     D                    CCC
   III-B-1    07386HR29     CC                   CCC
   II-X-B2    07386HM65     D                    CC
   III-B-2    07386HR37     CC                   CCC

                  Bear Stearns ARM Trust 2007-2
                       Series      2007-2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      07401EAA7     CCC                  AAA/Watch Neg
   I-A-2      07401EAB5     CC                   B/Watch Neg
   II-A-1     07401EAC3     CCC                  AAA/Watch Neg
   II-A-2     07401EAD1     CC                   B/Watch Neg
   III-A-1    07401EAE9     CCC                  AAA/Watch Neg
   III-A-2    07401EAF6     CC                   B/Watch Neg
   IV-A-1     07401EAG4     CCC                  AAA/Watch Neg
   IV-A-2     07401EAH2     CC                   B/Watch Neg

         Carrington Mortgage Loan Trust, Series 2006-NC4
                      Series      2006-NC4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        14453MAA2     AAA                  AAA/Watch Neg
   A-2        14453MAB0     AAA                  AAA/Watch Neg
   A-3        14453MAC8     BBB                  AAA/Watch Neg
   A-4        14453MAD6     BBB                  AAA/Watch Neg
   A-5        14453MAE4     AAA                  AAA/Watch Neg
   M-1        14453MAF1     B                    AA+/Watch Neg
   M-2        14453MAG9     CCC                  A/Watch Neg
   M-3        14453MAH7     CCC                  BBB/Watch Neg
   M-6        14453MAL8     CC                   CCC
   M-7        14453MAM6     CC                   CCC
   M-8        14453MAN4     CC                   CCC
   M-9        14453MAP9     CC                   CCC

       Deutsche Alt-A Securities, Inc. Mortgage Loan Trust,
                         Series 2006-AR1


                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      251510LB7     AAA                  AAA/Watch Neg
   I-A-2      251510LC5     CCC                  AAA/Watch Neg
   I-A-3      251510LD3     CCC                  AAA/Watch Neg
   I-A-4      251510LE1     CC                   BB/Watch Neg
   I-M-1      251510LP6     CC                   B/Watch Neg
   I-M-2      251510LQ4     CC                   CCC
   I-M-3      251510LR2     CC                   CCC
   I-M-4      251510LS0     D                    CCC
   II-A-1     251510LF8     CCC                  AAA
   II-A-2     251510LG6     CC                   A/Watch Neg
   III-A-1    251510LH4     CCC                  AAA
   III-A-2    251510LJ0     CC                   A/Watch Neg
   IV-A-1     251510LK7     CCC                  AAA
   IV-A-2     251510LL5     CC                   A/Watch Neg
   V-A-1      251510LM3     CCC                  AAA
   V-A-2      251510LN1     CC                   A/Watch Neg
   M          251510LX9     CC                   B/Watch Neg

             Ellington Loan Acquisition Trust 2007-1
                       Series      2007-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        288542AA1     B                    AAA/Watch Neg
   A-2a1      288542AB9     AAA                  AAA/Watch Neg
   A-2a2      288542AR4     AAA                  AAA/Watch Neg
   A-2b       288542AC7     AAA                  AAA/Watch Neg
   A-2c       288542AD5     B                    AAA/Watch Neg
   A-2d       288542AE3     B                    AAA/Watch Neg
   M-1        288542AF0     CCC                  AA+/Watch Neg
   M-2        288542AG8     CCC                  AA+/Watch Neg
   M-3        288542AH6     CCC                  AA/Watch Neg
   M-4        288542AJ2     CCC                  AA-/Watch Neg
   M-5        288542AK9     CC                   AA-/Watch Neg
   M-6        288542AL7     CC                   A+/Watch Neg
   B-1        288542AM5     CC                   A-/Watch Neg
   B-2        288542AN3     CC                   BBB+/Watch Neg
   B-3        288542AP8     CC                   BBB-/Watch Neg
   B-4        288542AQ6     CC                   BB+/Watch Neg

              HarborView Mortgage Loan Trust 2007-7
                        Series      2007-7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-1A      411640AA3     CCC                  AAA/Watch Neg
   2A-1A      411640AB1     BBB                  AAA
   2A-1B      411640AC9     B                    AAA
   2A-1C      411640AD7     CCC                  AAA/Watch Neg
   B-1        411640AE5     CC                   AA+/Watch Neg
   B-2        411640AF2     CC                   AA+/Watch Neg
   B-3        411640AG0     CC                   AA+/Watch Neg
   B-4        411640AH8     CC                   AA/Watch Neg
   B-5        411640AJ4     CC                   AA-/Watch Neg
   B-6        411640AK1     CC                   A+/Watch Neg
   B-7        411640AL9     CC                   A/Watch Neg
   B-8        411640AM7     CC                   BBB-/Watch Neg
   B-9        411640AN5     CC                   BB+/Watch Neg

                 Home Equity Asset Trust 2006-5
                       Series      2006-5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      437096AA8     BBB                  AA/Watch Neg
   2-A-1      437096AB6     AAA                  AAA/Watch Neg
   2-A-2      437096AC4     AAA                  AAA/Watch Neg
   2-A-3      437096AD2     AA                   AA/Watch Neg
   2-A-4      437096AE0     BBB                  A/Watch Neg
   P          437096AU4     AAA                  AAA/Watch Neg
   M-1        437096AH3     CCC                  BB/Watch Neg
   M-2        437096AJ9     CCC                  B/Watch Neg
   M-3        437096AK6     CC                   B-/Watch Neg
   M-4        437096AL4     CC                   CCC
   M-5        437096AM2     CC                   CCC

            IndyMac INDA Mortgage Loan Trust 2005-AR2
                      Series      2005-AR2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      45660LY60     BBB                  AAA
   1-A-2      45660LY78     B                    AAA
   2-A-1      45660LY86     BBB                  AAA
   2-A-2      45660LY94     B                    AAA
   3-A-1      45660LZ28     BBB                  AAA
   3-A-2      45660LZ36     B                    AAA
   4-A-2      45660LZ51     B                    AAA
   B-1        45660LZ77     CCC                  AA/Watch Neg
   B-2        45660LZ85     CC                   A/Watch Neg
   B-3        45660LZ93     CC                   BBB/Watch Neg

            IndyMac INDA Mortgage Loan Trust 2007-AR7
                      Series      2007-AR7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      45670NAA1     CCC                  AAA/Watch Neg
   1-A-2      45670NAB9     CC                   BB/Watch Neg
   I-B-1      45670NAH6     CC                   CCC
   I-B-2      45670NAJ2     CC                   CCC
   I-B-3      45670NAK9     CC                   CCC
   1-B-4      45670NAT0     D                    CCC
   2-A-2      45670NAD5     CCC                  AAA/Watch Neg
   3-A-1      45670NAE3     BBB                  AAA
   3-A-2      45670NAF0     CCC                  AAA/Watch Neg
   II-B-1     45670NAL7     CC                   BBB/Watch Neg
   II-B-2     45670NAM5     CC                   CCC
   II-B-3     45670NAN3     CC                   CCC
   II-B-4     45670NAW3     CC                   CCC
   II-B-5     45670NAX1     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2006-AR27
                      Series      2006-AR27

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-1       45661LAA6     AAA                  AAA/Watch Neg
   1-A-2      45661LAB4     B                    AAA/Watch Neg
   1-A-3      45661LAC2     B                    AAA/Watch Neg
   1-A-4      45661LAD0     B                    AAA/Watch Neg
   1-A-5      45661LAE8     CCC                  A/Watch Neg
   2-A-1      45661LAF5     B                    AAA/Watch Neg
   2-A-2      45661LAG3     B                    AAA/Watch Neg
   2-A-3      45661LAH1     CCC                  A/Watch Neg
   M-1        45661LAJ7     CC                   BBB-/Watch Neg
   M-2        45661LAK4     CC                   BB/Watch Neg
   M-3        45661LAL2     CC                   B/Watch Neg
   M-4        45661LAM0     CC                   CCC
   M-5        45661LAN8     CC                   CCC
   M-6        45661LAP3     CC                   CCC

                 Lehman XS Trust Series 2006-2N
                       Series      2006-2N

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1       525221HA8     A                    AAA
   1-A2       525221HB6     B                    AAA/Watch Neg
   1-A3       525221HC4     A                    AA
   2-A1       525221HD2     B                    AAA/Watch Neg
   2-A2A      525221HE0     A                    AA
   2-A2B      525221HF7     CCC                  AA/Watch Neg
   M1         525221HG5     CC                   BBB/Watch Neg
   M2         525221HH3     CC                   BB/Watch Neg
   M3         525221HJ9     CC                   B/Watch Neg
   M4         525221HK6     CC                   CCC
   M5         525221HL4     CC                   CCC

                 Lehman XS Trust, Series 2005-7N
                       Series      2005-7N

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1A      525221EM5     AA                   AAA
   1-A1B      525221EN3     CCC                  AAA/Watch Neg
   1-A2A      525221EP8     CCC                  AAA/Watch Neg
   1-A3       525221EQ6     A                    AAA/Watch Neg
   2-A1       525221ER4     CCC                  AAA/Watch Neg
   2-A2       525221ES2     A                    AAA/Watch Neg
   M1-I       525221EV5     CC                   AA+/Watch Neg
   M2-I       525221EW3     CC                   BB/Watch Neg
   M3-I       525221EX1     CC                   B/Watch Neg
   M4-I       525221EY9     CC                   CCC
   M5-I       525221EZ6     CC                   CCC
   M8-I       525221FC6     D                    CC
   3-A1       525221ET0     CCC                  AAA/Watch Neg
   3-A2       525221EU7     A                    AAA/Watch Neg
   M1-II      525221FD4     CC                   B/Watch Neg
   M2-II      525221FE2     CC                   B-/Watch Neg
   M3-II      525221FF9     CC                   CCC

          MASTR Adjustable Rate Mortgages Trust 2006-OA1
                      Series      2006-OA1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      576433G42     A                    AAA
   1-A-2      576433G59     CCC                  AAA/Watch Neg
   1-A-3      576433G67     CCC                  AA/Watch Neg
   2-A-1      576433G75     CCC                  AA/Watch Neg
   3-A-1      576433G83     A                    AAA
   3-A-2      576433G91     CCC                  AAA/Watch Neg
   3-A-3      576433H25     CCC                  AA/Watch Neg
   4-A-1      576433H33     A                    AAA
   4-A-2      576433H41     CCC                  AAA/Watch Neg
   4-A-3      576433H58     CCC                  AA/Watch Neg
   X          576433H66     A                    AAA
   XN         576433H74     A                    AAA
   M-1        576433H82     CC                   B/Watch Neg
   M-2        576433H90     CC                   CCC
   M-3        576433J23     CC                   CCC
   M-4        576433J31     CC                   CCC
   M-5        576433J49     CC                   CCC
   M-6        576433J56     D                    CCC

     Merrill Lynch Mortgage Investors Trust Series 2006-WMC2
                      Series      2006-WMC2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        59020U6H3     CCC                  BBB/Watch Neg
   A-2B       59020U6K6     BB                   AAA/Watch Neg
   A-2C       59020U6L4     CCC                  BBB/Watch Neg
   A-2D       59020U6M2     CCC                  BB/Watch Neg
   M-1        59020U6N0     CC                   B/Watch Neg
   M-2        59020U6P5     D                    CCC

           Morgan Stanley Mortgage Loan Trust 2007-11AR
                      Series      2007-11AR

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      61754VAA9     CCC                  AA/Watch Neg
   1-A-2      61754VAB7     CC                   B/Watch Neg
   2-A-1      61754VAC5     CC                   BB/Watch Neg
   2-A-2      61754VAD3     CC                   B/Watch Neg
   2-A-3      61754VAE1     CCC                  AA/Watch Neg
   2-A-4      61754VAF8     CC                   B/Watch Neg
   2-A-5      61754VAG6     CC                   BB/Watch Neg
   2-A-6      61754VAH4     CC                   B/Watch Neg
   2-A-7      61754VAJ0     CC                   BB/Watch Neg
   2-A-8      61754VAK7     CC                   B/Watch Neg
   2-X        61754VAL5     CC                   B
   B-1        61754VAM3     CC                   CCC
   B-2        61754VAN1     CC                   CCC

                    RALI Series 2006-QA2 Trust
                       Series      2006-QA2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      761118TN8     CCC                  BB/Watch Neg
   I-A-2      761118TP3     CC                   B/Watch Neg
   I-A-IO     761118TQ1     CCC                  BB
   II-A-1     761118TR9     CCC                  BB/Watch Neg
   II-A-2     761118TS7     CC                   B/Watch Neg
   II-A-IO    761118TT5     CCC                  BB
   III-A-1    761118TU2     CCC                  BB/Watch Neg
   III-A-2    761118TV0     CC                   B/Watch Neg
   III-A-IO   761118TW8     CCC                  BB

            Renaissance Home Equity Loan Trust 2006-1
                        Series      2006-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   AV-2       759950GR3     AAA                  AAA/Watch Neg
   AV-3       759950GS1     AAA                  AAA/Watch Neg
   AF-2       759950GU6     AAA                  AAA/Watch Neg
   AF-3       759950GV4     AAA                  AAA/Watch Neg
   AF-4       759950GW2     AAA                  AAA/Watch Neg
   AF-5       759950GX0     AAA                  AAA/Watch Neg
   AF-6       759950GY8     AAA                  AAA/Watch Neg
   M-1        759950GZ5     AA+                  AA+/Watch Neg
   M-2        759950HA9     AA                   AA/Watch Neg
   M-3        759950HB7     AA-                  AA-/Watch Neg
   M-4        759950HC5     A                    A+/Watch Neg
   M-5        759950HD3     BB                   BBB/Watch Neg
   M-6        759950HE1     CCC                  BB/Watch Neg
   M-7        759950HF8     CCC                  B+/Watch Neg
   M-8        759950HG6     CCC                  B/Watch Neg
   M-9        759950HH4     CC                   B-/Watch Neg
   M-10       759950HJ0     CC                   CCC

            Renaissance Home Equity Loan Trust 2006-3
                        Series      2006-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   AV1        75971EAA4     AAA                  AAA/Watch Neg
   AV2        75971EAB2     A                    AAA/Watch Neg
   AV3        75971EAC0     BBB                  AAA/Watch Neg
   AF2        75971EAE6     AAA                  AAA/Watch Neg
   AF3        75971EAF3     A                    AAA/Watch Neg
   AF4        75971EAG1     BBB                  AAA/Watch Neg
   AF5        75971EAH9     BBB                  AAA/Watch Neg
   AF6        75971EAJ5     BBB                  AAA/Watch Neg
   M-1        75971EAK2     B                    A/Watch Neg
   M-2        75971EAL0     CCC                  BBB/Watch Neg
   M-3        75971EAM8     CCC                  BB/Watch Neg
   M-4        75971EAN6     CCC                  B+/Watch Neg
   M-5        75971EAP1     CC                   B/Watch Neg
   M-6        75971EAQ9     CC                   B-/Watch Neg
   M-7        75971EAR7     CC                   CCC
   M-8        75971EAS5     CC                   CCC
   M-9        75971EAT3     CC                   CCC

    WaMu Asset-Backed Certificates WaMu Series 2007-HE1 Trust
                      Series      2007-HE1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A        933631AA1     CCC                  BB/Watch Neg
   II-A1      933631AB9     AAA                  AAA/Watch Neg
   II-A2      933631AC7     BB                   AA/Watch Neg
   II-A3      933631AD5     CCC                  BB+/Watch Neg
   II-A4      933631AE3     CCC                  BB/Watch Neg
   M-1        933631AF0     CCC                  B/Watch Neg
   M-2        933631AG8     CC                   CCC
   M-3        933631AH6     CC                   CCC
   M-4        933631AJ2     CC                   CCC
   M-5        933631AK9     D                    CCC

  WaMu Mortgage Pass Through Certificates Series 2006-AR13 Trust
                      Series      2006-AR13

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A         93363RAA4     AA                   AAA
   2A-1B      93363RAC0     AA                   AAA
   CA-1C      93363RAD8     B                    AAA/Watch Neg
   CA-1D      93363RAE6     CCC                  BBB/Watch Neg
   1X-PPP     93363RAF3     CCC                  AAA
   2X-PPP     93363RAG1     CCC                  AAA
   B-1        93363RAH9     CC                   BB/Watch Neg
   B-2        93363RAJ5     CC                   B/Watch Neg
   B-3        93363RAK2     CC                   B-/Watch Neg
   B-4        93363RAL0     CC                   CCC
   B-5        93363RAM8     CC                   CCC
   B-6        93363RAN6     CC                   CCC
   B-7        93363RAP1     CC                   CCC
   B-8        93363RAQ9     CC                   CCC
   B-9        93363RAR7     CC                   CCC

   WaMu Mortgage Pass-Through Certificates Series 2006-AR1 Trust
                      Series      2006-AR1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-1A      92925CCC4     AAA                  AAA/Watch Neg
   1A-1B      92925CCD2     BB                   AAA/Watch Neg
   2A-1A      92925CCE0     AAA                  AAA/Watch Neg
   2A-1B      92925CCF7     AAA                  AAA/Watch Neg
   2A-1C      92925CCG5     BB                   AAA/Watch Neg
   X          92925CCH3     BB                   AAA
   B-1        92925CCJ9     CCC                  AA+/Watch Neg
   B-2        92925CCK6     CCC                  AA/Watch Neg
   B-3        92925CCL4     CCC                  AA-/Watch Neg
   B-4        92925CCM2     CC                   A+/Watch Neg
   B-5        92925CCN0     CC                   A/Watch Neg
   B-6        92925CCP5     CC                   A-/Watch Neg
   B-7        92925CCQ3     CC                   BBB+/Watch Neg
   B-8        92925CCR1     CC                   BBB/Watch Neg
   B-9        92925CCS9     CC                   BBB-/Watch Neg
   B-10       92925CCU4     CC                   BB+/Watch Neg
   B-11       92925CCV2     CC                   BB/Watch Neg
   B-12       92925CCW0     CC                   B/Watch Neg

  WaMu Mortgage Pass-Through Certificates Series 2006-AR11 Trust
                      Series      2006-AR11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A         93363TAA0     BB                   AAA/Watch Neg
   2A         93363TAB8     AA                   AAA/Watch Neg
   2A-1B      93363TAC6     BB                   AAA/Watch Neg
   CA-1B1     93363TAG7     BBB                  AAA/Watch Neg
   CA-1B2     93363TAH5     CCC                  AAA/Watch Neg
   CA-1B3     93363TAJ1     CCC                  AAA/Watch Neg
   CA-1B4     93363TAK8     CCC                  AAA/Watch Neg
   1X-PPP     93363TAL6     CCC                  AAA
   2X-PPP     93363TAM4     CCC                  AAA
   L-B-1      93363TAP7     CC                   AA+/Watch Neg
   L-B-2      93363TAQ5     CC                   AA/Watch Neg
   L-B-3      93363TAR3     CC                   AA-/Watch Neg
   L-B-4      93363TAS1     CC                   A+/Watch Neg
   L-B-5      93363TAT9     CC                   BBB+/Watch Neg
   L-B-6      93363TAU6     CC                   BBB/Watch Neg
   L-B-7      93363TAV4     CC                   BB+/Watch Neg
   L-B-8      93363TAW2     CC                   BB/Watch Neg
   L-B-9      93363TAX0     CC                   BB-/Watch Neg
   L-B-10     93363TAY8     CC                   B+/Watch Neg
   L-B-11     93363TAZ5     CC                   B/Watch Neg
   L-B-12     93363TBN1     CC                   CCC
   3A-1A      93363TAD4     BB                   AAA/Watch Neg
   3A-1B      93363TAE2     CCC                  AAA/Watch Neg
   3A-1C      93363TAF9     CCC                  AAA/Watch Neg
   3X-PPP     93363TAN2     CCC                  AAA
   3-B-1      93363TBA9     CC                   AA+/Watch Neg
   3-B-2      93363TBB7     CC                   AA/Watch Neg
   3-B-3      93363TBC5     CC                   A/Watch Neg
   3-B-4      93363TBD3     CC                   BBB+/Watch Neg
   3-B-5      93363TBE1     CC                   BBB/Watch Neg
   3-B-6      93363TBF8     CC                   BB/Watch Neg
   3-B-7      93363TBG6     CC                   BB/Watch Neg
   3-B-8      93363TBH4     CC                   B/Watch Neg
   3-B-9      93363TBJ0     CC                   B/Watch Neg
   3-B-10     93363TBK7     CC                   B/Watch Neg
   3-B-11     93363TBL5     CC                   CCC

  WaMu Mortgage Pass-Through Certificates Series 2006-AR4 Trust
                       Series      2006-AR4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-1C2     93934FPR7     BB                   AAA/Watch Neg
   1A-1C3     93934FPS5     B                    AAA/Watch Neg
   1X-1A      93934FPU0     B                    AAA
   1X-1B      93934FPV8     B                    AAA
   2X         93934FPW6     B                    AAA
   B-1        93934FPX4     CCC                  AA+/Watch Neg
   B-2        93934FPY2     CCC                  AA/Watch Neg
   B-3        93934FPZ9     CCC                  AA-/Watch Neg
   B-4        93934FQA3     CCC                  A+/Watch Neg
   B-5        93934FQB1     CC                   A/Watch Neg
   B-6        93934FQC9     CC                   BB+/Watch Neg
   B-7        93934FQD7     CC                   B/Watch Neg
   B-8        93934FQE5     CC                   B-/Watch Neg
   B-9        93934FQF2     CC                   CCC

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                      Seires 2005-AR1 Trust
                      Series      2005-AR1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1A       93934FHC9     A                    AAA/Watch Neg
   A-1B       93934FHD7     CCC                  AAA/Watch Neg
   A-1C       93934FHE5     CC                   AAA/Watch Neg
   X-1        93934FHF2     A                    AAA/Watch Neg
   X-2        93934FHG0     A                    AAA/Watch Neg
   X-3        93934FHH8     A                    AAA/Watch Neg
   X-4        93934FHJ4     CC                   AAA/Watch Neg
   B-1        93934FHK1     CC                   AA/Watch Neg
   B-2        93934FHL9     CC                   A/Watch Neg

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                      Series 2006-AR6 Trust
                      Series      2006-AR6

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A         93935FAA9     B                    AAA
   1A-1B      93935FAB7     CCC                  AAA/Watch Neg
   2A         93935FAC5     A                    AAA
   2A-1B      93935FAD3     CCC                  AAA/Watch Neg
   CA-1C      93935FAE1     CCC                  AAA/Watch Neg
   1X         93935FAF8     CCC                  AAA/Watch Neg
   2X-PPP     93935FAG6     CCC                  AAA/Watch Neg
   B-1        93935FAH4     CC                   AA+/Watch Neg
   B-2        93935FAJ0     CC                   AA/Watch Neg
   B-3        93935FAK7     CC                   BBB/Watch Neg
   B-4        93935FAL5     CC                   BB/Watch Neg
   B-5        93935FAM3     CC                   B/Watch Neg
   B-6        93935FAN1     CC                   B/Watch Neg
   B-7        93935FAP6     D                    CCC

   Washington Mutual Mortgage Pass-Through Certificates WMALT
                       Series 2007-1 Trust
                        Series      2007-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      93935PAA7     CCC                  BBB/Watch Neg
   I-A-2      93935PAB5     CC                   B/Watch Neg
   I-A-3      93935PAC3     CCC                  AAA/Watch Neg
   I-A-4      93935PAD1     CCC                  AAA
   I-A-5      93935PAE9     CCC                  BBB
   I-A-6      93935PAF6     CC                   B/Watch Neg
   I-A-7      93935PAG4     CCC                  BBB/Watch Neg
   I-A-8      93935PAH2     CCC                  BBB/Watch Neg
   I-A-9      93935PAJ8     CC                   B/Watch Neg
   I-A-10     93935PAL3     CCC                  BBB/Watch Neg
   I-A-11     93935PAM1     CCC                  BBB/Watch Neg
   I-A-12     93935PAN9     CCC                  BBB
   2-A-1      93935PAP4     CCC                  A/Watch Neg
   2-A-2      93935PAQ2     CC                   B/Watch Neg
   2-A-3      93935PAR0     CCC                  A/Watch Neg
   2-A-4      93935PAS8     CCC                  A/Watch Neg
   2-A-5      93935PAT6     CCC                  A
   C-X        93935PAU3     CCC                  AAA
   C-P        93935PAV1     CC                   B/Watch Neg
   B-1        93935PAW9     CC                   CCC
   B-2        93935PAX7     CC                   CCC

                         Ratings Affirmed

                 Alternative Loan Trust 2005-85CB
                      Series      2005-85CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M          12668BEV1     CCC

                 Alternative Loan Trust 2006-OA17
                      Series      2006-OA17

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1-B     12668PAB8     AAA

         Carrington Mortgage Loan Trust, Series 2006-NC4
                      Series      2006-NC4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-4        14453MAJ3     CCC
                 M-5        14453MAK0     CCC

            IndyMac INDA Mortgage Loan Trust 2005-AR2
                      Series      2005-AR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 4-A-1      45660LZ44     AAA

            IndyMac INDA Mortgage Loan Trust 2007-AR7
                      Series      2007-AR7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-1      45670NAC7     AAA

  WaMu Mortgage Pass Through Certificates Series 2006-AR13 Trust
                      Series      2006-AR13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2A         93363RAB2     AAA

  WaMu Mortgage Pass-Through Certificates Series 2006-AR4 Trust
                      Series      2006-AR4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A-1A      93934FPN6     AAA
                 1A-1B      93934FPP1     AAA
                 2A-1A      93934FPT3     AAA
                 PPP        93934FQH8     AAA

   Washington Mutual Mortgage Pass-Through Certificates WMALT
                       Series 2007-1 Trust
                       Series      2007-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 C-PPP      93935PBA6     AAA


                             *********

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.

                            *********

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.


                   *** End of Transmission ***