TCR_Public/100418.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, April 18, 2010, Vol. 14, No. 106

                            Headlines

ABCDS 2006-1: S&P Downgrades Ratings on Three Classes to 'D'
ACE SECURITIES: Moody's Downgrades Ratings on 160 Tranches
AIRCRAFT FINANCE: S&P Downgrades Ratings on Two Notes to 'B-'
AMERIQUEST MORTGAGE: Moody's Downgrades Ratings on 67 Tranches
ARGENT SECURITIES: Moody's Downgrades Ratings on 38 Tranches

ASSOCIATES MANUFACTURED: Moody's Changes Rating on Class B-2 to D
BANC OF AMERICA: S&P Downgrades Ratings on 12 Certificates
BANC OF AMERICA: S&P Downgrades Ratings on Eight 2000-2 Certs.
BCAP LLC: S&P Affirms Ratings on 15 2009-RR10 Certificates
BEAR STEARNS: Fitch Takes Rating Actions on 2002-TOP8 Certs.

BEAR STEARNS: Fitch Takes Rating Actions on Various Classes
BERNOULLI HIGH: Moody's Downgrades Ratings on Two Classes of Notes
C-BASS MORTGAGE: Moody's Downgrades Ratings on 95 Tranches
CBA COMMERCIAL: Fitch Downgrades Ratings on Five Classes of Notes
CBA COMMERCIAL: Fitch Downgrades Ratings on Three Classes

CBA COMMERCIAL: Fitch Junks Ratings on Five Classes of Notes
CBA COMMERCIAL: Fitch Junks Ratings on Three Classes of Notes
CBA COMMERCIAL: Fitch Takes Rating Actions on Various Classes
CHL MORTGAGE: Moody's Downgrades Ratings on 166 Tranches
CHL MORTAGE: Moody's Downgrades Ratings on 323 Tranches

CITY OF ORLANDO: S&P Downgrades Ratings on Tax Revenue Bonds
CREDIT LINKED: Fitch Affirms Ratings on Two Classes of Notes
CREDIT SUISSE: Moody's Reviews Ratings on 13 2003-CPN1 Certs.
CREDIT SUISSE: S&P Downgrades Ratings on Three 2002-CKP1 Certs.
CREDIT SUISSE: S&P Downgrades Ratings on 2004-C1 Securities

CREST 2003-1: Fitch Downgrades Ratings on Two Classes of Notes
CTX CDO: S&P Downgrades Ratings on Nine Classes of CRE CDOs
CWABS ASSET-BACKED: Moody's Downgrades Ratings on 441 Tranches
CWALT INC: Moody's Downgrades Ratings on 211 Tranches
CWALT INC: Moody's Downgrades Ratings on 468 Tranches

DAVIS SQUARE: Moody's Downgrades Rating on Class A-1 to 'Ca'
FIRST UNION: Fitch Affirms Ratings on 2001-C3 Certificates
FULTON STREET: Moody's Downgrades Rating on Class A-1B to 'Caa3'
GE COMMERCIAL: Fitch Affirms Ratings on Various 2004-C2 Certs.
GMAC COMMERCIAL: S&P Downgrades Ratings on Nine 2001-C2 CMBS

GREENWICH CAPITAL: S&P Downgrades Ratings on 11 2006-RR1 Certs.
HILLCREST CDO: Moody's Downgrades Ratings on Four Classes of Notes
JP MORGAN: Fitch Downgrades Ratings on Various 2001-CIBC3 Notes
JP MORGAN: Moody's Downgrades Ratings on 89 Tranches
JP MORGAN: Moody's Reviews Ratings on Eight 2002-C3 Certificates

JPMORGAN CHASE: S&P Downgrades Ratings on Eight 2004-CIBC10 CMBS
JPMORGAN CHASE: S&P Puts Five Ratings on CreditWatch Negative
LB-UBS COMMERCIAL: Moody's Reviews Ratings on Seven 2000-C3 Certs.
LEHMAN ABS: Moody's Downgrades Ratings on Three Tranches
LITTLEFIELD: Fitch Puts BB Rating on $1.2MM in Tax, Revenue Certs.

LNR CDO: Fitch Downgrades Ratings on 11 Classes of 2006-1 Notes
MANSFIELD TRUST: Fitch Takes Rating Actions on 2001-1 Certs.
MORGAN STANLEY: Fitch Takes Various Rating Actions on Notes
MORGAN STANLEY: S&P Downgrades Ratings on 12 2004-IQ8 Securities
MORGAN STANLEY: S&P Downgrades Ratings on Six 2005-RR6 Securities

MOUNTAIN CAPITAL: Moody's Reviews Ratings on Three Classes
NOB HILL: Moody's Reviews Ratings on Two Classes of Notes
PARCS-R MASTER: Moody's Downgrades Ratings on Class 2007-15 Units
PROVIDENT FUNDING: Moody's Downgrades Ratings on 12 Tranches
PRUDENTIAL'S ROCK: Fitch Affirms Ratings on 2001-C1 Certs.

RFMSI SERIES: Moody's Downgrades Ratings on 176 Tranches
RFMSI SERIES: S&P Corrects Ratings on Class III-A-4 to 'CCC'
REAL ESTATE: Moody's Affirms Ratings on 15 Classes of Notes
REAL ESTATE: Moody's Affirms Ratings on 18 Series 2006-1 Certs.
REAL ESTATE: Moody's Affirms Ratings on 18 Series 2006-2 Certs.

SATURN VENTURES: Moody's Downgrades Ratings on Three Classes
SCHOONER TRUST: Moody's Affirms Ratings on Series 2004-CF2 Certs.
SHEFFIELD CDO: Moody's Downgrades Ratings on Three Classes
SORIN REAL: S&P Downgrades Ratings on Seven Classes of CRE CDOs
SOUTH CAROLINA: Fitch Upgrades Ratings on Bonds From 'BB-/B'

STRUCTURED ADJUSTABLE: Moody's Downgrades Ratings on Five Tranches
STRUCTURED ASSET: Moody's Downgrades Ratings on 77 Tranches
STRUCTURED ASSET: Moody's Downgrades Ratings on 155 Tranches
SUMMER STREET: Moody's Downgrades Ratings on Two Classes of Notes
TARGETED RETURN: S&P Affirms 'B+' Rating on Certificates

TRAINER WORTHAM: Moody's Downgrades Ratings on Two Classes
WACHOVIA BANK: S&P Downgrades Rating on 2004-C11 Certificates
WACHOVIA BANK: S&P Downgrades Ratings on 13 2005-C17 Securities
WAMU MORTGAGE: Moody's Downgrades Ratings on 159 Tranches
WASHINGTON MUTUAL: Moody's Downgrades Ratings on Four Tranches

WELLS FARGO: Moody's Downgrades Ratings on 102 Tranches
WELLS FARGO: Moody's Downgrades Ratings on 134 Tranches
WELLS FARGO: Moody's Downgrades Ratings on 201 Tranches

* Fitch Takes Rating Actions on 153 Global Synthetic CDO Deals
* Fitch Takes Various Rating Actions on Notes by Various SF CDOs
* S&P Downgrades Ratings on 80 Tranches From 34 Synthetic CDOs
* S&P Downgrades Ratings on 93 Tranches From 40 CDO Transactions
* S&P Puts Ratings on 104 Classes on CreditWatch Negative

* S&P Puts Ratings on 318 Classes on CreditWatch Negative



                            *********



ABCDS 2006-1: S&P Downgrades Ratings on Three Classes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' from
'CC' on three classes of notes from ABCDS 2006-1 Ltd.
Additionally, S&P lowered its ratings on 11 classes from Sorin
Real Estate CDO II Ltd. to 'CC' from various rating levels and
removed them from CreditWatch negative.  At the same time, S&P
affirmed its 'AAA' ratings on the series P-1, series P-2, and
series P-3 notes and its 'CC' ratings on the SupSrSwap, C, D, E,
and series B-1 notes issued by ABCDS 2006-1 Ltd.

ABCDS 2006-1 and Sorin Real Estate CDO II Ltd. each missed an
interest payment to nondeferrable classes.  As a result, ABCDS
2006-1 issued an event of default notice and Sorin Real Estate CDO
II Ltd. issued a notice of default.  ABCDS 2006-1 missed interest
payments to the A-2, A-3, and B nondeferrable tranches, and Sorin
Real Estate CDO II Ltd. missed interest payments to its
nondeferrable SS, A, X, and B tranches.

                          Rating Actions

                                           Rating
                                           ------
  Transaction                   Class    To       From
  -----------                   -----    --       ----
ABCDS 2006-1 Ltd.               A-2      D        CC
ABCDS 2006-1 Ltd.               A-3      D        CC
ABCDS 2006-1 Ltd.               B        D        CC
Sorin Real Estate CDO II Ltd.   X        CC       AA+/Watch Neg
Sorin Real Estate CDO II Ltd.   SS       CC       A/Watch Neg
Sorin Real Estate CDO II Ltd.   A        CC       A-/Watch Neg
Sorin Real Estate CDO II Ltd.   B        CC       BBB/Watch Neg
Sorin Real Estate CDO II Ltd.   C        CC       BB+/Watch Neg
Sorin Real Estate CDO II Ltd.   D        CC       B+/Watch Neg
Sorin Real Estate CDO II Ltd.   E        CC       B+/Watch Neg
Sorin Real Estate CDO II Ltd.   F        CC       B-/Watch Neg
Sorin Real Estate CDO II Ltd.   G        CC       CCC/Watch Neg
Sorin Real Estate CDO II Ltd.   H        CC       CCC-/Watch Neg
Sorin Real Estate CDO II Ltd.   J        CC       CCC-/Watch Neg

                          Ratings Affirmed

      Transaction                   Class            Rating
      -----------                   -----            ------
      ABCDS 2006-1 Ltd.             SupSrSwap        CCsrb
      ABCDS 2006-1 Ltd.             C                CC
      ABCDS 2006-1 Ltd.             D                CC
      ABCDS 2006-1 Ltd.             E                CC
      ABCDS 2006-1 Ltd.             Series B-1       CC
      ABCDS 2006-1 Ltd.             Series P-1       AAA
      ABCDS 2006-1 Ltd.             Series P-2       AAA
      ABCDS 2006-1 Ltd.             Series P-3       AAA


ACE SECURITIES: Moody's Downgrades Ratings on 160 Tranches
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 160
tranches from 40 RMBS transactions issued by ACE Securities Corp.
Three classes from these were upgraded due to faster than
anticipated paydown relative to erosion of credit support.
Additionally, 50 classes from these transactions had their ratings
confirmed.  The collateral backing these deals primarily consists
of first-lien, fixed and adjustable-rate subprime residential
mortgages.

The actions are a result of the continued performance
deterioration in Subprime pools in conjunction with home price and
unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on subprime pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
subprime RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

Certain tranches included in this action, noted below, are wrapped
by CIFG Assurance North America, Inc (Insured Rating Withdrawn
November 12, 2009).  For securities insured by a financial
guarantor, the rating on the securities is the higher of (i) the
guarantor's financial strength rating and (ii) the current
underlying rating (i.e., absent consideration of the guaranty) on
the security.  The principal methodology used in determining the
underlying rating is the same methodology for rating securities
that do not have a financial guaranty and is as described earlier.

Complete rating actions are:

Issuer: ACE Securities Corp. HEL Tr 2007-HE4

  -- Cl. A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
AG1

  -- Cl. A-1A, Downgraded to A3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B1, Downgraded to Aa3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B2, Downgraded to Ba3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Baa3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ca; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
ASAP1

  -- Cl. A-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE1

  -- Cl. M-3, Upgraded to Aa3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to B1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-7, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE2

  -- Cl. M-2, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to A3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-7, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to B2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE3

  -- Cl. A-1B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ba3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa3; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE4

  -- Cl. A-1B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ba2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-7, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE5

  -- Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ba3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE6

  -- Cl. A-1, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Baa3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
HE7

  -- Cl. A-1A, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B1, Upgraded to Aa1; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B2, Downgraded to B2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to B1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
RM1

  -- Cl. M-2, Downgraded to Ba1; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Ca; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
RM2

  -- Cl. M-2, Upgraded to Aaa; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to A3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Caa1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2005-
WF1

  -- Cl. A-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Aa2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ba2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to B3; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Caa2; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to Ca; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-7, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-8, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP1

  -- Cl. A-1, Downgraded to Ba3; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ba2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Caa2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP2

  -- Cl. A-1, Downgraded to Baa2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ba3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Caa1; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP3

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ba3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP4

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ba3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP5

  -- Cl. A-1A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to Caa2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Caa2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
ASAP6

  -- Cl. A-1A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
CW1

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Baa3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ca; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
FM1

  -- Cl. A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
FM2

  -- Cl. A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to B2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE1

  -- Cl. A-1A, Downgraded to Ba2; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B1, Downgraded to Baa3; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B2, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: CIFG Assurance North America, Inc
     (Insured Rating Withdrawn November 12, 2009)

  -- Underlying Rating: Downgraded to Ca; previously on Mar 16,
     2009 Downgraded to Ba3

  -- Cl. A-2C, Downgraded to B1; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE2

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Caa2; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ca; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE3

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to B1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE4

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC1

  -- Cl. A-1, Downgraded to B2; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ba3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC2

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to B2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
NC3

  -- Cl. A-1A, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
OP1

  -- Cl. A-1A, Downgraded to Caa2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to Caa1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at A2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Caa3; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
OP2

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Caa1; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ca; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2007-
ASAP1

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to B1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2007-
ASAP2

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to B2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE1

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE2

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Caa1; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE3

  -- Cl. A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2007-
HE5

  -- Cl. A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2007-
WM1

  -- Cl. A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2007-
WM2

  -- Cl. A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: ACE Securities Corp. Mortgage Loan Trust, Series 2007-D1

  -- Cl. A-M, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade


AIRCRAFT FINANCE: S&P Downgrades Ratings on Two Notes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Aircraft
Finance Trust series 1999-1's class A-1 and A-2 notes to 'B-' from
'B' and 'BB-', respectively.  The outlooks on the ratings of both
classes remain negative.

The downgrades primarily reflect S&P's view of the reported
ongoing value declines for some planes in the transaction's
portfolio and the reduced ability of the older planes in the
portfolio to generate future lease revenues, as well as the effect
of payment priority mechanisms within the structure of the
transaction.

As with other aircraft securitizations originated in the late
1990s to early 2000s, the fleet underlying this transaction has a
significant concentration of older aircraft designed in the 1980s,
some of which, in S&P's view, are likely to become economically
obsolete earlier than S&P originally anticipated.  The weighted
average age of the fleet backing the Aircraft Finance Trust's
series 1999-1 transaction is approximately 15.5 years, which is
older than those of most aircraft securitizations.  The demand for
these planes, which include older Boeing 737s and Boeing MD80s, is
weaker and the planes are less fuel-efficient than newer models,
which led S&P to adjust S&P's useful life and depreciation
assumptions.  The trust reported that the average of the three
base-value appraisals of the fleet was approximately
$462.0 million as of Dec. 31, 2009, compared with $524.5 million
(excluding the value of two MD80s sold in 2009) as of Dec. 31,
2008.  Changes in the value of the portfolio tend, in S&P's view,
to correlate with expected future lease revenues.

S&P believes the lease revenues are unlikely to recover to the
pre-recession level, especially for the older aircraft.  Any
recovery in values and lease rates for certain other aircraft
designed in the 1980s, such as the Boeing 767, are likely to be
restrained by the introduction of successor models, such as the
Boeing 787.  In addition to the reduction in lease revenues,
maintenance expenses for the aging fleet have increased, further
reducing cash flows available to service debt obligations.

The class A-1 and A-2 notes are currently rated at the same level.
S&P no longer differentiate between the ratings on the A-1 and A-2
notes because S&P believes that the A-2 notes do not have a higher
likelihood than the A-1 notes of payment in full by the May 15,
2024, legal maturity date.  While the A-2 notes had been receiving
100% of principal payments, amortization for the A-1 notes started
in June 2009.  Going forward, the A-1 notes will begin to receive
an increasing share of principal.  Though the A-2 notes have a
significantly smaller outstanding balance ($41.7 million) than the
A-1 notes ($500.8 million) and are currently receiving about 52%
of available principal payments, the payment mechanism within the
structure that allocates principal among subclasses will
eventually divert the majority of cash to pay down the A-1 notes,
to the detriment of the A-2 notes.

S&P's rating outlook for both classes is negative.  S&P's rating
actions and outlooks incorporate S&P's current expectations for a
downturn and the prospect of recovery in the global aviation
market, driven by recessions or slow growth in all regions of the
world.


AMERIQUEST MORTGAGE: Moody's Downgrades Ratings on 67 Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 67
tranches from 14 RMBS transactions issued by Ameriquest.  The
collateral backing these deals primarily consists of first-lien,
adjustable and fixed rate subprime residential mortgages.

The actions are a result of the continued performance
deterioration in subprime pools in conjunction with home price and
unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on subprime pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
subprime RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprised of six loss levels, four loss timing curves
and four prepayment curves.  The volatility in losses experienced
by a tranche due to small increments in losses on the underlying
mortgage pool is taken into consideration when assigning ratings.

In addition, Moody's has adjusted the ratings of 9 of these
tranches to address certain principal allocation features of the
transactions that had not been accurately accounted for in a
previous rating action on March 13, 2009.

Two of the adjusted ratings announced reflect the fact that
Ameriquest Mortgage Securities Inc., Series 2006-M3 distributes
principal to the Group II senior tranches on a pro rata basis
after the related group's collateral balance exceeds that of the
Group II senior tranches.

The seven other adjusted ratings reflect the fact that Ameriquest
Mortgage Securities Inc., Series 2005-R9 utilizes a parity
structure by which losses on the Group III pool are covered by
diverting principal funds which would otherwise be distributed to
the Group I and Group II certificates.  This structural feature
effectively subordinates the Group I and Group II certificates to
the Group III certificates.

Complete rating actions are:

These updated rating actions are a result of the updated loss
expectations on the pool:

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R1

  -- Cl. A-1A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3C, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3D, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Baa2; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to B3; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R10

  -- Cl. A-1, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at A1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Baa2; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to B2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R11

  -- Cl. A-1, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to A2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ba3; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Caa2; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R2

  -- Cl. A-1A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3C, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3D, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Baa1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to B1; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Caa3; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R3

  -- Cl. A-1A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3D, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to A3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Ba1; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Caa1; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to Caa3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R4

  -- Cl. A-1A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to Aa2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Aa2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Baa2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to B3; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R5

  -- Cl. A-1A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Baa2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to B2; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R6

  -- Cl. A-1A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. A-1D, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Baa2; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to B3; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R8

  -- Cl. A-1, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Aa2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ba1; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Caa1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2006-M3

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2006-R1

  -- Cl. A-1, Downgraded to Aa2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to A1; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to B3; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ca; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2006-R2

  -- Cl. A-1, Downgraded to A3; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Aa3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to A2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Caa1; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

These updated rating actions are a result of both updated loss
expectations on the pool and corrections to principal allocations:

Issuer: Ameriquest Mortgage Securities Inc., Series 2006-M3

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Ameriquest Mortgage Securities Inc., Series 2005-R9

  -- Cl. A-1, Downgraded to Aa3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to A1; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to A2; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Upgraded to Aaa; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Upgraded to Aaa; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5, Upgraded to Aaa; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-6, Upgraded to Aaa; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade


ARGENT SECURITIES: Moody's Downgrades Ratings on 38 Tranches
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 38
tranches from 10 RMBS transactions issued by Argent.  The
collateral backing these deals primarily consists of first-lien,
adjustable and fixed rate subprime residential mortgages.

The actions are a result of the continued performance
deterioration in subprime pools in conjunction with home price and
unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on subprime pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
subprime RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprised of six loss levels, four loss timing curves
and four prepayment curves.  The volatility in losses experienced
by a tranche due to small increments in losses on the underlying
mortgage pool is taken into consideration when assigning ratings.

In addition, Moody's has adjusted the ratings of 12 of these
tranches to address certain principal allocation features of the
transactions that had not been accurately accounted for in a
previous rating action on March 24, 2009.  The corrected ratings
announced reflect the fact that distribution of principal to
senior tranches goes pro rata after the related group's collateral
balance exceeds that of the senior tranches.

Complete rating actions are:

These updated rating actions are a result of the updated loss
expectations on the pool:

Issuer: Argent Securities Inc., Series 2005-W2

  -- Cl. A-1, Downgraded to A3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B1, Downgraded to Baa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B2, Downgraded to Baa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ba2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Inc., Series 2005-W3

  -- Cl. A-1, Downgraded to A2; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Ba1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Caa1; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Inc., Series 2005-W5

  -- Cl. A-1, Downgraded to B2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to B3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Caa2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-M1

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-M2

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W1

  -- Cl. A-1, Downgraded to B1; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Caa2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W2

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W3

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W4

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W5

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

These updated rating actions are a result of both updated loss
expectations on the pool and corrections to principal allocations:

Issuer: Argent Securities Trust 2006-M1

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-M2

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W2

  -- Cl. A-2B, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W3

  -- Cl. A-2B, Downgraded to Caa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W4

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Argent Securities Trust 2006-W5

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade


ASSOCIATES MANUFACTURED: Moody's Changes Rating on Class B-2 to D
-----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
class B-2 notes from Associates Manufactured Housing Contract
Pass-Through Certificates Series 1996-2 by lowering it to 'D' from
'CCC-'.

The downgrade reflects a payment default, which resulted from an
interest shortfall that this class experienced on the April 2006
payment date.  Due to an error, the rating change did not occur
contemporaneously with the payment default.

                          Rating Lowered

Associates Manufactured Housing Contract Pass-Through Certificates
                           Series 1996-2

                                  Rating
                                  ------
                    Class    To            From
                    -----    --            ----
                    B-2      D             CCC-


BANC OF AMERICA: S&P Downgrades Ratings on 12 Certificates
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 12
classes of commercial mortgage pass-through certificates from Banc
of America Commercial Mortgage Inc.'s series 2003-2 and removed
seven of them from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 23 other classes from the
same transaction and removed three of them from CreditWatch
negative.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion commercial mortgage-backed securities
criteria.  The downgrades also reflect credit support erosion that
S&P anticipate will occur upon the eventual resolution of five of
the nine specially serviced assets and three loans that S&P
determined to be credit-impaired.  In addition, interest
shortfalls, primarily due to appraisal subordinate entitlement
reductions and special servicing fees, prompted us to lower S&P's
ratings on classes N and O to 'D'.  S&P expects the interest
shortfalls to classes N and O to continue for the foreseeable
future.

S&P lowered its ratings on the five "HS" raked certificates
following its analysis of the Hines-Sumitomo Life Office Portfolio
(Hines-Sumitomo) loan.  The Hines-Sumitomo loan is the largest
loan in the pool with a whole-loan balance of $316.4 million.  The
whole-loan balance is divided into two pari passu pieces totaling
$264.6 million, of which $160.0 million makes up 15.2% of the
pooled balance in the trust and a $51.8 million subordinate
interest supports the "HS" raked certificates.  The "HS" raked
certificates derive 100% of their cash flows from the junior
subordinate nonpooled portion of the Hines-Sumitomo loan.  The
lowered ratings on the "HS" certificates reflect the low occupancy
and resulting decline in net cash flow of two of the three office
buildings, which S&P discuss in detail below.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.55x and a loan-to-value ratio of 79.1%.  S&P further stressed
the loans' cash flows under S&P's 'AAA' scenario to yield a
weighted average DSC of 1.32x and an LTV ratio of 100.1%.  The
implied defaults and loss severity under the 'AAA' scenario were
29.1% and 28.3%, respectively.  The DSC and LTV calculations noted
above exclude 27 defeased loans ($418.0 million, 30.0%), five
specially serviced assets ($84.4 million, 6.1%), and three credit-
impaired loans ($17.0 million, 1.2%).  S&P separately estimated
losses for the eight specially serviced and credit-impaired assets
and included them in S&P's 'AAA' scenario implied default and loss
figures.

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its ratings on the class XC
and XP interest-only certificates based on its current criteria.
S&P published a request for comment proposing changes to its IO
criteria on June 1, 2009.  After S&P finalize its criteria review,
S&P may revise its IO criteria, which may affect outstanding
ratings, including the ratings on the IO certificates that S&P
affirmed.

S&P affirmed its 'AAA' ratings on the "BW" raked certificates to
reflect that the 1328 Broadway loan, which is defeased, is paying
debt service in accordance with S&P's expectations.  The loan has
a whole-loan balance of $125.7 million, $92.0 million of which is
the pooled balance in the trust.  The "BW" raked certificates
derive 100% of their cash flows from the junior subordinate
nonpooled component (totaling $33.7 million) of the loan.

                      Credit Considerations

As of the March 11, 2010, trustee remittance report, nine assets
($136.9 million, 9.8%) in the pool were with the special servicer,
ORIX Capital Markets LLC.  The payment status of the specially
serviced assets is: two are current ($43.3 million, 3.1%), three
are in their grace periods ($44.3 million, 3.2%), three are real
estate owned ($44.9 million, 3.2%), and one is a matured balloon
($4.4 million, 0.3%).  Three of the specially serviced assets
($44.9 million, 3.2%) have appraisal reduction amounts in effect
totaling $27.2 million.  The related monthly ASER amount on the
March 2010 remittance report for these ARAs was $116,239.

Two ($76.6 million, 5.5%) of the nine specially serviced assets
are among the top 10 real estate exposures.  Details of the two
largest assets with the special servicer are:

The Newgate Mall loan ($40.2 million, 2.9%), the second-largest
nondefeased loan in the pool, is the largest asset with the
special servicer.  This loan is secured by 605,400 sq. ft. of a
724,300-sq.-ft. regional mall in Ogden, Utah.  The property
securing the loan is owned by General Growth Properties.  The
loan, which is current, was transferred to ORIX on April 20, 2009,
following GGP's bankruptcy filing on April 16, 2009.  On Dec. 15,
2009, the bankruptcy court confirmed a modification plan for 85
GGP loans, including this loan.  The loan modification closed on
Dec. 30, 2009, and the terms include, among other items, a
maturity extension of the loan to June 1, 2014.  According to
ORIX, the loan will be returned to the master servicer in the near
future.  The reported year-end 2009 occupancy was 95.9%.  The
reported DSC was 2.34x for the three months ended March 31, 2009.
The Sterling Estates Manufactured Home Community loan ($36.4
million, 2.6%), the third-largest nondefeased loan in the pool and
the second-largest asset with ORIX, is secured by a 806-pad
manufactured home community in Justice, Ill.  The loan, which is
in its grace period, was transferred to ORIX on Oct. 19, 2009, due
to the filing of a $187,000-mechanics lien against the collateral
property.  The reported occupancy and DSC for the nine months
ended Sept. 30, 2009, were 96.2% and 1.80x, respectively.  ORIX is
currently awaiting revised financial statements from the borrower
and has ordered an updated appraisal.  S&P expects a moderate loss
upon the eventual resolution of this asset.  The remaining seven
specially serviced assets ($60.3 million, 4.3%) have balances that
individually represent less than 1.6% of the total pool balance.
S&P estimated losses for four ($48.0 million, 3.4%) of these
specially serviced assets.  The weighted average loss severity for
these four assets was 75.8%.  For the remaining three specially
serviced assets ($12.3 million, 0.9%), ORIX is reviewing
resolution strategies.

In addition to the specially serviced assets, S&P determined three
loans ($17.0 million, 1.2%) to be credit-impaired.  Two of the
three loans are secured by multifamily properties in Georgia and
Ohio.  The third loan is secured by a small strip-retail center in
Park City, Utah.  One of the credit-impaired loans is 30-plus days
delinquent and another is a matured balloon.  The remaining loan
had a reported DSC of 0.20x as of year-end 2009.  As a result, S&P
views these loans to be at an increased risk of default and loss.

                       Transaction Summary

As of the March 11, 2010, trustee remittance report, the
collateral pool balance was $1.39 billion, which is 82.9% of the
balance at issuance.  The pool includes 123 loans and three REO
assets, down from 150 loans at issuance.  The master servicer,
Bank of America N.A., provided financial information for 99.6% of
the nondefeased loans in the pool, a majority of which was full-
year 2008, interim-2009 data, or full-year 2009 data.

S&P calculated a weighted average DSC of 1.79x for the
nondefeased loans in the pool based on the servicer-reported
figures.  S&P's adjusted DSC and LTV were 1.55x and 79.1%,
respectively.  S&P's adjusted DSC and LTV figures exclude 27
defeased loans ($418.0 million, 30.0%), five specially serviced
assets ($84.4 million, 6.1%), and three credit-impaired loans
($17.0 million, 1.2%), for which S&P has estimated losses
separately.  The transaction has experienced $4.0 million in
principal losses to date.  Twenty-two loans ($298.0 million,
21.4%) in the pool are on the master servicer's watchlist,
including the largest loan in the pool, which S&P discuss in
detail below.  Sixteen loans ($119.9 million, 8.6%) have reported
DSC below 1.10x, nine of which ($59.8 million, 4.3%) have a
reported DSC of less than 1.0x.

             Summary of Top 10 Real Estate Exposures

The top 10 real estate exposures have an aggregate outstanding
balance of $424.9 million (34.2%).  Using servicer-reported
numbers, S&P calculated a weighted average DSC of 2.23x for the
top 10 real estate exposures.  One of the top 10 exposures
($160.0 million, 15.2%) appears on the master servicer's
watchlist, which S&P discuss in detail below.  S&P's adjusted DSC
and LTV for the top 10 exposures are 1.66x and 73.3%,
respectively.

The largest loan in the pool, the Hines-Sumitomo loan with a
pooled trust balance of $160.0 million (15.2%), is on the master
servicer's watchlist due to low occupancy.  The whole loan is
secured by three office buildings totaling 1.2 million sq. ft. in
Manhattan and Washington, D.C.  S&P based its analysis of the loan
on the borrower's operating statements for the year ended Dec. 31,
2009, the borrower's rent rolls as of Dec. 31, 2009, as well as
the borrower's 2010 budgets.  When deriving S&P's adjusted net
cash flow for the portfolio, S&P also considered each property's
submarket rental rate and occupancy using market data from Torto
Wheaton Research and CoStar Realty Information Inc.  While one of
the office buildings reported occupancy of 100% as of year-end
2009, the remaining two office properties reported year-end 2009
occupancies of 75.4% and 30.3%, respectively.  The lowered ratings
on the "HS" certificates reflect the low occupancy and resulting
decline in net cash flow of these two properties.  The combined
reported occupancy for the portfolio as of Dec. 31, 2009, was
76.9%.  Using a weighted average cap rate of 9.1%, S&P's adjusted
valuation yielded a stressed LTV ratio of 72.4%.

Standard & Poor's stressed the assets in the pool according to its
U.S. conduit/fusion criteria.  The resultant credit enhancement
levels are consistent with S&P's lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative
                      (Pooled Certificates)

             Banc of America Commercial Mortgage Inc.
   Commercial mortgage pass-through certificates series 2003-2

                  Rating
                  ------
   Class     To          From           Credit enhancement (%)
   -----     --          ----           ----------------------
   H         BBB         BBB+/Watch Neg                   6.04
   J         B+          BBB/Watch Neg                    4.69
   K         CCC         BB+/Watch Neg                    3.93
   L         CCC-        BB-/Watch Neg                    3.18
   M         CCC-        B+/Watch Neg                     2.58
   N         D           B/Watch Neg                      1.97
   O         D           B-/Watch Neg                     1.67

             Ratings Lowered (Nonpooled Certificates)

             Banc of America Commercial Mortgage Inc.
   Commercial mortgage pass-through certificates series 2003-2

                  Rating
                  ------
   Class     To          From           Credit enhancement (%)
   -----     --          ----           ----------------------
   HS-A      A+          AA+                               N/A
   HS-B      A-          AA                                N/A
   HS-C      BBB+        AA-                               N/A
   HS-D      BBB         A+                                N/A
   HS-E      BB+         A                                 N/A

      Ratings Affirmed And Removed From Creditwatch Negative
                      (Pooled Certificates)

             Banc of America Commercial Mortgage Inc.
  Commercial mortgage pass-through certificates series 2003-2

                   Rating
                   ------
    Class     To          From           Credit enhancement (%)
    -----     --          ----           ----------------------
    E         AA          AA/Watch Neg                    10.71
    F         A+          A+/Watch Neg                     9.21
    G         A-          A-/Watch Neg                     7.55

              Ratings Affirmed (Pooled Certificates)

             Banc of America Commercial Mortgage Inc.
   Commercial mortgage pass-through certificates series 2003-2

   Class     Rating                     Credit enhancement (%)
   -----     ------                     ----------------------
   A-1A      AAA                                         21.11
   A-2       AAA                                         21.11
   A-3       AAA                                         21.11
   A-4       AAA                                         21.11
   B         AAA                                         17.04
   C         AAA                                         15.53
   D         AA+                                         12.37
   XC        AAA                                           N/A
   XP        AAA                                           N/A

             Ratings Affirmed (Nonpooled Certificates)

             Banc of America Commercial Mortgage Inc.
   Commercial mortgage pass-through certificates series 2003-2

    Class     Rating                     Credit enhancement (%)
    -----     ------                     ----------------------
    BW-A      AAA                                           N/A
    BW-B      AAA                                           N/A
    BW-C      AAA                                           N/A
    BW-D      AAA                                           N/A
    BW-E      AAA                                           N/A
    BW-F      AAA                                           N/A
    BW-G      AAA                                           N/A
    BW-H      AAA                                           N/A
    BW-J      AAA                                           N/A
    BW-K      AAA                                           N/A
    BW-L      AAA                                           N/A

                      N/A - Not applicable.


BANC OF AMERICA: S&P Downgrades Ratings on Eight 2000-2 Certs.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes of commercial mortgage pass-through certificates from Banc
of America Commercial Mortgage Inc.'s series 2000-2 and removed
them from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on seven classes from the same
transaction and removed one of them from CreditWatch with negative
implications.

The downgrades follow S&P's analysis of the transaction and its
review of the credit characteristics of all of the assets in the
pool.  The downgrades of the subordinate and mezzanine classes
primarily reflect credit support erosion that S&P anticipates will
occur upon the eventual resolution of nine of the 14 specially
serviced assets ($79.8 million, 24.1% of the pool).  S&P
downgraded classes N and O to 'D' because of recurring interest
shortfalls that are primarily due to appraisal subordinate
entitlement reductions and special servicing fees.  S&P expects
these classes to continue to experience interest shortfalls for
the foreseeable future.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.36x and a loan-to-value ratio of 69.8%.  S&P further stressed
the loans' cash flows under its 'AAA' scenario to yield a weighted
average DSC of 1.17x and an LTV ratio of 91.1%.  The implied
defaults and loss severity under S&P's 'AAA' scenario were 43.6%
and 37.0%, respectively.  The DSC and LTV calculations S&P noted
above exclude 10 defeased loans ($76.6 million, 23.1%) and nine
specially serviced assets ($79.8 million, 24.1%).  S&P separately
estimated losses for the nine specially serviced assets and
included them in its 'AAA' scenario implied default and loss
figures.

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its rating on the class X
interest-only certificate based on its current criteria.  S&P
published a request for comment proposing changes to its IO
criteria on June 1, 2009.  After S&P finalize its criteria review,
S&P may revise its IO criteria, which may affect outstanding
ratings, including the rating on the IO certificate that S&P
affirmed.

                      Credit Considerations

As of the March 15, 2010, trustee remittance report, 12 assets
($111.0 million, 33.5%) in the pool were with the special
servicer, LNR Partners Inc.  Additionally, two loans
($16.9 million, 5.1%) were transferred to the special servicer
after the March trustee remittance report date.  The payment
status of the specially serviced assets is: one is current
($5.3 million, 1.6%); one is in its grace period ($11.7 million,
3.5%); seven are matured balloons ($67.0 million; 20.2%); one is
in foreclosure ($7.3 million, 2.2%); and four are real estate
owned ($36.8 million, 11.1%).  The specially serviced assets
include six ($89.5 million, 27.0%) of the top 10 real estate
exposures in the pool, which S&P discuss in detail below.

The 111 W. Jackson loan is the largest nondefeased loan in the
pool and has a trust balance of $23.8 million (7.2%).  The loan is
secured by a 540,000-sq.-ft. office building in downtown Chicago.
The loan's payment status is reported as a matured balloon, and it
was transferred to LNR on Dec. 18, 2009, for imminent default
prior to the March 1, 2010, maturity date.  The reported occupancy
and DSC were 45.0% and 0.16x, respectively, for the nine months
ended Sept. 30, 2009.  LNR has indicated that it continues to
collect data and evaluate the situation.  The borrower had made
principal and interest payments through Feb. 1, 2010.

The Towngate Community Shopping Center is the second-largest
nondefeased loan in the pool with a total exposure, including
advancing and interest thereon, of $21.0 million.  The loan has a
balance of $20.6 million (6.2%) and is secured by a 287,000-sq.-
ft. anchored retail center in Moreno Valley, Calif.  The loan was
transferred to LNR on Dec. 23, 2009, for imminent default prior to
the Jan. 1, 2010, maturity date.  The property was 80% leased and
54.0% occupied as of December 2009.  According to LNR, the
borrower is attempting to refinance the loan.  The borrower had
made principal and interest payments through Jan. 1, 2010.  S&P
expects a moderate loss upon the eventual resolution of this
asset.

The SCI Portfolio - 1401 Elm St. and 500 W 7th St. is the third-
largest real estate exposure in the pool, with a total exposure of
$20.9 million.  While the original collateral consisted of two
office buildings totaling 717,855 sq. ft. in Dallas, the allocated
loan balance for the 500 W 7th St. building was defeased and
subsequently paid off.  The remaining 1401 Elm Street property
became REO on April 17, 2009.  While the building was 99.3%
occupied as of September 2009, LNR has since confirmed that the
largest tenant, Bank of America (97.5% of net rentable area),
vacated its space following its lease expiration on Dec. 31, 2009.
An appraisal reduction amount (ARA) totaling $16.3 million is in
effect for this asset, and LNR has said that it is continuing to
market the property for sale.  S&P expects a significant loss upon
the eventual resolution of this asset.

The Rio Apartments loan ($11.7 million (3.5%) is the seventh-
largest real estate exposure in the pool.  The loan is secured by
a 294-unit multifamily property in Miami.  The loan's payment
status is reported as in grace, and it was transferred to LNR on
April 6, 2010, for maturity default.  According to the master
servicer, KeyCorp Real Estate Capital Markets Inc., the borrower
has applied for a Housing and Urban Development loan to refinance
the loan.  KeyCorp anticipates that the application will
eventually be approved; if so, the loan balance should be paid in
full.  The borrower had made principal and interest payments
through Feb. 1, 2010.

The Sonnet Cove Apartments ($9.8 million, 2.9%) is the ninth-
largest nondefeased loan in the pool.  The loan has a total
exposure of $10.8 million and is secured by a 332-unit multifamily
property in Lexington, Ky.  The loan was transferred to LNR on
July 9, 2009, for imminent default prior to the March 1, 2010,
maturity date.  The property was 76.8% occupied as of December
2008.  The reported DSC was 0.35x for year-end December 2008.  An
ARA totaling $2.5 million is in effect against the loan, and LNR
has stated that it continues to evaluate resolution options.  The
borrower had made principal and interest payments through April 1,
2009.  S&P expects a moderate loss upon the eventual resolution of
this asset.

The SCI Portfolio - 1025 Elm Street ($7.5 million total exposure)
is the 10th-largest real estate exposure in the pool.  The
137,000-sq.-ft. office building Dallas became REO on April 7,
2009, and was 96.3% occupied as of September 2009.  However, LNR
has confirmed that the sole tenant, Bank of America, vacated its
space following its lease expiration on Dec. 31, 2009.  An ARA
totaling $5.7 million is in effect for this asset.  According to
LNR, CB Richard Ellis took over property management and leasing on
behalf of the trust and is preparing to list property for sale.
This asset is not cross-collateralized or cross-defaulted with the
SCI Portfolio-1401 Elm St., although it is a related borrowing
entity.  S&P expects a significant loss upon the eventual
resolution of this asset.

The remaining eight specially serviced assets ($33.9 million,
10.2%) have balances that individually represent less than 2.2% of
the total pool balance.  S&P estimated losses for five of these
specially serviced assets with a weighted average loss severity of
34.2%.  The remaining three loans were transferred to special
servicing due to refinancing issues over the past six months.

S&P's analysis also considered the transaction's significant near-
term maturities.  Approximately 51.7% of the loans, by balance,
mature by the end of 2010 after excluding the 10 defeased loans
and nine specially serviced assets.

                       Transaction Summary

As of the March 15, 2010, trustee remittance report, the
collateral pool balance was $331.4 million, which is 37.2% of the
issuance balance.  The pool includes 45 loans and four REO assets,
down from 128 loans at issuance.  The master servicer provided
financial information for 100% of the nondefeased loans in the
pool, most of which was full-year 2008, interim-2009, or full-year
2009 data.  Based on these reported figures, S&P calculated a
weighted average DSC of 1.39x for the pool.  S&P's adjusted DSC
and LTV were 1.36x and 69.8%, respectively.  All of the above
figures exclude nine specially serviced assets ($79.8 million,
24.1%), for which S&P estimated losses separately, and 10 defeased
loans ($76.6 million, 23.1%).  The transaction has experienced
$16.8 million of principal losses to date.  Sixteen loans
($88.9 million, 26.8%) are on the master servicer's watchlist,
including three of the top 10 loans.  Eleven loans in the pool
($95.9 million, 28.9%) have a reported DSC below 1.10x, 10 of
which ($75.3 million, 22.7%) have a reported DSC of less than
1.0x.

             Summary of Top 10 Real Estate Exposures

The top 10 loans secured by real estate have an aggregate
outstanding balance of $152.0 million (45.9%).  Using servicer-
reported numbers, S&P calculated a weighted average DSC of 1.35x
for the top 10 loans.  S&P's adjusted DSC for the top 10 real
estate exposures is 1.33x.  If S&P excludes the four top 10
exposures with the special servicer, its adjusted DSC and LTV for
the top 10 exposures are 1.39x and 69.4%, respectively.  Three of
the top 10 exposures ($38.6 million, 11.65%) appear on the master
servicer's watchlist, which S&P discuss in detail below.

The BVT Investment Portfolio loan ($14.2 million, 4.3%) is the
fifth-largest nondefeased loan in the pool and is on the master
servicer's watchlist due to an upcoming maturity date (June 1,
2010).  The loan is secured by four grocery-anchored retail
properties totaling 296,000 sq. ft. in Humble, Texas, Powder
Springs, Ga., Deltona, Fla., and Columbus, Ga.  The reported DSC
as of year-end 2008 was 2.27x, with a reported occupancy of 93.4%
as of June 30, 2009.

The Silverado Apartments loan ($13.7 million, 4.1%) is the sixth-
largest nondefeased loan in the pool and was placed on the master
servicer's watchlist due to a low DSC.  The loan is secured by a
440-unit multifamily property in Las Vegas.  The reported DSC as
of Sept. 30, 2009, was 0.76x, with a reported occupancy of 88.6%
as of Dec. 9, 2009.

The Toyota Office Building loan ($10.7 million, 3.2%) is the
eighth-largest nondefeased loan in the pool and was placed on the
master servicer's watchlist due to an upcoming maturity date of
June 1, 2010.  The loan is secured by a 174,000-sq.-ft. office
building in downtown Memphis, Tenn.  The reported DSC as of
Sept. 30, 2009, was 1.56x, with a reported occupancy of 87.5% as
of Oct. 31, 2009.

Standard & Poor's stressed the assets in the pool according to its
U.S. conduit/fusion criteria.  The analysis was consistent with
S&P's lowered and affirmed ratings.

       Ratings Lowered And Removed From Creditwatch Negative

              Banc of America Commercial Mortgage Inc.
    Commercial mortgage pass-through certificates series 2000-2

                  Rating
                  ------
    Class     To          From           Credit enhancement (%)
    -----     --          ----           ----------------------
    G         A+          AA/Watch Neg                   23.79
    H         BBB-        A+/Watch Neg                   20.43
    J         B-          BBB/Watch Neg                  10.03
    K         CCC+        BBB-/Watch Neg                  8.35
    L         CCC         BB/Watch Neg                    6.34
    M         CCC-        BB-/Watch Neg                   5.66
    N         D           B-/Watch Neg                    3.65
    O         D           CCC/Watch Neg                   2.31

      Ratings Affirmed And Removed From Creditwatch Negative

             Banc of America Commercial Mortgage Inc.
   Commercial mortgage pass-through certificates series 2000-2

                  Rating
                  ------
    Class     To          From           Credit enhancement (%)
    -----     --          ----           ----------------------
    F         AA+         AA+/Watch Neg                  29.16

                         Ratings Affirmed

             Banc of America Commercial Mortgage Inc.
    Commercial mortgage pass-through certificates series 2000-2

    Class     Rating                     Credit enhancement (%)
    -----     ------                     ----------------------
    A-2       AAA                                         59.37
    B         AAA                                         47.95
    C         AAA                                         40.57
    D         AAA                                         35.20
    E         AAA                                         32.51
    X         AAA                                           N/A

                      N/A - Not applicable.


BCAP LLC: S&P Affirms Ratings on 15 2009-RR10 Certificates
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 15
classes of certificates from BCAP LLC 2009-RR10, a re-securitized
real estate mortgage investment conduit transaction.
Concurrently, S&P removed 14 of the affirmed ratings from
CreditWatch with negative implications.

The affirmations reflect S&P's assessment of the credit
enhancement available to the underlying certificates, which in
S&P's opinion, is sufficient to maintain the ratings on the re-
REMIC classes.  In addition, certain re-REMIC classes may also
benefit from support classes within the re-REMIC transaction.

When performing its analysis on the re-REMIC classes, S&P applied
its loss projections to the underlying collateral in order to
identify the magnitude of losses that S&P believes could be passed
through to the applicable re-REMIC classes.  Generally, S&P's
projected losses depend on the related underlying collateral type.
S&P then stressed these loss projections at various rating
categories in order to assess whether the re-REMIC classes could
withstand such stressed losses associated with their current
ratings.

Over the past several years, S&P has revised its RMBS default and
loss assumptions, and consequently its projected losses, to
reflect its view of the continuing decline in mortgage loan
performance.  The performance deterioration of most U.S. RMBS has
continued to outpace the market's expectations.

                          Rating Actions

                     BCAP LLC 2009-RR10 Trust
                         Series 2009-RR10

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   IIA1       05532EAC9     AAA                  AAA/Watch Neg
   IVA1       05532EAG0     AAA                  AAA/Watch Neg
   VA1        05532EAJ4     AAA                  AAA/Watch Neg
   VA2        05532EAK1     B                    B/Watch Neg
   VIIA1      05532EAN5     AAA                  AAA/Watch Neg
   VIIA2      05532EAP0     BBB                  BBB/Watch Neg
   XIA1B      05532EAV7     AAA                  AAA/Watch Neg
   XIVA1A     05532EAZ8     AAA                  AAA/Watch Neg
   XIVA1B     05532ECU7     A                    A/Watch Neg
   XIVA1C     05532ECV5     BBB                  BBB/Watch Neg
   XIVA3      05532ECJ2     A                    A/Watch Neg
   XIVA4      05532ECK9     BBB                  BBB/Watch Neg
   XIVA6      05532ECY9     BBB                  BBB/Watch Neg
   XVIIA1     05532ECL7     AAA                  AAA/Watch Neg

                          Rating Affirmed

                     BCAP LLC 2009-RR10 Trust
                         Series 2009-RR10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 XI-A1-A    05532EAZ8     AAA


BEAR STEARNS: Fitch Takes Rating Actions on 2002-TOP8 Certs.
------------------------------------------------------------
Fitch Ratings affirms all classes, and assigns Rating Outlooks and
Loss Severity ratings to Bear Stearns Commercial Mortgage
Securities Trust, commercial mortgage pass-through certificates,
series 2002-TOP8, as indicated:

  -- $57.5 million class A-1 at 'AAA/LS1'; Outlook Stable;

  -- $538.8 million class A-2 at 'AAA/LS1'; Outlook Stable;

  -- $25.3 million class B at 'AAA/LS3'; Outlook Stable;

  -- $28.4 million class C at 'A+/LS3'; Outlook Stable;

  -- $9.5 million class D at 'A/LS3'; Outlook Stable;

  -- $11.6 million class E at 'BBB+/LS3'; Outlook Stable;

  -- $6.3 million class F at 'BBB/LS4'; Outlook Stable;

  -- $4.2 million class G at 'BBB-/LS4'; Outlook Stable;

  -- $8.4 million class H at 'BB+/LS4'; Outlook Stable;

  -- $3.2 million class J at 'BB/LS5'; Outlook Stable;

  -- $4.2 million class K at 'BB-/LS5'; Outlook Stable;

  -- $3.2 million class L at 'B+/LS5'; Outlook Stable;

  -- $3.2 million class M at 'B/LS5'; Outlook Negative;

  -- $3.2 million class N at 'B-/LS5'; Outlook Negative;

  -- $711 million interest-only class X-1 at 'AAA'; Outlook
     Stable;

  -- $454.3 million interest-only class X-2 at 'AAA'; Outlook
     Stable.

Fitch does not rate class O.

The affirmations are due to stable performance and principal
paydown (15.6% since issuance), along with limited Fitch expected
losses upon the disposition of specially serviced assets along
with expected losses from Fitch's prospective review of potential
stresses.  Fitch expects losses of approximately 1% of the
remaining pool balance, from the loans in special servicing and
loans that cannot refinance at maturity based on Fitch's refinance
test.  These losses are expected to be absorbed by the non-rated
class.

As of the March 2010 distribution date, the pool's collateral
balance has paid down 15.6% to $711 million from $842.2 billion at
issuance.  Sixteen of the remaining loans have defeased (24.3%).

As of March 2010, there are two specially serviced loans (0.7%).
The largest specially serviced loan (0.5%) is secured by a 124
unit multifamily property located in Tomball, Texas.  The loan
transferred to special servicing in February 2010 due to technical
default after one of the borrowers for the loan filed Chapter 7
bankruptcy.

The second largest specially serviced loan (0.1%) is secured by a
96 unit multifamily property located in Jackson, MS.  The loan
transferred to special servicing in October 2009 for monetary
default.  However, the borrower has brought the loan current and
it is expected to be returned to the master servicer.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income and applying an adjusted market cap rate between 7.5% and
10.5% to determine value.

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25 times or higher were considered to payoff
at maturity.  Four loans did not payoff at maturity with two loans
incurring a loss when compared to Fitch's stressed value.


BEAR STEARNS: Fitch Takes Rating Actions on Various Classes
-----------------------------------------------------------
Fitch Ratings affirms, assigns Loss Severity ratings and Rating
Outlooks to Bear Stearns Commercial Mortgage Securities Trust
commercial mortgage pass-through certificates, series 2003-TOP10:

  -- $174.6 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $749.2 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $34.8 million class B at 'AA+/LS1'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable;
  -- Interest-only class X-2 at 'AAA'; Outlook Stable;
  -- $37.9 million class C at 'A/LS1'; Outlook Stable;
  -- $12.1 million class D at 'A-/LS4'; Outlook Stable;
  -- $15.2 million class E at 'BBB+/LS4'; Outlook Stable;
  -- $9.1 million class F at 'BBB/LS4'; Outlook Stable;
  -- $7.6 million class G at 'BBB-/LS5'; Outlook Stable;
  -- $10.6 million class H at 'BB+/LS4'; Outlook Stable;
  -- $4.5 million class J at 'BB/LS5'; Outlook Stable;
  -- $6.1 million class K at 'BB-/LS5'; Outlook Stable;
  -- $4.5 million class L at 'B+/LS5'; Outlook Negative;
  -- $3 million class M at 'B/LS5'; Outlook Negative;
  -- $3 million class N at 'B-/LS5'; Outlook Negative.

Fitch does not rate the $12.1 million class O.

The affirmations are due to the pool's stable performance and
minimal future expected losses following Fitch's prospective
review of potential stresses to the transaction.  Fitch expects
losses of 1.4% of the remaining transaction balance, or
$13.4 million, from loans in special servicing and loans that
cannot refinance at maturity based on Fitch's refinance test.
Rating Outlooks reflect the likely direction of any changes to the
ratings over the next one to two years.

As of the March 2010 distribution date, the pool's certificate
balance has paid down 19.2% to $979.7 million from $1.211 billion
at issuance.

There are 150 of the original 167 loans remaining in the
transaction, 25 of which have defeased (16.3% of the current
transaction balance).  There are two specially serviced loans
(0.6%) as of the March 2010 remittance.

The largest specially serviced loan (0.7%) is a 126,000 square
foot (sq ft) retail property in Stockton, CA.  The loan
transferred in December 2009 for imminent default.  The property's
largest tenant, Mervyn's, lease was terminated in bankruptcy.  The
servicer reported occupancy as of 3rd quarter 2009 was 26%.

The second largest specially serviced loan (0.3%) is a 70,000 sq
ft industrial property in Atlanta, Georgia.  The loan transferred
in March 2010 for imminent default.  The servicer reported the
property as 100% vacant as December 2009.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income and applying an adjusted market cap rate between 7.5% and
10.5% to determine value.

Similar to Fitch's prospective analysis of recent vintage
commercial mortgage-backed securities, each loan also underwent a
refinance test by applying an 8% interest rate and 30-year
amortization schedule based on the stressed cash flow.  Loans that
could refinance to a debt service coverage ratio of 1.25 times or
higher were considered to pay off at maturity.  Three loans did
not pay off at maturity with two loans incurring a loss when
compared to Fitch's stressed value.


BERNOULLI HIGH: Moody's Downgrades Ratings on Two Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of two classes of notes issued by Bernoulli High Grade CDO
I, Ltd.  The notes affected by the rating action are:

  -- US$945,000,000 Class A-1A First Priority Senior Secured
     Floating Rate Notes, Downgraded to C; previously on April 24,
     2009 Downgraded to Ca;

  -- US$360,000,000 Class A-1B First Priority Senior Secured
     Floating Rate Notes, Downgraded to Ca; previously on
     April 24, 2009 Downgraded to B3.

Bernoulli High Grade CDO I, Ltd., is a collateralized debt
obligation issuance backed primarily by a portfolio of residential
mortgage-backed securities originated in 2004 to 2006, with the
majority originated in 2005.

According to Moody's, the rating downgrade action is the result of
deterioration in the credit quality of the underlying portfolio.
Such credit deterioration is observed through numerous factors,
including a decline in the average credit rating of the portfolio
(as measured by an increase in the weighted average rating
factor), an increase in the dollar amount of defaulted securities,
and failure of the coverage tests.  In particular, the weighted
average rating factor, as reported by the trustee, has increased
from 2309 in March 2009 to 2858 in February 2010.  During the same
time, the Class A/B coverage ratio decreased from 39.68% to
28.54%.

Moody's explained that in arriving at the rating action noted
above, the ratings of 2005-2007 subprime, Alt-A and Option-ARM
RMBS which are currently on review for possible downgrade were
stressed.  For purposes of monitoring its ratings of SF CDOs with
exposure to such 2005-2007 vintage RMBS, Moody's used certain
projections of the lifetime average cumulative losses as set forth
in Moody's press releases dated January 13th for subprime, January
14th for Alt-A, and January 27th for Option-ARM.  Based on the
anticipated ratings impact of the updated cumulative loss numbers,
the stress varied based on vintage, current rating, and RMBS asset
type.

For 2005 Alt-A and Option-ARM securities, securities that are
currently rated Aaa or Aa were stressed by eleven notches, and
securities currently rated A or Baa were stressed by eight
notches.  Those securities currently rated in the Ba or B range
were stressed to Caa3, while current Caa securities were treated
as Ca.  For 2006 and 2007 Alt-A and Option-ARM securities,
currently Aaa or Aa rated securities were stressed by eight
notches, and securities currently rated A, Baa or Ba were stressed
by five notches.  Those securities currently rated in the B range
were stressed to Caa3, while current Caa securities were treated
as Ca.

For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca.  For subprime
RMBS originated in the first half of 2006, those currently rated
Aaa were stressed by four notches, while Aa, A and Baa rated
securities were stressed by eight notches.  Those securities
currently rated in the Ba range were stressed to Caa3, while
current B and Caa securities were treated as Ca.  For subprime
RMBS originated in the second half of 2006, those currently rated
Aa, A, Baa or Ba were stressed by four notches, currently B rated
securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.  For 2007 subprime RMBS, currently
Ba rated securities were stressed by four notches, currently B
rated securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.

Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.

Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade.  Current public ratings will be used for
securities that have undergone an in depth review by Moody's RMBS
team and are no longer on review for downgrade.


C-BASS MORTGAGE: Moody's Downgrades Ratings on 95 Tranches
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 95
tranches and confirmed the ratings of nine tranches from 19 RMBS
transactions issued by C-BASS.  The collateral backing these deal
primarily consists of first-lien, fixed and adjustable-rate
subprime residential mortgages

The actions are a result of the continued performance
deterioration in Subprime pools in conjunction with home price and
unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on subprime pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
subprime RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

Complete rating actions are:

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2005-CB5

  -- Cl. AF-2, Downgraded to Ba3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to Caa2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to B3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AV-2, Downgraded to Baa3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AV-3, Downgraded to Ba2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2005-CB6

  -- Cl. A-3, Downgraded to B3; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B1; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2005-CB7

  -- Cl. AF-3, Downgraded to Ba3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to Ba2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ca; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-CB2

  -- Cl. AV, Downgraded to Caa2; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-2, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to Caa3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-CB4

  -- Cl. AV-2, Downgraded to A3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. AV-3, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. AV-4, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-CB5

  -- Cl. A-3, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-CB6

  -- Cl. A-I, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-II-2, Confirmed at Baa2; previously on Jan 13, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. A-II-3, Downgraded to Caa3; previously on Jan 13, 2010
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. A-II-4, Downgraded to Ca; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-CB7

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to A3; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-CB8

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to B1; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-CB9

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB1

  -- Cl. AF-1A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-1B, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-2, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-6, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB2

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A2-A, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A2-B, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A2-C, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A2-D, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A2-E, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB3

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Caa3; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Confirmed at Caa3; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Confirmed at Caa3; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Confirmed at Caa3; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB4

  -- Cl. A-1A, Downgraded to B1; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Downgraded to Baa1; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Downgraded to Ca; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2C, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-2D, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB5

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2007-CB6

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2006-CB3

  -- Cl. AV-3, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. AV-4, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Trust, Series 2005-CB4

  -- Cl. AF-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to A2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to A1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AV-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ba3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Caa2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series
2005-CB8

  -- Cl. AF-2, Downgraded to Ba3; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to Ca; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to Ca; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5, Downgraded to Caa2; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade


CBA COMMERCIAL: Fitch Downgrades Ratings on Five Classes of Notes
-----------------------------------------------------------------
Fitch Ratings downgrades, removes from Rating Watch Negative,
assigns Loss Severity Ratings and Outlooks to CBA Commercial
Assets, LLC, Series 2004-1:

  -- 16.9 million class A-1 to 'BBB/LS3' from 'AAA'; Outlook
     Negative;

  -- $7.4 million class A-2 to 'BBB/LS3' from 'AAA'; Outlook
     Negative;

  -- $4.0 million class A-3 to 'BBB/LS3' from 'AAA'; Outlook
     Negative;

  -- $2.9 million class M-1 to 'BB/LS3' from 'AAA'; Outlook
     Negative;

  -- $3.6 million class M-2 to 'B-/LS4' from 'A'; Outlook
     Negative;

  -- $3.7 million class M-3 to 'CCC/RR1' from 'BB'.

Fitch also removes from Rating Watch Negative, affirms, and
assigns a Rating Outlook to this class:

  -- Interest-only class IO at 'AAA'; Outlook Negative.

The rating of the interest only class reflects Fitch's expectation
that the class will continue to receive timely interest payments
as available.

Class M-5 remains at 'D/RR6'.  Classes M-4, M-6, M-7 and M-8 are
not rated by Fitch.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following an in-depth review and Fitch's
prospective analysis which is similar to its recent vintage fixed-
rate CMBS analysis.

Fitch's expected losses for the transaction are 17.33% of the
current transaction balance.  Of the $7.2 million in Fitch
expected losses, $1.3 million is attributed to specially serviced
loans, $2.8 million is the result of losses from loans that do not
pass Fitch's refinance test, and $3 million is for potential
future losses for loans that have not reported updated financials.

As of the March 2010 distribution date, the transaction's balance
has been reduced 59.5% to $41.3 million from $102 million at
issuance.  The transaction is collateralized by 123 small balance
commercial loans secured by multifamily, retail, office,
industrial, and mixed use properties.  The loans are smaller than
typical CMBS loans with an average loan size of $336,149 ranging
from approximately $109,000 to $1.5 million.  Sixteen loans
(10.5%) are currently in special servicing.

Fitch reviewed the workout status of the specially serviced loans
and applied a haircut to the most recent property valuations
provided by the special servicer based on the type and age of the
valuation.  For those loans that do not have recent valuations and
are delinquent, Fitch assumed a 70% loss.  The average loss
severity of small balance loans exceeds traditional CMBS and a 70%
loss reflects recent dispositions of loans with similar
characteristics.

Fitch stressed the cash flow of the remaining non-liquidated loans
(35.8%) that reported financial performance by applying a 20%
reduction to 2008 fiscal year-end net operating income and
applying an adjusted market cap rate of 9% to determine the value.
For loans that did not report YE 2008 financials (53.8%), Fitch
assumed a 19.4% probability of default and a 70% loss severity.
The 19.4% probability of default reflects the cumulative default
rate since issuance for this transaction.

Similar to Fitch's prospective analysis of recent vintage fixed-
rate CMBS transactions, each loan that reported 2008 financial
performance also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25 times or higher were considered to payoff
at maturity.  Of the non-specially serviced loans that have
reported, 48 loans did not meet Fitch's refinance test and
incurred a loss when compared to Fitch's stressed value.


CBA COMMERCIAL: Fitch Downgrades Ratings on Three Classes
---------------------------------------------------------
Fitch Ratings downgrades, removes from Rating Watch, and assigns
Recovery Ratings to CBA Commercial Assets, LLC, Series 2006-1:

  -- 88.7 million class A to 'CC/RR2' from 'AAA'; /Rating Watch
     Negative;

  -- $4.6 million class M-1 to 'C'/RR2' from 'AA-'; Rating Watch
     Negative;

  -- $4.6 million class M-2 to 'C/RR6' from 'BBB'; Rating Watch
     Negative.

Fitch also removes from Rating Watch, affirms, and assigns a
Rating Outlook to this class:

  -- Interest-only class X-1 at 'AAA'; Outlook Negative.

The rating of the interest only class reflects Fitch's expectation
that the class will continue to receive timely interest payments
as available.

In addition, Fitch affirms this class:

  -- $4.9 million class M-3 at 'D/RR6'.

Classes M-4 and M-5 remain at 'D/RR6'.  Classes M-6, M-7, and M-8
are not rated by Fitch.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following an in-depth review and Fitch's
prospective analysis which is similar to its recent vintage fixed-
rate commercial mortgage backed security analysis.

Fitch's expected losses for the transaction are 26.35% of the
current transaction balance.  Of the $27.1 million in Fitch
expected losses, $10.7 million is attributed to specially serviced
loans and $16.3 million is for potential future losses.  Due to
the lack of financial reporting, Fitch did not perform a stressed
refinance test.  Fitch assumed a 27.3% probability of default and
a 70% loss severity for all loans.  The 27.3% probability of
default reflects the cumulative default rate since issuance for
this transaction and the 70% loss severity reflects loans with
similar characteristics.

As of the March 2010 distribution date, the transaction's balance
has been reduced 38.4% to $102.8 million from $166.8 million at
issuance.  The transaction is collateralized by 183 small balance
commercial loans secured by multifamily, retail, office,
industrial, and mixed use properties.  The loans are smaller than
typical CMBS loans with an average loan size of $561,486 ranging
from approximately $32,000 to $3.1 million.  Forty-one loans (19%)
are currently in special servicing.

Fitch reviewed the workout status of the specially serviced loans
and applied a haircut to the most recent property valuations based
on the type and age of the valuations and information provided by
the special servicer.  For those loans that do not have recent
valuations and are delinquent, Fitch assumed a 70% loss.  The
average loss severity of small balance loans exceeds traditional
CMBS and a 70% loss reflects recent dispositions of loans with
similar characteristics.


CBA COMMERCIAL: Fitch Junks Ratings on Five Classes of Notes
------------------------------------------------------------
Fitch Rtings downgrades, removes from Rating Watch, and assigns
Recovery Ratings to CBA Commercial Assets, LLC, Series 2005-1:

  -- 73.8 million class A to 'CCC/RR1' from 'AAA'; Rating Watch
     Negative;

  -- $7.5 million class M-1 to 'CCC/RR1' from 'AA'; Rating Watch
     Negative;

  -- $5.6 million class M-2 to 'CCC/RR1' from 'BBB+'; Rating Watch
     Negative;

  -- $2.7 million class M-3 to 'CCC/RR1' from 'BBB-'; Rating Watch
     Negative;

  -- $3.8 million class M-4 to 'C/RR6' from 'CCC/RR6'.

Fitch also removes from Rating Watch, affirms, and assigns a
Rating Outlook to this class:

  -- Interest-only class X-2 at 'AAA'; Outlook Negative.

The rating of the interest-only class reflects Fitch's expectation
that the class will continue to receive timely interest payments
as available.

This class is affirmed:

  -- $3.6 million Class M-5 at 'D/RR6'.

Class X-1 has paid in full.  Classes M-4, M-6, M-7, M-8, and M-9
are not rated by Fitch.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following an in-depth review and Fitch's
prospective analysis which is similar to its recent vintage fixed-
rate commercial mortgage backed security analysis.

Fitch's expected losses for the transaction are 25.31% of the
current transaction balance.  Of the $24.6 million in Fitch
expected losses, $6.9 million is attributed to specially serviced
loans, $8.4 million is the result of losses from loans that do not
pass Fitch's refinance test, and $9.3 million is for potential
future losses for loans that have not reported updated financials.

As of the March 2010 distribution date, the transaction's balance
has been reduced 54.8% to $97 million from $214.9 million at
issuance.  The transaction is collateralized by 270 small balance
commercial loans secured by multifamily, retail, office,
industrial, and mixed use properties.  The loans are smaller than
typical CMBS loans with an average loan size of $359,456 ranging
from approximately $57,000 to $2.3 million.  Forty-eight loans
(17.7%) are currently in special servicing.

Fitch reviewed the workout status of the specially serviced loans
and applied a haircut to the most recent property valuations based
on the type and age of the valuations and information provided by
the special servicer.  For those loans that do not have recent
valuations and are delinquent, Fitch assumed a 70% loss.  The
average loss severity of small balance loans exceeds traditional
CMBS and a 70% loss reflects recent dispositions of loans with
similar characteristics.

Fitch stressed the cash flow of the remaining non-liquidated loans
(30.75%) that reported financial performance by applying a 20%
reduction to 2008 fiscal year-end net operating income and
applying an adjusted market cap rate of 9% to determine the value.
For loans that did not report year end (YE) 2008 financials (51%),
Fitch assumed a 26.7% probability of default and a 70% loss
severity.  The 26.7% probability of default reflects the
cumulative default rate since issuance for this transaction.

Similar to Fitch's prospective analysis of recent vintage fixed
rate CMBS transactions, each loan also underwent a refinance test
by applying an 8% interest rate and 30-year amortization schedule
based on the stressed cash flow.  Loans that could refinance to a
debt service coverage ratio of 1.25 times or higher were
considered to payoff at maturity.  Of the non-specially serviced
loans, 71 loans did not meet Fitch's refinance test and incurred a
loss when compared to Fitch's stressed value.


CBA COMMERCIAL: Fitch Junks Ratings on Three Classes of Notes
-------------------------------------------------------------
Fitch Ratings downgrades, removes from Rating Watch Negative, and
assigns Recovery Ratings to CBA Commercial Assets, LLC, series
2006-2:

  -- 83.4 million class A to 'C/RR4' from 'AA';
  -- $3.8 million class M-1 to 'C'/RR6' from 'A';
  -- $4.9 million class M-2 to 'C/RR6' from 'B'.

Fitch also removes from Rating Watch Negative, affirms, and
assigns a Rating Outlook to this class:

  -- Interest-only class X-1 at 'AAA'; Outlook Negative.

The rating of the interest only class reflects Fitch's expectation
that the class will continue to receive timely interest payments
as available.

Fitch also affirms these classes:

  -- $2.8 million class M-3 at 'C/RR6';
  -- $2.3 million class M-4 at 'C/RR6';
  -- $1.1 million class M-5 at 'C/RR6'.

Classes M-6, M-7, and M-8 are not rated by Fitch.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following an in-depth review and Fitch's
prospective analysis which is similar to its recent vintage fixed-
rate CMBS analysis.

Fitch's expected losses for the transaction are 47.18% of the
current transaction balance.  Of the $47.1 million in Fitch
expected losses, $20.7 million is attributed to specially serviced
loans and $26.4 million is for potential future losses.  Due to
the lack of financial reporting, Fitch did not perform a stressed
refinance test.  Fitch assumed a 57.1% probability of default and
a 70% loss severity for all loans.  The 57.1% probability of
default reflects the cumulative default rate since issuance for
this transaction, and the 70% loss severity reflects loans with
similar characteristics.

As of the March 2010 distribution date, the transaction's balance
has been reduced 23.5% to $99.8 million from $130.5 million at
issuance.  The transaction is collateralized by 217 small balance
commercial loans secured by multifamily, retail, office,
industrial, and mixed use properties.  The loans are smaller than
typical CMBS loans with an average loan size of $459,992 ranging
from approximately $50,000 to $2.9 million.  Sixty-five loans
(37.2%) are currently in special servicing.

Fitch reviewed the workout status of the specially serviced loans
and applied a haircut to the most recent property valuations based
on the type and age of the valuations and information provided by
the special servicer.  For those loans that do not have recent
valuations and are delinquent, Fitch assumed a 70% loss.  The
average loss severity of small balance loans exceeds traditional
CMBS and a 70% loss reflects recent dispositions of loans with
similar characteristics.


CBA COMMERCIAL: Fitch Takes Rating Actions on Various Classes
-------------------------------------------------------------
Fitch Ratings downgrades, removes from Rating Watch Negative, and
assigns Recovery Ratings to CBA Commercial Assets, LLC, series
2007-1:

  -- 92.7 million class A to 'C/RR4' from 'AA-'/Rating Watch
     Negative;

  -- $3.5 million class M-1 to 'C'/RR6' from 'A-'/Rating Watch
     Negative;

  -- $3.7 million class M-2 to 'C/RR6' from 'BBB-'/Rating Watch
     Negative;

  -- $2.2 million class M-3 to 'C/RR6' from 'BB-'/Rating Watch
     Negative;

  -- $1.4 million class M-4 to 'C/RR6' from 'B-'/Rating Watch
     Negative;

  -- $1.8 million class M-5 to 'C/RR6' from 'CCC/RR1'.

Fitch also removes from Rating Watch Negative, affirms, and
assigns a Rating Outlook to this class:

  -- Interest-only class X-1 at 'AAA'; Outlook Negative.

The rating of the interest only class reflects Fitch's expectation
that the class will continue to receive timely interest payments
as available.

Fitch also affirms and lowers the Recovery Rating of this class:

  -- $1.3 million class M-6 at 'C/RR6' from 'C/RR1'.

Classes M-7 and M-8 are not rated by Fitch.

The downgrades are the result of Fitch's revised loss estimates
for the transaction following an in-depth review and Fitch's
prospective analysis which is similar to its recent vintage fixed-
rate CMBS analysis.

Fitch's expected losses for the transaction are 42.37% of the
current transaction balance.  Of the $45.6 million in Fitch
expected losses, $17.4 million is attributed to specially serviced
loans and $28.2 million is for potential future losses.  Due to
the lack of financial reporting, Fitch did not perform a stressed
refinance test.  Fitch assumed a 53.3% probability of default and
a 70% loss severity for all loans.  The 53.3% probability of
default reflects the cumulative default rate since issuance for
this transaction and the 70% loss severity reflects loans with
similar characteristics.

As of the March 2010 distribution date, the transaction's balance
has been reduced 15.7% to $107.6 million from $127.6 million at
issuance.  The transaction is collateralized by 198 small balance
commercial loans secured by multifamily, retail, office,
industrial, and mixed use properties.  The loans are smaller than
typical CMBS loans with an average loan size of $543,352 ranging
from approximately $72,000 to $2.9 million.  Fifty-seven loans
(32.4%) are currently in special servicing.

Fitch reviewed the workout status of the specially serviced loans
and applied a haircut to the most recent property valuations based
on the type and age of the valuations and information provided by
the special servicer.  For those loans that do not have recent
valuations and are delinquent, Fitch assumed a 70% loss.  The
average loss severity of small balance loans exceeds traditional
CMBS and a 70% loss reflects recent dispositions of loans with
similar characteristics.


CHL MORTGAGE: Moody's Downgrades Ratings on 166 Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 166
tranches from 11 RMBS transactions, backed by prime jumbo loans,
issued by CHL Mortgage Pass-Through Trust from 2007 to 2008.

The collateral backing these transactions consists primarily of
first-lien, fixed rate prime jumbo residential mortgage loans.
The actions are a result of the rapidly deteriorating performance
of jumbo pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on prime jumbo pools issued from 2005 to 2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

List of actions:

Issuer: CHL Mortgage Pass-Through Trust 2007-10

  -- Cl. A-19, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to C; previously on Dec 17, 2009 Caa3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2007-11

  -- Cl. A-4, Downgraded to B2; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2007-13

  -- Cl. A-7, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2007-14

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2007-2

  -- Cl. A-18, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2007-3

  -- Cl. A-23, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2007-4

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. 1-A-15, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. 1-A-18, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-27, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-28, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-29, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-30, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-31, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-32, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-33, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-34, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-35, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-36, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-37, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-38, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-39, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-40, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-41, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-42, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-43, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. 1-A-44, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-45, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-46, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-47, Downgraded to Caa2; previously on Dec 17, 2009
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-48, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. 1-A-49, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-50, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-51, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-52, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-54, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-55, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-56, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-57, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-58, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-59, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-60, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-61, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-62, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-63, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-64, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-65, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-66, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. 1-A-67, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. 1-A-68, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-69, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-70, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-71, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-72, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-73, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-74, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-75, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2007-5

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca; previously on Dec 17, 2009 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-12, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-14, Downgraded to Caa2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-16, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-18, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-20, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-22, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-24, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-26, Downgraded to Caa2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-28, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-29, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-32, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-33, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-34, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-35, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-36, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-37, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-38, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-39, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-40, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-41, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-42, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-43, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-44, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-45, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-46, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-47, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-48, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-49, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-50, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-51, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2007-J3

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-9, Downgraded to Caa3; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa3; previously on Dec 17, 2009 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-14, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. A-16, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. X, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2008-1

  -- Cl. A-1, Downgraded to Ca; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to B1; previously on Dec 17, 2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust, Series 2007-19

  -- Cl. 2-A-1, Downgraded to Caa3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Dec 17, 2009
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-PO, Downgraded to Caa3; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade


CHL MORTAGE: Moody's Downgrades Ratings on 323 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 323
tranches, confirmed the ratings of 12 tranches, and upgraded the
ratings of three tranches, from 24 RMBS transactions, backed by
prime jumbo loans, issued by CHL Mortage Pass-Through Trust in
2005 and 2006.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable-rate prime jumbo residential
mortgage loans.  The actions are a result of the rapidly
deteriorating performance of jumbo pools in conjunction with
macroeconomic conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on prime jumbo pools
issued from 2005 to 2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Jumbo RMBS Loss Projection Update:
January 2010" is adjusted to estimate losses on pools left with a
small number of loans.  To project losses on pools with fewer than
100 loans, Moody's first estimates a "baseline" average rate of
new delinquencies for the pool that is dependent on the vintage of
loan origination (3.5%, 6.5% and 7.5% for the 2005, 2006 and 2007
vintage respectively).  This baseline rate is higher than the
average rate of new delinquencies for the vintage to account for
the volatile nature of small pools.  Even if a few loans in a
small pool become delinquent, there could be a large increase in
the overall pool delinquency level due to the concentration risk.

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.  The fewer the number of
loans remaining in the pool, the higher the volatility and hence
the stress applied.  Once the loan count in a pool falls below 75,
the rate of delinquency is increased by 1% for every loan less
than 75.  For example, for a pool with 74 loans from the 2005
vintage, the adjusted rate of new delinquency would be 3.535%.  If
the current delinquency level in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 1.8 for current delinquencies ranging from less than
2.5% to greater than 30% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

List of actions:

Issuer: CHL Mortgage Pass-Through Trust 2005-10

  -- Cl. A-1, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-12

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to C; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to C; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to C; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to B3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to C; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Ca; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to Caa1; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-10, Downgraded to C; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-11, Downgraded to Caa1; previously on Dec 17, 2009
     Ba3 Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-16

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Confirmed at Baa3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Confirmed at Baa3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Confirmed at Baa3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to C; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Ca; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to B2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-24, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to B2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-28, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-29, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to Ba2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-19

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa1; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to C; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-21

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. A-4, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-24, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-26, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-28, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-29, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-32, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-33, Confirmed at Aa1; previously on Dec 17, 2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-34, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-35, Downgraded to B3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-36, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-37, Downgraded to B1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-38, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-39, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-40, Downgraded to C; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Ca; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-25

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to C; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Confirmed at Aa1; previously on Dec 17, 2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to B1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-27

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to C; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa1; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-31

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Dec 17, 2009
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Dec 17, 2009
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa2; previously on Dec 17, 2009
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to C; previously on Jun 12, 2009
     Downgraded to Ca

  -- Cl. 4-A-1, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Caa2; previously on Dec 17, 2009
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to Caa3; previously on Dec 17, 2009
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 4-A-4, Downgraded to C; previously on Jun 12, 2009
     Downgraded to Ca

Issuer: CHL Mortgage Pass-Through Trust 2005-6

  -- Cl. 1-A-1, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa1; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa1; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to C; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa1; previously on Dec 17, 2009
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to B3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa1; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-J2

  -- Cl. 1-A-2, Upgraded to A3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Ba3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Ba2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to B3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to B3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to B1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-4, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to B1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-8, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-9, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-10, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-11, Confirmed at B1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-12, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-13, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-14, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-16, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-X, Downgraded to Ba3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2005-J4

  -- Cl. A-1, Downgraded to Ba1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Ba1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-11

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. X, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-12

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-13

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to B2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa1; previously on Dec 17, 2009
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to B2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Caa1; previously on Dec 17, 2009
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to Baa3; previously on Dec 17, 2009
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. 1-A-22, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to Caa3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to Caa2; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Baa3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-14

  -- Cl. A-3, Downgraded to B2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to B2; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-15

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ba3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Ba1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-17

  -- Cl. A-2, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-18

  -- Cl. 2-A-1, Downgraded to B2; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-19

  -- Cl. 1-A-1, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to C; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to B2; previously on Dec 17, 2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-20

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Ca; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-27, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-28, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-29, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-30, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-31, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-32, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-33, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-34, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-35, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-36, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-37, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-21

  -- Cl. A-4, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-6

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-8

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to C; previously on May 5, 2009
     Downgraded to Ca

  -- Cl. 1-A-3, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-X, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: CHL Mortgage Pass-Through Trust 2006-J4

  -- Cl. A-1, Upgraded to Ba3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Caa1; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Confirmed at B2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Ca; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Upgraded to Ba3; previously on Dec 17, 2009 B2 Placed
     Under Review for Possible Downgrade


CITY OF ORLANDO: S&P Downgrades Ratings on Tax Revenue Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its Standard &
Poor's underlying ratings on the City of Orlando, Fla.'s tourist
development tax revenue bonds series 2008A (first lien), 2008B
(second lien), and 2008C (third lien).  S&P lowered the SPUR on
the TDT series 2008A to 'BB' from 'A'; the SPUR on the TDT series
2008B to 'CCC' from 'A'; and the SPUR on the series 2008C to 'CC'
from 'BBB+'.  At the same time, Standard & Poor's removed the
ratings from CreditWatch, where they had been placed on April 7,
2010.  The outlook on the series 2008A and 2008B bonds is
developing, and the outlook on the series 2008C is negative.  The
bonds are insured by Assured Guaranty Corp. (AAA/Negative/--), and
therefore remain rated 'AAA' with a negative outlook on an
enhanced basis.

"The downgrades reflect S&P's view of the substantial weakening of
the revenue stream due to the national recession," said Standard &
Poor's credit analyst John Sugden-Castillo.  The downgrades also
reflect S&P's expectation that these bonds will likely rely on
their liquidity and debt service reserves for payment; and S&P's
view that significant growth in pledged revenues would be required
to continue to provide annual debt service coverage.

The notching of the ratings between the three series is reflective
of their lien priority, and the level to which the flow of funds
magnifies the impact of a decline in revenues and the level of
pledged revenue growth S&P believes would likely be needed at each
lien level to provide at least 1x annual debt service coverage.

The outlook on the series 2008A and 2008B bonds is developing.
While S&P views some potential for Standard & Poor's to raise the
ratings if revenues stabilize in the near term and exhibit at
least moderate growth, there is also the potential for us to
further lower the ratings should revenues continue to deteriorate.
The negative outlook on the series C bonds reflects S&P's view of
the potential for these bonds to, absent above-average growth,
deplete their reserves and have insufficient funds to make their
debt service payments, within the next two years.  However, all
three series of bonds are insured by Assured Guaranty
(AAA/Negative/--).


CREDIT LINKED: Fitch Affirms Ratings on Two Classes of Notes
------------------------------------------------------------
Fitch Ratings has affirmed two classes of notes issued by Gallatin
Funding I Ltd. and two classes of notes issued by Credit Linked
Asset Securities I Ltd.

The affirmations are the result of the continued deleveraging of
the liabilities and the relatively stable performance of the
portfolio and the transaction swap mechanics since Fitch's last
review in March 2009.  The Gallatin class A-1 notes have received
18.1% of their initial principal balance since Fitch's last review
and 54.8% in total since closing.  The CLAwS class A notes have
received an additional 25.9% of their principal since the last
review and over 79% since closing.  The significant principal
redemption of the notes, supplemented by the release of funds from
the excess spread collateral account, has helped mitigate the
effects of the increase in defaulted loans since the last review.

Although a significant level of the credit deterioration witnessed
at Fitch's last review has culminated in defaults, the
transaction's swap mechanics have enabled the Gallatin notes to be
fully compensated for realized losses through the release of
previously captured excess spread.  At Fitch's last review, about
$4.6 million of the portfolio was defaulted.  Of the performing
portfolio, approximately 12.4% was on Rating Watch Negative with
another 30.8% with a Negative Outlook.  In the subsequent months,
defaulted assets reached a peak of $35.8 million of par as of the
July 2, 2009 trustee report.  Approximately $6.8 million of these
defaulted loans remain in the portfolio as of the March 3, 2010
trustee report, while the balance of the defaulted loans realized
relatively strong recoveries averaging over 75% of par.

Since Fitch's last rating review, realized losses on defaults
resulted in over $7.5 million being released from the excess
spread collateral account to reimburse the Gallatin transaction
for these losses.  Over this same period an additional $5 million
of excess interest was retained in the excess spread account.
Therefore, the net impact was a $2.5 million reduction in the
excess spread collateral account balance since the last review --
from $22.4 million to $19.9 million.  Although the absolute size
of the excess spread account has decreased over this period, the
proportional support provided by this account has actually
increased due to the smaller current portfolio size of
$192 million, down from $258 million at the last review.

Currently, just 2% of the performing portfolio loans are on Rating
Watch Negative, and 23.6% of the performing loans have a Negative
Outlook.  Furthermore, the weighted average rating factor of the
performing portfolio has improved slightly to 39.1 from 43.7,
while remaining in the 'B-' range.  Although Fitch currently
considers approximately $11.7 million (6.1%) of the total
portfolio to be defaulted, the projected recoveries on these loans
in conjunction with the available credit enhancement available to
each class of notes has been deemed appropriate to support the
current ratings.

Gallatin is a collateralized loan obligation established in 2002
to invest in a $402 million portfolio of primarily senior secured
bank loans.  Credit protection was provided to Gallatin in the
form of a credit swap with Bear Stearns Capital Markets Inc.
Simultaneously, BSCM entered into a credit swap with CLAwS, a
special purpose vehicle capitalized with $67 million of floating-
rate notes.  The second swap hedges BSCM's exposure and provides
CLAwS noteholders with a leveraged exposure to the loan portfolio.
The $67 million proceeds from the CLAwS notes were invested in a
guaranteed investment contract with FGIC.  FGIC's obligations with
respect to the GIC are guaranteed by GE Capital.  BSCM's
obligations are guaranteed by Bear Stearns Companies, LLC
(formerly Bear Stearns Companies, Inc.; rated 'AA-/F1+' with a
Stable Outlook), in line with the ratings of its ultimate parent
company, JP Morgan Chase & Co.  In March 2009, portfolio
management duties were transferred to UrsaMine Credit Advisors LLC
from Bear Stearns Asset Management Inc.

The CLAwS transaction provides for an excess spread-capturing
mechanism that serves as first-loss protection against losses on
the underlying loan portfolio.  The GIC would be drawn upon to
repay Gallatin for credit losses only after the excess spread
account has been depleted.  As long as both overcollateralization
tests and the payments coverage test are passing, funds from the
GIC account may be released to repay the CLAwS notes sequentially
according to a scheduled ratio based on the outstanding collateral
amount.

Fitch retains its Negative Outlook designations on the Gallatin
class A-2 notes, and the CLAwS class A and class B notes.  Fitch
cites the significant proportion of issuers with a Negative
Outlook and the sensitivity of these notes to ongoing softness in
U.S. corporate recoveries as factors that may affect future rating
movement.  Fitch analyzed the structure's sensitivity to reduced
recovery levels by lowering its average recovery rate assumptions
for each asset type by 30% where explicit Recovery Ratings were
not available.  The Gallatin class A-2 notes, and the CLAwS class
A and class B notes all displayed a degree of sensitivity to lower
recovery rates.  Additionally, Fitch notes that as the portfolio
continues to amortize, increasing obligor concentration may become
a factor.  Finally, as the transaction mechanics allow funds to be
released from the GIC account provided that near-term performance
remains stable, a particularly severe back-loaded default scenario
could strain the credit enhancement available to the notes.

Each class of notes has been assigned a Loss Severity rating.  The
LS ratings indicate each tranche's potential loss severity given
default, as evidenced by the ratio of tranche size to the base-
case loss expectation for the collateral, as explained in Fitch's
'Criteria for Structured Finance Loss Severity Ratings'.  The LS
rating should always be considered in conjunction with the notes'
long-term credit rating.

Fitch affirms and assigns Loss Severity ratings on these classes
as indicated:

Gallatin Funding I Ltd.:

  -- $172,330,503 class A-1 affirmed at 'AAA/LS2'; Outlook Stable;
  -- $21,000,000 class A-2 affirmed at 'AA/LS4'; Outlook Negative.

Credit Linked Asset Securities I Ltd.:

  -- $9,002,312 class A affirmed at 'A-/LS5'; Outlook Negative;
  -- $20,100,000 class B affirmed at 'B/LS4'; Outlook Negative.


CREDIT SUISSE: Moody's Reviews Ratings on 13 2003-CPN1 Certs.
-------------------------------------------------------------
Moody's Investors Service placed 13 classes of Credit Suisse First
Boston Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2003-CPN1 on review for possible downgrade
due to higher expected losses for the pool resulting from
anticipated losses from loans in special servicing, interest
shortfalls and concerns about loans approaching maturity in an
adverse environment.  Loans representing 18% of the pool mature
within the next 36 months and have a Moody's stressed debt service
coverage ratio less than 1.0X.

The rating action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the March 17, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 22% to
$786.1 million from $1.0 billion at securitization.  The
Certificates are collateralized by 159 mortgage loans ranging in
size from less than 1% to 10% of the pool, with the top ten loans
representing 38% of the pool.  Two loans, representing 22% of the
pool, have defeased and are collateralized by U.S. Government
securities.

Twenty-one loans, representing 7% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Four loans have been liquidated from the pool resulting in a
$10.8 million aggregate loss (55% loss severity on average).  Six
loans, representing 17% of the pool, are currently in special
servicing.  The largest specially serviced loan is the Northgate
Mall ($74.5 million -- 8.7% of the pool), which is secured by the
borrower's interest in a 716,000 square foot mall located in
Cincinnati, Ohio.  The loan was transferred to special servicing
in August 2009 for imminent default.  The property's performance
has declined since last review due to occupancy declines.  The
second largest specially serviced loan is the Michigan Equities C
Portfolio ($27.1 million -- 3.4% of the pool), which is secured by
16 office properties totaling 369,000 square feet and located in
Michigan.  The loan was transferred to special servicing in June
2008 due to a non-monetary default and is now 90+ days delinquent.
The remaining four specially serviced loans are secured by a mix
of retail, multifamily and office properties.  The special
servicer has recognized a cumulative $28.3 million appraisal
reduction for the specially serviced loans.

Based on the most recent remittance statement, Classes L through
Q have experienced cumulative interest shortfalls totaling
$1.3 million.  Moody's anticipates that the pool will continue to
experience interest shortfalls due to high exposure to specially
serviced loans.  Interest shortfalls are caused by special
servicing fees, including workout and liquidation fees, appraisal
subordinate entitlement reductions and extraordinary trust
expenses.

Moody's rating action is:

  -- Class C, $10,064,000, currently rated Aaa, on review for
     possible downgrade; previously upgraded to Aaa from Aa3 on
     8/7/2008

  -- Class D, $30,191,000, currently rated Aa1, on review for
     possible downgrade; previously upgraded to Aa1 from A2
     8/7/2008

  -- Class E, $10,064,000, currently rated Aa3, on review for
     possible downgrade; previously upgraded to Aa3 from A1on
     8/7/2008

  -- Class F, $10,064,000, currently rated A1, on review for
     possible downgrade; previously upgraded to A1 from A2 on
     8/7/2008

  -- Class G, $17,612,000, currently rated Baa1, on review for
     possible downgrade; previously upgraded to Baa1 from Baa2 on
     8/7/2008

  -- Class H, $10,064,000, currently rated Baa2, on review for
     possible downgrade; previously upgraded to Baa2 from Baa3 on
     8/7/2008

  -- Class J, $20,127,000, currently rated Ba1, on review for
     possible downgrade; previously assigned Ba1 on 3/13/2003

  -- Class K, $15,096,000, currently rated Ba2, on review for
     possible downgrade; previously assigned Ba2 on 3/13/2003

  -- Class L, $7,548,000,currently rated Ba3, on review for
     possible downgrade; previously assigned Ba3 on 3/13/2003

  -- Class M, $7,548,000, currently rated B3, on review for
     possible downgrade; previously downgraded to B3 from B1on
     8/7/2008

  -- Class N, $6,290,000, currently rated Caa1, on review for
     possible downgrade; previously downgraded to Caa1 from B2 on
     8/7/2008

  -- Class O, $5,032,000, currently rated Caa2, on review for
     possible downgrade; previously downgraded to Caa2 from B3 on
     8/7/2008

  -- Class P, $8,806,000, currently rated Ca, on review for
     possible downgrade; previously downgraded to Ca from Caa2 on
     8/7/2008


CREDIT SUISSE: S&P Downgrades Ratings on Three 2002-CKP1 Certs.
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
classes of commercial mortgage pass-through certificates from
Credit Suisse First Boston Mortgage Securities Corp.'s series
2002-CKP1 and removed them from CreditWatch with negative
implications.  In addition, S&P affirmed its ratings on 11 classes
from the same transaction and removed three of them from
CreditWatch with negative implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion commercial mortgage-backed securities
criteria.  The downgrades of the subordinate and mezzanine classes
reflect credit support erosion that S&P anticipate will occur upon
the eventual resolution of the seven specially serviced assets.
S&P downgraded classes N and O to 'D' because of recurring
interest shortfalls that are primarily due to appraisal
subordinate entitlement reductions and special servicing fees.
S&P expects these classes to continue experiencing interest
shortfalls for the foreseeable future.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.41x and a loan-to-value ratio of 71.4%.  S&P further stressed
the loans' cash flows under its 'AAA' scenario to yield a weighed
average DSC of 1.20x and an LTV ratio of 91.1%.  The implied
defaults and loss severity under its 'AAA' scenario were 21.7% and
25.5%, respectively.  The DSC and LTV calculations S&P noted above
exclude 26 defeased loans ($175.1 million, 21.7%) and the seven
specially serviced assets ($35.8 million, 4.4%).  S&P separately
estimated losses for the seven specially serviced assets and
included them in S&P's 'AAA' scenario implied default and loss
figures.

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its rating on the class A-X
interest-only certificate based on its current criteria.  S&P
published a request for comment proposing changes to its IO
criteria on June 1, 2009.  After S&P finalize its criteria review,
S&P may revise its IO criteria, which may affect outstanding
ratings, including the rating on the IO certificate that S&P
affirmed.

                      Credit Considerations

As of the March 17, 2010, trustee remittance report, seven assets
($35.8 million, 4.4%) in the pool were with the special servicer,
LNR Partners Inc.  The payment status of the specially serviced
assets is: three are 90-plus-days delinquent ($16.5 million,
2.0%), three are in foreclosure ($17.0 million, 2.1%), and one is
real estate owned ($2.3 million, 0.3%).

None of the seven specially serviced assets are among the top 10
real estate exposures.  S&P discuss the two largest assets, as
well as the REO asset, below.

The Seville Place Apartments loan is the largest loan with the
special servicer.  The loan has a total exposure of $13.6 million
(1.5%) and is secured by a 444-unit multifamily property in
Orlando, Fla.  The loan was transferred to the special servicer on
Jan. 7, 2009, due to imminent default.  An appraisal reduction
amount totaling $7.35 million is in effect for this asset.
Foreclosure proceedings began on March 11, 2009.  According to
LNR, the property is under contract, and the potential buyer is
currently seeking financing.  S&P expects a significant loss upon
the resolution of this asset.

The Park Hamilton Apartments loan is the second-largest loan with
the special servicer.  The loan has a total exposure of
$11.6 million (1.2%) and is secured by a 330-unit multifamily
property in Orlando, Fla.  The loan was transferred to the special
servicer on Nov. 17, 2008, due to imminent default.  An ARA
totaling $5.6 million is in effect for this asset.  The loan
payment status is 90-plus-days delinquent.  According to LNR,
there have been multiple offers on the property, which LNR is
currently reviewing.  S&P expects a significant loss upon the
resolution of this asset.

The 1800 Building, a 19,544-sq.-ft. office building in Torrance,
Calif., is the fifth-largest asset with the special servicer and
is REO.  This asset has a total exposure of $2.85 million (0.3%).
The property was approximately 52% occupied as of August 2009 and
became REO on Aug. 6, 2009.  An ARA totaling $635,050 is in effect
for this asset.  PM Realty Group currently manages and leases the
building on behalf of the trust.  According to LNR, the special
servicer executed a contract for the sale of the building, and the
potential buyer is currently reviewing feasibility and financing
options.  S&P expects a moderate loss upon the eventual resolution
of this asset.

The remaining four specially serviced assets ($11.9 million, 1.5%)
have balances that individually represent less than 0.65% of the
total pool balance.  S&P estimated losses for all of these
specially serviced assets.  The weighted average loss severity for
these four assets is 52.2%.

S&P's analysis considered the outstanding nondefeased and
nonspecially serviced near-term maturing loans with final
maturities in 2011 and 2012, as well as S&P's concerns that the
trust may experience additional interest shortfalls due to
potential future revisions of ARAs.

                       Transaction Summary

As of the March 17, 2010, trustee remittance report, the
collateral pool balance was $807.0 million, which is 81.3% of the
issuance balance.  The pool includes 135 loans and one REO asset,
down from 156 loans at issuance.  The master servicer, Midland
Loan Services Inc., provided financial information for 99.6% of
the nondefeased loans in the pool, most of which was full-year
2008, interim-2009, or full-year 2009 data.  S&P calculated a
weighted average DSC of 1.40x for the nondefeased loans in the
pool based on the reported figures.  S&P's adjusted DSC and LTV
were 1.41x and 71.4%, respectively, which exclude 26 defeased
loans ($175.1 million, 21.7%) and the seven specially serviced
assets ($35.8 million, 4.4%).  If S&P included the specially
serviced assets in its calculation, its adjusted DSC would be
1.37x.  However, S&P has estimated losses separately for the seven
specially serviced assets.  The transaction has experienced
$23.5 million of principal losses to date.  Twenty-eight loans
($102.9 million, 12.75%) are on the master servicer's watchlist,
including one of the top 10 loans.  Thirty loans in the pool
($122.0 million, 15.1%) have reported DSC below 1.10x, 18 of which
($66.4 million, 8.2%) have a reported DSC of less than 1.0x.

             Summary of Top 10 Real Estate Exposures

The top 10 loans secured by real estate have an aggregate
outstanding balance of $319.9 million (39.6%).  Using servicer-
reported numbers, S&P calculated a weighted average DSC of 1.55x
for the top 10 loans.  S&P's adjusted DSC and LTV for the top 10
real estate exposures are 1.47x and 67.7%, respectively.  One of
the top 10 loans ($23.45 million, 2.9%) appears on the master
servicer's watchlist, which S&P discuss in detail below.

The Oak Ridge Office Portfolio loan is the sixth-largest
nondefeased loan in the pool and was placed on the master
servicer's watchlist due to a low DSC.  The loan has a trust
balance of $23.45 million (2.9%) and is secured by six office
buildings totaling 414,000 sq. ft. in Oak Ridge, Tenn.  The
occupancy was 100% as of year-end 2009 with a reported DSC of
1.09x, up from 1.00x one year prior, but down from 1.27x at
issuance.

Standard & Poor's stressed the assets in the pool according to its
U.S. conduit/fusion criteria.  The resultant credit enhancement
levels are consistent with S&P's lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2002-CKP1

                  Rating
                  ------
    Class     To          From           Credit enhancement (%)
    -----     --          ----           ----------------------
    L         CCC+        BBB-/Watch Neg                   3.40
    N         D           B/Watch Neg                      1.40
    O         D           CCC/Watch Neg                    0.32

      Ratings Affirmed And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2002-CKP1

                  Rating
                  ------
    Class     To          From           Credit enhancement (%)
    -----     --          ----           ----------------------
    G         A+          A+/Watch Neg                    9.70
    H         A           A/Watch Neg                     7.86
    K-Z       BBB         BBB/Watch Neg                   5.40

                         Ratings Affirmed

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2002-CKP1

    Class     Rating                     Credit enhancement (%)
    -----     ------                     ----------------------
    A-2       AAA                                         24.93
    A-3       AAA                                         24.93
    B         AAA                                         20.01
    C         AAA                                         18.31
    D         AA+                                         15.08
    E         AA                                          13.24
    F         AA-                                         11.55
    A-X       AAA                                           N/A

                       N/A - Not applicable.


CREDIT SUISSE: S&P Downgrades Ratings on 2004-C1 Securities
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes of commercial mortgage-backed securities from Credit
Suisse First Boston Mortgage Securities Corp.'s series 2004-C1 and
removed them from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 11 additional classes from
the same transaction and removed six of them from CreditWatch with
negative implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria.  The downgrades of the
subordinate and mezzanine classes also reflect credit support
erosion that S&P anticipates will occur upon the eventual
resolution of five specially serviced assets, as well as S&P's
analysis of nine loans that S&P determined to be credit-impaired.
S&P downgraded class O to 'D' because of recurring interest
shortfalls.  The shortfalls are primarily due to appraisal
subordinate entitlement reduction amounts on two assets that are
currently with the special servicer, CWCapital Asset Management
LLC.  S&P expects the interest shortfalls to continue for the
foreseeable future.  Class O has experienced cumulative interest
shortfalls of $85,147.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.60x and a loan-to-value ratio of 78.5%.  S&P further stressed
the loans' cash flows under S&P's 'AAA' scenario to yield a
weighted average DSC of 1.27x and an LTV ratio of 98.0%.  The
implied defaults and loss severity under the 'AAA' scenario were
22.5% and 30.7%, respectively.

The DSC and LTV calculations S&P noted above exclude 18 defeased
loans ($119.5 million, 9.9%), five ($45.2 million, 3.7%) of the
nine specially serviced assets, and nine loans that S&P determined
to be credit-impaired ($44.6 million, 3.7%).  S&P separately
estimated losses for the 14 specially serviced and credit-impaired
assets and included them in S&P's 'AAA' scenario implied default
and loss figures.  S&P also excluded 61 cooperative apartment
loans ($144.9 million, 12.0%) from all of the DSC and LTV
calculations.  These loans did not default under the 'AAA'
scenario due to low leverage.

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its ratings on the class A-
X, A-SP, and A-Y interest-only certificates based on its current
criteria.  S&P published a request for comment proposing changes
to its IO criteria on June 1, 2009.  After S&P finalizes its
criteria review, S&P may revise its IO criteria, which may affect
outstanding ratings, including the ratings on the IO certificates
that S&P affirmed.

                      Credit Considerations

As of the March 2010 remittance report, nine assets
($72.7 million, 6.0%) in the pool were with CWCapital.  The
payment status of the specially serviced assets is: one is real
estate owned (REO; $5.4 million, 0.4%), one is in foreclosure
($10.1 million, 0.8%), three are 90-plus-days delinquent
($26.5 million, 2.2%), two are 60 days delinquent ($28.2 million,
2.3%), and two are within their grace periods ($2.6 million,
0.2%).  Three of the specially serviced assets have appraisal
reduction amounts in effect totaling $21.1 million.

The Claremore Apartment Homes loan, which has a total exposure of
$21.4 million (1.7%), is the seventh-largest loan in the pool and
the largest loan with the special servicer.  The loan is 60 days
delinquent and is secured by a 332-unit multifamily complex in San
Antonio, Texas.  The loan was transferred to special servicing on
Oct. 17, 2007, due to imminent monetary default.  As of Dec. 31,
2009, the reported occupancy was 92.8%, and the reported DSC was
0.35x as of Dec. 30, 2008, down from 1.22x at issuance.  CWCapital
is currently reviewing a loan assumption proposal presented by the
borrower in February 2010.

The Belmont Landing Apartments loan, which has a total exposure of
$20.1 million (1.4%), is the 12th-largest loan in the pool and the
second-largest loan with the special servicer.  The loan is 90-
plus-days delinquent and is secured by a 424-unit garden-style
multifamily complex located in Riverdale, Ga.  The loan was
transferred to special servicing on Sept. 3, 2008, due to imminent
monetary default.  As of March 1, 2010, the reported occupancy was
only 43.0%.  A receiver is in place and has listed the property
for sale.  Offers were received on March 1, 2010, and CWCapital is
reviewing the best and final counterproposals.  A $13.2 million
ARA is in effect for this loan.  S&P expects a significant loss
upon the eventual resolution of this asset.

The seven remaining specially serviced assets that were listed in
the March 2010 remittance report ($34.7 million, 2.9%) have
balances that individually represent less than 0.9% of the total
pool balance.  S&P estimated losses for four of these assets,
resulting in a weighted average loss severity of 54.0%.  One of
the remaining three loans was recently transferred to the special
servicer (effective March 2, 2010), and there is limited
information available for this loan; CWCapital expects to return
one loan to the master servicer; and CWCapital is reviewing a
workout strategy for the remaining loan.

In addition to the specially serviced assets, S&P determined nine
loans ($44.6 million, 3.7%) to be credit-impaired.  The Bristol
Park at Encino Commons Apartments loan ($22.5 million, 1.9%) is
the fifth-largest loan in the pool and the largest credit-impaired
loan.  The loan is secured by a 324-unit garden-style apartment
complex in San Antonio, Texas.  The DSC was reported at 0.54x as
of Sept. 30, 2009, down from 0.60x at year-end 2008 and 1.27x at
issuance.  Three of the eight additional credit-impaired loans
($22.1 million, 1.8%) are cross-collateralized and cross-defaulted
and have an aggregate DSC below 1.00x, and four have reported DSCs
below 0.60x.  The final loan is secured by a property whose
tenants will vacate in the near term, which will reduce occupancy
to approximately 46%, and DSC will fall to approximately 0.52x
from 1.32x.  As a result, S&P view all of these loans to be at an
increased risk of default and loss.

Seven loans totaling $28.1 million (1.7%) that were previously
with the special servicer have been returned to the master
servicer.  Pursuant to the transaction documents, the special
servicer is entitled to a workout fee that is equal to 1.00% of
all future principal and interest payments on the corrected loans,
provided they continue to perform well and remain with the master
servicer.

                       Transaction Summary

As of the March 2010 remittance report, the collateral pool
balance was $1.21 billion, which is 74.6% of the balance at
issuance.  The pool includes 234 loans, down from 262 loans at
issuance.  As of the March 2010 remittance report, the master
servicers, Keycorp Real Estate Capital Markets and Midland Loan
Services Inc., provided financial information for 88.5% of the
nondefeased loans in the pool, and 86.1% of the servicer-provided
information was full-year 2008, interim-2009, or full-year 2009
data.  S&P calculated a weighted average DSC of 1.80x for the pool
based on the reported figures.  S&P's adjusted DSC and LTV, which
exclude 18 defeased loans ($119.5 million, 9.9%), five
($45.2 million, 3.7%) of the nine specially serviced assets, and
nine loans that S&P determined to be credit-impaired
($44.6 million, 3.7%), were 1.60x and 78.5%, respectively.  S&P
estimated losses separately for the 14 specially serviced and
credit-impaired assets.  S&P also excluded 61 cooperative
apartment loans ($144.9 million, 12.0%) from all of the DSC and
LTV calculations.  The transaction has experienced two principal
losses totaling $2.9 million to date.  Forty-four loans
($157.6 million, 13.0%) are on the master servicer's watchlist,
including one of the top 10 loans, which S&P determined to be
credit-impaired and discuss in detail above.  Forty-four loans
($160.6 million, 13.3%) have a reported DSC below 1.10x, and 30 of
these loans ($123.3 million, 10.2%) have a reported DSC of less
than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$394.8 million (32.7%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.73x for the top 10 loans.
One of the top 10 loans, the Bristol Park at Encino Commons
Apartment loan ($22.5 million, 1.9%), is on the master servicer's
watchlist.  S&P determined this loan to be credit-impaired as
discussed in detail above.  S&P's adjusted DSC and LTV for the top
10 loans are 1.72x and 81.7%, respectively.

Standard & Poor's stressed the loans in the pool according to its
conduit/fusion criteria.  The resultant credit enhancement levels
are consistent with the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2004-C1

                     Rating
                     ------
         Class     To      From      Credit enhancement (%)
         -----     --      ----      ----------------------
         H         BB+     BBB-/Watch Neg              4.79
         J         B+      BB+/Watch Neg               4.12
         K         CCC+    BB/Watch Neg                3.45
         L         CCC-    BB-/Watch Neg               2.95
         M         CCC-    B+/Watch Neg                2.11
         N         CCC-    B/Watch Neg                 1.77
         O         D       B-/Watch Neg                1.44

      Ratings Affirmed And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2004-C1

                     Rating
                     ------
         Class     To      From      Credit enhancement (%)
         -----     --      ----      ----------------------
         B         AAA     AAA/Watch Neg              15.52
         C         AA+     AA+/Watch Neg              14.01
         D         A+      A+/Watch Neg               10.99
         E         A-      A-/Watch Neg                9.48
         F         BBB+    BBB+/Watch Neg              7.64
         G         BBB     BBB/Watch Neg               6.30


                         Ratings Affirmed

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2004-C1

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A-3       AAA                          19.20
           A-4       AAA                          19.20
           A-X       AAA                            N/A
           A-SP      AAA                            N/A
           A-Y       AAA                            N/A

                      N/A - Not applicable.


CREST 2003-1: Fitch Downgrades Ratings on Two Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded two classes of Crest 2003-1,
Ltd/Corp., as a result of increased defaults on the underlying
collateral.  The balance of the notes are affirmed due to adequate
cushion to Fitch's expected loss rates.

According to the Feb. 23, 2010 trustee report, 10.6% of the
portfolio is considered defaulted and 4.2% is experiencing full
interest shortfalls, compared to 3.6 % and 1.5% respectively, at
the last review.  Approximately 57.7% of the portfolio has a Fitch
derived rating below investment grade and 24.3% has a rating in
the 'CCC' category and below.  Currently, 0.9% is on Rating Watch
Negative.  The investment grade collateral (42.3%) is primarily
composed of real estate investment trusts debt with a portion of
seasoned commercial mortgage-backed securities collateral from the
1999 through 2002 vintages.  Further, the collateralized debt
obligation has paid down $21.7 million since the last review.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model for projecting future default levels
for the underlying portfolio.  These default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under the various default timing and interest
rate stress scenarios, as described in the report 'Global Criteria
for Cash Flow Analysis in Corporate CDOs'.  Based on this
analysis, the class A-1/A-2 and B-1/B-2 notes' breakeven rates are
generally consistent with the 'AAA' and 'AA' rating categories,
respectively.  Similarly, the breakeven rates of the class C-1/C-2
notes are generally consistent with the 'BBB' rating category.

The class D-1/D-2 notes are downgraded to 'B' due to Fitch's
expectation of further interest shortfalls to the underlying
collateral.  The increase in defaulted collateral poses additional
risk to the class D notes: as overcollateralization haircuts
increase, OC tests would breach their respective triggers and cut
off interest to the class D-1/D-2 notes.  Fitch notes that as of
the March 1, 2010 payment date, all classes are current on
interest.  The class D OC test is breaching its trigger.  As such,
excess spread payments are being diverted to redeem the class A
notes.

The Negative Rating Outlook on the class A-1 through D-2 notes
reflects Fitch's expectation that underlying CMBS loans will
continue to face refinance risk and maturity defaults.  Fitch also
assigned Loss Severity ratings to the notes.  The LS ratings
indicate each tranche's potential loss severity given default, as
evidenced by the ratio of tranche size to the expected loss for
the collateral under the 'B' stress.  The LS rating should always
be considered in conjunction with probability of default indicated
by a class' long-term credit rating.

Crest 2003-1 is a static CDO which closed March 13, 2003.  The
collateral is composed of 74.3% CMBS and 25.7% REITs.

Fitch has affirmed, assigned LS ratings and revised Outlooks for
these classes as indicated:

  -- $147,003,609 class A-1 notes affirmed at 'AAA/LS4'; Outlook
     to Negative from Stable;

  -- $3,876,853 class A-2 notes affirmed at 'AAA/LS4'; Outlook to
     Negative from Stable;

  -- $24,000,000 class B-1 notes affirmed at 'AA/LS5'; Outlook to
     Negative from Stable;

  -- $36,000,000 class B-2 notes affirmed at 'AA/LS5'; Outlook to
     Negative from Stable;

  -- $28,000,000 class C-1 notes affirmed at 'BBB/LS4'; Outlook to
     Negative from Stable;

  -- $47,000,000 class C-2 notes affirmed at 'BBB/LS4'; Outlook to
     Negative from Stable.

In addition, Fitch has downgraded these classes:

  -- $10,000,000 class D-1 notes downgraded to 'B/LS5' from 'BB';
     Outlook to Negative from Stable;

  -- $53,000,000 class D-2 notes downgraded to 'B/LS5' from 'BB';
     Outlook to Negative from Stable.


CTX CDO: S&P Downgrades Ratings on Nine Classes of CRE CDOs
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
classes from CTX CDO I Ltd., a commercial real estate
collateralized debt obligation transaction.  S&P removed all of
the lowered ratings from CreditWatch negative.  At the same time,
S&P affirmed its 'CCC-' ratings on two other classes from the same
transaction.

The downgrades reflect S&P's analysis of the transaction using its
criteria for CDOs that have triggered events of default after S&P
received a notice from the trustee that the transaction had
experienced an EOD.  The analysis included S&P's assessment of the
market value of the collateral and the proceeds that the super-
senior class may receive in a liquidation scenario.

On March 26, 2010, the trustee, Bank of America N.A., notified us
that CTX CDO I Ltd. had experienced an EOD.  According to the
notice, CTX CDO I Ltd. experienced an EOD under section 5.1 (j) of
its indenture.  The indenture section states that a transaction
experiences an EOD if the default par value coverage ratio is less
than 100% based upon S&P's understanding.  Accordingly, the
trustee declared an EOD after reporting a default par value
coverage ratio of 94.06%.  S&P has determined that the super-
senior counterparty can now direct the sale or liquidation of the
collateral and have applied S&P's criteria for CDOs that have
triggered EODs.

The March 26, 2010, trustee report stated that the collateral for
CTX CDO I Ltd. consisted of credit default swaps referencing 42
commercial mortgage-backed securities classes ($450 million, 90%)
from 26 distinct transactions.  The collateral also included three
CMBS classes ($18.3 million, 3.7%), two CRE CDO classes
($16.7 million, 3.3%), and one real estate investment trust
security ($15 million, 3%).  The reference and cash collateral,
which S&P determined to have current weighted average credit
characteristics consistent with a 'B' rated obligation, was issued
between 2005 and 2007.

Standard & Poor's analyzed CTX CDO I Ltd. according to its current
criteria.  The analysis is consistent with the lowered and
affirmed ratings.

       Ratings Lowered And Removed From Creditwatch Negative

                          CTX CDO I Ltd.

                         Rating
                         ------
       Class             To                   From
       -----             --                   ----
       Super-Senior      CCC                  BB+/Watch Neg
       A                 CCC-                 BB+/Watch Neg
       B                 CCC-                 BB+/Watch Neg
       C                 CCC-                 BB/Watch Neg
       D                 CCC-                 BB-/Watch Neg
       E                 CCC-                 B+/Watch Neg
       F                 CCC-                 B/Watch Neg
       G                 CCC-                 B-/Watch Neg
       H                 CCC-                 CCC/Watch Neg

                         Ratings Affirmed

                          CTX CDO I Ltd.

                     Class             Rating
                     -----             ------
                     J                 CCC-
                     K                 CCC-


CWABS ASSET-BACKED: Moody's Downgrades Ratings on 441 Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 441
tranches from 74 RMBS transactions issued by CWABS.  Additionally,
Moody's has confirmed the ratings of 57 tranches from these same
transactions.  One bond's rating has been upgraded as it has
accumulated substantial protection against future losses.  The
collateral backing these deals primarily consists of first-lien,
fixed and adjustable-rate subprime residential mortgages.

The downgrades are a result of the continued performance
deterioration in Subprime pools in conjunction with home price and
unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on subprime pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
subprime RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Subprime RMBS Loss Projection
Update: February 2010" is adjusted slightly when estimating losses
on pools left with a small number of loans.  To project losses on
pools with fewer than 100 loans, Moody's first estimates a
"baseline" average rate of new delinquencies for the pool
(typically 20% for subprime pools).

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.

The fewer the number of loans remaining in the pool, the higher
the volatility and hence the stress applied.  Once the loan count
in a pool falls below 75, the rate of delinquency is increased by
1% for every loan less than 75.  For example, for a pool with 74
loans from the 2005 vintage, the adjusted rate of new delinquency
would be 20.20%.

If current delinquency levels in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 2.0 for current delinquencies ranging from less than
2.5% to greater than 50% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

Certain tranches included in this action, noted below, are wrapped
by either Ambac Assurance (rated Caa2) or Assured Guaranty Corp
(rated Aa3).  For securities insured by a financial guarantor, the
rating on the securities is the higher of (i) the guarantor's
financial strength rating and (ii) the current underlying rating
(i.e., absent consideration of the guaranty) on the security.  The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty and is as described earlier.

Furthermore, Moody's have adjusted the ratings of certain senior
tranches from CWABS 2005-12 to account for Class 2-A-5 being a
lock-out bond, which was not taken in to account previously.
Actions related to these tranches are listed below:

  -- Cl. 2-A-3, Downgraded to Ba2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to B2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Ba3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

Complete rating actions are:

Issuer: CWABS Asset-Backed Certificates Trust 2005-1

  -- Cl. AF-4, Downgraded to Ba1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5A, Downgraded to B1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5B, Downgraded to B1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to B1; previously on Apr 11,
     2005 Assigned Aaa

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. AF-6, Downgraded to Ba3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to Ca; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-3, Downgraded to C; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MF-4, Downgraded to C; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-5, Downgraded to C; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-6, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. MF-7, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to Aa3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-3, Downgraded to Ba1; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-4, Downgraded to Caa1; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-5, Downgraded to Ca; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-8, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-10

  -- Cl. 2-AV-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to B2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to Caa3; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5, Downgraded to Caa3; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. AF-6, Downgraded to Caa2; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-3, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Downgraded to A2; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to Caa1; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-3, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-5, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-11

  -- Cl. 2-AV-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to B2; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5A, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5B, Downgraded to B3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to Caa2; previously on Mar 25,
     2009 Downgraded to Ba2

  -- Financial Guarantor: MBIA Insurance Corporation (Current
     Rating B3, Outlook Negative on 6/25/2009)

  -- Cl. AF-6, Downgraded to Caa1; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Downgraded to Baa3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-3, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-4, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-5, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-12

  -- Cl. 1-A-3, Downgraded to Baa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Ba1; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Ba1; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Ba1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ba2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to Ba2; previously on May 18,
     2008 Assigned Aaa

  -- Financial Guarantor: MBIA Insurance Corporation (Current
     Rating B3, Outlook Negative on 6/25/2009)

  -- Cl. 2-A-4, Downgraded to B2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Ba3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A, Downgraded to A2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A, Downgraded to B1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-13

  -- Cl. 2-AV-1, Downgraded to B2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Downgraded to Ba3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-4, Downgraded to Caa1; previously on Jan 13, 2010
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to Caa2; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to Caa3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5, Downgraded to B3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to Caa3; previously on Mar 25,
     2009 Downgraded to B1

  -- Financial Guarantor: MBIA Insurance Corporation (Current
     Rating B3, Outlook Negative on 6/25/2009)

  -- Cl. AF-6, Downgraded to Caa2; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-14

  -- Cl. 1-A-1, Downgraded to B1; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B2; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to B2; previously on Mar 25,
     2009 Downgraded to A3

  -- Financial Guarantor: MBIA Insurance Corporation (Current
     Rating B3, Outlook Negative on 6/25/2009)

  -- Cl. 3-A-2, Downgraded to Ba2; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to Caa1; previously on Jan 13, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-15

  -- Cl. 2-AV-2, Downgraded to Ba1; previously on Jan 13, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-AV-3, Downgraded to Caa2; previously on Jan 13, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-3, Downgraded to Ba3; previously on Jan 13, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-4, Downgraded to B3; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-5, Current Rating at Aa3; previously on 3/25/2009
     Downgraded to Aa3

  -- Underlying Rating: Downgraded to B3; previously on Mar 25,
     2009 Downgraded to Ba2

  -- Financial Guarantor: Assured Guaranty Municipal Corp.
     (Rating Confirmed at Aa3, Outlook Developing on 11/12/2009)

  -- Cl. 1-AF-6, Downgraded to B1; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-16

  -- Cl. 3-AV, Downgraded to B1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-AV-3, Downgraded to Ba2; previously on Jan 13, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 4-AV-4, Downgraded to Caa2; previously on Jan 13, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 2-AF-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-AF-3, Current Rating at Caa2; previously on Jan 13,
     2010 Caa2 Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to Ca; previously on Mar 25,
     2009 Downgraded to Caa3

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. 1-AF, Current Rating at Caa2; previously on 7/29/2009
     Downgraded to Caa2

  -- Underlying Rating: Downgraded to Caa3; previously on Mar 25,
     2009 Downgraded to Caa2

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. 2-AF-5, Current Rating at Caa2; previously on 7/29/2009
     Downgraded to Caa2

  -- Underlying Rating: Downgraded to Ca; previously on Mar 25,
     2009 Downgraded to Caa2

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. MV-1, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-17

  -- Cl. 2-AV, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-1, Downgraded to B1; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-2, Downgraded to B2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-AV-2A, Downgraded to Caa1; previously on Jan 13, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 4-AV-2B, Downgraded to Caa3; previously on Jan 13, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 4-AV-3, Downgraded to C; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Confirmed at B3; previously on Mar 25,
     2009 Downgraded to B3

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. 1-AF-3, Current Rating at Caa2; previously on Jan 13,
     2010 Caa2 Placed Under Review for Possible Downgrade

  -- Underlying Rating: Confirmed at Caa3; previously on Mar 25,
     2009 Downgraded to Caa3

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. 1-AF-4, Current Rating at Caa2; previously on Jan 13,
     2010 Caa2 Placed Under Review for Possible Downgrade

  -- Underlying Rating: Confirmed at Ca; previously on Mar 25,
     2009 Downgraded to Ca

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. 1-AF-5, Current Rating at Caa2; previously on Jul 29,
     2009 Downgraded to Caa2

  -- Underlying Rating: Downgraded to Caa3; previously on Mar 25,
     2009 Downgraded to Caa2

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. MV-1, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-2

  -- Cl. 1-A-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Aa2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ba2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-3

  -- Cl. AF-4, Downgraded to Ba2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5A, Downgraded to B2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5B, Downgraded to B2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to B2; previously on Mar 25,
     2009 Downgraded to Aa2

  -- Financial Guarantor: Ambac Assurance Corporation (Current
     rating at Caa2, On Review for Possible Upgrade on 3/26/2010)

  -- Cl. AF-6, Downgraded to Ba3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to C; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MF-3, Downgraded to C; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-4, Downgraded to C; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-5, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. MF-6, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-7, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to Baa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-3, Downgraded to B2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-4, Downgraded to Caa3; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-5, Downgraded to C; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-4

  -- Cl. 2-AV-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to Ba1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to B3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5A, Downgraded to Caa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5B, Downgraded to B3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to Caa2; previously on Mar 25,
     2009 Downgraded to Aa2

  -- Financial Guarantor: MBIA Insurance Corporation (Current
     Rating B3, Outlook Negative on 6/25/2009)

  -- Cl. AF-6, Downgraded to B3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to C; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-3, Downgraded to C; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-4, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-5, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-6, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Downgraded to Aa2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to B1; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-3, Downgraded to Caa2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-4, Downgraded to C; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-5, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. BV, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-5

  -- Cl. 1-A, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Aa3; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ba2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-6

  -- Cl. 1-A-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to A2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to B2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-7, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. M-8, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. B, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-7

  -- Cl. 2-AV-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-AV-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to A2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to B1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5W, Downgraded to B2; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to B2; previously on Mar 25,
     2009 Downgraded to Aa3

  -- Financial Guarantor: MBIA Insurance Corporation (Current
     Rating B3, Outlook Negative on 6/25/2009)

  -- Cl. AF-6, Downgraded to B1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to C; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-3, Downgraded to C; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-4, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-5, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-6, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Downgraded to A3; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-2, Downgraded to Caa1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-3, Downgraded to Ca; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-4, Downgraded to C; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-5, Downgraded to C; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-8

  -- Cl. 1-A-1, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Aa2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ba2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Caa2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB1

  -- Cl. A-2, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB2

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Baa2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB3

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2A, Downgraded to B3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2B, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB4

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 13, 2010
     Caa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-AB5

  -- Cl. 1-A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-1M, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 13, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2M, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-BC1

  -- Cl. M-3, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Ba2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to B3; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to Caa3; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-7, Downgraded to Ca; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-8, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. B, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-BC2

  -- Cl. M-2, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Baa3; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to Caa1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-7, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-8, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. B, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-BC4

  -- Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Baa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to B3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-6, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-7, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-8, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-9, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. M-10, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2005-BC5

  -- Cl. 1-A, Downgraded to A2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa2; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Baa3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to Baa3; previously on Mar 25,
     2009 Downgraded to A1

  -- Financial Guarantor: Syncora Guarantee Inc. (Downgraded to
     Ca, Outlook Developing on 3/9/1009)

  -- Cl. 3-A-3, Downgraded to Baa2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Caa1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-1

  -- Cl. AF-3, Downgraded to B3; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to Ca; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-5, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. AF-6, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. AV-2, Downgraded to Ba3; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. AV-3, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-10

  -- Cl. 1-AF-1, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-2, Downgraded to Ba2; previously on Jan 13, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-3, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-4, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-5, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-6, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-AV, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Downgraded to Caa2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-4, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-11

  -- Cl. 2-AV, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-2, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-1, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-12

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-13

  -- Cl. 2-AV, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-2, Downgraded to Caa1; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-2, Confirmed at Caa1; previously on Jan 13, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. MV-1, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-14

  -- Cl. 1-A, Downgraded to Caa2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 13, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-15

  -- Cl. A-2, Downgraded to Ba1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5A, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5B, Current Rating at Aa3; previously on 3/25/2009
     Downgraded to Aa3

  -- Underlying Rating: Downgraded to Ca; previously on Mar 25,
     2009 Downgraded to Caa2

  -- Financial Guarantor: Assured Guaranty Municipal Corp.
     (Rating Confirmed at Aa3, Outlook Developing on 11/12/2009)

  -- Cl. A-6, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-16

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-17

  -- Cl. 1-A, Downgraded to Caa2; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-18

  -- Cl. 1-A, Downgraded to Caa2; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-19

  -- Cl. 1-A, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-2

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 13, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-20

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at Ba3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-21

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 13, 2010
     Caa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at Ba3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-22

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B1; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-23

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 13, 2010
     Caa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at Ba3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-24

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-25

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at A2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-26

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at A2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-3

  -- Cl. 1-A, Downgraded to B1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B3; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-4

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-1M, Downgraded to Caa3; previously on Jan 13, 2010
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-5

  -- Cl. 1-A, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B2; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-6

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-1M, Downgraded to Ca; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-7

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-8

  -- Cl. 1-A, Downgraded to Caa2; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to A3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-9

  -- Cl. 1-AF-2, Downgraded to Ba1; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-3, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-4, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-5, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AF-6, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-AV, Downgraded to Caa3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-3, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-AV-2, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-ABC1

  -- Cl. A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-BC1

  -- Cl. 1-A, Downgraded to B1; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to A3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to B3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-BC2

  -- Cl. 1-A, Downgraded to B1; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to B2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Ca; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-BC3

  -- Cl. 1-A, Downgraded to Ba2; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Upgraded to Aa2; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-BC4

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2006-BC5

  -- Cl. 1-A, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-1

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-10

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-11

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 13, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-12

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Ca; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa3; previously on Jan 13, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-13

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-2

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-3

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Ba3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-4

  -- Cl. A-1A, Downgraded to Baa3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to Baa3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B1; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4W, Current Rating at Aa3; previously on 3/25/2009
     Downgraded to Aa3

  -- Underlying Rating: Downgraded to Ca; previously on Mar 25,
     2009 Downgraded to B3

  -- Financial Guarantor: Assured Guaranty Municipal Corp.
     (Rating Confirmed at Aa3, Outlook Developing on 11/12/2009)

  -- Cl. A-5, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5W, Current Rating at Aa3; previously on 11/23/2008
     Downgraded to Aa3

  -- Underlying Rating: Downgraded to Ca; previously on Mar 25,
     2009 Downgraded to Caa1

  -- Financial Guarantor: Assured Guaranty Municipal Corp.
     (Rating Confirmed at Aa3, Outlook Developing on 11/12/2009)

  -- Cl. A-6, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6W, Current Rating at Aa3; previously on 3/25/2009
     Downgraded to Aa3

  -- Underlying Rating: Downgraded to Caa3; previously on Mar 25,
     2009 Downgraded to B2

  -- Financial Guarantor: Assured Guaranty Municipal Corp.
     (Rating Confirmed at Aa3, Outlook Developing on 11/12/2009)

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-5

  -- Cl. 1-A, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-6

  -- Cl. 1-A, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-7

  -- Cl. A-1, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa3; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-8

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-9

  -- Cl. 1A, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A1, Downgraded to Ba1; previously on Jan 13, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2A2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-BC1

  -- Cl. 1-A, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Ba3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-BC2

  -- Cl. 1-A, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa3; previously on Jan 13, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWABS Asset-Backed Certificates Trust 2007-BC3

  -- Cl. 1-A, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at B3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade


CWALT INC: Moody's Downgrades Ratings on 211 Tranches
-----------------------------------------------------
Moody's Investors Service has downgraded the ratings of 211
tranches and confirmed the ratings of 4 tranches from 13 CWALT-J
transactions issued in 2005.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable-rate, Alt-A residential mortgage
loans.  The actions are a result of the rapidly deteriorating
performance of Alt-A pools in conjunction with macroeconomic
conditions that remain under duress.  The actions reflect Moody's
updated loss expectations on Alt-A pools issued from 2005 to 2007.

To assess the rating implications of the updated loss levels on
Alt-A RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Alt-A RMBS Loss Projection Update:
February 2010" is adjusted slightly when estimating losses on
pools left with a small number of loans.  To project losses on
pools with fewer than 100 loans, Moody's first estimates a
"baseline" average rate of new delinquencies for the pool that is
dependent on the vintage of loan origination (10%, 19% and 21% for
the 2005, 2006 and 2007 vintage respectively).  This baseline rate
is higher than the average rate of new delinquencies for the
vintage to account for the volatile nature of small pools.  Even
if a few loans in a small pool become delinquent, there could be a
large increase in the overall pool delinquency level due to the
concentration risk.  Once the baseline rate is set, further
adjustments are made based on 1) the number of loans remaining in
the pool and 2) the level of current delinquencies in the pool.
The fewer the number of loans remaining in the pool, the higher
the volatility and hence the stress applied.  Once the loan count
in a pool falls below 75, the rate of delinquency is increased by
1% for every loan less than 75.  For example, for a pool with 74
loans from the 2005 vintage, the adjusted rate of new delinquency
would be 10.10%.  If current delinquency levels in a small pool is
low, future delinquencies are expected to reflect this trend.  To
account for that, the rate calculated above is multiplied by a
factor ranging from 0.2 to 2.0 for current delinquencies ranging
from less than 2.5% to greater than 50% respectively.

Delinquencies for subsequent years and ultimate expected losses
are projected using the approach described in the methodology
publication.

  -- Cl. 1-A-3 issued by CWALT, Inc. Mortgage Pass-Through
     Certificates, Series 2005-J1 is wrapped by MBIA Insurance
     Corporation.  For securities insured by a financial
     guarantor, the rating on the securities is the higher of (i)
     the guarantor's financial strength rating and (ii) the
     current underlying rating (i.e., absent consideration of the
     guaranty) on the security.  The principal methodology used in
     determining the underlying rating is the same methodology for
     rating securities that do not have a financial guaranty and
     is as described earlier.

Complete rating actions are:

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J1
  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to B3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     Jan 21, 2010 Baa3 Placed Under Review for Possible Downgrade

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

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. PO-A, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Caa1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO-B, Downgraded to B3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to B3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B3; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO-C, Downgraded to B3; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. X-C, Downgraded to B3; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. X-D, Downgraded to B1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO-D, Downgraded to B3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 5-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 5-A-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to B2; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. X-E, Downgraded to B2; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. X-F, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J10

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa1; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa2; previously on Jan 14, 2010
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Caa2; previously on Jan 14, 2010
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J11

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-A, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. PO-C, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO-B, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-X, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-X, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-X, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 6-X, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A-1, Confirmed at B1; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 7-X, Confirmed at B1; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J12

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to B2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-M-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J13

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa3; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa3; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa3; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-10, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-11, Confirmed at Caa1; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J14

  -- Cl. A-1, Downgraded to Ba3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Ba3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J3

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-A, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M-A, Downgraded to C; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-10, Downgraded to Caa3; previously on Jan 14, 2010
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-11, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-13, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-14, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-B, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J4

  -- Cl. 1-A-1, Confirmed at Aaa; previously on Jan 14, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Aa2; previously on Jan 14, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Aa1; previously on Jan 14, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Aa1; previously on Jan 14, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Aa1; previously on Jan 14, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Ba3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J5

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to C; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-A, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. MA, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO-B, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J6

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to C; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to B2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-1, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO-2, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-X, Downgraded to B1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-3, Downgraded to B1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J7

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa3; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa3; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to C; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Caa2; previously on Jan 14, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO-A, Downgraded to Caa3; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to B1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-B, Downgraded to B1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J8

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO-A, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-B, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-J9

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-A, Downgraded to Caa3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ba2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Ba2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-B, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade


CWALT INC: Moody's Downgrades Ratings on 468 Tranches
-----------------------------------------------------
Moody's Investors Service has downgraded the ratings of 468
tranches and confirmed the ratings of 5 tranches from 35 CWALT-CB
transactions issued in 2005.

The collateral backing these transactions consists primarily of
first-lien, fixed-rate, Alt-A residential mortgage loans.  The
actions are a result of the rapidly deteriorating performance of
Alt-A pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on Alt-A pools issued from 2005 to 2007.

To assess the rating implications of the updated loss levels on
Alt-A RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Alt-A RMBS Loss Projection Update:
February 2010" is adjusted slightly when estimating losses on
pools left with a small number of loans.  To project losses on
pools with fewer than 100 loans, Moody's first estimates a
"baseline" average rate of new delinquencies for the pool that is
dependent on the vintage of loan origination (10%, 19% and 21% for
the 2005, 2006 and 2007 vintage respectively).  This baseline rate
is higher than the average rate of new delinquencies for the
vintage to account for the volatile nature of small pools.  Even
if a few loans in a small pool become delinquent, there could be a
large increase in the overall pool delinquency level due to the
concentration risk.  Once the baseline rate is set, further
adjustments are made based on 1) the number of loans remaining in
the pool and 2) the level of current delinquencies in the pool.
The fewer the number of loans remaining in the pool, the higher
the volatility and hence the stress applied.  Once the loan count
in a pool falls below 75, the rate of delinquency is increased by
1% for every loan less than 75.  For example, for a pool with 74
loans from the 2005 vintage, the adjusted rate of new delinquency
would be 10.10%.  If current delinquency levels in a small pool is
low, future delinquencies are expected to reflect this trend.  To
account for that, the rate calculated above is multiplied by a
factor ranging from 0.2 to 2.0 for current delinquencies ranging
from less than 2.5% to greater than 50% respectively.
Delinquencies for subsequent years and ultimate expected losses
are projected using the approach described in the methodology
publication.

  -- Cl. A-6 issued by CWALT, Inc. Mortgage Pass-Through
     Certificates, Series 2005-13CB is wrapped by Radian Asset
     Assurance,

  -- Cl. 1-A-3 issued by CWALT, Inc. Mortgage Pass-Through
     Certificates, Series 2005-52CB is wrapped by Syncora
     Guarantee Inc., and

  -- Cl. 1-A-3 issued by CWALT, Inc. Mortgage Pass-Through
     Certificates, Series 2005-34CB is wrapped by MBIA Insurance
     Corporation.

For securities insured by a financial guarantor, the rating on the
securities is the higher of (i) the guarantor's financial strength
rating and (ii) the current underlying rating (i.e., absent
consideration of the guaranty) on the security.  The principal
methodology used in determining the underlying rating is the same
methodology for rating securities that do not have a financial
guaranty and is as described earlier.

Complete rating actions are:

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-10CB

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-13CB

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ba1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Radian Asset Assurance (Downgraded to
     Ba1, Outlook Stable on 3/12/2009)

  -- Cl. A-7, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-18CB

  -- Cl. A-5, Downgraded to Caa1; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Jan 14, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to C; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to C; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-1CB

  -- Cl. 1-A-1, Downgraded to B3; previously on Jan 14, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa1; previously on Jan 14, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Ca; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to C; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Jan 14, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 14, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa3; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Caa3; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to C; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-X, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. PO-A, Downgraded to Caa2; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. PO-B, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-20CB

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-4, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-8, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-10, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-21CB

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Jan 14, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa1; previously on Jan 14, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa1; previously on Jan 14, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to Caa1; previously on Jan 14, 2010 A3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-23CB

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ca; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa1; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to C; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Caa1; previously on Jan 14, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-26CB

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-28CB

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa1; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa2; previously on Jan 14, 2010
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa1; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-10, Downgraded to Caa2; previously on Jan 14, 2010
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-29CB

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-30CB

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-33CB

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-34CB

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to Caa2; previously on Jan 21,
     2010 Ba1 Placed Under Review for Possible Downgrade

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B3; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-35CB

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-3CB

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa1; previously on Jan 14, 2010
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Caa2; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-40CB

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-42CB

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa1; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa1; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Confirmed at Ba3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Confirmed at Ba3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa1; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-47CB

  -- Cl. A-1, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-49CB

  -- Cl. A-1, Downgraded to B3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-50CB

  -- Cl. 4-A-1, Downgraded to Caa1; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-1, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Caa2; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Confirmed at Caa2; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-52CB

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Syncora Guarantee Inc. (Downgraded to
     Ca, Outlook Developing on 3/9/2009)

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-54CB

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa3; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to C; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa3; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to C; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-8, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-9, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-10, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-11, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-12, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-13, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-55CB

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-PO, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to C; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-PO, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-57CB

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-X, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-5, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-6, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-X, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-64CB

  -- Cl. 1-A-1, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Caa2; previously on Jan 14, 2010
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to C; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Caa2 Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa3; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 3-X, Downgraded to Caa2; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-65CB

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to C; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa1; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to C; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on Jan 14, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-67CB

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-70CB

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-73CB

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-75CB

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa2; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-79CB

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-80CB

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 1-X, Downgraded to Caa3; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-X, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Ca; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-X, Downgraded to Ca; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Ca; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-X, Downgraded to Ca; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa3; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-X, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-83CB

  -- Cl. A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa2; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Confirmed at Ca; previously on Jan 14, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-86CB

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on Jan 14, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa1; previously on Jan 14, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-9CB

  -- Cl. 1-A-1, Downgraded to Caa1; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa1; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa1; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa1; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Caa1; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa1; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade


DAVIS SQUARE: Moody's Downgrades Rating on Class A-1 to 'Ca'
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of notes issued by Davis Square Funding II,
Ltd.  The notes affected by the rating action are:

  -- Class A-1 Long Term Floating Rate Notes, Downgraded to Ca;
     previously on December 30, 2009 Downgraded to Caa3.

Davis Square Funding II, Ltd. is a collateralized debt obligation
issuance backed by a portfolio of primarily Residential Mortgage-
Backed Securities originated between 2001 and 2007.

According to Moody's, the rating downgrade action is the result of
deterioration in the credit quality of the underlying portfolio.
Such credit deterioration is observed through numerous factors,
including a decline in the average credit rating of the portfolio
(as measured by an increase in the weighted average rating
factor), an increase in the dollar amount of defaulted securities,
and failure of the coverage tests.  The weighted average rating
factor, as reported by the trustee, has increased from 593 in
December 2009 to 664 in March 2010.  In addition, the trustee
reports that the transaction is currently failing its
overcollateralization test.

Moody's explained that in arriving at the rating action noted
above, the ratings of 2005-2007 subprime, Alt-A and Option-ARM
RMBS which are currently on review for possible downgrade were
stressed.  For purposes of monitoring its ratings of SF CDOs with
exposure to such 2005-2007 vintage RMBS, Moody's used certain
projections of the lifetime average cumulative losses as set forth
in Moody's press releases dated January 13th for subprime, January
14th for Alt-A, and January 27th for Option-ARM.  Based on the
anticipated ratings impact of the updated cumulative loss numbers,
the stress varied based on vintage, current rating, and RMBS asset
type.

For 2005 Alt-A and Option-ARM securities, securities that are
currently rated Aaa or Aa were stressed by eleven notches, and
securities currently rated A or Baa were stressed by eight
notches.  Those securities currently rated in the Ba or B range
were stressed to Caa3, while current Caa securities were treated
as Ca.  For 2006 and 2007 Alt-A and Option-ARM securities,
currently Aaa or Aa rated securities were stressed by eight
notches, and securities currently rated A, Baa or Ba were stressed
by five notches.  Those securities currently rated in the B range
were stressed to Caa3, while current Caa securities were treated
as Ca.

For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca.  For subprime
RMBS originated in the first half of 2006, those currently rated
Aaa were stressed by four notches, while Aa, A and Baa rated
securities were stressed by eight notches.  Those securities
currently rated in the Ba range were stressed to Caa3, while
current B and Caa securities were treated as Ca.  For subprime
RMBS originated in the second half of 2006, those currently rated
Aa, A, Baa or Ba were stressed by four notches, currently B rated
securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.  For 2007 subprime RMBS, currently
Ba rated securities were stressed by four notches, currently B
rated securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.

Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.

Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade.  Current public ratings will be used for
securities that have undergone an in depth review by Moody's RMBS
team and are no longer on review for downgrade.


FIRST UNION: Fitch Affirms Ratings on 2001-C3 Certificates
----------------------------------------------------------
Fitch Ratings has affirmed and assigned Rating Outlooks and Loss
Severity ratings to First Union National Bank Commercial Mortgage
Trust's commercial mortgage pass-through certificates, series
2001-C3.

The affirmations are due to stable performance and defeasance,
along with limited Fitch expected losses upon disposition of
specially serviced assets along with expected losses from Fitch's
prospective review of potential stresses.  Fitch expects losses of
1.2%, or $6.9 million from loans in special servicing and loans
that cannot refinance at maturity based on Fitch's refinance.
These losses will be absorbed by the class not rated by Fitch.
The majority of Fitch's expected losses are associated with loans
currently in special servicing.

As of the March 2010 distribution date, the pool's certificate
balance has paid down 31.6% to $560.2 million from $818.8 million
at issuance.  Of the remaining 106 loans, 27 (37.2%) have defeased
and 68 have anticipated repayment dates or maturity dates within
10 months.  The weighted average coupon of the loans with upcoming
maturities is 7.45%.

There are three specially serviced loans in the pool (2%).  One
loan is in foreclosure, one is delinquent and one is real estate
owned.

The largest specially serviced asset (0.8%) is a 129,400 square
foot industrial building located in Warren, MI.  The loan
transferred to special servicing in October 2009 and the special
servicer is pursuing foreclosure.  As of Hune, the net operating
income debt service coverage ratio was 0.99 with an occupancy of
72%.

The second largest specially serviced asset (0.7%) is a 55,674 sf
office building located in Addison, TX.  The loan transferred in
August 2008 and was REO as of April 2009.  The property is 64.9%
occupied and is the headquarters for Mattress Giant.  The special
servicer is preparing to list the property for sale.

Fitch stressed the cash flow of the remaining non defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income and applying an adjusted market cap rate between 7.5% and
10% to determine value.

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a DSCR of 1.25x
or higher were considered to payoff at maturity.  Of the non-
defeased or non-specially serviced loans, two loans (0.4% of the
pool) incurred a loss when compared to Fitch's stressed value.

Fitch has affirmed, assigned Outlooks and LS ratings to these
classes:

  -- $380.6 million class A-3 at 'AAA/LS1'; Outlook Stable;

  -- Interest-only classes IO-I and IO-II at 'AAA'; Outlook
     Stable;

  -- $33.8 million class B at 'AAA/LS3'; Outlook Stable;

  -- $12.3 million class C at 'AAA/LS3'; Outlook Stable;

  -- $23.5 million class D at 'AAA/LS3'; Outlook Stable;

  -- $11.3 million class E at 'AAA/LS3'; Outlook Stable;

  -- $12.3 million class F at 'AAA/LS3'; Outlook Stable;

  -- $12.3 million class G at 'AAA/LS3'; Outlook Stable;

  -- $12.3 million class H at 'AAA/LS3'; Outlook Stable;

  -- $18.4 million class J at 'A/LS3'; Outlook Negative;

  -- $14.3 million class K at 'BBB/LS3'; Outlook Negative;

  -- $6.1 million class L at 'BBB-/LS4'; Outlook Negative;

  -- $4.1 million class M at 'BB+/LS5'; Outlook Negative;

  -- $6.1 million class N at 'BB/LS5'; Outlook Negative;

  -- $4.1 million class O at 'B-/LS5'; Outlook Negative.

Fitch does not rate the $22.5 million class P.


FULTON STREET: Moody's Downgrades Rating on Class A-1B to 'Caa3'
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of notes issued by Fulton Street CDO, Ltd.
The notes affected by the rating action are:

  -- US$148,000,000 Class A-1B Floating Rate Notes Due April 20,
     2032 (current balance of $77,608,779), Downgraded to Caa3;
     previously on March 24, 2009 Downgraded to Caa2.

Fulton Street CDO, Ltd., is a collateralized debt obligation
issuance backed primarily by a diversified portfolio of structured
finance securities such as RMBS, CMBS and other ABS asset classes.
RMBS are approximately 20% of the underlying portfolio.

According to Moody's, the rating downgrade action is the result of
deterioration in the credit quality of the underlying portfolio.
Such credit deterioration is observed through numerous factors,
including a decline in the average credit rating of the portfolio
(as measured by an increase in the weighted average rating
factor), and failure of the coverage tests.  The weighted average
rating factor, as reported by the trustee, has increased from 1893
in February 2009 to 2456 in March 2010.  During the same time, the
Class A1 overcollateralization ratio decreased from 87.17% to
70.3% and the coverage test is failing.

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for ABS CDOs as described in
Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (August 2009)

In deriving its ratings, Moody's uses the collateral instrument's
current rating-based expected loss, Moody's recovery rate table,
and the original rating of the instrument along with its average
life to infer an unadjusted default probability.  In addition to
the quantitative factors that are explicitly modeled, qualitative
factors are part of rating committee considerations.  These
qualitative factors include the structural protections in each
transaction, the recent deal performance in the current market
environment, the legal environment, and specific documentation
features.  All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.


GE COMMERCIAL: Fitch Affirms Ratings on Various 2004-C2 Certs.
--------------------------------------------------------------
Fitch Ratings affirms and assigns Rating Outlooks and Loss
Severity ratings to GE Commercial Mortgage Corporation, commercial
mortgage pass-through certificates, series 2004-C2:

  -- $52.6 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $73.4 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $574.5 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $212.2 million class A-1A at 'AAA/LS1'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable;
  -- Interest-only class X-2 at 'AAA'; Outlook Stable;
  -- $41.3 million class B at 'AA+/LS3'; Outlook Stable;
  -- $17.2 million class C at 'AA/LS3'; Outlook Stable;
  -- $25.8 million class D at 'A+/LS3'; Outlook Stable;
  -- $15.5 million class E at 'A-/LS4'; Outlook Stable;
  -- $18.9 million class F at 'BBB+/LS3'; Outlook Stable;
  -- $17.2 million class G at 'BBB/LS3'; Outlook Stable;
  -- $18.9 million class H at 'BBB-/LS3'; Outlook Negative;
  -- $10.3 million class J at 'BB+/LS4'; Outlook Negative;
  -- $8.6 million class K at 'BB/LS4'; Outlook Negative;
  -- $6.9 million class L at 'BB-/LS5'; Outlook Negative;
  -- $5.2 million class M at 'B+/LS5'; Outlook Negative;
  -- $3.1 million class PPL-1 at 'BBB-'; Outlook Stable;
  -- $3.1 million class PPL-2 at 'BBB-'; Outlook Stable;
  -- $4.7 million class PPL-3 at 'BB+'; Outlook Stable;
  -- $6 million class PPL-4 at 'BB-'; Outlook Stable;
  -- $3.8 million class PPL-5 at 'B+'; Outlook Stable;
  -- $4.6 million class PPL-6 at 'B'; Outlook Stable.

Fitch does not rate the $5.2 million class N, the $3.4 million
class O, or the $17.7 million class P certificates.  Class A-1 has
been paid in full.

Affirmations are due to the pool's stable performance and minimal
future expected losses following Fitch's prospective review of
potential stresses to the transaction.  Fitch expects potential
losses of 1.1% of the remaining pooled balance, approximately
$12.5 million, from the loan in special servicing and the loans
that cannot refinance at maturity based on Fitch's refinance test.

As of the March 2010 distribution date, the pool's collateral
balance has paid down 18% to $1.13 billion from $1.38 billion at
issuance.  Twelve loans have defeased (12.5%).

As of the March 2010 distribution date, there is one specially
serviced loan (0.7%).  The specially serviced loan is secured by a
manufactured housing community located in Massillon, OH.  The loan
transferred to special servicing in March 2009 and was scheduled
to mature in February 2009.  The loan is current, with an extended
maturity of October 2010.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income and applying an adjusted market cap rate between 7.5% and
10.5% to determine value.

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25 times or higher were considered to payoff
at maturity.  Thirty-two loans did not payoff at maturity with
eight loans incurring a loss when compared to Fitch's stressed
value.


GMAC COMMERCIAL: S&P Downgrades Ratings on Nine 2001-C2 CMBS
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
classes of commercial mortgage-backed securities from GMAC
Commercial Mortgage Securities Inc.'s series 2001-C2 and removed
them from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on six other classes from the same
transaction and removed three of them from CreditWatch with
negative implications.

The actions follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria.  The downgrades of the
mezzanine and subordinate classes also reflect credit support
erosion that S&P anticipates will occur upon the eventual
resolution of seven specially serviced loans and one credit-
impaired loan.  S&P lowered its ratings on classes N and O to 'D'
due to recurring interest shortfalls.  The shortfalls primarily
reflect appraisal subordinate entitlement reduction amounts on
three assets that are currently with the special servicer,
Berkadia Commercial Mortgage LLC.  S&P expects the interest
shortfalls to continue for the foreseeable future.  Classes N and
O have accumulated outstanding interest shortfalls of $95,841 and
$122,688, respectively.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.31x and a loan-to-value ratio of 79.8%.  S&P further stressed
the loans' cash flows under its 'AAA' scenario to yield a weighted
average DSC of 1.13x and an LTV ratio of 106.4%.  The implied
defaults and loss severity under the 'AAA' scenario were 36.0% and
36.6%, respectively.  The DSC and LTV calculations S&P noted above
exclude 26 defeased loans ($203.9 million, 35.0%), seven specially
serviced assets ($78.1 million, 13.5%), and one loan that S&P
determined to be credit-impaired ($13.5 million, 2.3%).  S&P
separately estimated losses for the specially serviced assets and
the credit-impaired loan and included them in S&P's 'AAA' scenario
implied default and loss figures.

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its rating on the class X-1
interest-only certificate based on its current criteria.  S&P
published a request for comment proposing changes to its IO
criteria on June 1, 2009.  After S&P finalizes its criteria
review, S&P may revise its IO criteria, which may affect
outstanding ratings, including the rating on the IO certificates
that S&P affirmed.

                      Credit Considerations

As of the March 2010 remittance report, seven assets
($78.1 million, 13.5%) in the pool were with the special servicer,
Berkadia, including three of the top 10 exposures.  The payment
status of the specially serviced assets is: two are real estate
owned (REO; $16.5 million, 2.9%), one is in foreclosure
($17.8 million, 3.1%), and four are 90-plus-days delinquent
($43.8 million, 7.6%).  Three of the specially serviced assets
have appraisal reduction amounts in effect totaling $21.7 million.
The related monthly ASER amount on the March 2010 trustee
remittance report for these ARAs was $182,374.

The Lichtenstein Portfolio is the largest exposure with the
special servicer and also the largest exposure in the pool.  The
portfolio consists of three cross-collateralized and cross-
defaulted loans with a total exposure of $47.8 million: two are
with the special servicer ($40.1 million, 7.0%) and one is
partially defeased.  The Lichtenstein Pennsylvania Office
Portfolio loan and the Lichtenstein Florida Portfolio loan are the
two loans with the special servicer, and the Lichtenstein Maryland
Portfolio loan is partially defeased.  The Lichtenstein
Pennsylvania Office Portfolio loan is secured by four office
properties in Allentown, Reading, and Harrisburg, Pa.  The
Lichtenstein Florida Portfolio loan is secured by one office and
four industrial properties in Jacksonville, Fla.  Both loans were
transferred to the special servicer in July 2009 due to payment
default.  The reported combined DSC for the two portfolios was
0.72x as of year-end 2008.  The special servicer rejected a
modification proposal from the borrower and Berkadia is moving
forward with foreclosure.  The borrower has stated that it will
not contest the foreclosure.  An ARA totaling $10.4 million is in
effect for this asset.  S&P expects a moderate loss upon the
eventual resolution of this loan.

The Princeton Park Corporate Center loan ($20.7 million total
exposure, 3.1%) is the second-largest asset with the special
servicer and the fifth-largest asset in the pool.  The loan was
transferred to the special servicer in May 2008 due to payment
default and is now in foreclosure.  The loan is secured by a
178,591-sq.-ft. office building in South Brunswick, N.J.  The
property's revenue declined sharply following the departure of a
major tenant when its lease expired in July 2007.  Then in July
2008, a fire caused significant damage to the building.  Berkadia
tried to negotiate a settlement of the loan with the borrower
while overseeing the administration of the insurance claim related
to the fire.  After settlement terms could not be reached, the
special servicer initiated foreclosure proceedings on the loan.
The reported DSC was 0.14x as of year-end 2008.  An ARA totaling
$1.4 million is in effect for this asset.  S&P expects a
significant loss upon the eventual resolution of this loan.

400 Horsham Road is the third-largest asset with the special
servicer and the eighth-largest asset in the pool, with a total
exposure of $16.3 million (2.6%).  The property is a 150,581-sq.-
ft. office building in Horsham, Pa., built in 1960 and renovated
in 2000.  This loan was transferred to the special servicer on
May 6, 2008, and became REO on Sept. 24, 2008.  An ARA totaling
$9.5 million is in effect for this asset.  A sale of the property
has been approved and a contract has been signed with an
anticipated closing on April 28, 2010.  S&P expects a significant
loss upon the eventual resolution of this asset.

The three remaining specially serviced assets that were listed on
the March 2010 remittance report have balances that individually
represent less than 0.4% of the total pool balance.  S&P estimated
losses for all of these loans to arrive at a weighted average loss
severity of 25%.  One of the assets is REO and two are 90-plus-
days delinquent with foreclosure proceedings underway.

In addition to the specially serviced assets, S&P determined the
Courtyard by Marriott loan ($13.5 million; 2.3%), which is the
ninth-largest exposure in the pool, to be credit-impaired.  This
loan, which is secured by a 155-room limited-service hotel in
Milpitas, Calif., is on the master servicer's watchlist.  As of
December 2009, the DSC and occupancy were 0.62x and 65%,
respectively.  Due to the low occupancy and DSC, S&P considers
this loan to be at increased risk of default and loss.

S&P's analysis also considered the transaction's significant near-
term loan maturities.  Excluding the 26 defeased loans and seven
specially serviced assets, approximately 48.5% of the loans, by
balance, mature by June 2011.

                        Transaction Summary

As of the March 2010 remittance report, the collateral pool
balance was $576.8 million, which is 76.4% of the balance at
issuance.  The pool includes 82 loans, down from 96 at issuance.
As of the March 2010 remittance report, the master servicer
provided financial information for 97.7% of the pool, and 47.2% of
the servicer-provided information was interim-2009 or full-year
2009 data.  S&P calculated a weighted average DSC of 1.21x for the
nondefeased loans in the pool based on the reported figures.
S&P's adjusted DSC and LTV were 1.31x and 79.8%, respectively,
after excluding the 26 defeased loans ($203.9 million, 35.0%),
seven specially serviced assets ($78.1 million, 13.5%), and one
credit-impaired loan ($13.5 million, 2.3%).  S&P estimated losses
separately for the specially serviced loans and the credit-
impaired loan.  Without these eight assets, S&P's adjusted DSC
would be 1.18x.  Fourteen loans ($94.2 million, 16.3%) are on the
master servicer's watchlist, including two of the top 10 loans,
one of which is discussed above and one is discussed below.
Thirteen loans ($154.9 million, 26.9%) have a reported DSC of less
than 1.10x, and eight of these loans ($113.6 million, 19.7%) have
a reported DSC of less than 1.0x.  The transaction has experienced
six principal losses to date totaling $10.1 million.

                   Summary of The Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$208.8 million (36.2%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.08x for the top 10 loans.
As of the March 2010 remittance report, two of the top 10 loans
appear on the master servicer's watchlist.  S&P's adjusted DSC and
LTV for the top 10 loans are 1.22x and 90.7%, respectively, which
exclude three specially serviced assets and one credit-impaired
loan.  If S&P include these assets, S&P's adjusted DSC for the top
10 loans is 1.01x.

The Corporate Woods Office Building loan ($29.2 million, 5.1%) is
the largest loan on the watchlist and the second largest exposure
in the pool.  The loan is secured by a 282,850-sq.-ft. office
complex in Earth City, Mo.  The loan is on the watchlist due to a
low DSC and because a major tenant's lease is expiring.  The low
DSC was caused by Sara Lee vacating the property in August 2009
after its lease expired.  In addition, SBC Advanced Solutions Inc.
occupies 50% of the net rentable area and has a lease that expires
Aug. 31, 2010.  The borrower is in discussions with SBC to renew
the lease.  The reported year-end 2009 DSC was 1.09x.

Standard & Poor's stressed the loans in the pool according to its
conduit/fusion criteria.  The resultant credit enhancement levels
support the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

              GMAC Commercial Mortgage Securities Inc.
    Commercial mortgage pass-through certificates series 2001-C2

                  Rating
                  ------
      Class     To      From            Credit enhancement (%)
      -----     --      ----            ----------------------
      F         A+      AA-/Watch Neg                    13.63
      G         BBB-    A/Watch Neg                      11.83
      H         B       A-/Watch Neg                     10.19
      J         CCC+    BBB-/Watch Neg                    6.10
      K         CCC     BB/Watch Neg                      5.12
      L         CCC-    B-/Watch Neg                      4.14
      M         CCC-    CCC+/Watch Neg                    2.18
      N         D       CCC/Watch Neg                     1.52
      O         D       CCC-/Watch Neg                    0.87

      Ratings Affirmed And Removed From Creditwatch Negative

             GMAC Commercial Mortgage Securities Inc.
   Commercial mortgage pass-through certificates series 2001-C2

                  Rating
                  ------
      Class     To      From            Credit enhancement (%)
      -----     --      ----            ----------------------
      C         AAA     AAA/Watch Neg                    20.50
      D         AA+     AA+/Watch Neg                    17.88
      E         AA      AA/Watch Neg                     16.25

                         Ratings Affirmed

             GMAC Commercial Mortgage Securities Inc.
   Commercial mortgage pass-through certificates series 2001-C2

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A-2       AAA                          28.35
           B         AAA                          22.46
           X-1       AAA                            N/A

                      N/A - Not applicable.


GREENWICH CAPITAL: S&P Downgrades Ratings on 11 2006-RR1 Certs.
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes of commercial mortgage-backed securities pass-through
certificates from Greenwich Capital Commercial Mortgage Trust
2006-RR1, a U.S. resecuritized real estate mortgage investment
conduit transaction.  At the same time, S&P removed the lowered
ratings from CreditWatch with negative implications.

S&P downgraded classes E through K to 'D' to reflect interest
shortfalls that S&P expects to continue for the foreseeable
future.  The downgrades of the remaining classes reflect S&P's
view that these securities may be susceptible to continued or
future liquidity interruptions.

The liquidity interruptions to GCCMT 2006-RR1 resulted from
interest shortfalls on the underlying CMBS collateral.  The
interest shortfalls were primarily due to special servicing fees,
servicers' nonrecoverability determinations for advances, and
appraisal subordinate entitlement reductions.

According to the March 22, 2010, trustee report, classes A2
through S experienced interest shortfalls totaling $657,559 during
the payment period.  The accumulated interest shortfalls reported
for these certificates totaled $3.9 million.  GCCMT 2006-RR1 is
collateralized by 74 CMBS classes ($660.9 million, 100%) from 34
distinct transactions.  The CMBS collateral was issued in 1998-
2006, with 99.5% of the collateral issued in 2005 and 2006.  S&P
previously downgraded classes L through Q to 'D'.

Standard & Poor's analyzed GCCMT 2006-RR1 and its underlying
collateral according to S&P's current criteria.  S&P's analysis
supports the lowered ratings.

      Ratings Lowered And Removed From Creditwatch Negative

       Greenwich Capital Commercial Mortgage Trust 2006-RR1
                  CMBS pass-through certificates

                                Rating
                                ------
         Class            To               From
         -----            --               ----
         A1               B+               BBB-/Watch Neg
         A2               CCC              B/Watch Neg
         B                CCC-             CCC+/Watch Neg
         C                CCC-             CCC+/Watch Neg
         D                CCC-             CCC/Watch Neg
         E                D                CCC-/Watch Neg
         F                D                CCC-/Watch Neg
         G                D                CCC-/Watch Neg
         H                D                CCC-/Watch Neg
         J                D                CCC-/Watch Neg
         K                D                CCC-/Watch Neg


HILLCREST CDO: Moody's Downgrades Ratings on Four Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of four classes of notes issued by Hillcrest CDO I Ltd.
The notes affected by the rating action are:

  -- Class A-1a Floating Rate Senior Secured Notes Due 2039,
     Downgraded to Ca; previously on 3/18/2009, Downgraded to Caa2

  -- Class A-1b Fixed Rate Senior Secured Notes Due 2039,
     Downgraded to Ca; previously on 3/18/2009, Downgraded to Caa2

  -- Class 2 Composite Notes, Downgraded to Ca; previously on
     12/22/2008 Downgraded to Caa2

  -- Class 3 Composite Notes, Downgraded to Caa3; previously on
     3/18/2009 Downgraded to Ba1

Hillcrest CDO I Ltd. is a collateralized debt obligation issuance
backed by a portfolio of primarily Residential Mortgage-Backed
Securities originated between 2003 and 2006.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Such credit deterioration is observed through numerous
factors, including a decline in the average credit rating of the
portfolio (as measured by an increase in the weighted average
rating factor), an increase in the dollar amount of defaulted
securities, and failure of the coverage tests.  The weighted
average rating factor, as reported by the trustee, has increased
from 1347 in March 2009 to 2350 in March 2010.  During the same
time, defaulted securities increased from $92 million to
$128 million.  In addition, the trustee reports that the
transaction is currently failing its overcollateralization tests.

Moody's explained that in arriving at the rating action noted
above, the ratings of 2005-2007 subprime, Alt-A and Option-ARM
RMBS which are currently on review for possible downgrade were
stressed.  For purposes of monitoring its ratings of SF CDOs with
exposure to such 2005-2007 vintage RMBS, Moody's used certain
projections of the lifetime average cumulative losses as set forth
in Moody's press releases dated January 13 for subprime,
January 14 for Alt-A, and January 27 for Option-ARM.  Based on the
anticipated ratings impact of the updated cumulative loss numbers,
the stress varied based on vintage, current rating, and RMBS asset
type.

For 2005 Alt-A and Option-ARM securities, securities that are
currently rated Aaa or Aa were stressed by eleven notches, and
securities currently rated A or Baa were stressed by eight
notches.  Those securities currently rated in the Ba or B range
were stressed to Caa3, while current Caa securities were treated
as Ca.  For 2006 and 2007 Alt-A and Option-ARM securities,
currently Aaa or Aa rated securities were stressed by eight
notches, and securities currently rated A, Baa or Ba were stressed
by five notches.  Those securities currently rated in the B range
were stressed to Caa3, while current Caa securities were treated
as Ca.

For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca.  For subprime
RMBS originated in the first half of 2006, those currently rated
Aaa were stressed by four notches, while Aa, A and Baa rated
securities were stressed by eight notches.  Those securities
currently rated in the Ba range were stressed to Caa3, while
current B and Caa securities were treated as Ca.  For subprime
RMBS originated in the second half of 2006, those currently rated
Aa, A, Baa or Ba were stressed by four notches, currently B rated
securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.  For 2007 subprime RMBS, currently
Ba rated securities were stressed by four notches, currently B
rated securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.

Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.

Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade.  Current public ratings will be used for
securities that have undergone an in depth review by Moody's RMBS
team and are no longer on review for downgrade.


JP MORGAN: Fitch Downgrades Ratings on Various 2001-CIBC3 Notes
---------------------------------------------------------------
Fitch Ratings downgrades, revises Rating Outlooks and assigns Loss
Severity ratings, Recovery Ratings, and Outlooks to J.P. Morgan
Chase Commercial Mortgage Securities Corp. 2001-CIBC3, as
indicated:

  -- $17.3 million class G to 'BBB/LS4' from 'BBB+'; Outlook
     Negative;

  -- $6.5 million class H to 'BB/LS5' from 'BBB'; Outlook
     Negative;

  -- $6.5 million class J to 'B/LS5' from 'BBB-'; Outlook
     Negative;

  -- $7.6 million class K to 'B-/LS5' from 'BB'; Outlook Negative;

  -- $4.3 million class L to 'B-/LS5' from 'B+'; Outlook Negative;

  -- $4.3 million class M to 'CCC/RR4' from 'B-'.

In addition, Fitch affirms these classes and assigns Outlooks & LS
ratings as indicated:

  -- $27.5 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $457.3 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable;
  -- $36.9 million class B at 'AAA/LS3'; Outlook Stable;
  -- $36.9 million class C at 'AAA/LS3'; Outlook Stable;
  -- $9.8 million class D at 'AAA/LS4'; Outlook Stable;
  -- $27.1 million class E at 'AAA/LS3; Outlook Stable;
  -- $10.8 million class F at 'AA/LS4' Outlook Negative.

Fitch does not rate class NR.  Class A-1 has paid in full.

The downgrades are due to an increase in Fitch expected losses
upon the disposition of specially serviced assets along with
expected losses from Fitch's prospective review of potential
stresses.  Fitch expects losses of 2.86% of the remaining pool
balance, approximately $19 million, from the loans in special
servicing and loans that cannot refinance at maturity based on
Fitch's refinance test.

As of the March 2010 distribution date, the pool's collateral
balance has paid down 23.4% to $664.7 million from $867.5 billion
at issuance.  Twenty-nine of the remaining loans have defeased
(32.1%).

As of March 2010, there are seven specially serviced loans
(4.08%).  The largest specially serviced loan (1.43%) is secured
by a 233,709 square foot retail property located in Madison, WI.
The loan transferred to special servicing in March 2009 for
imminent payment default and is now 90 days delinquent.  The
special servicer is working with the borrower to stabilize the
property and increase occupancy.

The second largest specially serviced asset (0.83%) is a real
estate owned (REO) office property located in Milpitas, CA.  The
property became REO in September and is vacant generating no
income.  The special servicer has engaged CB Richard Ellis to
manage and market the property.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income and applying an adjusted market cap rate between 7.25% and
10.5% to determine value.

Similar to Fitch's prospective analysis of recent vintage
commercial mortgage backed securities, each loan also underwent a
refinance test by applying an 8% interest rate and 30-year
amortization schedule based on the stressed cash flow.  Loans that
could refinance to a debt service coverage ratio of 1.25 times or
higher were considered to payoff at maturity.  Ten loans did not
payoff at maturity with five loans incurring a loss when compared
to Fitch's stressed value.


JP MORGAN: Moody's Downgrades Ratings on 89 Tranches
----------------------------------------------------
Moody's Investors Service has downgraded the ratings of 89
tranches, confirmed the ratings of 22 tranches, and upgraded the
rating of 9 tranches from six RMBS transactions, backed by prime
jumbo loans, issued by J.P. Morgan Mortgage Trust.

The collateral backing these transactions consists primarily of
first-lien, fixed, prime jumbo residential mortgage loans.  The
actions are a result of the rapidly deteriorating performance of
jumbo pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on prime jumbo pools issued from 2005 to 2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Jumbo RMBS Loss Projection Update:
January 2010" is adjusted to estimate losses on pools left with a
small number of loans.  To project losses on pools with fewer than
100 loans, Moody's first estimates a "baseline" average rate of
new delinquencies for the pool that is dependent on the vintage of
loan origination (3.5%, 6.5% and 7.5% for the 2005, 2006 and 2007
vintage respectively).  This baseline rate is higher than the
average rate of new delinquencies for the vintage to account for
the volatile nature of small pools.  Even if a few loans in a
small pool become delinquent, there could be a large increase in
the overall pool delinquency level due to the concentration risk.

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.  The fewer the number of
loans remaining in the pool, the higher the volatility and hence
the stress applied.  Once the loan count in a pool falls below 75,
the rate of delinquency is increased by 1% for every loan less
than 75.  For example, for a pool with 74 loans from the 2005
vintage, the adjusted rate of new delinquency would be 3.535%.  If
the current delinquency level in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 1.8 for current delinquencies ranging from less than
2.5% to greater than 30% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

List of actions:

Issuer: J.P. Morgan Mortage Trust 2006-S2

  -- Cl. 1-A-1, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to C; previously on Jun 24, 2009
     Downgraded to Ca

  -- Cl. 1-A-3, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to Caa2; previously on Dec 17, 2009
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-4, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-8, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-9, Downgraded to C; previously on Jun 24, 2009
     Downgraded to Ca

  -- Cl. 3-A-10, Downgraded to Caa3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-11, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-12, Downgraded to Caa3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-13, Downgraded to C; previously on Jun 24, 2009
     Downgraded to Ca

  -- Cl. 3-A-14, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

Issuer: J.P. Morgan Mortgage Trust 2006-S1

  -- Cl. 1-A-1, Downgraded to B1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ba2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Ba3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to B1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-4, Downgraded to Ba3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Confirmed at Baa1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to Ba1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-8, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-M, Downgraded to C; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

Issuer: J.P. Morgan Mortgage Trust 2006-S3

  -- Cl. 1-A-1, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Ba1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Confirmed at B2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa1; previously on Dec 17, 2009
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to Caa2; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to Caa2; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to Ca; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-27, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-28, Downgraded to Caa2; previously on Dec 17, 2009
     Ba3 Placed Under Review for Possible Downgrade

  -- Cl. 1-A-29, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-30, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-31, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Upgraded to B1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Confirmed at Ba3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Upgraded to B1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Upgraded to Baa3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Upgraded to B1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Upgraded to B2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Upgraded to B1; previously on Dec 17, 2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

Issuer: J.P. Morgan Mortgage Trust 2006-S4

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Upgraded to B1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Upgraded to B1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Upgraded to B1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: J.P. Morgan Mortgage Trust 2007-S1

  -- Cl. 2-A-1, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: J.P. Morgan Mortgage Trust 2007-S2

  -- Cl. 1-A-4, Downgraded to Caa3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to C; previously on May 1, 2009
     Downgraded to Ca

  -- Cl. 1-A-11, Downgraded to Caa3; previously on Dec 17, 2009
     Ba3 Placed Under Review for Possible Downgrade


JP MORGAN: Moody's Reviews Ratings on Eight 2002-C3 Certificates
----------------------------------------------------------------
Moody's Investors Service placed eight classes of J.P.  Morgan
Chase Commercial Mortgage Securities Corp., Commercial Mortgage
Pass-Through Certificates, Series 2002-C3 on review due to higher
expected losses for the pool resulting from estimated losses from
specially serviced and watchlisted loans and interest shortfalls.

The action is the result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.

As of the March 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 25%
to $558.7 million from $745.3 million at securitization.  The
Certificates are collateralized by 77 mortgage loans ranging in
size from less than 1% to 5% of the pool, with the top 10 non-
defeased loans representing 29% of the pool.  Thirteen loans,
representing 33% of the pool, have defeased and are collateralized
by U.S. Government securities.

Eighteen loans, representing 21% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Three loans have been liquidated from the pool since
securitization, resulting in an aggregate $32.2 million loss (52%
loss severity on average).  Classes M, N and the nonrated class
have been 100% eliminated due to losses and Class L has
experienced a 91% principal loss.

Four loans, representing 7% of the pool, are currently in special
servicing.  The largest specially serviced loan is the 78
Corporate Center Loan ($17.5 million -- 3.1% of the pool), which
is secured by a 185,850 square foot office building located in
Lebanon, New Jersey.  The loan was transferred to special
servicing in January 2009 and is currently 90+ days delinquent.
The servicer has recognized a $12.3 million appraisal reduction
for this loan.  The remaining three specially serviced loans are
secured by multifamily, office and hotel properties.

As of the most recent statement date, Classes L through H have
experienced cumulative interest shortfalls totaling $896,764.
Interest shortfalls are caused by special servicing fees,
including workout and liquidation fees, appraisal subordinate
entitlement reductions and extraordinary trust expenses.
According to the master servicer, Berkadia Commercial Mortgage
LLC, interest shortfalls are expected to increase in April and
also affect Classes G through D.  The increase in interest
shortfalls is primarily due to on-going litigation expenses
associated with the 318 West Adams Loan as well as Berkadia's
plans to reduce its outstanding advances on the Maple Glen Loan.

The 318 West Adams Loan was sold in September 2005 for a
significant loss (loan balance at sale -- $10.7 million; 79% loss
severity).  The special servicer, ING Clarion Capital Loan
Servicing LLC, has been in litigation against multiple defendants,
including the loan guarantor and the loan seller, for fraud and
breach of reps & warrantees.  The litigation has been on-going for
several years and is expected to go to trial in September 2010.
The legal expenses that will be passed through the trust in the
April remittance is approximately $243,000.  These expenses may
increase as the case approaches the trial date.

The Maple Glen Loan ($7.8 million -- 1.4% of the pool), is secured
by a 705 unit multifamily property located in Columbus, Ohio.  The
property was transferred to special servicing in August 2008.  In
March 2010 Berkadia declared the loan non-recoverable, allowing it
to recoup advances previously made on the loan.  As of the most
recent remittance date, Berkadia has advanced approximately
$1.8 million for principal and interest payments and property
protection advances.  Berkadia has indicated that it plans to
reduce its outstanding advances by about $65,000 in April.  The
property is currently under contract for sale for $1.8 million and
is expected to close by the end of April.

Moody's review will focus on potential losses from specially
serviced and watchlisted loans, the performance of the overall
pool and interest shortfalls.

Moody's rating action is:

  -- Class C, $9,316,000, currently rated Aaa, on review for
     possible downgrade; previously upgraded to Aaa from Aa3 on
     12/20/2005

  -- Class D, $24,224,000, currently rated Aa1, on review for
     possible downgrade; previously upgraded to Aa1 from Aa2 on
     5/7/2008

  -- Class E, $9,316,000, currently rated Aa3, on review for
     possible downgrade; previously upgraded to Aa3 from A3 on
     12/20/2005

  -- Class F, $22,360,000, currently rated Baa1, on review for
     possible downgrade; previously upgraded to Baa1 from Baa2 on
     12/20/2005

  -- Class G, $11,180,000, currently rated Baa3, on review for
     possible downgrade; previously assigned Baa3 on 12/23/2002

  -- Class H, $14,907,000, currently rated Ba3, on review for
     possible downgrade; previously downgraded to Ba3 from Ba2 on
     3/23/2007

  -- Class J, $13,043,000, currently rated Caa3, on review for
     possible downgrade; previously downgraded to Caa3 from B2 on
     3/23/2007

  -- Class K, $2,795,000, currently rated Ca, on review for
     possible downgrade; previously downgraded to Ca from B3 on
     3/23/2007


JPMORGAN CHASE: S&P Downgrades Ratings on Eight 2004-CIBC10 CMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes of commercial mortgage-backed securities from JPMorgan
Chase Commercial Mortgage Securities Corp.'s series 2004-CIBC10
and removed them from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 14 additional classes from
the same transaction and removed six of them from CreditWatch with
negative implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria.  The downgrades of the
subordinate and mezzanine classes also reflect credit support
erosion that S&P anticipates will occur upon the eventual
resolution of 11 specially serviced assets, as well as its
analysis of two loans that S&P determined to be credit-impaired.

S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.43x and a loan-to-value ratio of 87.4%.  S&P further stressed
the loans' cash flows under S&P's 'AAA' scenario to yield a
weighted average DSC of 1.13x and an LTV ratio of 109.7%.  The
implied defaults and loss severity under the 'AAA' scenario were
45.8% and 25.7%, respectively.

The DSC and LTV calculations S&P noted above exclude 20 defeased
loans ($288.2 million, 17.4%), 11 ($184.4 million, 11.2%) of the
13 specially serviced assets, and two loans that S&P determined to
be credit-impaired ($6.4 million, 0.4%).  S&P separately estimated
losses for these 13 specially serviced and credit-impaired assets
and included them in S&P's 'AAA' scenario implied default and loss
figures.

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its ratings on the class X-
1 and X-2 interest-only certificates based on S&P's current
criteria.  S&P published a request for comment proposing changes
to its IO criteria on June 1, 2009.  After S&P finalizes its
criteria review, S&P may revise its IO criteria, which may affect
outstanding ratings, including the ratings on the IO certificates
that S&P affirmed.

                      Credit Considerations

As of the March 2010 remittance report, 13 assets ($201.1 million,
12.2%) in the pool were with the special servicer, LNR Partners
Inc. The payment status of the specially serviced assets is: three
are real estate owned (REO; $12.4 million, 0.8%), four are in
foreclosure ($107.8 million, 6.5%), one is 90-plus-days delinquent
($3.9 million, 0.2%), two are 60 days delinquent ($10.3 million,
0.6%), one is less than 30 days delinquent ($50.0 million, 3.0%),
and two are within their grace periods ($16.7 million, 1.0%).
Seven of the specially serviced assets have appraisal reduction
amounts in effect totaling $28.8 million.

The Continental Plaza loan, which has a total exposure of
$89.0 million (5.3%), is the largest loan in the pool and is
currently with the special servicer.  The loan is secured by a
639,315-sq.-ft. office complex in Hackensack, New Jersey, built in
1968 and renovated in 1999.  The loan was transferred to the
special servicer on April 17, 2009, due to maturity default.  The
loan matured on Sept. 1, 2009.  The borrower was unable to
refinance the loan, and the property is now in foreclosure.  The
reported DSC for year-end 2008 was 1.19x, and occupancy as of
September 2008 was 80.6%.  S&P expects a significant loss upon the
eventual resolution of this asset.

The ABB Building loan, which has a total exposure of $50.0 million
(3.0%), is the second-largest loan in the pool and the second-
largest loan with the special servicer.  The loan is less than 30
days delinquent and is secured by a 469,027-sq.-ft. single-tenant
office property built in 1999 in Houston, Texas.  The loan was
transferred to the special servicer on Oct. 7, 2009, due to
imminent maturity default.  The single tenant, ABB Holdings Inc.,
vacated the property upon its lease expiration in December 2009,
and the loan matured on Nov. 1, 2009.  The borrower has indicated
that it is not able to refinance.  According to the special
servicer, the borrower has been attempting to re-lease the
property and has one tenant signed and in place for 13.5% of the
net rentable area.  LNR is awaiting a loan modification proposal
from the borrower while concurrently pursuing foreclosure.  Should
the modification not occur, S&P expects a significant loss upon
the eventual resolution of this asset.

The 11 remaining specially serviced assets listed in the March
2010 remittance report ($63.1 million, 3.8%) have balances that
individually represent less than 0.9% of the total pool balance.
S&P estimated losses for nine of these assets, resulting in a
weighted average loss severity of 20.5%.  One of the remaining two
loans was recently transferred to the special servicer (effective
Feb. 5, 2010), and there is limited information available for this
loan.  LNR is reviewing a workout strategy for the other remaining
loan.

In addition to the specially serviced assets, S&P determined two
loans ($6.4 million, 0.4%) to be credit-impaired.  Both loans are
secured by properties that have lost numerous tenants and are
experiencing high vacancy rates.  One property was 62% occupied as
of July 2009, and one was 39% occupied as of September 2009.  As a
result, S&P views both of these loans to be at an increased risk
of defaults and losses.

Two loans totaling $8.4 million (0.4%) that were previously with
the special servicer have been returned to the master servicer.
According to the transaction documents, the special servicer is
entitled to a workout fee equal to 1.00% of all future principal
and interest payments on the corrected loans, provided that they
continue to perform and remain with the master servicer.

                       Transaction Summary

As of the March 2010 remittance report, the collateral pool
balance was $1.65 billion, which is 84.3% of the balance at
issuance.  The pool includes 193 loans, down from 202 loans at
issuance.  As of the March 2010 remittance report, the master
servicer, Berkadia Commercial Mortgage LLC, had provided financial
information for 82.3% of the nondefeased loans in the pool, and
80.3% of the information was full-year 2008, interim-2009, or
full-year 2009 data.  S&P calculated a weighted average DSC of
1.45x for the pool based on the reported figures.  S&P's adjusted
DSC and LTV, which exclude 20 defeased loans ($288.2 million,
17.4%), 11 ($184.4 million, 11.2%) of the 13 specially serviced
assets, and two loans that S&P determined to be credit-impaired
($6.4 million, 0.4%), were 1.43x and 87.4%, respectively.  S&P
separately estimated losses for these 13 specially serviced and
credit-impaired assets.  Forty-eight loans ($340.8 million, 20.6%)
are on the master servicer's watchlist, including two of the top
10 loans.  Thirty-three loans ($208.3 million, 12.6%) have a
reported DSC below 1.10x, and 24 of these loans ($133.6 million,
8.1%) have a reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$373.1 million (22.6%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.41x for the top 10 loans.
Two of the top 10 loans ($60.8 million, 3.7%) appear on the master
servicer's watchlist.  S&P's adjusted DSC and LTV for the top 10
loans are 1.34x and 90.4%, respectively.

The Fountain Square loan is the fifth-largest loan in the pool and
the largest loan on the master servicer's watchlist.  The loan has
a trust balance of $34.6 million (2.1%) and is secured by a
242,139-sq.-ft. office complex built in 1987 and renovated in 1998
in Boca Raton, Fla.  According to the March 2010 watchlist report
comments, the loan appears on the watchlist due to a decrease in
occupancy.  Reported DSC and occupancy as of June 30, 2009, were
1.29x and 79.5%, respectively.  Reported occupancy as of the
Dec. 31, 2009, rent roll was 75.0%, down from 96.0% at issuance.

The Piilani Garden Apartments loan is the seventh-largest loan in
the pool and the second-largest loan on the watchlist.  The loan
has a trust balance of $26.1 million (1.6%) and is secured by a
200-unit apartment complex built in 2004 in Kihei, Hawaii.
According to the March 2010 watchlist report comments, the asset
appears on the watchlist due to a low DSC and a decline in
occupancy.  Reported DSC and occupancy as of June 30, 2009, were
1.02x and 76.0%, respectively, down from 1.17x and 97.0% at
issuance.

Standard & Poor's stressed the loans in the pool according to its
conduit/fusion criteria.  The resultant credit enhancement levels
are consistent with the lowered and affirmed ratings.

       Ratings Lowered And Removed From Creditwatch Negative

        JPMorgan Chase Commercial Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2004-CIBC10

                     Rating
                     ------
         Class     To      From      Credit enhancement (%)
         -----     --      ----      ----------------------
         H         BBB-    BBB/Watch Neg               5.64
         J         B       BBB-/Watch Neg              4.01
         K         CCC+    BB+/Watch Neg               3.71
         L         CCC     BB/Watch Neg                3.26
         M         CCC-    BB-/Watch Neg               2.52
         N         CCC-    B+/Watch Neg                2.23
         P         CCC-    B/Watch Neg                 1.78
         Q         CCC-    B-/Watch Neg                1.63

      Ratings Affirmed And Removed From Creditwatch Negative

        JPMorgan Chase Commercial Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2004-CIBC10

                     Rating
                     ------
         Class     To      From      Credit enhancement (%)
         -----     --      ----      ----------------------
         B         AA      AA/Watch Neg               12.91
         C         AA-     AA-/Watch Neg              11.87
         D         A+      A+/Watch Neg               10.98
         E         A       A/Watch Neg                 9.94
         F         A-      A-/Watch Neg                8.60
         G         BBB+    BBB+/Watch Neg              6.97

                         Ratings Affirmed

        JPMorgan Chase Commercial Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2004-CIBC10

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A-3       AAA                          23.74
           A-4       AAA                          23.74
           A-5       AAA                          23.74
           A-6       AAA                          23.74
           A-1A      AAA                          23.74
           A-J       AAA                          16.62
           X-1       AAA                            N/A
           X-2       AAA                            N/A

                      N/A - Not applicable.


JPMORGAN CHASE: S&P Puts Five Ratings on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on five
classes of commercial mortgage pass-through certificates from
JPMorgan Chase Commercial Mortgage Securities Corp.'s series 2002-
C3, a U.S. commercial mortgage-backed securities transaction, on
CreditWatch with negative implications.

The negative CreditWatch placements on classes D, E, F, and G
reflect interest shortfalls on these classes as shown on the
April 12, 2010, trustee remittance report.  It is S&P's
understanding that the interest shortfalls are primarily the
result of legal expenses in connection with ongoing litigation
relating to the 318 West Adams Street loan and the recovery of
past advances made by the master servicer, Berkadia Commercial
Mortgage LLC, on the Maple Glen loan.

S&P placed its rating on the class C certificates on CreditWatch
negative due to its determination that this class may be
susceptible to liquidity interruption as a result of additional
legal expenses that may be incurred in future periods.

                   Litigation-Related Expenses

Based on the April 2010 trustee remittance report, $242,451 was
taken from the trust's general collection account to cover legal
fees incurred over the past two months.  It is S&P's understanding
that the trust has incurred legal fees in connection with an
ongoing litigation regarding the 318 West Adams Street loan.  S&P
referred to this litigation in S&P's March 11, 2010, release
announcing six downgrades and five affirmations on this
transaction.  As S&P noted in that release, the trust has incurred
approximately $1.5 million of legal and other related expenses to
date.  During S&P's March 2010 surveillance review, S&P inquired
with the special servicer, ING Clarion Capital Loan Services LLC,
about the status of the 318 West Adams Street loan litigation and
the associated legal expenses.  ING indicated that it was not in a
position to quantify the litigation-related expenses.  On April 7,
2010, the master servicer informed us that $242,451 in legal
expenses would be passed through to the trust.  This amount has
been reflected in the April 2010 trustee remittance report.  S&P
believes that the trust will continue to incur litigation-related
expenses with respect to the 318 West Adams Street loan,
particularly since the trial, originally set for May 3, 2010, has
been rescheduled for September 2010.  In S&P's view, this could
cause significant liquidity interruptions to the trust, and S&P
may take additional rating actions if the rated classes experience
further interest shortfalls.

                     Nonrecoverable Advances

The nonrecoverable advances are related to the Maple Glen asset,
which currently has a total exposure of $9.6 million.  In S&P's
March 11 press release, S&P indicated that S&P expects a
significant loss upon the eventual resolution of this asset.  At
the time of S&P's review, the master servicer had determined
future advances nonrecoverable on March 4, 2010.  Berkadia
recently changed its position and indicated that it is recovering
a substantial portion of its past advances made on this loan.
Berkadia has indicated that there is approximately $1.7 million in
outstanding advances on this loan.  The master servicer recovered
$65,000 of the past advances in the April 2010 trustee remittance
report.

Standard & Poor's is in discussions with the master servicer and
special servicer in S&P's efforts to evaluate the impact of the
legal expenses associated with the 318 West Adams Street loan and
the recovery of advances related to the Maple Glen loan on the
transaction's payment waterfall.  The duration and extent of the
interest shortfalls will depend on the amount of additional trust
expenses that may be passed through to the trust.  The liquidity
interruptions may prompt Standard & Poor's to lower its ratings on
the outstanding senior classes by multiple rating categories.  S&P
may lower some of the ratings on the subordinate classes to 'D' if
the interest shortfalls continue for an extended period.

Standard & Poor's expects to resolve the negative CreditWatch
placements as more information concerning the litigation expenses
and recovery of advances becomes available.

              Ratings Placed on Creditwatch Negative

       JPMorgan Chase Commercial Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2002-C3

                                 Rating
                                 ------
                Class     To                 From
                -----     --                 ----
                C         AAA/Watch Neg      AAA
                D         AA/Watch Neg       AA
                E         A+/Watch Neg       A+
                F         BB-/Watch Neg      BB-
                G         B-/Watch Neg       B-


LB-UBS COMMERCIAL: Moody's Reviews Ratings on Seven 2000-C3 Certs.
------------------------------------------------------------------
Moody's Investors Service placed seven classes of LB-UBS
Commercial Mortgage Trust 2000-C3, Commercial Mortgage Pass-
Through Certificates, Series 2000-C3 on review for possible
downgrade due to higher expected losses for the pool resulting
from anticipated losses from loans in special servicing and
concerns about loans approaching maturity in an adverse
environment.  Although the pool has paid down significantly since
Moody's last review, the exposure to specially serviced loans has
also increased, from 5% to 70% of the pool.  The significant
increase in specially serviced loans is largely due to the limited
refinancing options for loans maturing in the current environment.
Loans representing 93% of the pool have matured or are scheduled
to mature within the next four months.

The rating action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the March 17, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 80% to
$257.0 million from $1.3 billion at securitization.  The
Certificates are collateralized by 41 mortgage loans ranging in
size from less than 1% to 17% of the pool, with the top ten loans
representing 67% of the pool.  The pool includes a credit tenant
lease component, which represents 3% of the pool.  Three loans,
representing 8% of the pool, have defeased and are collateralized
by U.S. Government securities.

Ten loans, representing 21% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Twelve loans have been liquidated from the pool, resulting in a
$5.4 million aggregate loss (21% loss severity on average).
Twenty-two loans, representing 70% of the pool, are currently in
special servicing.  The largest specially serviced loan is the
Sangertown Square Loan ($55.2 million -- 22.4% of the pool), which
is secured by the borrower's interest in a 855,000 square foot
retail property located in New Hartford, New York.  The loan was
transferred to special servicing in December 2009 for imminent
default.  The loan was structured with an anticipated repayment
date of December 2009.  The borrower is in negotiations with the
special servicer on a loan medication.  The remaining specially
serviced loans are secured by a mix of retail, multifamily, and
office properties.  All of the specially serviced loans have
either matured or are scheduled to mature within the next month.

Moody's review will focus on the performance of the overall pool
and potential losses from specially serviced loans and loans
approaching near-term maturity.

Moody's rating action is:

  -- Class G, $11,751,000, currently rated A2, on review for
     possible downgrade; previously upgraded to A2 from Baa2 on
     11/7/2006

  -- Class H, $20,891,000, currently rated Baa2, on review for
     possible downgrade; previously upgraded to Baa2 from Ba1 on
     11/7/2006

  -- Class J, $16,322,000, currently rated Ba1, on review for
     possible downgrade; previously upgraded to Ba1 from Ba2 on
     11/7/2006

  -- Class K, $9,792,000, currently rated Ba3, on review for
     possible downgrade; previously assigned Ba3 on 5/18/2000

  -- Class L, $10,446,000, currently rated B2, on review for
     possible downgrade; previously downgraded to B2 from B1on
     2/7/2008

  -- Class M, $11,751,000, currently rated Caa1, on review for
     possible downgrade; previously downgraded to Caa1 from B2 on
     2/7/2008

  -- Class N, $3,917,000, currently rated Caa3, on review for
     possible downgrade; previously downgraded to Caa3 from Caa1
     on 2/7/2008


LEHMAN ABS: Moody's Downgrades Ratings on Three Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches and confirmed the ratings of two tranches from one RMBS
transaction issued by Lehman ABS Mortgage Loan Trust.  The
collateral backing this deal primarily consists of first-lien,
fixed and adjustable-rate subprime residential mortgages.

The actions are a result of the continued performance
deterioration in Subprime pools in conjunction with home price and
unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on subprime pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
subprime RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

Complete rating actions are:

Issuer: Lehman ABS Mortgage Loan Trust 2007-1

  -- Cl. 1-A1, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Caa3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A3, Confirmed at Caa3; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Confirmed at Caa3; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade


LITTLEFIELD: Fitch Puts BB Rating on $1.2MM in Tax, Revenue Certs.
---------------------------------------------------------------
Fitch Ratings takes this rating action on Littlefield, Texas' as
part of its continuous surveillance effort;

  -- Approximately $1.2 million in outstanding combination tax and
     revenue certificates of obligation, series 1997 rated 'BB.'

The Rating Outlook remains Negative.

Rating Rationale:

  -- The majority of the city's outstanding debt is for a
     detention center (not rated by Fitch), which had been self-
     supporting from detention center operations.  However, both
     detention center prisoners and the private operator left the
     facility in 2009, and despite the city's active efforts to
     locate prisoners or sell the facility, the detention center
     remains vacant.

  -- The lack of a debt service tax levy has resulted in
     considerable operating pressure.

  -- A fully funded debt service reserve remains in place, with
     the February 2010 principal and interest payment made from
     available funds, primarily excess water and sewer system
     revenues.  Officials plan to make the next interest payment
     in August 2010 from available funds as well, although there
     is a possibility debt service reserve funds may be needed.

  -- General fund reserves are minimal; however, the water and
     sewer fund maintained about $800,000 in unrestricted net
     assets for the close of fiscal 2009.  The city is considering
     making future detention center debt service payments from a
     combination of budget reductions, available city funds, and
     the imposition of an interest and sinking fund tax beginning
     in fiscal 2011.

  -- The city's tax base has shown moderate annual growth, and
     county unemployment rates, although higher than a year ago,
     remain below the state and nation.  Proximity to the Lubbock
     metropolitan area offers additional employment opportunities
     for residents.

What Could Trigger A Downgrade:

  -- Failure to identify a near-term financial solution in the
     fiscal 2011 budget is of immediate credit concern.

  -- The inability to develop a long solution may also lead to a
     negative credit action; such a solution may remain a
     challenge given current national economic conditions, tighter
     governmental budgets, and an overall reduction in the jail
     population.

Security:

The 1997 CO's constitute a general obligation of the city, payable
from ad valorem taxes limited to $2.50 per $100 taxable assessed
valuation (TAV).  Administratively, the state attorney general
will permit allocation of $1.50 of the $2.50 maximum tax rate for
all general obligation debt based on 90% tax collection rate.
Additionally, the COs are secured by a pledge of surplus water and
sewer revenues.

Credit Summary:

The speculative grade rating and Negative Outlook reflect the
uncertainty as to when and if the city can secure an operator or
buyer for the detention center as well as the city's limited
financial resources to repay the detention center debt.  To the
surprise of city officials, the state of Idaho announced their
plans to leave the Littlefield facility in January 2009, citing
the need to consolidate all of its out-of-state prisoners into a
larger facility in Oklahoma.  In addition, the detention center's
private operator, the Geo Group, unexpectedly announced
termination of their agreement to manage the facility effective
January 2009.  The move to leave Littlefield by the Geo Group is
significant, given that the established private operator had made
sizable equity investments in the detention center reportedly
totaling approximately $2 million.  In the past, the ability of
the Geo Group to quickly replace prisoners with little disruption
in operations, as well as their investment in the Littlefield
detention center were cited as credit strengths.

Since GEO's announcement, the city has actively pursued a solution
to the detention center situation, including the hiring of an
outside consultant to identify potential operators and prisoners
as well as buyers for the facility.  The city entered into an
operator agreement with Southwestern Correctional, which has been
unable to successfully negotiate an agreement to house prisoners
in Littlefield.  The agreement with Southwestern Correctional is
not exclusive and the city continues to seek discussions with
other operators.  Exacerbating city efforts is the current
national recession, cuts in governmental spending, and a reduced
jail population.

In the interim, the city continues to meet debt service
obligations.  The city made the February 2010 principal and
interest payment from available funds, primarily from the water
and sewer system.  As of the end of fiscal 2009, the water and
sewer fund had approximately $800,000 in unrestricted net assets.
Officials believe that sufficient city funds are available to make
the smaller August 2010 interest payment, although there is a
possibility that the debt service reserve fund may have to be
tapped.  The detention center fund maintained $786,000 in
restricted assets for debt service (equal to one year's debt
service) as of Sept. 30, 2009.

Financial flexibility remains limited.  The general fund balance
is modest, with the city recording a $57,000 fund balance, or 1.4%
of expenditures and transfers out.  The city maintains some
reserves in its other governmental funds, although their use may
be restricted.  While the water and sewer fund has historically
provided significant general fund and detention center fund
support, available surplus funds are expected to decline as excess
revenues are transferred to the general fund.  Officials have
indicated, rather than drawing upon the debt service reserve fund,
that the city is considering levying an interest and sinking fund
tax to pay a portion of the detention center debt service, with
the balance of detention center debt service requirements coming
from expenditure reductions and available surplus funds.  The city
would have to almost double the property tax rate to pay for the
entire detention center debt, which is not feasible.  Developing a
financial solution to meeting the city's debt service obligation
beginning in the fiscal 2011 budget is an important credit
consideration.

Littlefield, with a population of 6,500, is located approximately
35 miles northwest of Lubbock and serves as the county seat for
Lamb County.  The area is primarily rural in nature, with
agriculture services, government, manufacturing, and trade as key
components of the county's economy.  County unemployment rates
have risen, with a 7.9% posted for February 2010; however, the
rate remains below the statewide average of 8.2%.  The city's
population and TAV had been flat until recently; over the past
several years, the tax base has increased by a compound annual
growth rate of 4.6%, with another 7.2% gain for fiscal 2010.
While there is moderate taxpayer concentration among the top 10
taxpayers, there is generally a good mix of industries within the
list.


LNR CDO: Fitch Downgrades Ratings on 11 Classes of 2006-1 Notes
---------------------------------------------------------------
Fitch Ratings has downgraded 11 classes issued by LNR CDO 2006-1,
Ltd./LLC(IV) as a result of increased interest shortfalls to the
underlying collateral.

On the March 29, 2010 payment date, the class B-FL and B-FX notes
did not receive their full interest distributions as a result of
insufficient interest proceeds due to interest shortfalls on the
underlying collateral.  On April 2, 2010, the trustee declared an
event of default due to non-payment of full and timely accrued
interest to the class B-FL and B-FX notes.  Fitch rates the class
B notes to the timely receipt of interest and has therefore
downgraded these classes to 'D'.  Noteholders had not given
direction to accelerate the notes or liquidate the portfolio at
the time of this review.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model for projecting future default levels
for the underlying portfolio.  The degree of correlated default
risk of this collateral is high given the CMBS and vintage
concentrations.  Further, in its review, Fitch analyzed the
structure's sensitivity to the default of the distressed
collateral ('CCC' category and lower) and assets that are
experiencing interest shortfalls (56.9%).  Approximately 98.3% of
the collateral is rated below investment grade, with 63.7% of the
portfolio with a Fitch derived rating in the 'CCC' category or
lower.

Fitch's loss expectation exceeds the credit enhancement available
to classes C and below.  Given the high probability of default of
the underlying assets and the expected limited recovery prospects
upon default, classes C through G have been downgraded to 'C',
indicating that default is inevitable at maturity.

According to the March 29, 2010 trustee report, the class A notes
received their full interest payment.  However, after payment of
the class A interest, only $27,122 in interest proceeds remained.
Fitch anticipates that further interest shortfalls to the
underlying collateral will cause an interest shortfall to the
class A notes, due to the slim margin of interest proceeds
available beyond the interest due on the class A notes.  As a
result, the class A notes have been downgraded to 'C', indicating
that default is inevitable.

LNR CDO IV is collateralized by all or a portion of 151 classes in
36 separate underlying CMBS transactions.  Approximately 27% of
the collateral currently is not rated and represents the first
loss position of the respective underlying CMBS transaction.  All
underlying classes are thin, junior tranches that are susceptible
to losses in the near-term.

Fitch has downgraded these classes:

  -- $474,385,000 Class A Notes to 'C' from 'BB-' and remove from
     Rating Watch Negative;

  -- $204,174,000 Class B-FL Notes to 'D' from 'B' and remove from
     Rating Watch Negative;

  -- $ 10,000,000 Class B-FX Notes to 'D' from 'B' and remove from
     Rating Watch Negative;

  -- $73,154,000 Class C-FL Notes to 'C' from 'CCC';

  -- $54,950,000 Class C-FX Notes to 'C' from 'CCC';

  -- $10,000,000 Class D-FL Notes to 'C' from 'CCC';

  -- $54,052,000 Class D-FX Notes to 'C' from 'CCC';

  -- $72,058,000 Class E Notes to 'C' from 'CCC';

  -- $25,000,000 Class F-FL Notes to 'C' from 'CC';

  -- $31,046,000 Class F-FX Notes to 'C' from 'CC';

  -- $78,063,000 Class G Notes to 'C' from 'CC'.


MANSFIELD TRUST: Fitch Takes Rating Actions on 2001-1 Certs.
------------------------------------------------------------
Fitch Ratings affirms and assigns Rating Outlooks and Loss
Severity ratings to Mansfield Trust's commercial mortgage pass-
through certificates, series 2001-1, as indicated:

  -- C$13.1 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- Interest-only class X at 'AAA'; Outlook Stable;
  -- C$7.3 million class B at 'AAA/LS3'; Outlook Stable;
  -- C$6.6 million class C at 'AAA/LS3'; Outlook Stable;
  -- C$8 million class D at 'A/LS3'; Outlook Stable;
  -- C$4 million class E at 'BB+/LS3'; Outlook Stable;
  -- C$3.3 million class F at 'B+/LS3'; Outlook Stable.

Class A-1 has been paid in full.  Fitch does not rate the
C$4.6 million class G certificates.

Affirmations are warranted following Fitch's prospective review of
potential stresses as the pool has exhibited consistently stable
performance since issuance.  As of the March 2010 distribution
date, the pool has paid down 82.3% to C$47 million from
C$265.2 million at issuance.  Six loans, 15.5% of the pool, are
defeased.

The weighted average remaining amortization term of the remaining
loans is six months.  The loans' weighted average seasoning is
over 11 years and the short amortization term leads to increased
equity and limited loss exposure on the loans.  In addition there
are no delinquent loans or specially serviced loans and the loans
have significant borrower recourse in the event of default.
Limited performance information is available for the loans with
only 60% of the remaining loans reporting year end 2008
financials.

The pool is comprised entirely of loans secured by properties in
Canada.  Specifically, the certificates are collateralized by 24
fixed-rate mortgage loans, consisting primarily of industrial
(54.9%), office (17.3%) and retail (11.7%) properties, with
concentrations in the provinces of Ontario (36.9%) and British
Columbia (17.1%).  Two loans (8.9%) have a most recent servicer-
reported debt service coverage ratio below 1.0 times (x).
Seventeen of the loans (17.3% of the pool) are scheduled to mature
in 2010 with the non-defeased loans having a weighted average
servicer-reported debt service coverage ratio of 1.43x.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal year end or most recent
reported net operating income and applying an adjusted market cap
rate of 8.25% to determine value.

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25x or higher were considered to payoff at
maturity.  The loans are expected to payoff at maturity with no
loans incurring a loss when compared to Fitch's stressed value.


MORGAN STANLEY: Fitch Takes Various Rating Actions on Notes
-----------------------------------------------------------
Fitch Ratings affirms, assigns Loss Severity ratings and Outlooks
to Morgan Stanley Dean Witter Capital I Trust commercial mortgage
pass-through certificates, series 2003-TOP9:

  -- $67 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $610.8 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- Interest-only (IO) class X-1 at 'AAA'; Outlook Stable;
  -- Interest-only (IO) class X-2 at 'AAA'; Outlook Stable;
  -- $32.3 million class B at 'AAA/LS1'; Outlook Stable;
  -- $35 million class C at 'AA/LS1'; Outlook Stable;
  -- $12.1 million class D at 'A+/LS2'; Outlook Stable;
  -- $14.8 million class E at 'A-/LS2'; Outlook Stable;
  -- $6.7 million class F at 'BBB+/LS3'; Outlook Stable;
  -- $5.4 million class G at 'BBB/LS3'; Outlook Stable;
  -- $10.8 million class H at 'BBB-/LS3'; Outlook Stable;
  -- $4 million class J at 'BB+/LS3'; Outlook Negative;
  -- $5.4 million class K at 'BB/LS3'; Outlook Negative;
  -- $5.4 million class L at 'B+/LS3'; Outlook Negative;
  -- $2.7 million class M at 'B/LS4'; Outlook Negative;
  -- $2.7 million class N at 'B-/LS4'; Outlook Negative.

Fitch does not rate the $8.3 million class O.

Affirmations are due to the pool's stable performance and minimal
future expected losses following Fitch's prospective review of
potential stresses to the transaction.  Fitch expects losses of 1%
of the remaining pool balance, approximately $8.2 million, from
the loans in special servicing and loans that cannot refinance at
maturity based on Fitch's refinance test.  These losses are
expected to be absorbed by the non-rated classes.

As of the March 2010 distribution date, the pool's certificate
balance has paid down 23.5% to $824.1 million from $1.1 billion at
issuance.

There are 127 of the original 137 loans remaining in transaction,
24 of which have defeased (14% of the current transaction
balance).  As of the March 2010 distribution date, there was one
specially serviced loan (0.1% of the pool) which was sold in a
combined Loan Note Sale on April 1, 2010 with a Realized loss of
approximately $605,000, and will be passed thru the Trust in the
April remittance period.  Fitch expects the loss from the
liquidated asset to be absorbed by the unrated class O.

Fitch stressed the cash flow of the remaining non defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income and applying an adjusted market cap rate between 7.5% and
10% to determine value.

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25 times or higher were considered to payoff
at maturity.  Fourteen loans did not payoff at maturity and six
loans incurred a minimal loss when compared to Fitch's stressed
value.


MORGAN STANLEY: S&P Downgrades Ratings on 12 2004-IQ8 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 12
classes of commercial mortgage-backed securities from Morgan
Stanley Capital I Trust 2004-IQ8 and removed them from CreditWatch
with negative implications.  In addition, S&P affirmed its ratings
on five other classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions.  The downgrades of the subordinate
classes also reflect the credit support erosion that S&P
anticipates will occur upon the eventual resolution of five
specially serviced loans.  S&P's analysis included a review of the
credit characteristics of all of the loans in the pool.  Using
servicer-provided financial information, S&P calculated an
adjusted debt service coverage of 1.50x and a loan-to-value ratio
of 81.0%.  S&P further stressed the loans' cash flows under its
'AAA' scenario to yield a weighted average DSC of 1.16x and an LTV
of 107.9%.  The implied defaults and loss severity under the 'AAA'
scenario were 54.1% and 26.9%, respectively.  S&P's weighted
average DSC and LTV calculations exclude five specially serviced
loans ($34.9 million; 5.8%) and four defeased loans
($38.9 million; 6.4%).  S&P separately estimated losses for the
five specially serviced loans, which S&P included in its 'AAA'
scenario implied default and loss severity figures.  The
affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its ratings on the class X-
1 and X-2 interest-only certificates based on its current
criteria.  S&P published a request for comment proposing changes
to its IO criteria on June 1, 2009.  Once S&P finalizes the
criteria review, S&P may revise its current IO criteria, which may
affect outstanding ratings, including the ratings on the IO
certificates S&P affirmed.

                      Credit Considerations

As of the March 2010 remittance report, four loans ($32.5 million;
5.4%) in the pool were with the special servicer, Midland Loan
Services Inc.  One additional loan was transferred to the special
servicer ($2.4 million; 0.4%) subsequent to the March 2010
remittance date.  The payment status of the specially serviced
loans is: one has a matured balloon balance ($9.2 million; 1.5%),
three are 90-plus-days delinquent ($23.3 million; 3.9%), and one
is current ($2.4 million; 0.4%).  S&P separately estimated losses
for the five specially serviced assets ($34.9 million; 5.8%) and
arrived at a weighted average loss severity of 29%.  Two of the
specially serviced assets are top 10 loans ($27.8 million; 4.6%)
and are discussed below.

The Westcliff House Office Park loan ($18.6 million; 3.1%) is the
largest loan with the special servicer and the seventh-largest
loan in the pool.  This loan was transferred to the special
servicer on Aug. 12, 2009, due to imminent default.  The loan is
secured by 10, two-story office buildings and a single one-story
office building in Las Vegas containing approximately 134,907 sq.
ft.  Located approximately eight miles from the Las Vegas Strip,
the properties were built between 1994 and 1996.  For year-end
2008 and for the six months ended June 30, 2009, the reported
occupancy and DSC were 59% and 0.73x and 57% and 0.63x,
respectively, down from 89% and 1.30x at issuance.  The loan is
currently 90-plus-days delinquent and in the process of
foreclosure.  Standard & Poor's expects a significant loss upon
the eventual resolution of this asset.

The River Rock Business Center loan ($9.2 million; 1.5%) is the
second-largest loan with the special servicer and the ninth-
largest loan in the pool.  This loan was transferred to the
special servicer on May 19, 2009, because the borrower failed to
repay the loan at its July 1, 2009, maturity.  The loan is secured
by a 158,220-sq.-ft. office building in Murfreesboro, Tenn.,
approximately 30 miles southeast of Nashville, that was built in
1980 and renovated in 2003.  The property is 100% leased to
Verizon Wireless pursuant to a lease expiring Aug. 31, 2013.  For
year-end 2008, the occupancy and DSC were 100% and 1.87x,
respectively.  At this time, Standard & Poor's expects a minor
loss upon the eventual resolution of this asset.

The three remaining specially serviced loans ($7.1 million; 1.2%)
have balances that individually represent less than 0.6% of the
total pool balance.  S&P separately estimated losses for all of
these loans.  S&P's analysis results in a weighted average loss
severity of 26%.

                       Transaction Summary

As of the March 2010 remittance report, the transaction had an
aggregate trust balance of $605.6 million (90 loans), compared
with $759.2 million (100 loans) at issuance.  Wells Fargo Bank
N.A., the master servicer, provided financial information for all
of the nondefeased loans in the pool.  Thirty-nine percent of the
servicer-provided financial information was either full-year 2008
or partial-year 2009 data and 61% was full-year 2009 data.  S&P
calculated a weighted average DSC of 1.45x for the nondefeased
loans in the pool based on the master servicer's reported figures.
S&P's adjusted DSC and LTV were 1.50x and 107.9%, respectively,
and exclude five specially serviced loans ($32.9 million; 5.8%),
and four defeased loans ($38.9 million; 6.4%).  S&P separately
estimated losses for the five specially serviced loans.  Standard
& Poor's adjusted DSC was higher than the DSC calculated from
servicer figures in part due to adjustments made to the Anaheim
Marriott loan ($67.8 million; 11.2%).  The reported DSC was 0.73x
for year-end 2009.  The servicer's cap-ex figure for the Anaheim
Marriott loan was in excess of 9% of the collateral property's
total revenue.  Standard & Poor's adjusted this figure to a 4%-6%
range, which is consistent with its property evaluation criteria,
resulting in a DSC of 1.21x.  The trust has experienced $130,976
in principal losses.  Twenty loans are on the master servicer's
watchlist ($69.3 million; 11.4%).  Two loans ($2.2 million, 0.4%)
have a reported DSC between 1.0x and 1.1x, and 12 loans
($106.8 million, 17.6%) have a reported DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 loans secured by real estate have an aggregate
outstanding balance of $362.1 million (59.8%).  Using servicer-
reported information, S&P calculated a weighted average DSC of
1.38x.  S&P's adjusted DSC and LTV figures for these top 10 loans
were 1.45x and 87.6%, respectively.  These calculations exclude
the Westcliff House Office Park loan ($18.6 million; 3.1%) and the
River Rock Business Center loan ($9.2 million; 1.5%), for which
S&P separately estimated losses as discussed above.  One of the
top 10 loans is on the master servicer's watchlist and is
discussed below.

The World Apparel Center loan is the fifth-largest loan in the
pool and is on the master servicer's watchlist.  The loan has a
$34.5 million trust balance (5.7%) and a $211.3 million whole-loan
balance.  The whole loan consists of four pari passu notes: a
$34.5 million note was contributed to this transaction, a
$35.9 million note was contributed to the BSCMS 2004-PWR5
transaction, a $70.4 million note was contributed to the JPM 2004-
LN2 transaction, and $70.4 million note was contributed to the
LBUBS 2004-C7 transaction.  The loan is on the master servicer's
watchlist due to a decline in occupancy at the collateral
property.  The loan is secured by a 1,150,705-sq.-ft., 40-story
class A office building located at 1411 Broadway in midtown
Manhattan.  The building was constructed in 1970 and was renovated
from 1998-1999 and 2001-2002.  For year-end 2009, the occupancy
and DSC were 75% and 1.23x, respectively.

Standard & Poor's stressed the loans in the pool according to its
U.S. conduit/fusion criteria.  The resultant credit enhancement
levels are consistent with S&P's lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

             Morgan Stanley Capital I Trust 2004-IQ8
          Commercial mortgage pass-through certificates

                Rating
                ------
   Class      To      From             Credit enhancement (%)
   -----      --      ----             ----------------------
   B          A       AA+/Watch Neg                     11.89
   C          BBB+    A/Watch Neg                        8.28
   D          BBB     A-/Watch Neg                       7.03
   E          BB+     BBB+/Watch Neg                     5.62
   F          BB      BBB/Watch Neg                      4.84
   G          B+      BBB-/Watch Neg                     3.74
   H          B-      BB+/Watch Neg                      2.80
   J          CCC     BB/Watch Neg                       2.33
   K          CCC-    BB-/Watch Neg                      1.70
   L          CCC-    B+/Watch Neg                       1.23
   M          CCC-    B/Watch Neg                        1.08
   N          CCC-    B-/Watch Neg                       0.92

                         Ratings Affirmed

             Morgan Stanley Capital I Trust 2004-IQ8
          Commercial mortgage pass-through certificates

             Class    Rating   Credit enhancement (%)
             -----    ------   ----------------------
             A-3      AAA                       15.02
             A-4      AAA                       15.02
             A-5      AAA                       15.02
             X-1      AAA                         N/A
             X-2      AAA                         N/A

                      N/A -- Not applicable.


MORGAN STANLEY: S&P Downgrades Ratings on Six 2005-RR6 Securities
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of commercial mortgage-backed securities pass-through
certificates from Morgan Stanley Capital I Inc.'s series 2005-RR6,
a U.S. resecuritized real estate mortgage investment conduit
transaction.  S&P removed three of these ratings from CreditWatch
negative after lowering them to 'D', and 15 ratings remain on
CreditWatch negative.

The downgrades primarily reflect interest shortfalls that are
affecting the transaction.  S&P lowered its ratings on classes L,
M, and N to 'D' from 'CCC-' due to accumulated interest
shortfalls.  S&P expects these classes to continue experiencing
interest shortfalls for the foreseeable future.  S&P lowered its
rating on class G to 'B' due to S&P's determination that the class
is susceptible to future liquidity interruptions.

Fifteen ratings remain on CreditWatch negative primarily because
of MSC 2005-RR6's exposure to CMBS collateral with ratings on
CreditWatch negative ($18.8 million, 4%).  S&P may take additional
rating actions if S&P determine that any class' interest
shortfalls are recurring and expected to continue for the
foreseeable future.

The liquidity interruptions to MSC 2005-RR6 resulted from interest
shortfalls on the underlying CMBS collateral.  The interest
shortfalls were primarily due to special servicing fees and
appraisal subordinate entitlement reductions.

According to the March 24, 2010, trustee report, MSC 2005-RR6 is
collateralized by 77 CMBS classes ($468.1 million, 100%) from 51
distinct transactions issued between 1996 and 2005.  S&P's
analysis of MSC 2005-RR6 reflected the transaction's exposure to
these CMBS certificates that Standard & Poor's has downgraded:

* Morgan Stanley Capital I Trust 2005-HQ5 (class J; $10 million,
  2.1%); and

* PNC Mortgage Acceptance Corp.'s series 2001-C1 (classes K and M;
  $9.9 million, 2.1%).

S&P will update or resolve its CreditWatch placements on the
classes from MSC 2005-RR6 as S&P deem appropriate following the
CreditWatch resolutions of the underlying CMBS assets.  S&P may
take additional rating actions if S&P determine that any class'
interest shortfalls are recurring and expected to continue for the
foreseeable future.

       Rating Lowered And Remaining On Creditwatch Negative

                   Morgan Stanley Capital I Inc.
Commercial mortgage-backed securities pass-through certificates
                         series 2005-RR6

                               Rating
                               ------
        Class            To               From
        -----            --               ----
        G                B/Watch Neg      BB/Watch Neg
        H                CCC/Watch Neg    B/Watch Neg
        J                CCC-/Watch Neg   CCC+/Watch Neg

       Ratings Lowered And Removed From Creditwatch Negative

                   Morgan Stanley Capital I Inc.
Commercial mortgage-backed securities pass-through certificates
                          series 2005-RR6

                               Rating
                               ------
         Class            To               From
         -----            --               ----
         L                D                CCC-/Watch Neg
         M                D                CCC-/Watch Neg
         N                D                CCC-/Watch Neg

             Ratings Remaining On Creditwatch Negative

                   Morgan Stanley Capital I Inc.
Commercial mortgage-backed securities pass-through certificates
                         series 2005-RR6

                 Class            Rating
                 -----            ------
                 A2FX             AAA/Watch Neg
                 A2FL             AAA/Watch Neg
                 A3FX             AAA/Watch Neg
                 A3FL             AAA/Watch Neg
                 AJ               AA/Watch Neg
                 B                A+/Watch Neg
                 C                BBB+/Watch Neg
                 D                BBB+/Watch Neg
                 E                BBB-/Watch Neg
                 F                BB+/Watch Neg
                 K                CCC-/Watch Neg
                 X                AAA/Watch Neg


MOUNTAIN CAPITAL: Moody's Reviews Ratings on Three Classes
----------------------------------------------------------
Moody's Investors Service announced that it has placed the ratings
of these notes issued by Mountain Capital CLO III Ltd. under
review for possible upgrade:

  -- US$18,500,000 Class A-2L Floating Rate Notes Due February
     2016, Ba1 Placed Under Review for Upgrade; previously on
     August 6, 2009 Downgraded to Ba1;

  -- US$13,500,000 Class A-3L Floating Rate Notes Due February
     2016, B2 Placed Under Review for Upgrade; previously on
     August 6, 2009 Downgraded to B2;

  -- US$6,000,000 Class A-3F 5.744% Notes Due February 2016, B2
     Placed Under Review for Upgrade; previously on August 6, 2009
     Downgraded to B2.

According to Moody's, the rating actions taken on the notes result
primarily from improvement in the credit quality of the underlying
portfolio and an increase in the overcollateralization of the
notes since the last rating action in August 2009.  The notes also
benefited from the delevering of the Class A-1LA notes, which have
been paid down by approximately $27MM, accounting for roughly 14%
of the total Class A-1LA outstanding balance reported in August
2009.  Moody's expects delevering to continue as a result of the
end of the deal's reinvestment period in August 2009.

Improvement in the credit quality is observed in a decrease in the
proportion of securities from issuers rated Caa1 and below.  As of
the latest trustee report dated March 2, 2010, securities rated
Caa1 or lower make up approximately 7% of the underlying portfolio
versus 9% in August 2009.  Additionally, the dollar amount of
defaulted securities has decreased to about $14MM from
approximately $25MM in August 2009.  Due to the impact of revised
and updated key assumptions referenced in the latest Moody's CLO
methodology, key model inputs used by Moody's in its analysis,
such as par, weighted average rating factor, diversity score, and
weighted average recovery rate, may be different from the
trustee's reported numbers.

The overcollateralization ratios have increased since August 2009.
The Senior Class A, Class A, and Class B-1L overcollateralization
ratios are reported at 118.6%, 109.8% and 102.8%, respectively,
versus August 2009 levels of 115%, 107.2% and 100.5%,
respectively, and all related overcollateralization tests are
currently in compliance.

Mountain Capital CLO III Ltd., issued in May 2004, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.  On August 6, 2009, Moody's downgraded five
classes of notes as a result of the application of revised and
updated key modeling assumptions as well as the deterioration in
the credit quality of the transaction's underlying portfolio.


NOB HILL: Moody's Reviews Ratings on Two Classes of Notes
---------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating of these notes issued by Nob Hill CLO II, Limited:

  -- US$263,700,000 Class A-1 Floating Rate Notes due 2022
     (current balance of $252,422,601), Upgraded to A1; previously
     on June 12, 2009 Downgraded to A2.

In addition, Moody's has placed under review for possible upgrade
the ratings of these notes:

  -- US$17,000,000 Class D Deferrable Floating Rate Notes due
     2022, Ca Placed Under Review for Possible Upgrade; previously
     on June 12, 2009 Downgraded to Ca;

  -- US$17,000,000 Class E Deferrable Floating Rate Notes due
     2022 (current balance of $16,368,969), C Placed Under Review
     for Possible Upgrade; previously on June 12, 2009 Downgraded
     to C.

The upgrade action taken on the Class A-1 notes reflects the
combined impact of remodeling the priority of payments using
corrected assumptions, and improvements in the credit quality of
the underlying portfolio.  The correction relates to the modeling
of the priority of payments: in the previous rating action dated
June 12, 2009, the priority of payments was modeled using
incorrect assumptions.  The priority of payments has been
remodeled, and the rating action reflects the corrected
assumptions.

In addition, the rating actions taken on the Class D and Class E
notes result primarily from the improvements in the credit quality
of the underlying portfolio and a significant increase in the
overcollateralization of the rated notes since the last rating
action in June 2009.  The improvements in the credit quality are
observed through an increase in the average credit rating (as
measured through the weighted average rating factor) and a
decrease in the percentage of securities rated Caa1 and below.  In
particular, the weighted average rating factor has decreased to
2989 as of the last trustee report dated February 15, 2010,
compared to 3207 as of the May 2009 trustee report.  Based on the
same report, securities rated Caa1 and below make up approximately
15.28% of the underlying portfolio versus 19.98% reported in May
2009.  The overcollateralization ratios of the rated notes have
increased significantly since the last rating action.  As of the
February 2010 trustee report, the Class A/B, Class C, Class D, and
Class E overcollateralization test levels are reported at 119.16%,
111.8%,106.22% and 101.35%, versus May 2009 levels of 107.31%,
100.73%, 95.67% and 91.04%, respectively.  Additionally, the Class
C, Class D and Class E notes have resumed paying interest and do
not carry a deferred interest balance.

Nob Hill CLO II, Limited, issued in June 6, 2007, is a
collateralized loan obligation, backed primarily by a portfolio of
senior secured loans.  On June 12, 2009, Moody's downgraded all
the notes issued by Nob Hill CLO II, Limited as a result of the
application of revised and updated key modeling assumptions as
well as the deterioration in the credit quality of the
transaction's underlying portfolio.


PARCS-R MASTER: Moody's Downgrades Ratings on Class 2007-15 Units
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of $4,000,000 Class 2007-15 Units issued by PARCS-R Master
Trust:

  -- $4,000,000 Class 2007-15 Units, Downgraded to C; previously
     on 4/2/2009 Downgraded to Caa2

The transaction is a structured note whose rating changes with the
rating of the applicable reference obligation.  In this case the
reference rbligation is RASC 20006-KS3 M2, the rating of which was
downgraded to C by Moody's on April 6, 2010.


PROVIDENT FUNDING: Moody's Downgrades Ratings on 12 Tranches
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 12
tranches from two RMBS transactions, backed by prime jumbo loans,
issued by Provident Funding Loan Trust in 2005.

The collateral backing these transactions consists primarily of
first-lien, adjustable-rate prime jumbo residential mortgage
loans.  The actions are a result of the rapidly deteriorating
performance of jumbo pools in conjunction with macroeconomic
conditions that remain under duress.  The actions reflect Moody's
updated loss expectations on prime jumbo pools issued from 2005 to
2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Jumbo RMBS Loss Projection Update:
January 2010" is adjusted to estimate losses on pools left with a
small number of loans.  To project losses on pools with fewer than
100 loans, Moody's first estimates a "baseline" average rate of
new delinquencies for the pool that is dependent on the vintage of
loan origination (3.5%, 6.5% and 7.5% for the 2005, 2006 and 2007
vintage respectively).  This baseline rate is higher than the
average rate of new delinquencies for the vintage to account for
the volatile nature of small pools.  Even if a few loans in a
small pool become delinquent, there could be a large increase in
the overall pool delinquency level due to the concentration risk.

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.  The fewer the number of
loans remaining in the pool, the higher the volatility and hence
the stress applied.  Once the loan count in a pool falls below 75,
the rate of delinquency is increased by 1% for every loan less
than 75.  For example, for a pool with 74 loans from the 2005
vintage, the adjusted rate of new delinquency would be 3.535%.  If
the current delinquency level in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 1.8 for current delinquencies ranging from less than
2.5% to greater than 30% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

List of actions:

Issuer: Provident Funding Mortgage Loan Trust 2005-1

  -- Cl. 1A-1, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-1, Downgraded to Baa2; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-2, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-1, Downgraded to Ba1; previously on Dec 17, 2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-2, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Baa2; previously on Dec 17, 2009 Aa3
     Placed Under Review for Possible Downgrade

Issuer: Provident Funding Mortgage Loan Trust 2005-2

  -- Cl. 1-A-1A, Downgraded to Ba3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-1B, Downgraded to Caa1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1A, Downgraded to B1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1B, Downgraded to Caa2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A, Downgraded to Ba3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade


PRUDENTIAL'S ROCK: Fitch Affirms Ratings on 2001-C1 Certs.
----------------------------------------------------------
Fitch Ratings affirms and assigns Rating Outlooks and Loss
Severity ratings to Prudential's ROCK commercial mortgage pass-
through certificates, series 2001-C1:

  -- $495.8 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- Interest-only class X-2 at 'AAA'; Outlook Stable;
  -- $27.2 million class B at 'AAA/LS3'; Outlook Stable;
  -- $38.6 million class C at 'AAA/LS2'; Outlook Stable;
  -- $9.1 million class D at 'AAA/LS3'; Outlook Stable;
  -- $11.4 million class E at 'AAA/LS3'; Outlook Stable;
  -- $15.9 million class F at 'AAA/LS3'; Outlook Stable;
  -- $13.6 million class G at 'AAA/LS3'; Outlook Stable;
  -- $13.6 million class H at 'AA/LS3'; Outlook Stable;
  -- $22.7 million class J at 'BBB+/LS3'; Outlook Negative;
  -- $6.8 million class K at 'BBB-/LS4'; Outlook Negative;
  -- $4.5 million class L at 'BB+/LS4'; Outlook Negative;
  -- $9.1 million class M at 'B/LS3'; Outlook Negative;
  -- $4.5 million class N at 'B-/LS4'; Outlook Negative.

Fitch does not rate the $7.6 million class O certificates.
Classes A-1 and X-1 have been paid in full.

The affirmations are the result of sufficient credit support to
the Fitch rated classes due to defeasance and minimal Fitch
expected losses within the transaction following Fitch's
prospective review of potential stresses and expected losses
associated with specially serviced assets.  Fitch expects losses
of approximately 1% of the remaining pool balance, approximately
$6.8 million, the majority of which are from loans currently in
special servicing.

As of the March 2010 distribution date, the pool's collateral
balance has paid down 25.1% to $680.5 million from $908.2 million
at issuance.  Thirty-eight of the remaining loans have defeased
(46.5%).

As of March 2010, there are five specially serviced loans (8.5%).
The largest specially serviced loan, IDT Building (3.7%), is
secured by a 444,180 square foot office building located in
Newark, NJ.  The loan transferred to special servicing in February
2009 for imminent default.  The servicer is working with the
borrower to secure a new tenant.  The loan has been modified for
48 months during which interest will be paid at 6.9% while
accruing at the original note rate of 8.9%.  Unpaid interest
during the term will be capitalized to the loan.

The second largest specially serviced loan (0.9%) is secured by an
146,340 sf office property located in Columbus, OH.  The loan
transferred to special servicing in November 2009 for imminent
default after the borrower requested a loan modification.  The
special servicer has meet with the borrower and continues to
explore a potential modification of the loan.

Fitch stressed the cash flow of the remaining non-defeased loans
by applying a 10% reduction to 2008 fiscal year end net operating
income and applying an adjusted market cap rate between 7.25% and
10.5% to determine value.

Similar to Fitch's prospective analysis of recent vintage CMBS,
each loan also underwent a refinance test by applying an 8%
interest rate and 30-year amortization schedule based on the
stressed cash flow.  Loans that could refinance to a debt service
coverage ratio of 1.25 times or higher were considered to pay off
at maturity.  Seven loans did not pay off at maturity with one
loan incurring a loss when compared to Fitch's stressed value.


RFMSI SERIES: Moody's Downgrades Ratings on 176 Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 176
tranches, confirmed the ratings of six tranches, and upgraded the
ratings of four tranches from 17 RMBS transactions, backed by
prime jumbo loans, issued by RFMSI Series Trust.

The collateral backing these transactions consists primarily of
first-lien, fixed, prime jumbo residential mortgage loans.  The
actions are a result of the rapidly deteriorating performance of
jumbo pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on prime jumbo pools issued from 2005 to 2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

Tranche A1 issued by RFMSI Series 2005-S2 Trust and tranche A2
issued by RFMSI Series 2005-S7 Trust are wrapped by Financial
Guaranty Insurance Company (rated Caa3).  For securities insured
by a financial guarantor, the rating on the securities is the
higher of (i) the guarantor's financial strength rating and (ii)
the current underlying rating (i.e., absent consideration of the
guaranty) on the security.  The principal methodology used in
determining the underlying rating is the same methodology for
rating securities that do not have a financial guaranty and is as
described earlier.

The above mentioned approach "Jumbo RMBS Loss Projection Update:
January 2010" is adjusted to estimate losses on pools left with a
small number of loans.  To project losses on pools with fewer than
100 loans, Moody's first estimates a "baseline" average rate of
new delinquencies for the pool that is dependent on the vintage of
loan origination (3.5%, 6.5% and 7.5% for the 2005, 2006 and 2007
vintage respectively).  This baseline rate is higher than the
average rate of new delinquencies for the vintage to account for
the volatile nature of small pools.  Even if a few loans in a
small pool become delinquent, there could be a large increase in
the overall pool delinquency level due to the concentration risk.

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.  The fewer the number of
loans remaining in the pool, the higher the volatility and hence
the stress applied.  Once the loan count in a pool falls below 75,
the rate of delinquency is increased by 1% for every loan less
than 75.  For example, for a pool with 74 loans from the 2005
vintage, the adjusted rate of new delinquency would be 3.535%.  If
the current delinquency level in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 1.8 for current delinquencies ranging from less than
2.5% to greater than 30% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

List of actions:

Complete rating actions are:

Issuer: RFMSI Series 2005-S2 Trust

  -- Cl. A-1, Downgraded to B2; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2005-S3 Trust

  -- Cl. A-1, Upgraded to Ba1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Upgraded to Ba1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Upgraded to Ba1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2005-S4 Trust

  -- Cl. A-1, Downgraded to B1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to B1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2005-S7 Trust

  -- Cl. A-1, Downgraded to B1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ca; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to C; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2005-S8 Trust

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2005-S9 Trust

  -- Cl. A-1, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to C; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B3; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to C; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2006-S12 Trust

  -- Cl. I-A-1, Downgraded to B1; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa1; previously on Dec 17, 2009
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Downgraded to B1; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to B2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to B1; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Caa2; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to C; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Caa1; previously on Dec 17, 2009
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Caa1; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to C; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Caa1; previously on Dec 17, 2009
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Downgraded to Caa1; previously on Dec 17, 2009
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to B3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-4, Downgraded to B2; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. III-A-5, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-6, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-7, Downgraded to Caa1; previously on Dec 17, 2009
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. III-A-8, Downgraded to C; previously on Dec 17, 2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-9, Downgraded to Caa1; previously on Dec 17, 2009
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. III-A-10, Downgraded to C; previously on Dec 17, 2009
     Caa3 Placed Under Review for Possible Downgrade

  -- Cl. III-A-P, Downgraded to Caa1; previously on Dec 17, 2009
     B3 Placed Under Review for Possible Downgrade

  -- Cl. III-A-V, Downgraded to B2; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2006-S5 Trust

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to Ca; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to B3; previously on Dec 17, 2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2006-S6 Trust

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Confirmed at Ba3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to C; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

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

Issuer: RFMSI Series 2006-S7 Trust

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to C; previously on Apr 21, 2009
     Downgraded to Ca

  -- Cl. A-6, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to C; previously on Apr 21, 2009
     Downgraded to Ca

  -- Cl. A-P, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa1; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2006-S8 Trust

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to C; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Caa2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa1; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2006-S9 Trust

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2007-S1 Trust

  -- Cl. A-1, Downgraded to B3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to C; previously on Apr 21, 2009
     Downgraded to Ca

  -- Cl. A-7, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to C; previously on Apr 21, 2009
     Downgraded to Ca

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Ca; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Ca; previously on Dec 17, 2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to C; previously on Apr 21, 2009
     Downgraded to Ca

  -- Cl. A-17, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to B3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2007-S2 Trust

  -- Cl. A-6, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2007-S4 Trust

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to C; previously on Apr 21, 2009
     Downgraded to Ca

  -- Cl. A-12, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2007-S5 Trust

  -- Cl. A-1, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to C; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Confirmed at Caa1; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2007-S6 Trust

  -- Cl. I-A-4, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-13, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-17, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-19, Downgraded to C; previously on Apr 21, 2009
     Downgraded to Ca

  -- Cl. II-A-2, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-10, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-14, Downgraded to C; previously on Apr 21, 2009
     Downgraded to Ca

  -- Cl. I-A-14, Upgraded to Caa2; previously on Apr 21, 2009
     Downgraded to Ca


RFMSI SERIES: S&P Corrects Ratings on Class III-A-4 to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on class
III-A-4 from RFMSI Series 2007-SA3 Trust by raising it to 'CCC'
from 'D'.

On Dec. 24, 2009, S&P incorrectly lowered its rating on class III-
A-4 to 'D' due to an error.  This class is an exchangeable class
of III-A-1 and III-A-2 certificates, which have not experienced
losses.  Therefore, S&P has corrected its rating on this class by
restoring it to 'CCC'.

                         Rating Corrected

                   RFMSI Series 2007-SA3 Trust

                                     Rating
                                     ------
Class       CUSIP       Current     Dec. 24   Pre-Dec. 24, 2009
-----       -----       -------     -------   -----------------
III-A-4     74958TAJ2   CCC         D         CCC


REAL ESTATE: Moody's Affirms Ratings on 15 Classes of Notes
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings of 15 classes and
downgraded three classes of Real Estate Asset Liquidity Trust,
Series 2005-2.  The downgrades are due to higher expected losses
for the pool caused by a decline in performance of several loans
in the pool which has resulted in increased credit quality
dispersion.

The affirmations are due to key rating parameters, including
Moody's loan to value ratio, stressed debt service coverage ratio
and the Herfindahl Index, remaining within acceptable ranges.

The rating action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the March 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 12% to $550 million
from $622 million at securitization.  The Certificates are
collateralized by 87 mortgage loans ranging in size from less than
1% to 10% of the pool, with the top ten loans representing 48% of
the pool.  Three loans, representing 3% of the pool, have defeased
and are secured by Canadian Government securities.

Four loans, representing 18% of the pool, have investment grade
underlying ratings.  At last review the InnVest Portfolio Loan
($29.2 million -- 5.3% of the pool), also had an underlying
rating.  Due to a decline in performance and increased leverage,
this loan no longer has an underlying rating and is analyzed as
part of the conduit pool.

Twenty-two loans, representing 21% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

The pool has not realized any losses since securitization and
currently there is one loan, representing less than 1% of the
pool, in special servicing.  The specially serviced loan is the
Millrise Plaza Loan ($2.0 million), which is secured by a 13,441
square foot retail center located in Calgary, Alberta.  The loan
was transferred to special servicing in July 2009 due to financial
issues associated with the sponsor.  The loan is performing and
Moody's is not anticipating a loss at this time from this loan.

Moody's has assumed a high default probability on two loans,
representing 1% of the pool, which mature within the next six
months and have a Moody's stressed DSCR less than 1.0X.  Moody's
has estimated an aggregate loss of $1.3 million based on a
weighted average 60% default probability and an 23% average loss
severity.

Moody's was provided with year-end 2008 operating statements for
55% of the pool.  Moody's weighted average LTV for the conduit
pool is 83% compared to 85% at last review.  Although the pool's
overall leverage has improved, credit quality dispersion has
increased since last review.  Based on Moody's analysis, 14% of
the pool has an LTV greater than 100% compared to 0% at last
review and at securitization.

Moody's conduit actual and stressed DSCRs are 1.45X and 1.28X,
respectively, compared to 1.43X and 1.21X at last review.  Moody's
actual DSCR is based on Moody's net cash flow and the loan's
actual debt service.  Moody's stressed DSCR is based on Moody's
NCF and a 9.25% stressed rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple-notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
pool has a Herf score of 30 compared to 38 at last review.

The largest loan with an underlying rating is the SRI Portfolio
Loan ($55.0 million -- 10.0% of the pool), which is secured by 190
stand-alone restaurants totaling 424,589 square feet and located
in seven provinces.  The largest geographic concentrations are
Ontario (43%) and Quebec (33%).  The loan is also encumbered by a
$10 million B-note which is held outside the trust.  The
properties are subject to eight separate 15-year master leases
which expire in 2017 and 2018.  Moody's current underlying rating
and stressed DSCR are A1 and 1.86X, respectively, compared to A1
and 1.51X at Moody's last review.

The second loan with an underlying rating is the Toronto Congress
Centre Loan ($18.2 million -- 3.3% of the pool), which is secured
by a 500,000 square foot convention center located in Mississauga,
Ontario.  The property is 100% leased to an affiliate of the
borrower through December 2018.  Moody's current underlying rating
and stressed DSCR are Aa3 and 1.42X, respectively, compared to
Aa3, and 1.43X at Moody's last review.

The third loan with an underlying rating is 1849 Yonge Street Loan
($13.5 million -- 2.5% of the pool), which is secured by a 97,125
square foot office building located in downtown Toronto.  The
property was 99% leased as of December 2008.  The loan is on the
master servicer's watchlist due to deferred maintenance.  Moody's
current underlying rating and stressed DSCR are Baa3 and 1.46X,
respectively, compared to Baa3 and 1.49X at Moody's last review.

The fourth loan with an underlying rating is Jutland Road Loan
($7.0 million -- 1.3% of the pool), which is secured by an 87,908
square foot office building located in Victoria, British Columbia.
The property was 100% leased as of February 2010.  The loan has
experienced stable performance, but leases for 90% of the net
rentable area expire within the next 18 months.  Moody's analysis
reflects a stressed cash flow due to property's significant lease
rollover risk.  The loan benefits from a 15-year amortization
schedule and has amortized 13% since last review.  Moody's current
underlying rating and stressed DSCR are Baa2 and 1.69X,
respectively, compared to Baa2, and 1.15X at Moody's last review.

The loan that previously had an underlying rating is the InnVest
Portfolio Loan ($29.2 million -- 5.3% of the pool), which is
secured by four Radisson hotels totaling 707-rooms and located in
four distinct markets.  Performance has declined since last review
due to the downturn in the hospitality sector.  The hotel's
revenue per participating room for calendar year 2009 was $59
compared to $74 at last review.  Moody's LTV and stressed DSCR are
100.5% and 1.24X, respectively, compared to 77% and 1.52X at last
review.

The top three conduit loans represent 16.1% of the pool.  The
largest conduit loan is the AMEC Building Loan ($34.4 million --
6.2% of the pool), which is secured by a 222,291 square foot,
Class A office building located in downtown Vancouver.  The
property was 99% leased as of September 2009, essentially the same
as at last review.  Moody's LTV and stressed DSCR are 72% and
1.27X, respectively, compared to 81% and 1.13X at last review.

The second largest conduit loan is the Kitchener Portfolio Loan
($29.3 million -- 5.3% of the pool), which is secured by two
office properties totaling 400,219 square feet and located in
Kitchener, Ontario.  The properties were 94% leased as of July
2008 compared to 91% at last review.  Property performance has
improved since last review and the loan has benefitted from
principal amortization.  The loan has amortized 6% since last
review.  Moody's LTV and stressed DSCR are 76% and 1.35X,
respectively, compared to 94% and 1.07X at last review.

The third largest conduit loan is LaSalle Portfolio Loan ($25.1
million -- 4.6% of the pool), which is secured by a 798,391 square
foot warehouse/office complex located in LaSalle, Quebec.  The
property was 91% leased as of February 2010 compared to 99% at
last review.  Moody's LTV and stressed DSCR are 93% and 1.02X,
respectively, compared to 91% and 1.04X at last review.

Moody's rating action is:

  -- Class A-1, $276,917,593, affirmed at Aaa; previously assigned
     Aaa on 11/4/2005

  -- Class A-2, $212,794,000, affirmed at Aaa; previously assigned
     Aaa on 11/4/2005

  -- Class XP-1, Notional, affirmed at Aaa; previously assigned
     Aaa on 11/4/2005

  -- Class XP-2, Notional, affirmed at Aaa; previously assigned
     Aaa on 11/4/2005

  -- Class XC-1 Notional, affirmed at Aaa; previously assigned Aaa
     on 11/4/2005

  -- Class XC-2, Notional, affirmed at Aaa; previously assigned
     Aaa on 11/4/2005

  -- Class B, $9,330,000, affirmed at Aa2; previously assigned Aa2
     on 11/4/2005

  -- Class C, $14,773,000, affirmed at A2; previously assigned A2
     on 11/4/2005

  -- Class D-1, $8,805,000, affirmed at Baa2; previously assigned
     Baa2 on 11/4/2005

  -- Class D-2, $4,413,000, affirmed at Baa2; previously assigned
     Baa2 on 11/4/2005

  -- Class E-1, $1,943,500, affirmed at Baa3; previously assigned
     Baa3 on 11/4/2005

  -- Class E-2, $1,943,500, affirmed at Baa3; previously assigned
     Baa3 on 11/4/2005

  -- Class F, $4,665,000, affirmed at Ba1; previously assigned Ba1
     on 11/4/2005

  -- Class G, $3,110,000, affirmed at Ba2; previously assigned Ba2
     on 11/4/2005

  -- Class H, $1,555,000, affirmed at Ba3; previously assigned Ba3
     on 11/4/2005

  -- Class J, $1,555,000, downgraded to B2 from B1; previously
     assigned B1 on 11/4/2005

  -- Class K, $1,555,000, downgraded to B3 from B2; previously
     assigned B2 on 11/4/2005

  -- Class L, $777,000, downgraded to Caa1 from B3; previously
     assigned B3 on 11/4/2005


REAL ESTATE: Moody's Affirms Ratings on 18 Series 2006-1 Certs.
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 18 classes of
Real Estate Asset Liquidity Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-1 due to overall stable
performance and key rating parameters, including Moody's loan to
value ratio, Moody's stressed debt service coverage ratio and the
Herfindahl Index, remaining within acceptable ranges.

The rating action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the March 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 11% to
$351.51 million from $396.23 million at securitization.  The
Certificates are collateralized by 80 mortgage loans ranging in
size from less than 1% to 15% of the pool, with the top ten loans
representing 58% of the pool.  Currently, four loans, representing
28% of the pool, have investment grade underlying ratings.  Two
loans, representing 4% of the pool have defeased and are
collateralized with Canadian government securities.

Thirteen loans, representing 13% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

The pool has not experienced any losses since securitization and
currently there are no delinquent or specially serviced loans.
Moody's has assumed a high default probability for two loans,
representing less than 1% of the pool, which mature within the
next 12 months and have a Moody's stressed DSCR less than 1.0X.
Moody's has estimated an aggregate $334,000 loss for these loans
based on a 60% default probability and a 12% weighted average loss
severity.

Moody's was provided with full-year 2008 operating results for 82%
of the pool.  Excluding troubled loans, Moody's weighted average
LTV is 73% compared to 79% at Moody's prior full review.

Excluding the troubled loans, Moody's actual and stressed DSCRs
are 1.54X and 1.50X, respectively, compared to 1.41X and 1.29X at
last review.  Moody's actual DSCR is based on Moody's net cash
flow (NCF) and the loan's actual debt service.  Moody's stressed
DSCR is based on Moody's NCF and a 9.25% stressed rate applied to
the loan balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The pool has a Herf of 21 compared to 23
at Moody's prior review.

The largest loan with an underlying rating is the Crombie
Portfolio ($45.8 million -- 14.8% of the pool), which is secured
by seven cross-collateralized and cross-defaulted loans secured by
seven retail and mixed use properties located in New Brunswick,
Nova Scotia, and Newfoundland.  At last review, the portfolio
included eight loans.  However, one loan has defeased and is no
longer part of the portfolio.  As of March 2009, the portfolio was
88% leased compared to 85% in May 2007.  Performance has been
stable.  Moody's current underlying rating and stressed DSCR are
Baa2 and 1.43X, respectively, compared to Baa2 and 1.42X at last
review.

The second largest loan with an underlying rating is the Lawson
Heights Loan ($26.2 million -- 7.5% of the pool), which is secured
by a 307,089 square foot enclosed mall located in Saskatoon,
Saskatchewan.  The property is anchored by Zeller's, Safeway, and
London Drugs.  The property was 96% leased as of February 2009,
essentially the same as at last review.  Although performance has
improved since last review, Moody's stressed the cash flow due to
concerns about near-term lease expirations.  Leases representing
approximately 27% of the net rentable area expire in 2010.  The
decline in Moody's NCF has been offset by amortization.  The loan
is structured with a 20-year amortization schedule and has
amortized 7% since last review.  Moody's current underlying rating
and stressed DSCR are Baa2 and 1.39X compared to Baa2 and 1.34X,
respectively, at last review.

The third largest loan with an underlying rating is the InnVest
Loan ($15.2 million -- 4.2% of the pool), which is secured by two
hotels located in London and Scarborough, Ontario.  The Delta
Armoires London hotel is a 245 key full service hotel in downtown
London proximate to the convention center and hockey rink.  The
Holiday Inn Scarborough is a 140 key limited service hotel
approximately 15 miles north of Pearson International Airport.
For the 12-month period ending December 2008, the portfolio's
occupancy and revenue per available room were 66% and $77.51,
respectively, compared to 70% and $78.08 at year-end 2007.  The
decline in performance has been offset by amortization.  The loan
has amortized 5% since last review.  Moody's current underlying
rating and stressed DSCR are Baa2 and 1.85X, respectively,
compared to Baa2 and 1.64X at last review.

The fourth largest loan with an underlying rating is the Royal
Centre Loan ($9.9 million -- 2.8% of the pool), which is secured
by a 163,844 square foot office building with ground floor retail
located in Vaughan, Ontario.  The property was 92% leased as of
April 2009 compared to 95% at last review.  The largest tenant is
the Royal Bank of Canada, which leases 27% of the NRA through May
2011.  The loan has amortized 8% since last review.  Moody's
current underlying rating and stressed DSCR are Aaa and 2.37X,
respectively, compared to Aaa and 1.88X at last review.

The top three conduit loans represent 21% of the pool balance.
The largest loan is The Landing Loan ($29.4 million -- 8.4% of the
pool), which is secured by a 183,058 square foot office building
located in the historic Gastown district of downtown Vancouver,
British Columbia.  The loan is currently on the servicer's
watchlist due to upcoming tenant lease expirations.  These tenants
have since renewed, modified, or extended their leases.  The loan
amortizes on a 25-year schedule and has amortized 5% since last
review.  Moody's LTV and stressed DSCR are 86% and 1.13X,
respectively, compared to 89% and 0.98X at last review.

The second largest loan is the Dominion Square Loan
($27.99 million -- 8.0% of the pool), which represents a pari
passu interest in a $55.97 million first mortgage loan.  The loan
is secured by a 374,402 square foot mixed use building on Rue St.
Catherine in downtown Montreal.  As March 2010, the property was
96% leased compared to 72% at securitization.  The largest tenants
are The Montreal Gazette (21% of the NRA; lease expiration in
December 2018); Travaux Publique du Canada (20% of the NRA; lease
expiration in March 2018) and Societe Immobiliere du Quebec (9% of
the NRA; lease expiration in January 2011).  Approximately 32% of
the NRA is leased to local and provincial government agencies.
While the property's occupancy and revenues have improved since
securitization, operating costs, specifically real estate taxes
and repairs and maintenance, have increased significantly.
Moody's LTV and stressed DSCR are 91% and 1.07X, respectively,
compared to 82% and 1.20X at last review.

The third largest loan is the Sandman Portfolio Loan
($15.8 million -- 4.5% of the pool), which is secured by four full
service hotels located in British Columbia (3) and Alberta (1).
All four hotels are operated and managed by Sandman Hotels.
Performance has improved since last review.  As of the trailing
12-month period ending December 2008, the portfolio's occupancy
and RevPAR were 63% and $64.13, respectively, compared to 58% and
$47.45 at securitization.  Moody's LTV and stressed DSCR are 47%
and 2.78X, respectively, compared to 63% and 1.90X at last review.

Moody's rating action is:

  -- Class A-1, $170,276,396, affirmed at Aaa, previously assigned
     Aaa on 3/10/2006

  -- Class A-2, $142,361,000, affirmed at Aaa, previously assigned
     Aaa on 3/10/2006

  -- Class XP-1, Notional, affirmed at Aaa, previously assigned
     Aaa on 3/10/2006

  -- Class XP-2, Notional, affirmed at Aaa, previously assigned
     Aaa on 3/10/2006

  -- Class XC-1, Notional, affirmed at Aaa, previously assigned
     Aaa on 3/10/2006

  -- Class XC-2, Notional, affirmed at Aaa, previously assigned
     Aaa on 3/10/2006

  -- Class B, $6,676,000, affirmed at Aa2, previously assigned Aa2
     on 3/10/2006

  -- Class C, $8,915,000, affirmed at A2, previously assigned A2
     on 3/10/2006

  -- Class D-1, $1,000, affirmed at Baa2, previously assigned Baa2
     on 3/10/2006

  -- Class D-2, $8,419,000, affirmed at Baa2, previously assigned
     Baa2 on 3/10/2006

  -- Class E-1, $1,000, affirmed at Baa3, previously assigned Baa3
     on 3/10/2006

  -- Class E-2, $2,931,000, affirmed at Baa3, previously assigned
     Baa3 on 3/10/2006

  -- Class F, $2,773,000, affirmed at Ba1, previously assigned Ba1
     on 3/10/2006

  -- Class G, $2,179,000, affirmed at Ba2, previously assigned Ba2
     on 3/10/2006

  -- Class H, $1,030,000, affirmed at Ba3, previously assigned Ba3
     on 3/10/2006

  -- Class J, $990,000, affirmed at B1, previously assigned B1 on
     3/10/2006

  -- Class K, $990,000, affirmed at B2, previously assigned B2 on
     3/10/2006

  -- Class L, $496,000, affirmed at B3, previously assigned B3 on
     3/10/2006


REAL ESTATE: Moody's Affirms Ratings on 18 Series 2006-2 Certs.
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 18 classes of
Real Estate Asset Liquidity Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-2.  The affirmations are due to
overall stable pool performance and key rating parameters,
including Moody's loan to value ratio, Moody's debt service
coverage ratio and the Herfindahl Index, remaining within
acceptable ranges.  The rating action is the result of Moody's on-
going surveillance of commercial mortgage backed securities
transactions.

As of the March 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 10% to
$370.8 million from $412.2 million at securitization.  The
Certificates are collateralized by 63 mortgage loans ranging in
size from less than 1% to 9% of the pool, with the top ten loans
representing 60% of the pool.  The pool includes five loans,
representing 30% of the pool, with investment grade underlying
ratings.  A sixth loan, the Crombie Pool B Loan ($25.6 million --
6.9% of the pool), had an underlying rating at securitization.
However, due to a decline in performance and increased leverage,
it is now analyzed as part of the conduit pool.  Three loans,
representing 2% of the pool, have defeased and are secured by
Canadian Government securities.  There are full or partial
recourse provisions on 87% of the loans in the pool.

Eleven loans, representing 10% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

One loan has been liquidated since securitization, resulting in a
$30,000 loss (loss severity of 1%).  Currently there are no loans
in special servicing but the master servicer has indicated that
one loan, representing less than 1% of the pool, is being
transferred to special servicing.  The transfer to special
servicing will be reflected in the April remittance report.

Moody's was provided with full-year 2008 operating results for 80%
of the pool.  Moody's weighted average LTV for the conduit pool is
83% compared to 84% at securitization.  Although the overall LTV
has been stable, credit quality dispersion has increased since
securitization.  Based on Moody's analysis, 5% of the conduit pool
has an LTV greater than 100% compared to 1% at securitization.

Moody's actual and stressed DSCRs for the conduit pool are 1.35X
and 1.22X, respectively, compared to 1.43X and 1.16X at
securitization.  Moody's actual DSCR is based on Moody's net cash
flow and the loan's actual debt service.  Moody's stressed DSCR is
based on Moody's NCF and a 9.25% stressed rate applied to the loan
balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple-notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
conduit pool has a Herf of 19 compared to 21 at securitization.

The largest loan with an underlying rating is the Crombie Pool A
Loan ($34.6 million -- 9.3% of the pool), which is secured by five
retail centers located throughout the provinces of Nova Scotia,
Newfoundland and New Brunswick.  The portfolio totals 579,000
square feet with County Fair Mall, 260,000 SF, as the largest
property.  As of December 2008, the portfolio was 94% leased
compared to 96% at securitization.  The portfolio's largest
tenants are Sobey's (25% of the net rentable area; lease
expirations vary); Zellers (18% of the NRA; lease expiration in
March 2010) and Sears Canada (5% of the NRA; lease expiration in
October 2029).  The portfolio's performance has declined due to
increased operating expenses, specifically real estate taxes and
repairs & maintenance.  The decline in net operating income has
been partially offset by principal amortization.  The loan is
structured with a 25-year amortization schedule and has amortized
8% since securitization.  The loan sponsor is Crombie Development
which is a subsidiary of the Empire Company and owns Sobeys.
Moody's current underlying rating and stressed DSCR are Baa3 and
1.29X, respectively, compared to Baa2 and 1.32X at securitization.

The second loan with an underlying rating is the Trinity Crossing
Orleans Loan ($30.3 million -- 8.2% of the pool), which is secured
by a 191,000 SF shopping center located in the Ottawa suburb of
Orleans, Ontario.  The center is shadow-anchored by Loblaws
Supermarket, which is not part of the collateral.  As of January
2009, the property was 100% leased, essentially the same as at
securitization.  The largest tenant's are Winners (24% of the NRA;
lease expiration in May 2016); Value Village (15% of the NRA;
lease expiration in March 2019) and Michael's (11% of the NRA;
lease expiration in August 2016).  The loan was previously on the
watchlist due to the bankruptcy of Linen 'N Things which occupied
15% of the NRA at securitization.  The space formerly occupied by
Linen 'N Things has been leased to Value Village at the same
rental rate previously paid by Linen 'N Things.  Property's
performance has been stable and the loan benefits from principal
amortization.  The loan has amortized 5% since securitization.
The loan is full recourse to RioCan REIT, the sponsor.  Moody's
current underlying rating and stressed DSCR are Baa3 and 0.99X,
respectively, compared to Baa3 and 0.93X at securitization.

The third loan with an underlying rating is the Sandman Vancouver
Hotel Loan ($23.6 million -- 6.4% of the pool), which is secured
by a 302-room full service hotel located in downtown Vancouver,
British Columbia.  For the 12-month period ending December 2008,
revenue per available room and occupancy were $68.68 and 64%,
respectively, compared to $67.60 and 65% at securitization.
Performance has been stable and the loan benefits from principal
amortization.  The loan is structured on a 20-year amortization
schedule and has amortized 11% since securitization.  The loan is
full recourse to Northland Properties, the sponsor.  Moody's
current underlying rating and stressed DSCR are Baa2 and 1.72X,
respectively, compared to Baa3 and 1.47X at securitization.

The fourth loan with an underlying rating is the Merivale Market
Shopping Center Loan ($14.2 million -- 3.8% of the pool), which is
secured by a 79,000 SF grocery-anchored shopping center located in
the Ottawa suburb of Nepean, Ontario.  As of February 2009, the
property was 100% leased compared to 95% at securitization.  The
largest tenants are Food Basics (44% of the NRA; lease expiration
in May 2026) and Shopper's Drug Mart (22% of the NRA; lease
expiration in October 2016).  Performance has been stable.  The
loan has amortized 5% since securitization.  The loan is full
recourse to RioCan REIT, the sponsor.  Moody's current underlying
rating and stressed DSCR are Baa3 and 1.0X, respectively, compared
to Baa3 and 0.94X at securitization.

The fifth loan with an underlying rating is the Abbey Plaza Loan
($8.7 million -- 2.3% of the pool), which is secured by a 95,000
SF grocery-anchored shopping center located in Oakville, Ontario.
As of January 2009, the property was 100% leased, essentially the
same as at securitization.  The largest tenant is Sobey's (47% of
the NRA; lease expiration in September 2015).  Performance has
been stable.  The loan is structured on a 20-year amortization
schedule and has amortized 11% since securitization.  The loan is
full recourse to RioCan REIT, the sponsor.  Moody's current
underlying rating and stressed DSCR are Aa1 and 1.78X,
respectively, compared to Aa1 and 1.65X at securitization.

The three largest conduit loans represent 20% of the outstanding
pool balance.  The largest conduit loan is the Distillery District
Loan ($31.4 million -- 8.5% of the pool), which is secured by a
328,434 SF mixed-use property that is an historic landmark located
in downtown Toronto, Ontario.  As of December 2009, the property
was 96% leased compared to 98% at securitization.  Performance has
been stable.  The largest tenant is Toronto Artscape (15% of the
NRA; lease expiration in August 2022).  The loan is structured
with a 25-year amortization schedule and has amortized 7% since
securitization.  The loan is full recourse to Dundee REIT, the
sponsor.  Moody's current LTV and stressed DSCR are 74% and 1.32X,
respectively, compared to 78% and 1.27X at securitization.

The second largest conduit loan is the Dominion Square Loan
($31.4 million -- 8.5% of the pool), which represents a pari passu
interest in a $55.9 million first mortgage loan.  The loan is
secured by a 12-story, 374,402 SF mixed-use building located on
St. Catherine Street in downtown Montreal, Quebec.  As March 2010,
the property was 96% leased compared to 72% at securitization.
The largest tenants are The Montreal Gazette (21% of the NRA;
lease expiration in December 2018); Travaux Publique du Canada
(20% of the NRA; lease expiration in March 2018) and Societe
Immobiliere du Quebec (9% of the NRA; lease expiration in January
2011).  Approximately 32% of the NRA is leased to local and
provincial government agencies.  While the property's occupancy
and revenues have improved since securitization, operating costs,
specifically real estate taxes and repairs and maintenance, have
increased significantly.  Moody's LTV and stressed DSCR are 91%
and 1.07X, respectively, compared to 83% and 1.14X at
securitization.

The third largest conduit loan is the Howe Street Loan
($15.7 million -- 4.2% of the pool), which is secured by a 101,000
SF office building located in downtown Vancouver, British
Columbia.  As of January 2010, the property was 95% leased
compared to 100% at securitization.  The largest tenant is
Telligence Communications which leases 42% of the NRA through July
2011.  Performance has improved due to higher rental revenue and
expense recoveries.  The loan is structured on a 25-year
amortization schedule and has amortized 7% since securitization.
Moody's current LTV and stressed DSCR are 86% and 1.07X,
respectively, compared to 99% and 0.93X at securitization.

Moody's rating action is:

  -- Class A-1, $143,115,500, affirmed at Aaa, previously assigned
     Aaa on 10/13/2006

  -- Class A-2, $185,549,000, affirmed at Aaa, previously assigned
     Aaa on 10/13/2006

  -- Class XC-1, Notional, affirmed at Aaa, previously assigned
     Aaa on 10/13/2006

  -- Class XC-2, Notional, affirmed at Aaa, previously assigned
     Aaa on 10/13/2006

  -- Class XP-1, Notional, affirmed at Aaa, previously assigned
     Aaa on 10/13/2006

  -- Class XP-2, Notional, affirmed at Aaa, previously assigned
     Aaa on 10/13/2006

  -- Class B, $8,243,000, affirmed at Aa2, previously assigned Aa2
     on 10/13/2006

  -- Class C, $8,861,000, affirmed at A2, previously assigned A2
     on 10/13/2006

  -- Class D-1, $4,781,000, affirmed at Baa2, previously assigned
     Baa2 on 10/13/2006

  -- Class D-2, $4,782,000, affirmed at Baa2, previously assigned
     Baa2 on 10/13/2006

  -- Class E-1, $1,000, affirmed at Baa3, previously assigned Baa3
     on 10/13/2006

  -- Class E-2, $4,120,000, affirmed at Baa3, previously assigned
     Baa3 on 10/13/2006

  -- Class F, $3,091,000, affirmed at Ba1, previously assigned Ba1
     on 10/13/2006

  -- Class G, $1,546,000, affirmed at Ba2, previously assigned Ba2
     on 10/13/2006

  -- Class H, $1,030,000, affirmed at Ba3, previously assigned Ba3
     on 10/13/2006

  -- Class J, $1,030,000, affirmed at B1, previously assigned B1
     on 10/13/2006

  -- Class K, $515,000, affirmed at B2, previously assigned B2 on
     10/13/2006

  -- Class L, $742,000, affirmed at B3, previously assigned B3 on
     10/13/2006


SATURN VENTURES: Moody's Downgrades Ratings on Three Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of three classes of notes issued by Saturn Ventures II,
Limited.  The notes affected by the rating action are:

  -- US$289,000,000 Class A-1 Short Term Notes Bond, Downgraded
     to C; previously on March 26, 2009 Downgraded to B2;

  -- US$50,000,000 Class A-2 Floating Rate Senior Notes Bond,
     Downgraded to C; previously on March 26, 2009 Downgraded to
     Ca;

  -- US$25,000,000 Class A-3 Floating Rate Senior Notes Bond,
     Downgraded to C; previously on March 26, 2009 Downgraded to
     Ca.

Saturn Ventures II, Limited is a collateralized debt obligation
issuance backed primarily by a portfolio of residential mortgage-
backed securities.  The transaction experienced an Event of
Default under the Indenture on October 27, 2009, as reported by
the Trustee.

As provided in Article 5 of the Indenture, during the occurrence
and continuance of an Event of Default, certain parties to the
transaction may be entitled to direct the Trustee to take
particular actions with respect to the Collateral Debt Securities
and the Notes.  In this regard, the majority of the Controlling
Class directed the Trustee to proceed with the disposition of the
Collateral in accordance with the Indenture.  Moody's received
notification that the Trustee completed the disposition of or
termination of all of the Collateral and made a final
distribution, applying the proceeds of the liquidation in
accordance with applicable provisions of the Indenture on January
11,2010.

The rating actions taken reflect the changes in severity of loss
associated with certain tranches and reflect the final liquidation
distribution.


SCHOONER TRUST: Moody's Affirms Ratings on Series 2004-CF2 Certs.
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 13 classes of
Schooner Trust, Commercial Mortgage Pass-Through Certificates,
Series 2004-CF2.  The affirmations are due to overall stable
performance and key rating parameters, including Moody's loan to
value ratio and Moody's debt service coverage ratio remaining
within acceptable ranges.  The pool's loan diversity, as measured
by the Herfindahl Index has declined since last review.  However,
the decline in Herf has been partially offset by increased
subordination resulting from principal amortization and loan
payoffs.  The pool has amortized 15% since Moody's last review.

The rating action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the March 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 15% to
$307.3 million from $363.3 million at securitization.  The
Certificates are collateralized by 54 mortgage loans ranging in
size from less than 1% to 12% of the pool, with the top ten loans
representing 55% of the pool.  The pool includes two loans,
representing 13% of the pool, with investment grade underlying
ratings.  Six loans, representing 7% of the pool, have defeased
and are secured by Canadian Government securities.  There are full
or partial recourse provisions on loans representing 72% of the
pool.

Four loans, representing 8% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

The pool has not experienced any losses since securitization and
currently there are no loans in special servicing.  Moody's has
assumed a high default probability for one poorly performing loan
that is currently on the servicer's watch list.  Moody's estimates
a $440,000 loss (20% loss severity) for this troubled loan.

Moody's was provided with full-year 2008 operating results for 91%
of the pool.  Excluding the troubled loan, Moody's weighted
average LTV for the conduit pool is 77% compared to 83% at last
review.  Despite improvement in the pool's overall leverage,
credit quality dispersion has increased.  Based on Moody's
analysis, 4% of the pool has a LTV in excess of 100% compared to
2% at last review and securitization.

Excluding the troubled loan, Moody's actual and stressed DSCRs are
1.42X and 1.36X, respectively, compared to 1.34X and 1.21X at last
review.  Moody's actual DSCR is based on Moody's net cash flow and
the loan's actual debt service.  Moody's stressed DSCR is based on
Moody's NCF and a 9.25% stressed rate applied to the loan balance.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple-notch downgrades under
adverse circumstances.  The credit neutral Herf score is 40.  The
conduit pool has a Herf of 18 compared to 30 at last review.

The largest loan with an underlying rating is the Chrysler
Building Loan ($26.7 million -- 8.7% of the pool), which is
secured by a 196,952 square foot Class A office building located
in Windsor, Ontario.  The largest tenant is Chrysler Canada which
leases approximately 67% of the property's net rentable area (NRA)
through August 2022.  The property was 88% leased as of April 2010
compared to 100% at last review.  Although occupancy has
decreased, performance has remained stable and the loan benefits
from amortization.  The loan has amortized 4% since last review.
Moody's current underlying rating and stressed DSCR are Baa3 and
1.11X, respectively, compared to Baa3 and 1.06X at last review.

The second largest loan with an underlying rating is the
Confederation Mall Loan ($10.8 million -- 3.5% of the pool), which
is secured by a 327,474 SF retail center located in Saskatoon,
Saskatchewan.  The largest tenant is Wal-Mart which leases 45% of
the NRA through January 2011.  The center's web site indicates
that Wal-Mart is vacating the center in Spring 2010 and a new
anchor will be moving into the space.  Although property
performance has been stable, Moody's analysis incorporates a
stressed cash flow due to the uncertainty of the borrower's
releasing plans.  The decline in Moody's net cash flow is
partially offset by amortization.  The loan is structured with a
25-year amortization schedule and has amortized 6% since last
review.  The loan is 100% recourse to the borrower.  Moody's
current underlying rating and stressed DSCR are Baa3 and 1.46X
compared to at Baa2 and 1.68X at last review.

The three largest conduit loans represent 26% of the outstanding
pool balance.  The largest conduit loan is the PD Kanco
Multifamily Portfolio Loan ($37.1 million -- 12.1% of the pool),
which is secured by seven multifamily properties located in
Kitchener, Ontario.  As of June 2009, the portfolio was 94% leased
compared to 98% at last review.  Property performance has been
stable since securitization.  The loan is structured with a 30-
year amortization schedule and is partial recourse to the
borrower.  Moody's LTV and stressed DSCR are 87% and 1.02X,
respectively, compared to 93% and 0.94X at last review.

The second largest conduit loan is the Westmount Square Loan
($26.7 million -- 8.7% of the pool), which is secured by a 330,422
SF mixed used property located in Montreal, Quebec.  The center is
comprised of 248,170 SF of office space and 82,128 SF of retail
space.  As of February 2010, the property was 95% leased which is
the same as at last review.  The loan is structured with a 25-year
amortization schedule and is 100% recourse to the borrower.
Moody's LTV and stressed DSCR are 80% and 1.32X, respectively,
compared to 91% and 1.09X at last review.

The third largest conduit loan is the Stillwater Creek Loan
($15.8 million -- 5.1% of the pool), which is secured by a three-
building facility offering independent living, assisted living and
retirement care services located in Nepean, Ontario.  The property
was 95% leased as of December 2008 compared to 97% at last review.
The loan is structured with a 25-year amortization schedule and
has amortized 6% since last review.  Moody's LTV and stressed DSCR
are 63% and 1.79X, respectively, compared to 67% and 1.71X at last
review.

Moody's rating action is:

  -- Class A-1, $97,177,535, affirmed at Aaa, previously assigned
     Aaa on 9/10/2004

  -- Class A-2, $161,000,000, affirmed at Aaa, previously assigned
     Aaa on 9/10/2004

  -- Class X, Notional, affirmed at Aaa, previously assigned Aaa
     on 9/10/2004

  -- Class B, $8,200,000, affirmed at Aa2, previously assigned Aa2
     on 9/10/2004

  -- Class C, $10,045,000, affirmed at A2, previously assigned A2
     on 9/10/2004

  -- Class D, $9,080,000, affirmed at Baa2, previously assigned
     Baa2 on 9/10/2004

  -- Class E, $3,180,000, affirmed at Baa3, previously assigned
     Baa3 on 9/10/2004

  -- Class F, $3,179,111, affirmed at Ba1, previously assigned Ba1
     on 9/10/2004

  -- Class G, $3,179,000, affirmed at Ba2, previously assigned Ba2
     on 9/10/2004

  -- Class H, $1,816,635, affirmed at Ba3, previously assigned Ba3
     on 9/10/2004

  -- Class J, $1,816,635, affirmed at B1, previously assigned B1
     on 9/10/2004

  -- Class K, $1,816,635, affirmed at B2, previously assigned B2
     on 9/10/2004

  -- Class L, $1,816,635, affirmed at B3, previously assigned B3
     on 9/10/2004


SHEFFIELD CDO: Moody's Downgrades Ratings on Three Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of three classes of notes issued by Sheffield CDO II, Ltd.
The notes affected by the rating action are:

  -- US$169,300,000 Class A-1 Variable Funding Notes due 2051,
     Downgraded to C; previously on July 30, 2009 Downgraded to
     Caa1;

  -- US$32,500,000 Class A-2 Senior Secured Floating Rate due
     2051, Downgraded to C; previously on July 30, 2009 Downgraded
     to Ca;

  -- US$32,500,000 Class A-3 Senior Secured Floating Rate Notes
     due 2051, Downgraded to C; previously on July 30, 2009
     Downgraded to Ca.

Sheffield CDO II, Ltd. is a collateralized debt obligation
issuance backed primarily by a portfolio of residential mortgage-
backed securities.  The transaction experienced an Event of
Default under the Trust Deed on July 21, 2009, as reported by the
Trustee.

As provided in Section 7 of the Trust Deed, during the occurrence
and continuance of an Event of Default, certain parties to the
transaction may be entitled to direct the Trustee to take
particular actions with respect to the Mortgaged Property and the
Notes.  In this regard, the Controlling Class of Noteholders
directed the Trustee to proceed with the disposition of the
Mortgaged Property in accordance with the Trust Deed.  Moody's
received notification that the Trustee completed the disposition
of or termination of all of the Mortgaged Property and made a
final distribution, applying the proceeds of the liquidation in
accordance with applicable provisions of the Trust Deed on
March 9, 2010.

The rating actions taken reflect the changes in severity of loss
associated with certain tranches and reflect the final liquidation
distribution.


SORIN REAL: S&P Downgrades Ratings on Seven Classes of CRE CDOs
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes from Sorin Real Estate CDO IV Ltd., a commercial real
estate collateralized debt obligation transaction, and removed
them from CreditWatch negative.  At the same time, S&P affirmed
two ratings.

The downgrades follow S&P's analysis of the transaction using its
updated U.S. CRE CDO criteria, which was the primary driver of its
rating actions.  The downgrades also reflect S&P's estimated
asset-specific recovery rates for the six underlying loan assets
($52.3 million, 14.1%) reported as defaulted.  S&P's analysis
included a review of the current credit characteristics of all of
the underlying collateral assets, as well as the transaction's
liability structure.

According to the Feb. 26, 2010, trustee report, the transaction's
current asset pool includes these:

* Ten subordinate interest loans ($155.4 million, 42.0%) of the
  collateral pool;

* Fifteen commercial mortgage-backed securities tranches
  ($137.3 million, 37.1%);

* Six whole loans and senior-interest loans ($57.2 million,
  15.5%); and

* Three CDO tranches ($20.2 million, 5.5%).

Standard & Poor's reviewed and updated credit estimates for all of
the nondefaulted loan assets.  S&P based the analyses on its
adjusted net cash flow, which S&P derived from the most recent
financial data provided by the collateral manager, Sorin Capital
Management LLC, and the trustee, Wells Fargo Bank N.A., as well as
market and valuation data from third-party providers.

According to the trustee report, the transaction includes nine
defaulted assets: six loan assets ($52.3 million, 14.1%) and three
CDO tranches ($20.2 million, 5.5%).  Based on information provided
by the collateral manager, special servicer, and third-party
market data providers, Standard & Poor's estimated that there
would be no recovery upon the ultimate resolution of any of the
defaulted loan assets.

The defaulted loan assets are:

* The Rhodes Ranch senior interest loan ($14.5 million, 3.9%);

* The Yellowstone Mountain Club LLC senior interest loan
  ($12.5 million, 3.4%);

* The Chico Mall senior interest loan ($8.5 million, 2.3%);

* The Weststate senior interest loan ($8.0 million, 2.2%);

* The Flag Luxury Properties subordinated loan ($7.1 million,
  1.7%); and

* The Yellowstone Mountain Club LLS senior interest loan
  ($4.4 million, 1.2%).

According to the trustee report, the transaction is failing two
interest coverage tests and three principal coverage tests.

Standard & Poor's analyzed the transaction and its underlying
collateral assets in accordance with its current criteria.  S&P's
analysis is consistent with the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

                   Sorin Real Estate CDO IV Ltd.
                       Floating-rate notes

                            Rating
                            ------
          Class     To                   From
          -----     --                   ----
          A1        BBB-                 A+/Watch Neg
          A2        BB+                  A-/Watch Neg
          A3        BB+                  BBB+/Watch Neg
          B         BB                   BBB/Watch Neg
          C         B-                   BB-/Watch Neg
          D         CCC+                 B/Watch Neg
          E         CCC-                 CCC/Watch Neg

                         Ratings Affirmed

                  Sorin Real Estate CDO IV Ltd.
                       Floating-rate notes

                        Class    Rating
                        -----    ------
                        F        CCC-
                        G        CCC-


SOUTH CAROLINA: Fitch Upgrades Ratings on Bonds From 'BB-/B'
------------------------------------------------------------
On April 14, 2010, Fitch Ratings will upgrade the rating to
'AAA/F1+' from 'BB-/B' on the South Carolina Jobs-Economic
Development Authority's variable rate demand economic development
revenue bonds (Woodhead, LLC Project), consisting of:

  -- $4125,000 series 2007A;
  -- $3,235,000 ($1,735,000 currently outstanding) series 2010B.

The rating will be based on the support provided by two separate
series substitute irrevocable confirming letters of credit to be
issued by the Federal Home Loan Bank of Atlanta (rated 'AAA/F1+'
by Fitch), which will confirm two separate series substitute
irrevocable, direct-pay letters of credit to be issued by AFB&T.

The LOC bank is obligated to make payments of principal of and
interest on the bonds upon maturity, acceleration and redemption,
as well as purchase price for tendered bonds.  The CLOC bank is
obligated to make a purchase price payment for all outstanding
bonds in the event the LOC bank fails to honor any draw or
repudiates its obligations under the LOC.  The ratings will expire
upon the earliest of: (a) April 14, 2011, the initial stated
expiration date of the CLOCs, unless such date is automatically
extended for one year periods; (b) conversion to the fixed
interest rate; (c) any prior termination of the CLOCs; and (d)
defeasance of the bonds.  The LOCs provide full and sufficient
coverage of principal plus an amount equal to 40 days of interest
at a maximum rate of 10% based on a year of 365 days and purchase
price for tendered bonds for the series 2007A bonds and amount
equal to 40 days of interest at a maximum rate of 12% based on a
year of 360 days and purchase price for tendered bonds for the
series 2007B bonds, while in the weekly rate mode.  The CLOCs
provides the same full and sufficient coverage as the LOCs.  The
Remarketing Agent for the bonds continues to be Synovus
Securities.  The bonds are expected to be reoffered on or about
April 14, 2010.

The bonds currently bear interest at a weekly rate, but may be
converted to a fixed interest rate.  While bonds bear interest in
the weekly rate mode, interest payments are on the first business
day of each month, with the next interest payment date scheduled
for May 3, 2010.  The trustee is obligated to make timely draws on
the LOCs to pay principal, interest, and purchase price.  In the
event the respective LOC bank fails to honor a draw or repudiates
its obligations under the related LOC then the trustee directs a
mandatory tender and draws on the CLOCs for the full purchase
price of all outstanding bonds.  Funds drawn under the LOCs are
invested in accordance with rating guidelines and mature when
needed, and are free from any lien prior to that of the
bondholders.

Bond proceeds were used for the purpose of (i) financing the
acquisition, by construction or purchase, of certain land and
improvements constituting a coated fabric manufacturing facility,
certain additions to and machinery and equipment.


STRUCTURED ADJUSTABLE: Moody's Downgrades Ratings on Five Tranches
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of five
tranches and confirmed the ratings of one tranche from one RMBS
transaction, backed by prime jumbo loans, issued by Structured
Adjustable Rate Mortgage Loan Trust.

The collateral backing these transactions consists primarily of
first-lien, adjustable-rate prime jumbo residential mortgage
loans.  The actions are a result of the rapidly deteriorating
performance of jumbo pools in conjunction with macroeconomic
conditions that remain under duress.  The actions reflect Moody's
updated loss expectations on prime jumbo pools issued from 2005 to
2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

List of actions:

Issuer: Structured Adjustable Rate Mortgage Loan Trust, Series
2008-1

  -- Cl. A1, Downgraded to Caa2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A1X, Downgraded to Caa2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A21, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A22, Downgraded to C; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Ca; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. AP, Confirmed at Aaa; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade


STRUCTURED ASSET: Moody's Downgrades Ratings on 77 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 77
tranches, confirmed the ratings of 32 tranches, and upgraded the
ratings of 2 tranches from 21 RMBS transactions issued by
Structured Asset Investment Loan Trust.  The collateral backing
these deals primarily consists of first-lien, fixed and
adjustable-rate subprime residential mortgages.

The actions are a result of the continued performance
deterioration in subprime pools in conjunction with home price and
unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on subprime pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
subprime RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

In addition, Moody's has adjusted the rating on the A-3 tranche
for Structured Asset Investment Loan Trust 2006-1 to address
credit enhancement which had not been properly modeled in the
previous rating action on March 20, 2009.  Due to an incorrect
calculation of the credit enhancement level in that earlier
action, credit was given for a larger amount of subordination to
absorb losses for the senior bonds than actually existed.  This
calculation has been corrected, and the rating action reflects the
appropriate enhancement level.

The above mentioned approach "Subprime RMBS Loss Projection
Update: February 2010" is adjusted slightly when estimating losses
on pools left with a small number of loans.  To project losses on
pools with fewer than 100 loans, Moody's first estimates a
"baseline" average rate of new delinquencies for the pool
(typically 20% for subprime pools).

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.

The fewer the number of loans remaining in the pool, the higher
the volatility and hence the stress applied.  Once the loan count
in a pool falls below 75, the rate of delinquency is increased by
1% for every loan less than 75.  For example, for a pool with 74
loans from the 2005 vintage, the adjusted rate of new delinquency
would be 20.20%.

If current delinquency levels in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 2.0 for current delinquencies ranging from less than
2.5% to greater than 50% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

Complete rating actions are:

Issuer: Structured Asset Investment Loan Trust 2005-1

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A7, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to A1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Caa1; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-10

  -- Cl. A1, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to A1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to A1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-11

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to B1; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to Baa2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Downgraded to Baa2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A7, Downgraded to Ca; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-2

  -- Cl. A1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Ba1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Ca; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 B2 Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-3

  -- Cl. A1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A7, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A8, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to A2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Caa1; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 B1 Placed
     Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-4

  -- Cl. A3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Ba2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to Caa2; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-5

  -- Cl. A8, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Confirmed at Aaa; previously on May 23,
     2008 Assigned Aaa

  -- Financial Guarantor: CIFG Assurance North America, Inc.
     (Insured Rating Withdrawn 12/11/2009)

  -- Cl. A9, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to Aa1; previously on May 23,
     2008 Assigned Aaa

  -- Financial Guarantor: CIFG Assurance North America, Inc.
     (Insured Rating Withdrawn 12/11/2009)

  -- Cl. A1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to A1; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to B2; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-6

  -- Cl. A1, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Aa2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A9, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Ba3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Ca; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-7

  -- Cl. A2, Confirmed at Aa3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to Baa1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Caa1; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-8

  -- Cl. A4, Downgraded to B3; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-9

  -- Cl. A1, Downgraded to B1; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Caa3; previously on Mar 20, 2009
     Downgraded to Ba3

  -- Cl. A5, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-HE1

  -- Cl. A6, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A7, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A8, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Upgraded to Baa1; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Caa1; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-HE2

  -- Cl. A3, Upgraded to Aa2; previously on Jan 13, 2010 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to B2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2005-HE3

  -- Cl. A5, Confirmed at A2; previously on Jan 13, 2010 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Caa1; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2006-1

  -- Cl. A3, Downgraded to Ba3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2006-2

  -- Cl. A3, Downgraded to Caa2; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2006-3

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2006-4

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Caa3; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2006-BNC1

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2006-BNC2

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to Caa2; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Investment Loan Trust 2006-BNC3

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade


STRUCTURED ASSET: Moody's Downgrades Ratings on 155 Tranches
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 155
tranches and confirmed the ratings of 28 tranches from 30 RMBS
transactions issued by Structured Asset Securities Corporation
Trust.  The collateral backing these deals primarily consists of
first-lien, fixed and adjustable-rate subprime residential
mortgages.

The actions are a result of the continued performance
deterioration in Subprime pools in conjunction with home price and
unemployment conditions that remain under duress.  The actions
reflect Moody's updated loss expectations on subprime pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
subprime RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

Complete rating actions are:

Issuer: Structured Asset Securities Corp 2006-W1

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Caa2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp 2006-Z

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Ca; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-NC1

  -- Cl. A5, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A9, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A10, Downgraded to Aa2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A11, Downgraded to Aa2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to B1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Caa3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. M6, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-NC2

  -- Cl. A1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Ba1; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to Caa1; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. M6, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. M7, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-WF1

  -- Cl. A3, Downgraded to A1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to B1; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Ca; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to C; previously on Jan 13, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. M6, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M7, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M8, Downgraded to C; previously on Jan 13, 2010 B2 Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-WF2

  -- Cl. A3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Baa3; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Caa1; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to Ca; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to C; previously on Mar 20, 2009
     Downgraded to B1

  -- Cl. M6, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. M7, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2005-WF4

  -- Cl. A1, Downgraded to A1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Aa2; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Baa3; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Caa1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to Ca; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M6, Downgraded to C; previously on Jan 13, 2010 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. M7, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. M8, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. M9, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. B1, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. B2, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-AM1

  -- Cl. A1, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to B3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-BC1

  -- Cl. A1, Downgraded to Caa1; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Caa3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to B1; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Downgraded to C; previously on Jan 13, 2010 B1 Placed
     Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-BC2

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-BC6

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Baa2; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 B1 Placed
     Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-EQ1

  -- Cl. A1, Downgraded to Caa2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to B2; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 B1 Placed
     Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-NC1

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Caa1; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. A6, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A7, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-OPT1

  -- Cl. A1, Downgraded to B3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Ba3; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to Caa3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A6, Downgraded to B3; previously on Jan 13, 2010 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to C; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-WF1

  -- Cl. A1, Downgraded to A1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to A2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Ba3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Caa2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M4, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. M5, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-WF2

  -- Cl. A3, Downgraded to Baa3; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Caa3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to C; previously on Jan 13, 2010 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2006-WF3

  -- Cl. A1, Downgraded to B2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to B1; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Caa2; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to B2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2007-BC1

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to Aa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Ba1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Ca; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. A6, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2007-BC2

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at A2; previously on Jan 13, 2010 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. A3, Confirmed at Ba2; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Ca; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2007-BC3

  -- Cl. 1-A1, Downgraded to Baa1; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to B2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to C; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to C; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Baa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to B2; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A3, Downgraded to C; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2007-BC4

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Baa1; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2007-MLN1

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to A3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to B3; previously on Jan 13, 2010 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2007-OSI

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Baa2; previously on Jan 13, 2010 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Jan 13, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to C; previously on Jan 13, 2010 Caa3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp Trust 2007-WF1

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Baa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Ca; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A6, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp, Mortgage Pass-Through
Certificates, Series 2006-BC3

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp. Trust 2007-EQ1

  -- Cl. A-1, Downgraded to Caa3; previously on Jan 13, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa2; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Confirmed at Ca; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corp., Mortgage Pass-Through
Certificates, Series 2007-WF2

  -- Cl. A-1, Downgraded to Caa1; previously on Jan 13, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3; previously on Jan 13, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corporation Mortgage Pass-
Through Certificates, Series 2006-BC4

  -- Cl. A1, Downgraded to Ca; previously on Jan 13, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to A3; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corporation Series 2005-AR1

  -- Cl. A1, Confirmed at Aa2; previously on Jan 13, 2010 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at A1; previously on Jan 13, 2010 A1 Placed
     Under Review for Possible Downgrade

  -- Financial Guarantor: CIFG Assurance North America, Inc.
     (Insured Rating Withdrawn 12/11/2009)

  -- Cl. A4, Confirmed at Aa1; previously on Jan 13, 2010 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Confirmed at A1; previously on Jan 13, 2010 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Ba3; previously on Jan 13, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M2, Downgraded to Ca; previously on Jan 13, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. M3, Downgraded to C; previously on Jan 13, 2010 Ca Placed
     Under Review for Possible Downgrade

Issuer: Structured Asset Securities Corporation Trust 2006-BC5

  -- Cl. A1, Downgraded to Caa3; previously on Jan 13, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A3, Downgraded to A3; previously on Jan 13, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A4, Downgraded to Caa3; previously on Jan 13, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A5, Downgraded to C; previously on Jan 13, 2010 B3 Placed
     Under Review for Possible Downgrade


SUMMER STREET: Moody's Downgrades Ratings on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of two classes of notes issued by Summer Street 2004-1,
Ltd.  The notes affected by the rating action are:

  -- Class A-1 Flt. Rt. Senior Secured Notes, Downgraded to Ca;
     previously on 2/4/2009 Downgraded to B2

  -- Class A-2 Flt. Rt. Senior Secured Notes, Downgraded to C;
     previously on 2/4/2009 Downgraded to Ca

Summer Street 2004-1, Ltd., is a collateralized debt obligation
issuance backed by a portfolio of primarily Residential Mortgage-
Backed Securities originated between 2004 and 2007, with the
majority originated in 2004.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Such credit deterioration is observed through numerous
factors, including a decline in the average credit rating of the
portfolio (as measured by an increase in the weighted average
rating factor), an increase in the dollar amount of defaulted
securities, and failure of the coverage tests.  The weighted
average rating factor, as reported by the trustee, has increased
from 1242 in January 2009 to 2010 in February 2010.  During the
same time, defaulted securities increased from $61 million to
$83 million.  In addition, the trustee reports that the
transaction is currently failing its overcollateralization tests.

Moody's explained that in arriving at the rating action noted
above, the ratings of 2005-2007 subprime, Alt-A and Option-ARM
RMBS which are currently on review for possible downgrade were
stressed.  For purposes of monitoring its ratings of SF CDOs with
exposure to such 2005-2007 vintage RMBS, Moody's used certain
projections of the lifetime average cumulative losses as set forth
in Moody's press releases dated January 13 for subprime,
January 14 for Alt-A, and January 27 for Option-ARM.  Based on the
anticipated ratings impact of the updated cumulative loss numbers,
the stress varied based on vintage, current rating, and RMBS asset
type.

For 2005 Alt-A and Option-ARM securities, securities that are
currently rated Aaa or Aa were stressed by eleven notches, and
securities currently rated A or Baa were stressed by eight
notches.  Those securities currently rated in the Ba or B range
were stressed to Caa3, while current Caa securities were treated
as Ca.  For 2006 and 2007 Alt-A and Option-ARM securities,
currently Aaa or Aa rated securities were stressed by eight
notches, and securities currently rated A, Baa or Ba were stressed
by five notches.  Those securities currently rated in the B range
were stressed to Caa3, while current Caa securities were treated
as Ca.

For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca.  For subprime
RMBS originated in the first half of 2006, those currently rated
Aaa were stressed by four notches, while Aa, A and Baa rated
securities were stressed by eight notches.  Those securities
currently rated in the Ba range were stressed to Caa3, while
current B and Caa securities were treated as Ca.  For subprime
RMBS originated in the second half of 2006, those currently rated
Aa, A, Baa or Ba were stressed by four notches, currently B rated
securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.  For 2007 subprime RMBS, currently
Ba rated securities were stressed by four notches, currently B
rated securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.

Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.

Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade.  Current public ratings will be used for
securities that have undergone an in depth review by Moody's RMBS
team and are no longer on review for downgrade.


TARGETED RETURN: S&P Affirms 'B+' Rating on Certificates
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' weighted
average rating on the certificates issued by Targeted Return Index
Securities Trust Series HY 2006-1 and removed it from CreditWatch
with negative implications.

S&P removed its rating from CreditWatch negative due to the
improvement in the credit quality of the underlying portfolio.
S&P's rating on this transaction reflects its view of the average
credit quality of the reference entities constituting the
reference portfolio.

      Rating Affirmed And Removed From Creditwatch Negative

     Targeted Return Index Securities Trust Series HY 2006-1

                                        Rating
                                        ------
     Class                           To         From
     -----                           --         ----
     Certificates                    B+         B+/Watch Neg


TRAINER WORTHAM: Moody's Downgrades Ratings on Two Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of two classes of notes issued by Trainer Wortham First
Republic CBO III, Limited.  The notes affected by the rating
action are:

  -- Class A-1 Senior Secured Floating Rate Notes Due 2033,
     Downgraded to Caa3; previously on 2/10/2009 Downgraded to Ba1

  -- Class A-2 Senior Secured Floating Rate Notes Due 2038,
     Downgraded to C; previously on 2/10/2009 Downgraded to Ca

Trainer Wortham First Republic CBO III, Limited is a
collateralized debt obligation issuance backed by a portfolio of
primarily Residential Mortgage-Backed Securities originated
between 2002 and 2005, with the majority originated in 2005.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Such credit deterioration is observed through numerous
factors, including a decline in the average credit rating of the
portfolio (as measured by an increase in the weighted average
rating factor), an increase in the dollar amount of defaulted
securities, and failure of the coverage tests.  The weighted
average rating factor, as reported by the trustee, has increased
from 1997 in January 2009 to 3312 in February 2010.  During the
same time, defaulted securities increased from $20 million to
$35 million.  In addition, the trustee reports that the
transaction is currently failing its overcollateralization tests.

Moody's explained that in arriving at the rating action noted
above, the ratings of 2005-2007 subprime, Alt-A and Option-ARM
RMBS which are currently on review for possible downgrade were
stressed.  For purposes of monitoring its ratings of SF CDOs with
exposure to such 2005-2007 vintage RMBS, Moody's used certain
projections of the lifetime average cumulative losses as set forth
in Moody's press releases dated January 13 for subprime,
January 14 for Alt-A, and January 27 for Option-ARM.  Based on the
anticipated ratings impact of the updated cumulative loss numbers,
the stress varied based on vintage, current rating, and RMBS asset
type.

For 2005 Alt-A and Option-ARM securities, securities that are
currently rated Aaa or Aa were stressed by eleven notches, and
securities currently rated A or Baa were stressed by eight
notches.  Those securities currently rated in the Ba or B range
were stressed to Caa3, while current Caa securities were treated
as Ca.  For 2006 and 2007 Alt-A and Option-ARM securities,
currently Aaa or Aa rated securities were stressed by eight
notches, and securities currently rated A, Baa or Ba were stressed
by five notches.  Those securities currently rated in the B range
were stressed to Caa3, while current Caa securities were treated
as Ca.

For 2005 subprime RMBS, those currently rated Aa, A or Baa were
stressed by five notches, Ba rated securities were stressed to
Caa3, and B or Caa securities were treated as Ca.  For subprime
RMBS originated in the first half of 2006, those currently rated
Aaa were stressed by four notches, while Aa, A and Baa rated
securities were stressed by eight notches.  Those securities
currently rated in the Ba range were stressed to Caa3, while
current B and Caa securities were treated as Ca.  For subprime
RMBS originated in the second half of 2006, those currently rated
Aa, A, Baa or Ba were stressed by four notches, currently B rated
securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.  For 2007 subprime RMBS, currently
Ba rated securities were stressed by four notches, currently B
rated securities were treated as Caa3, and currently Caa rated
securities were treated as Ca.

Moody's noted that the stresses applicable to categories of 2005-
2007 subprime RMBS that are not listed above will be two notches
if the RMBS ratings are on review for possible downgrade.

Moody's further explained that these stresses are based on a
preliminary sample analysis of deals from a given vintage and
asset type, and that they will be utilized in its SF CDO rating
analysis while subprime, Alt-A and Option-ARM securities remain on
review for downgrade.  Current public ratings will be used for
securities that have undergone an in depth review by Moody's RMBS
team and are no longer on review for downgrade.


WACHOVIA BANK: S&P Downgrades Rating on 2004-C11 Certificates
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating the class O
certificates from Wachovia Bank Commercial Mortgage Trust's series
2004-C11 and removed it from CreditWatch with negative
implications.  In addition, S&P affirmed its ratings on 19
additional classes from the same transaction and removed 12 of
them from CreditWatch with negative implications.

The actions follow S&P's analysis of the transaction using its
U.S. conduit and fusion commercial mortgage-backed securities
criteria.  The downgrade also reflects credit support erosion that
S&P anticipates will occur upon the eventual resolution of one of
the five specially serviced assets in the transaction.  S&P's
analysis included a review of the credit characteristics of all of
the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.64x and a loan-to-value ratio of 78.4%.  S&P further stressed
the loans' cash flows under S&P's 'AAA' scenario to yield a
weighted average DSC of 1.18x and an LTV ratio of 98.7%.  The
implied defaults and loss severity under the 'AAA' scenario were
35.0% and 25.9%, respectively.  The DSC and LTV calculations S&P
noted above exclude three defeased loans ($139.3 million, 15.2%)
and one ($19.2, 2.1%) of the five specially serviced assets.  S&P
separately estimated losses for this specially serviced asset and
included it in S&P's 'AAA' scenario implied default and loss
figures.

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that are consistent with
the outstanding ratings.  S&P affirmed its ratings on the class X-
C and X-P interest-only certificates based on S&P's current
criteria.  S&P published a request for comment proposing changes
to S&P's IO criteria on June 1, 2009.  After S&P finalizes its
criteria review, S&P may revise its IO criteria, which may affect
outstanding ratings, including the ratings on the IO certificates
that S&P affirmed.

                      Credit Considerations

As of the March 2010 remittance report, five assets
($252.6 million, 27.6%) in the pool were with the special
servicer, CWCapital Asset Management LLC.  The payment status of
the specially serviced assets is: one is 90-plus-days delinquent
($19.2 million, 2.1%), one is 60 days delinquent ($8.1 million,
0.9%), two are 30 days delinquent ($201.6, 22.0%), and one
($23.7 million, 2.6%) is less than 30 days delinquent.

The three largest loans with the special servicer are secured by
retail malls owned by General Growth Properties Inc.  All three
loans were transferred to the special servicer in April 2009
following GGP's bankruptcy filing on April 16, 2009.  On Dec. 15,
2009, the bankruptcy court confirmed a modification plan for 85
GGP loans, including these three loans.  According to CWCapital,
it will return all three loans to the master servicer when the
servicers finalize the loan modifications.  Details of these three
loans are:

The Brass Mill Center & Commons loan ($114.2 million, 12.5%) is
the largest loan in the pool.  The loan is secured by 864,187 sq.
ft. of a 1.1 million-sq.-ft. regional mall and community center in
Waterbury, Conn.  The special servicer has confirmed that it
extended the maturity date for this loan to April 2016.  As of the
12 months ended Dec. 31, 2008, the reported DSC was 1.66x and
occupancy was 94.0%, compared with 1.77x and 97.0%, respectively,
at issuance.

The Four Seasons Town Centre loan ($87.5 million, 9.6%) is the
second-largest loan with the special servicer and is secured by
938,410 sq. ft. of a 1.1 million-sq.-ft. regional mall built in
1973 and renovated in 1999 in Greensboro, N.C.  The special
servicer has confirmed that it extended the maturity date of this
loan to June 2017.  As of the 12 months ended Dec. 31, 2008, the
reported DSC was 1.64x and occupancy was 92.2%, compared with
1.54x and 96.0%, respectively, at issuance.

The Bay City Mall loan ($23.7 million, 2.6%) is the seventh-
largest loan with the special servicer and is secured by a
361,194-sq.-ft. anchored retail center built in 1991 in Bay City,
Mich.  The special servicer has informed us that it expects to
modify the maturity date for this loan to two days after the
emergence of GGP from bankruptcy, with an outside maturity date of
no later than March 31, 2011.  As of the nine months ended
Sept. 30, 2008, the reported DSC was 1.48x and occupancy was
93.8%, compared with 2.02x and 92.0%, respectively, at issuance.

The Essex Place Apartments loan, which has a total exposure of
$19.2 million (2.1%), is the 10th-largest loan in the pool.  The
loan is more than 90 days delinquent and is secured by a 352-unit
apartment complex built in 1970 in Overland Park, Kan.  The loan
was transferred to special servicing on Jan. 7, 2010, due to
imminent monetary default.  CWCapital is awaiting a loan
modification proposal from the borrower, while pursuing
foreclosure.  If the modification does not occur, S&P expects a
moderate loss to the trust.

The remaining specially serviced asset that was listed in the
March 2010 remittance report ($8.2 million) has a balance that
represents less than 0.9% of the total pool balance.  The loan was
modified and will be returned to the master servicer.  As of year-
end 2008, the loan reported a DSC of 1.85x and occupancy of 92.6%.

The three GGP loans ($225.3 million, 24.6%) that are with the
special servicer will be returned to the master servicer in the
near future.  Pursuant to the transaction documents, the special
servicer is entitled to a workout fee that is 1.0% of all future
principal and interest payments, provided they are returned to the
master servicer and continue to perform.  These three loans are
top 10 loans, and the collection of the fee could, in S&P's
opinion, prompt sizeable shortfalls if the loans are paid off at
maturity.

                        Transaction Summary

As of the March 2010 remittance report, the collateral pool
balance was $915.9 million, which is 87.9% of the balance at
issuance.  The pool includes 51 loans, down from 54 loans at
issuance.  As of the March 2010 remittance report, the master
servicer, Wachovia Bank N.A., provided financial information for
99.3% of the nondefeased loans in the pool, and 96.2% of the
servicer-provided information was full-year 2008, interim-2009, or
full-year 2009 data.  S&P calculated a weighted average DSC of
1.70x for the pool based on the reported figures.  S&P's adjusted
DSC and LTV, which exclude three defeased loans ($139.3 million,
15.2%) and one ($184.4 million, 11.2%) of the five specially
serviced assets, were 1.64x and 78.4%, respectively.  S&P
separately estimated losses for one of the five specially serviced
assets.  Fifteen loans ($195.1 million, 21.3%) are on the master
servicer's watchlist, including two of the top 10 loans.  Seven
loans ($63.8 million, 7.0%) have a reported DSC below 1.10x, and
four of these loans ($38.7 million, 4.2%) have a reported DSC of
less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures secured by real estate have an aggregate
outstanding balance of $500.9 million (54.7%).  Using servicer-
reported numbers, S&P calculated a weighted average DSC of 1.77x
for the top 10 loans.  Two of the top 10 loans ($99.6 million,
10.9%) appear on the master servicer's watchlist, which S&P
discuss in detail below.  S&P's adjusted DSC and LTV for the top
10 loans are 1.69x and 75.5%, respectively.

The Bank of America Tower loan is the third-largest loan secured
by real estate in the pool and the largest loan on the master
servicer's watchlist.  The loan has a trust balance of
$71.5 million (7.8%) and is secured by a 697,341-sq.-ft. office
building built in 1990 in Jacksonville, Fla.  According to the
March 2010 watchlist report comments, the asset appears on the
watchlist due to a decrease in occupancy, resulting from a
reduction of both leased space and rental rate by the largest
tenant, Bank of America.  Reported DSC and occupancy as of
Dec. 31, 2009, were 1.38x and 74.0% respectively, down from 1.51x
and 80.0% at issuance.

The Amargosa Commons Shopping Center loan is the sixth-largest
loan in the pool and the second-largest loan on the master
servicer's watchlist.  The loan has a trust balance of
$28.2 million (3.1%) and is secured by a 173,302-sq.-ft. anchored
retail center, constructed in 2003 in Palmdale, Calif.  According
to the March 2010 watchlist report comments, the asset appears on
the watchlist due to a low DSC and decrease in occupancy.
Reported DSC and occupancy as of Dec. 31, 2009, were 0.86x and
73.0%, respectively, down from 1.21x and 96.0% at issuance.

Standard & Poor's stressed the loans in the pool according to our
conduit/fusion criteria.  The resultant credit enhancement levels
are consistent with the lowered and affirmed ratings.

       Rating Lowered And Removed From Creditwatch Negative

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C11

                 Rating
                 ------
     Class     To      From          Credit enhancement (%)
     -----     --      ----          ----------------------
     O         CCC+    B-/Watch Neg               1.28

      Ratings Affirmed And Removed From Creditwatch Negative

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C11

                 Rating
                 ------
     Class     To      From          Credit enhancement (%)
     -----     --      ----          ----------------------
     B         AA+     AA+/Watch Neg              14.21
     C         AA      AA/Watch Neg               12.79
     D         A+      A+/Watch Neg               10.23
     E         A       A/Watch Neg                 8.95
     F         BBB+    BBB+/Watch Neg              7.39
     G         BBB     BBB/Watch Neg               5.97
     H         BBB-    BBB-/Watch Neg              4.83
     J         BB+     BB+/Watch Neg               2.98
     K         BB      BB/Watch Neg                2.42
     L         BB-     BB-/Watch Neg               2.13
     M         B+      B+/Watch Neg                1.85
     N         B       B/Watch Neg                 1.56

                         Ratings Affirmed

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C11

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A-2       AAA                          17.34
           A-3       AAA                          17.34
           A-4       AAA                          17.34
           A-5       AAA                          17.34
           A-1A      AAA                          17.34
           X-C       AAA                            N/A
           X-P       AAA                            N/A

                      N/A - Not applicable.


WACHOVIA BANK: S&P Downgrades Ratings on 13 2005-C17 Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes of commercial mortgage-backed securities from Wachovia
Bank Commercial Mortgage Trust's series 2005-C17 and removed them
from CreditWatch with negative implications.  In addition, S&P
affirmed its ratings on eight other classes from the same
transaction and removed one of them from CreditWatch with negative
implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions.  S&P's analysis included a review of
the credit characteristics of all of the assets in the pool.
Using servicer-provided financial information, S&P calculated an
adjusted debt service coverage of 1.59x and a loan-to-value ratio
of 89.8%.  S&P further stressed the loans' cash flows under its
'AAA' scenario to yield a weighted average DSC of 1.12x and an LTV
of 117.0%.  The implied defaults and loss severity under the 'AAA'
scenario were 57.7% and 23.7%, respectively.  All of the DSC and
LTV calculations S&P noted above exclude 23 defeased loans
($260.8 million, 10.7%), six of the transaction's 13 specially
serviced assets ($52.7 million, 2.2%), and two loans
($60.2 million, 2.5%) that S&P determined to be credit-impaired.
S&P separately estimated losses for the six specially serviced and
two credit-impaired assets and included them in the 'AAA' scenario
implied default and loss figures.

The affirmations of the ratings on the principal and interest
classes reflect subordination levels that are consistent with the
outstanding ratings.  S&P affirmed its ratings on the class X-P
and X-C interest-only certificates based on its current criteria.
S&P published a request for comment proposing changes to the IO
criteria on June 1, 2009.  After S&P finalize its criteria review,
S&P may revise its current IO criteria, which may affect
outstanding ratings, including the ratings on the IO certificates
that S&P affirmed.

                      Credit Considerations

As of the March 2010 remittance report, 13 ($231.9 million, 9.5%)
assets in the pool were with the special servicer, CWCapital Asset
Management.  The payment status of the specially serviced assets
is: eight ($157.8 million, 6.5%) are matured balloons, one
($2.7 million, 0.1%) is real estate owned, one ($14.9 million,
0.6%) is in foreclosure, two ($28.4 million, 1.2%) are 90-plus
days delinquent, and one ($28.0 million, 1.2%) is late but less
than 30 days delinquent.  One of the specially serviced assets has
an appraisal reduction amount of $1.9 million in effect.

The Falchi Building loan ($44.1 million total exposure, 1.8%) is
the 10th-largest exposure in the pool and the largest loan with
the special servicer.  The loan is secured by a 638,712-sq.-ft.
mixed-use property in Long Island City, N.Y.  The loan was
transferred to the special servicer on Dec. 22, 2009, due to
imminent monetary default.  The loan was scheduled to mature on
March 11, 2010, and is now classified as a matured balloon asset.
As of September 2009, the reported DSC was 1.27x, compared with
1.21x at issuance.  As of October 2009, occupancy was 89.1%
compared with 93.5% at issuance.  It is S&P's understanding that
the special servicer is evaluating resolution strategies for this
loan.

The Cabrillo Palisades loan ($42.2 million total exposure, 1.7%)
is the second-largest loan with the special servicer.  The loan is
secured by a 369-unit multifamily property in San Diego,
California.  The loan was transferred to the special servicer on
April 25, 2008, due to imminent monetary default.  The loan was
scheduled to mature on Feb. 11, 2010, and is now classified as a
matured balloon asset.  As of September 2009, the reported DSC was
1.42x, compared with 1.49x at issuance.  According to the special
servicer, extension documents are being circulated for signature.

The 11 ($146.1 million, 6.0%) remaining specially serviced assets
that were listed in the March 2010 remittance report have balances
that individually represent less than 1.2% of the total pool
balance.  S&P estimated losses for six ($52.7 million, 2.2%) of
these assets, resulting in a weighted average loss severity of
18.0%.  The remaining five loans were transferred to the special
servicer relatively recently.  The reported DSC for the five loans
ranges from 1.38x to 2.93x.  CWCapital is reviewing workout
strategies for the remaining five loans.

In addition to the specially serviced assets, S&P determined two
($60.2 million, 2.5%) loans to be credit-impaired.  The larger of
these is the Great Wolf Resorts Pool loan ($44.9 million, 1.8%),
which is the ninth-largest exposure in the pool.  This loan also
appears on the master servicer's watchlist.  The loan is secured
by two full-service lodging properties comprising 562 rooms.  Both
properties also include indoor water park facilities.  One of the
properties is located in Traverse City, Michigan, while the other
is located in Kansas City, Kansas.  As of December 2009, DSC and
consolidated occupancy were 0.80x and 60.9%, respectively.  These
compare to the issuance DSC and consolidated occupancy of 3.08x
and 63.6%, respectively.  As a result of the decline in
performance, S&P views this asset to be at an increased risk of
default and loss.  The second asset S&P determined to be credit-
impaired and at an increased risk of default and loss had a
reported DSC of 0.39x as of September 2009 and accounts for 0.6%
of the pool balance.

Two loans totaling $50.6 million (2.1%) were previously with the
special servicer and have been returned to the master servicer.
Pursuant to the transaction documents, the special servicer is
entitled to a workout fee equal to 1.00% of all future principal
and interest payments on the loans if they continue to perform
well and remain with the master servicer.  CWCapital has indicated
that the trust will bear the workout fee for both assets.

The pool contains nine ($166.6 million, 6.8%) nondefeased loans
with final maturities in 2010.

                       Transaction Summary

As of the March 2010 remittance report, the collateral pool had an
aggregate trust balance of $2.44 billion, down from $2.72 billion
at issuance.  The pool includes 218 assets, down from 226 at
issuance.  The master servicer, Wachovia Bank N.A., provided full-
year 2008, interim-2009, or full-year 2009 financial information
for 96.0% of the nondefeased assets in the pool.  S&P calculated a
weighted average DSC of 1.61x for the pool based on the reported
figures.  S&P's adjusted DSC and LTV were 1.59x and 89.8%,
respectively.  S&P's adjusted DSC and LTV figures exclude 23
($260.8 million, 10.7%) defeased loans, six ($52.7 million, 2.2%)
of the transaction's 13 specially serviced assets, and two loans
($60.2 million, 2.5%) that S&P determined to be credit-impaired.
S&P separately estimated losses for the six specially serviced and
two credit-impaired assets.  The master servicer reported a
watchlist of 52 ($546.9 million, 22.4%) loans, including one of
the top 10 loan exposures which is discussed above, as well as
portions of two other top 10 loan exposures which are discussed
below.  Twenty-five ($283.4 million, 11.6%) assets in the pool
have a reported DSC of less than 1.10x, and eighteen
($207.3 million, 8.5%) assets have a reported DSC of less than
1.00x.

                 Summary of Top 10 Loan Exposures

The top 10 loan exposures have an aggregate outstanding trust
balance of $765.0 million (31.4%).  Using servicer-reported
numbers, S&P calculated a weighted average DSC of 1.77x for the
top 10 real estate assets.  S&P's adjusted DSC and LTV for the top
10 exposures are 1.71x and 77.0%, respectively.

The Digital Realty Trust Portfolio exposure ($143.4 million, 5.9%)
is the second-largest exposure in the pool.  The asset is
comprised of six cross-collateralized and cross-defaulted loans.
Five of the loans are collateralized by office properties, while
the remaining loan is collateralized by a mixed-use property.  The
properties comprise 1,421,884 sq. ft. across the U.S. Three
($75.9 million, 3.1%) of the loans appear on the master servicer's
watchlist for significant, impending tenant lease expirations.
Reported DSC and occupancy for the entire exposure was 2.72x and
97.1%, respectively, as of September 2009.

The Olympia Portfolio exposure ($58.0 million, 2.4%) is the
fourth-largest exposure in the pool.  The asset is composed of 16
cross-collateralized and cross-defaulted loans.  Fifteen of the
loans are collateralized by retail assets and one is
collateralized by an office asset.  The properties comprise
295,492 sq. ft. in Florida and Georgia.  Three ($12.5 million,
0.5%) of the loans appear on the master servicer's watchlist, two
for low DSC, and one for deferred maintenance.  Reported DSC for
the entire exposure was 1.19x as of December 2008.

Standard & Poor's stressed the assets in the pool according to its
U.S. conduit/fusion criteria.  The resultant credit enhancement
levels are consistent with the lowered and affirmed ratings.

       Ratings Lowered And Removed From Creditwatch Negative

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2005-C17

                   Rating
                   ------
      Class      To      From           Credit enhancement (%)
      -----      --      ----           ----------------------
      B          A+      AA/Watch Neg                    11.58
      C          A       AA-/Watch Neg                   10.60
      D          A-      A/Watch Neg                      8.65
      E          BBB+    A-/Watch Neg                     7.53
      F          BBB     BBB+/Watch Neg                   6.42
      G          BBB-    BBB/Watch Neg                    5.16
      H          BB-     BBB-/Watch Neg                   3.63
      J          B+      BB+/Watch Neg                    3.35
      K          B       BB/Watch Neg                     2.93
      L          B-      B/Watch Neg                      2.37
      M          CCC+    B-/Watch Neg                     2.09
      N          CCC     CCC+/Watch Neg                   1.81
      O          CCC-    CCC/Watch Neg                    1.53

      Rating Affirmed And Removed From Creditwatch Negative

              Wachovia Bank Commercial Mortgage Trust
  Commercial mortgage pass-through certificates series 2005-C17

                  Rating
                  ------
     Class      To      From           Credit enhancement (%)
     -----      --      ----           ----------------------
     A-J        AAA     AAA/Watch Neg                   14.65

                         Ratings Affirmed

             Wachovia Bank Commercial Mortgage Trust
  Commercial mortgage pass-through certificates series 2005-C17

     Class        Rating               Credit enhancement (%)
     -----        ------               ----------------------
     A-2          AAA                                   22.32
     A-3          AAA                                   22.32
     A-PB         AAA                                   22.32
     A-4          AAA                                   22.32
     A-1A         AAA                                   22.32
     X-P          AAA                                     N/A
     X-C          AAA                                     N/A

                      N/A -- Not applicable.


WAMU MORTGAGE: Moody's Downgrades Ratings on 159 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 159
tranches and confirmed the ratings on 3 tranches from 8 RMBS
transactions, backed by Alt-A loans, issued by the WaMu Mortgage
Pass-Through Certificates Trust.

The collateral backing these transactions consists primarily of
first-lien, fixed rate, Alt-A residential mortgage loans.  The
actions are a result of the rapidly deteriorating performance of
Alt-A pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on Alt-A pools issued from 2005 to 2007.

To assess the rating implications of the updated loss levels on
Alt-A RMBS, each individual pool was run through a variety of
scenarios in the Structured Finance Workstation(R), the cash flow
model developed by Moody's Wall Street Analytics.  This individual
pool level analysis incorporates performance variances across the
different pools and the structural features of the transaction
including priorities of payment distribution among the different
tranches, average life of the tranches, current balances of the
tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Alt-A RMBS Loss Projection Update:
February 2010" is adjusted slightly when estimating losses on
pools left with a small number of loans.  To project losses on
pools with fewer than 100 loans, Moody's first estimates a
"baseline" average rate of new delinquencies for the pool that is
dependent on the vintage of loan origination (10%, 19% and 21% for
the 2005, 2006 and 2007 vintage respectively).  This baseline rate
is higher than the average rate of new delinquencies for the
vintage to account for the volatile nature of small pools.  Even
if a few loans in a small pool become delinquent, there could be a
large increase in the overall pool delinquency level due to the
concentration risk.  Once the baseline rate is set, further
adjustments are made based on 1) the number of loans remaining in
the pool and 2) the level of current delinquencies in the pool.
The fewer the number of loans remaining in the pool, the higher
the volatility and hence the stress applied.  Once the loan count
in a pool falls below 75, the rate of delinquency is increased by
1% for every loan less than 75.  For example, for a pool with 74
loans from the 2005 vintage, the adjusted rate of new delinquency
would be 10.10%.  If current delinquency levels in a small pool is
low, future delinquencies are expected to reflect this trend.  To
account for that, the rate calculated above is multiplied by a
factor ranging from 0.2 to 2.0 for current delinquencies ranging
from less than 2.5% to greater than 50% respectively.
Delinquencies for subsequent years and ultimate expected losses
are projected using the approach described in the methodology
publication.

Complete rating actions are:

Issuer: WaMu Mortgage Pass-Through Certificates Series 2005-3
Trust

  -- Cl. 1-CB-1, Downgraded to Caa3; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. 1-CB-2, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-CB-3, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-CB-4, Downgraded to Caa3; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 1-CB-5, Downgraded to Ca; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-CB-6, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. C-X, Downgraded to Caa3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. C-P, Downgraded to Caa3; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2005-10 Trust

  -- Cl. 1-CB, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. C-X, Downgraded to B3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. C-P, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa3; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-10, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-CB-1, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-CB-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 4-CB-1, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-CB-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 4-CB-3, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-CB-4, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-CB-5, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-CB-6, Downgraded to Ca; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A, Downgraded to B3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2005-11 Trust

  -- Cl. A-1, Downgraded to Ca; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. P, Downgraded to Ca; previously on Jan 14, 2010 B3 Placed
     Under Review for Possible Downgrade

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2005-4 Trust

  -- Cl. CB-1, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-2, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-3, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-4, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-5, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-6, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-7, Downgraded to Ca; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. CB-8, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-9, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-10, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-11, Downgraded to Ca; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. CB-12, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-13, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-14, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-15, Current rating Aa3; previously on Dec 18, 2009
     Confirmed at Aa3

Financial Guarantor: Assured Guaranty Corp. (Confirmed at Aa3,
Outlook Negative on Dec 18, 2009)

  -- Cl. CB-16, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. C-X, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. C-P, Downgraded to Caa2; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB, Downgraded to B2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-CB, Downgraded to B3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Caa1; previously on Jan 14, 2010
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Caa2; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to Caa3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-3, Downgraded to Caa3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-4, Downgraded to Caa3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-5, Downgraded to Caa3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-6, Downgraded to Caa3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-7, Downgraded to Caa3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-8, Downgraded to Caa3; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-9, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-10, Downgraded to C; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. D-X, Downgraded to B2; previously on Jan 14, 2010 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. D-P, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2005-5 Trust

  -- Cl. CB-1, Downgraded to Caa2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-2, Downgraded to Caa2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-3, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. CB-4, Downgraded to Caa2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-5, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-6, Downgraded to Caa3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. CB-7, Downgraded to Caa3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. CB-8, Downgraded to Caa3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. CB-9, Downgraded to Caa3; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. CB-10, Downgraded to Caa3; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. CB-11, Downgraded to Caa3; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. CB-12, Downgraded to Caa3; previously on Jan 14, 2010
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. CB-13, Downgraded to C; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. CB-14, Downgraded to Caa2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Caa2; previously on Jan 14, 2010 A1
     Placed Under Review for Possible Downgrade

  -- Cl. P, Downgraded to Caa2; previously on Jan 14, 2010 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2005-8 Trust

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. C-X, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. C-P, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-1, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-2, Downgraded to C; previously on Jan 14, 2010 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-3, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-4, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-5, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-CB-1, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-CB-2, Downgraded to C; previously on Jan 14, 2010 Ca
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A, Downgraded to B3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2005-9 Trust

  -- Cl. 1-CB, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa1; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Caa3; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Caa1; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to C; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-CB, Downgraded to B3; previously on Jan 14, 2010 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Ca; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to Ca; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-4, Downgraded to Ca; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-5, Downgraded to C; previously on Jan 14, 2010 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Ca; previously on Jan 14, 2010 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-3, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-4, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-5, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-6, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-7, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-8, Downgraded to Ca; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-9, Downgraded to Ca; previously on Jan 14, 2010 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. C-X, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. C-P, Downgraded to Caa2; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

Issuer: Washington Mutual Mortgage Pass-Through Certificates,
WMALT Series 2005-7

  -- Cl. 1-A-1, Downgraded to Caa3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to C; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-1, Downgraded to Caa2; previously on Jan 14, 2010
     Ba1 Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-2, Downgraded to C; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-3, Confirmed at B3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-4, Downgraded to Caa2; previously on Jan 14, 2010
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-5, Downgraded to Caa2; previously on Jan 14, 2010
     Ba2 Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-6, Downgraded to Caa2; previously on Jan 14, 2010
     Caa1 Placed Under Review for Possible Downgrade

  -- Cl. 2-CB-7, Confirmed at Caa2; previously on Jan 14, 2010
     Caa2 Placed Under Review for Possible Downgrade

  -- Cl. 3-CB, Downgraded to Caa3; previously on Jan 14, 2010 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-CB, Downgraded to Ca; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. C-X, Downgraded to B3; previously on Jan 14, 2010 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. C-P, Confirmed at Caa2; previously on Jan 14, 2010 Caa2
     Placed Under Review for Possible Downgrade


WASHINGTON MUTUAL: Moody's Downgrades Ratings on Four Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
tranches from one RMBS transaction, backed by prime jumbo loans,
issued by Washington Mutual Mortgage Pass-Through Certificates,
Series 2005-AR4.

The collateral backing the transaction consists primarily of
first-lien, adjustable-rate prime jumbo residential mortgage
loans.  The actions are a result of the rapidly deteriorating
performance of jumbo pools in conjunction with macroeconomic
conditions that remain under duress.  The actions reflect Moody's
updated loss expectations on prime jumbo pools issued from 2005 to
2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

List of actions:

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR4

  -- Cl. A-4A, Downgraded to Ba2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4B, Downgraded to Ba2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. X, Downgraded to Ba2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade


WELLS FARGO: Moody's Downgrades Ratings on 102 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 102
tranches, confirmed the ratings of 16 tranches and upgraded two
tranches from 11 RMBS transactions, backed by prime jumbo loans,
issued by Wells Fargo Mortgage-Backed Securities in 2005.

The collateral backing these transactions consists primarily of
first-lien, fixed rate, prime jumbo residential mortgage loans.
The actions are a result of the rapidly deteriorating performance
of jumbo pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on prime jumbo pools issued from 2005 to 2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

Tranche A1 issued by Wells Fargo Mortgage Backed Securities 2005-
16 Trust is wrapped by MBIA Insurance Corporation (rated B3).  For
securities insured by a financial guarantor, the rating on the
securities is the higher of (i) the guarantor's financial strength
rating and (ii) the current underlying rating (i.e., absent
consideration of the guaranty) on the security.  The principal
methodology used in determining the underlying rating is the same
methodology for rating securities that do not have a financial
guaranty and is as described in the methodology publication.

The above mentioned approach "Jumbo RMBS Loss Projection Update:
January 2010" is adjusted to estimate losses on pools left with a
small number of loans.  To project losses on pools with fewer than
100 loans, Moody's first estimates a "baseline" average rate of
new delinquencies for the pool that is dependent on the vintage of
loan origination (3.5%, 6.5% and 7.5% for the 2005, 2006 and 2007
vintage respectively).  This baseline rate is higher than the
average rate of new delinquencies for the vintage to account for
the volatile nature of small pools.  Even if a few loans in a
small pool become delinquent, there could be a large increase in
the overall pool delinquency level due to the concentration risk.

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.The fewer the number of loans
remaining in the pool, the higher the volatility and hence the
stress applied.  Once the loan count in a pool falls below 75, the
rate of delinquency is increased by 1% for every loan less than
75.  For example, for a pool with 74 loans from the 2005 vintage,
the adjusted rate of new delinquency would be 3.535%.  If the
current delinquency level in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 1.8 for current delinquencies ranging from less than
2.5% to greater than 30% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

List of actions:

Issuer: Wells Fargo Mortgage Backed Securities 2005-10 Trust

  -- Cl. A-1, Downgraded to Ba3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Ba3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-14 Trust

  -- Cl. I-A-1, Downgraded to Baa3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Ba1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Ba2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Baa3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Baa3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to Ba2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Confirmed at Baa3; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Ba3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-PO, Downgraded to Ba3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ba2; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Caa3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-PO, Confirmed at B1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-15 Trust

  -- Cl. A-1, Downgraded to A2; previously on Dec 17, 2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Aa1; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Baa2; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to A2; previously on Dec 17, 2009 Aa1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-16 Trust

  -- Cl. A-2, Downgraded to Ba2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Baa3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa3; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Ca; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to Caa2; previously on Dec 17, 2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Upgraded to Ba2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Upgraded to Ba3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Upgraded to B2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-18 Trust

  -- Cl. I-A-PO, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ba3; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ca; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to B1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Ba2; previously on Dec 17, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to B1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-8, Downgraded to B1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-9, Downgraded to Ba3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-10, Downgraded to B1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-11, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-PO, Downgraded to B1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-1, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Confirmed at Baa2; previously on Dec 17, 2009
     Baa2 Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-2 Trust

  -- Cl. I-A-1, Downgraded to Ba2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ba2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Ba2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Ba3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to A2; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to B3; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Ba3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to A2; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to Caa1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to A1; previously on Dec 17, 2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Baa1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-12, Downgraded to Ba2; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-PO, Downgraded to Ba3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-PO, Downgraded to Baa1; previously on Dec 17, 2009
     A3 Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Baa1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-3 Trust

  -- Cl. A-1, Downgraded to Baa3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. A-4, Downgraded to Ba3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Ba1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Baa1; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ba2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Ba3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to B3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Ba2; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Confirmed at A2; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities Trust 2005-4 Trust

  -- Cl. A-1, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ba2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B3; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-6 Trust

  -- Cl. A-1, Downgraded to Ba1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ba1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ba1; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to B1; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Ba3; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-7 Trust

  -- Cl. A-1, Downgraded to Baa3; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ba1; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ba3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ba3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ba3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ba3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Ba2; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2005-8 Trust

  -- Cl. A-1, Downgraded to Ba3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade


WELLS FARGO: Moody's Downgrades Ratings on 134 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 134
tranches, confirmed the ratings of 7 tranches and upgraded the
ratings of 2 tranches from 14 RMBS transactions, backed by prime
jumbo loans, issued by Wells Fargo Mortgage-Backed Securities in
2006.

The collateral backing these transactions consists primarily of
first-lien, fixed, prime jumbo residential mortgage loans.  The
actions are a result of the rapidly deteriorating performance of
jumbo pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on prime jumbo pools issued from 2005 to 2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Jumbo RMBS Loss Projection Update:
January 2010" is adjusted to estimate losses on pools left with a
small number of loans.  To project losses on pools with fewer than
100 loans, Moody's first estimates a "baseline" average rate of
new delinquencies for the pool that is dependent on the vintage of
loan origination (3.5%, 6.5% and 7.5% for the 2005, 2006 and 2007
vintage respectively).  This baseline rate is higher than the
average rate of new delinquencies for the vintage to account for
the volatile nature of small pools.  Even if a few loans in a
small pool become delinquent, there could be a large increase in
the overall pool delinquency level due to the concentration risk.

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.The fewer the number of loans
remaining in the pool, the higher the volatility and hence the
stress applied.  Once the loan count in a pool falls below 75, the
rate of delinquency is increased by 1% for every loan less than
75.  For example, for a pool with 74 loans from the 2005 vintage,
the adjusted rate of new delinquency would be 3.535%.  If the
current delinquency level in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 1.8 for current delinquencies ranging from less than
2.5% to greater than 30% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

List of actions:

Issuer: Wells Fargo Mortgage Backed Securities 2006-1 Trust

  -- Cl. A-1, Downgraded to B1; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B2; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-10 Trust

  -- Cl. A-1, Downgraded to Ba3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

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

  -- Cl. A-4, Downgraded to B3; previously on Dec 17, 2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa1; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to C; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to B2; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to B3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to C; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to B3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

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

Issuer: Wells Fargo Mortgage Backed Securities 2006-11 Trust

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

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

  -- Cl. A-4, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Ba2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Confirmed at B1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to C; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Caa2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-13 Trust

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

  -- Cl. A-4, Downgraded to Ba1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to C; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ba1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B2; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B3; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ca; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-1, Confirmed at A2; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Baa2; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-14 Trust

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-15 Trust

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-16 Trust

  -- Cl. A-1, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to A1; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ba1; previously on Dec 17, 2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Baa2; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Baa2; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Baa2; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Baa2; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to A3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to Baa2; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Baa3; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Confirmed at Aa2; previously on Dec 17, 2009 Aa2
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-17 Trust

  -- Cl. A-1, Downgraded to B2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

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

  -- Cl. A-3, Downgraded to Ba3; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B2; previously on Dec 17, 2009 A1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-18 Trust

  -- Cl. A-1, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-19 Trust

  -- Cl. A-1, Downgraded to B1; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba2; previously on Dec 17, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Dec 17, 2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca; previously on Dec 17, 2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B2; previously on Dec 17, 2009 Aa1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-20 Trust

  -- Cl. A-1, Downgraded to Ba3; previously on Dec 17, 2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Ba3; previously on Dec 17, 2009 Aa3
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-3 Trust

  -- Cl. A-1, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B1; previously on Dec 17, 2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ca; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Upgraded to Ba3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-4 Trust

  -- Cl. I-A-1, Downgraded to Ba3; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ba3; previously on Dec 17, 2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to B2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to C; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Ba2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Ba2; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to B1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-12, Downgraded to B1; previously on Dec 17, 2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-PO, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-13, Downgraded to Ca; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-14, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to B3; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Ca; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-PO, Downgraded to Caa2; previously on Dec 17, 2009
     B3 Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2006-8 Trust

  -- Cl. A-3, Downgraded to B3; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to C; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Caa1; previously on Dec 17, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to C; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Upgraded to B2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-1, Confirmed at Ba1; previously on Dec 17, 2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at B2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Confirmed at B2; previously on Dec 17, 2009 B2
     Placed Under Review for Possible Downgrade


WELLS FARGO: Moody's Downgrades Ratings on 201 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 201
tranches, confirmed the ratings of five tranches and upgraded the
ratings of one tranche from 7 RMBS transactions, backed by prime
jumbo loans, issued by Wells Fargo Mortgage-Backed Securities in
2007 and 2008.

The collateral backing these transactions consists primarily of
first-lien, fixed, prime jumbo residential mortgage loans.  The
actions are a result of the rapidly deteriorating performance of
jumbo pools in conjunction with macroeconomic conditions that
remain under duress.  The actions reflect Moody's updated loss
expectations on prime jumbo pools issued from 2005 to 2008.

To assess the rating implications of the updated loss levels on
prime jumbo RMBS, each individual pool was run through a variety
of scenarios in the Structured Finance Workstation(R), the cash
flow model developed by Moody's Wall Street Analytics.  This
individual pool level analysis incorporates performance variances
across the different pools and the structural features of the
transaction including priorities of payment distribution among the
different tranches, average life of the tranches, current balances
of the tranches and future cash flows under expected and stressed
scenarios.  The scenarios include ninety-six different
combinations comprising of six loss levels, four loss timing
curves and four prepayment curves.  The volatility in losses
experienced by a tranche due to small increments in losses on the
underlying mortgage pool is taken into consideration when
assigning ratings.

The above mentioned approach "Jumbo RMBS Loss Projection Update:
January 2010" is adjusted to estimate losses on pools left with a
small number of loans.  To project losses on pools with fewer than
100 loans, Moody's first estimates a "baseline" average rate of
new delinquencies for the pool that is dependent on the vintage of
loan origination (3.5%, 6.5% and 7.5% for the 2005, 2006 and 2007
vintage respectively).  This baseline rate is higher than the
average rate of new delinquencies for the vintage to account for
the volatile nature of small pools.  Even if a few loans in a
small pool become delinquent, there could be a large increase in
the overall pool delinquency level due to the concentration risk.

Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level
of current delinquencies in the pool.  The fewer the number of
loans remaining in the pool, the higher the volatility and hence
the stress applied.  Once the loan count in a pool falls below 75,
the rate of delinquency is increased by 1% for every loan less
than 75.  For example, for a pool with 74 loans from the 2005
vintage, the adjusted rate of new delinquency would be 3.535%.  If
the current delinquency level in a small pool is low, future
delinquencies are expected to reflect this trend.  To account for
that, the rate calculated above is multiplied by a factor ranging
from 0.2 to 1.8 for current delinquencies ranging from less than
2.5% to greater than 30% respectively.  Delinquencies for
subsequent years and ultimate expected losses are projected using
the approach described in the methodology publication.

List of actions:

Issuer: Wells Fargo Mortgage Backed Securities 2007-1 Trust

  -- Cl. A-1, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B2; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa2; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to C; previously on Dec 17, 2009 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Caa1; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Confirmed at B3; previously on Dec 17, 2009 B3
     Placed Under Review for Possible Downgrade

Issuer: Wells Fargo Mortgage Backed Securities 2007-11 Trust

  -- Cl. A-1, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B3; previously on Dec 17, 2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-24, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-26, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-28, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-29, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-32, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-33, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-34, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-35, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-36, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-37, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-38, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-39, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-40, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-41, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-42, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-43, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-44, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-45, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-46, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-47, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-48, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-49, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-50, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-51, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-52, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-53, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-54, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-55, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-56, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-57, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-58, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-59, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-60, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-61, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-62, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-63, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-64, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-65, Downgraded to C; previously on Dec 17, 2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-66, Downgraded to C; previously on Dec 17, 2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-67, Downgraded to C; previously on Dec 17, 2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-68, Downgraded to C; previously on Dec 17, 2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-69, Downgraded to Ca; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-70, Downgraded to Ca; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-71, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-72, Downgraded to B2; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-73, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-74, Downgraded to Caa1; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-75, Downgraded to B3; previously on Dec 17, 2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-76, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-77, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-78, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-79, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-80, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-81, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-82, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-83, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-84, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-85, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-86, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-87, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-88, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-89, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-90, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-91, Downgraded to B3; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-92, Downgraded to Caa1; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-93, Downgraded to B2; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. A-94, Downgraded to B3; previously on Dec 17, 2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-95, Downgraded to C; previously on Dec 17, 2009 B1
     Placed Under Review for Possible Downgrade