TCR_Public/110102.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, January 2, 2011, Vol. 15, No. 1

                            Headlines

1ST FINANCIAL: S&P Assigns Ratings to Series 2010-D Notes
A&K FUNDING: Moody's Downgrades Ratings on Three Series of Notes
ABN AMRO: S&P Raises Ratings on Trust Securities to 'BB+'
ACE SECURITIES: S&P Downgrades Ratings on Five 2003-MH1 Notes
ALLEGHENY COUNTY: Fitch Affirms Low-B Rating on Two Classes

AMERICAN HOME: Moody's Downgrades Ratings on 117 Tranches
ARES VII: Fitch Affirms Ratings on Four Classes of Notes
ATHERTON FRANCHISEE: S&P Downgrades Ratings on Two 1999-A Notes
AUCTION RATE: S&P Raises Ratings on Two Certificates to 'BB+'
AUCTION RATE: S&P Raises Ratings on Two 2007-2 Certs. to 'BB+'

AUGUSTA FUNDING: Moody's Downgrades Ratings on Various Bonds
AUGUSTA FUNDING: Moody's Downgrades Ratings on Two Bonds
AUGUSTA FUNDING: Moody's Downgrades Ratings on Four Bonds
AUGUSTA FUNDING: Moody's Downgrades Ratings on Three Bonds
BABSON CLO: Moody's Upgrades Ratings on Various Classes of Notes

BALLYROCK CLO: Moody's Upgrades Ratings on Two Classes of Notes
BANC OF AMERICA: Fitch Downgrades Ratings on 19 2007-3 Certs.
BEAR STEARNS: Moody's Downgrades Ratings on 13 Tranches
BRIDGEPORT CLO: S&P Raises Ratings on Various Classes of Notes
CENTRAL FALLS: Moody's Affirms 'B3' Rating on $23.4 Mil. Debt

CREDIT SUISSE: Fitch Downgrades Ratings on 16 2007-C5 Certs.
CREDIT SUISSE: S&P Downgrades Rating on 2005-C2 Certificates
CWALT INC: Moody's Downgrades Ratings on 44 Tranches
EMPORIA PREFERRED: Fitch Affirms Ratings on Seven Classes of Notes
G-FORCE 2005-RR2: S&P Downgrades Ratings on Seven Securities

GALAXY VII: S&P Raises Ratings on Various Classes of Notes
GENESIS CLO: S&P Raises Ratings on Various Classes of Notes
GMACM HOME: S&P Downgrades Ratings on Six Certificates to 'D'
GS MORTGAGE: Fitch Downgrades Ratings on 15 2006-GG6 Certificates
GS MORTGAGE: Fitch Assigns Ratings to Various 2010-C2 Certs.

JP MORGAN: Moody's Upgrades Ratings on 180 Tranches
LATITUDE CLO: S&P Raises Ratings on Various Classes of Notes
LEHMAN MORTGAGE: Moody's Downgrades Ratings on 209 Tranches
LITIGATION SETTLEMENT: S&P Affirms Ratings on Two Certificates
MBIA INSURANCE: S&P Downgrades Ratings on 13 Securities

MID-STATE TRUST: Moody's Reviews Ratings on 22 Tranches
MONTANA RE: S&P Assigns 'B' Rating on Class C Notes
MORGAN STANLEY: Fitch Downgrades Ratings on 2007-IQ15 Certs.
MORGAN STANLEY: Fitch Downgrades Ratings on 15 2007-IQ16 Certs.
NATIONSLINK FUNDING: S&P Raises Ratings on 1999-LTL-1 Certificates

NAVY SOUTHEAST: S&P Downgrades Rating on Various Classes of Bonds
NORTH STREET: S&P Downgrades Ratings on Two 2005-7 Notes
NORTH STREET: S&P Downgrades Rating on Street 2005-7 Notes to 'D'
OMEGA CAPITAL: S&P Downgrades Ratings on Various Classes of Notes
PASS-THROUGH AUCTION: S&P Raises Ratings on 2007-1 Notes to 'BB+'

PINE MOUNTAIN: S&P Downgrades Ratings on Two Classes to 'D'
PREFERRED PASS-THROUGH: S&P Raises Ratings on Two Certs. to 'BB+'
PREFERREDPLUS TRUST: S&P Raises Rating on $25 Mil. Certs. to 'BB+'
PROVIDENT FINANCING: Fitch Affirms BB+ Rating on 7.405% Securities
RACE POINT: S&P Raises Ratings on Various Classes of Notes

RALI SERIES: Moody's Downgrades Ratings on 107 Tranches
RALI SERIES: Moody's Downgrades Ratings on 331 Tranches
RENAISSANCE HOME: Moody's Downgrades Ratings on Class M-1 to 'Ba1'
SATURNS TRUST: S&P Raises Ratings on Series 2001-6 Units to 'BB+'
SATURNS TRUST: S&P Raises Ratings on $25 Mil. Units to 'B-'

STATION PLACE: DBRS Puts 'BB' Rating on Class M-4 Notes
STRATA TRUST: S&P Withdraws Ratings on Various Classes of Notes
STRUCTURED ASSET: S&P Raises Ratings on Two Units to 'B-'
WASHINGTON MUTUAL: Moody's Downgrades Ratings on 22 Tranches
WASHINGTON MUTUAL: S&P Affirms Ratings on 15 2003-C1 Securities

* Fitch Affirms 'BB+' Rating on Michigan State's $30.68 Mil. Bonds
* Moody's Cuts Rating on Southern California Tax Bonds to 'Ba3'
* Moody's Downgrades Ratings on 33 Tranches From Six RMBS Deals
* Moody's Withdraws Ratings on Eight Tranches from Four RMBS Deals
* S&P Affirms Ratings on 13 Tranches From Six CDO Transactions

* S&P Affirms Ratings on 23 Classes From Seven SF Transactions
* S&P Corrects Ratings on Four Corporate-Backed CDO Transactions
* S&P Cuts Ratings on 34 Classes of Certs. From Five CMBS Deals
* S&P Downgrades Ratings on 11 Notes From Six CDO Transactions
* S&P Downgrades Ratings on 27 Certs. From Four CMBS Transactions

                            *********

1ST FINANCIAL: S&P Assigns Ratings to Series 2010-D Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to 1st
Financial Credit Card Master Note Trust II's asset-backed and cash
collateral account notes series 2010-D.

The ratings reflect:

S&P's view that the credit support for each class of notes, 40.00%
for class A, 28.75% for class B, 19.25% for class C, 6.50% for
class D, 3.50% for the senior CCA, and 2.25% for the intermediate
CCA, is sufficient to withstand the simultaneous stresses S&P
apply for each respective rating category to S&P's 9.5%-11.5%
base-case loss rate assumption, 7.25%-9.25% base-case payment rate
assumption, and 17.0%-19.0% base-case yield assumption.  In
addition, S&P uses stressed purchase rate and excess spread
assumptions to determine if sufficient credit support is available
for each rating category.  All of the stress assumptions outlined
above are based on S&P's current criteria and assumptions;

S&P's expectation that under a moderate ('BBB') stress scenario,
all else being equal, S&P's 'AAA (sf)' and 'AA (sf)' ratings on
the class A and B notes, respectively, will remain within one
rating category of the assigned ratings in the next 12 months and
S&P's 'A (sf)' and 'BBB- (sf)' ratings on the class C and D notes,
respectively, will remain within two rating categories of the
assigned ratings in the next 12 months based on S&P's credit
stability criteria;

S&P's view of the credit risk inherent in the collateral loan pool
quality, based on S&P's economic forecast, the trust portfolio's
historical performance, the collateral characteristics, and
vintage performance data; 1st Financial Bank USA's servicing
experience; and S&P's opinion of the quality and consistency of
its account origination, underwriting, account management,
collections, and general operational practices; S&P's expectation
of the timely interest and ultimate payment of principal by the
June 2019 legal final maturity date based on stressed cash flow
modeling scenarios using assumptions commensurate with the
assigned rating categories; and

The series 2010-D notes' underlying payment structure and cash
flow mechanics, and legal structure.

                        Ratings Assigned

          1st Financial Credit Card Master Note Trust II
                          Series 2010-D

   Class                       Rating*         Amount (mil. $)
   -----                       -------         ---------------
   A                           AAA (sf)                 53.200
   B                           AA (sf)                   9.000
   C                           A (sf)                    7.600
   D                           BBB- (sf)                10.200
   Senior CCA notes**          BBpNRi (sf)***            2.400
   Intermediate CCA notes**    BB-pNRi (sf)***           1.000
   Subordinate CCA notes       N/R                       1.800

* All notes will benefit from a spread account that traps cash
  when the three-month average excess spread is equal to or less
  than 6.0%.

** Loans made by CCA lenders to fund CCAs that support classes A,
   B, C, and D.

*** The 'p' subscript indicates that the rating addresses only the
    principal portion of the obligation.

CCA - Cash collateral account.

N/R - Not rated.


A&K FUNDING: Moody's Downgrades Ratings on Three Series of Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
series of notes issued by A&K Funding LLC that are primarily
collateralized on a pari passu basis by a single pool of fee
streams related to a pool of bank-owned life insurance policies
owned by a diverse group of financial institutions as
policyholders.

Complete rating actions are:

Issuer: A&K Funding LLC

  -- 7.87% Commercial Asset Backed Notes, Series 2004-A,
     Downgraded to Ca from B3, previously on December 30, 2009,
     Downgraded to B3 and remain Under Review for further Possible
     Downgrade

  -- 7.39% Commercial Asset Backed Notes, Series 2005-A,
     Downgraded to Ca from B3, previously on December 30, 2009,
     Downgraded to B3 and remain Under Review for further Possible
     Downgrade

  -- 7.415 % Commercial Asset Backed Notes, Series 2006-A,
     Downgraded to Ca from B3, previously on December 30, 2009,
     Downgraded to B3 and remain Under Review for further Possible
     Downgrade

                        Ratings Rationale

The notes were downgraded in December 2009 because of poor
collateral performance, and were left on review for possible
further downgrade to allow Moody's to evaluate the likelihood that
cash flows from the policies might recover to levels sufficient
both to prevent a default on interest and to afford ultimate
repayment of principal.  Termination of a BOLI policy by a bank
policyholder, whether by voluntary surrender despite adverse tax
consequences, or by involuntary surrender following a default,
results in the cessation of cash flows derived related to that
policy.  Low interest rates reduce the crediting rate (analogous
to a reinvestment rate) that in turn also reduces cash flow from
the pool.  The issuer has no control over these risks.  The
initial review for downgrade in 2009 was triggered by the failure
of a financial institution which represented the largest exposure
in the pool at that time.  This default, in combination with the
low crediting rate in the current interest rate environment, has
resulted in cash flows substantially lower than originally
expected at closing.

The servicing reports have continued to indicate that current
policy-derived cash flow is insufficient to pay current accrued
interest without also drawing on the reserve account.  At the
current rate of withdrawal, the reserve account will likely be
exhausted in about one-and-one-half to three years.  By definition
this leaves little or no monies to amortize principal now or in
future periods.  While substantial policy-derived cash flows are
expected to continue for more than twenty years, Moody's analysis
suggests that significantly better performance than is anticipated
by Moody's will be required in order for that cash flow to be
sufficient to repay principal.  In particular, according to
Moody's analysis it would take some combination of minimal
voluntary and involuntary surrender rates, very high renewal rates
on non-MEC policies (as described in principal methodology below),
and crediting rates far higher than the current interest rate
environment permits, in order for cash flows to reach levels
necessary to retire substantial amounts of principal.  Moody's
views this as unlikely.

Analect Administrative Services acts as the primary servicer.
Wells Fargo Bank, National Association acts as trustee and back up
servicer.  Analect Administrative Services is a wholly-owned
subsidiary of Analect LLC, and at the time of the transactions'
closing, was one of the largest BOLI originators and servicers in
the market.

                      Principal Methodology

In rating the transaction Moody's used both qualitative and
quantitative analysis to analyze the sufficiency of the BOLI
commission stream.  Qualitatively, Moody's analysis focused on
these key factors: (i) the likelihood of policyholders
surrendering their BOLI policies, including adverse tax
consequences triggered upon surrender; (ii) continuation of the
favorable tax treatment under federal tax law granted to BOLI
policy holders; (iii) concentration and financial stability of
policyholders related to the collateral pool; (iv) expected
mortality rates; (v) counterparty risk to Sun Life, as the sole
policy underwriter, for the collateral pool; (vi) possible Sun
Life setoff against the collateral if Analect U.S.  defaults in
its servicing performance and the presence of a highly rated back-
up servicer; (vii) the likelihood that the BOLI policies' complied
with the law of insurable interest so that the policies status as
property of the issuer could not be successfully challenged by the
BOLI policies' underlying insurable employees; and (viii)
regulatory oversight and restrictions on BOLI investments.  The
policies include MEC and non-MEC policies types.  Non-MEC policies
optionally expire or renew with the payment of an additional
premium, after approximately seven years.  MEC policies are fully
paid up for life.

Quantitatively, Moody's estimates future Periodic Fee cashflows
based on available data concerning cash surrender values and
current cash inflows from the assets, as well as mortality rates
and investment returns.  These cashflows were then used to pay
down the bonds and to observe the probability and severity of
default under various scenarios.  Under the above mentioned
methodologies, Moody's relied on both a static and a simulation
based framework to generate default and recovery scenarios for the
cash flow streams backing the notes.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


ABN AMRO: S&P Raises Ratings on Trust Securities to 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on ABN AMRO
North America Holding Preferred Capital Repackaging Trust I's
$850 million fixed- and floating-rate noncumulative trust
securities to 'BB+' from 'BB'.

The rating on the trust securities is dependent on the lower of
S&P's ratings on the underlying securities, the floating-rate
noncumulative trust preferred securities ('BB+') issued by ABN
AMRO North America Holding Capital Funding LLC I through XIV, and
S&P's long-term issuer credit rating on the swap counterparty, The
Royal Bank of Scotland N.V. ('A+').

The rating action follows the Dec. 15, 2010, raising of S&P's
ratings on the underlying securities to 'BB+' from 'BB'.

S&P may take subsequent rating actions on the trust securities due
to changes to S&P's ratings on the underlying securities or the
swap counterparty.


ACE SECURITIES: S&P Downgrades Ratings on Five 2003-MH1 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on five
classes of notes from Ace Securities Corp. Manufactured Housing
Trust Series 2003-MH1.

The lowered ratings primarily reflect S&P's increased loss
expectation for this series.  S&P based its increased loss
expectation on its analysis of the transaction's current
performance, including an increase in the cumulative net loss rate
and declining recovery rates over the past several months,
combined with S&P's forward-looking analysis.  The percentage of
loans 60 or more days past due and the percentage of repossession
inventory are each less than 1%.

The lowered ratings also reflect S&P's view that current credit
enhancement for all the notes is no longer sufficient to maintain
the previous ratings given S&P's increased expected net losses.  A
combination of overcollateralization, subordination, and excess
spread initially provided credit enhancement for the rated classes
in this transaction.  Although the available O/C is at its target
level, it is no longer able to provide a level of support
consistent with the current ratings because of S&P's increased
loss expectation.

                              Table 1

                      Cumulative Net Losses %
              (As of the November 2010 distribution)

                                   Pool       Revised
             Series      Month     factor     CNL
             ------      -----     ------     -------
             2003-MH1     90       45.87%     23.00%

                     CNL - cumulative net loss.

                              Table 2

                      Collateral Performance %
               (As of the November 2010 distribution)

                            Pool      60+         Repo.
           Series    Month  factor    Del.        Inv.
           ------    -----  ------    ----        -----
           2003-MH1  90     45.87%    0.98%       0.76%

                              Table 3

                      Hard Credit Support (%)
               (As of the November 2010 distribution)

                               Current total hard
                               credit support (i)
              Class            (% of current)
              -----            ------------------
              A-3              68.59
              A-4              68.59
              M-1              55.60
              M-2              43.05
              B-1              33.31

(i) Does not include excess spread, which also provides credit
    enhancement.

The current payment structure is pro rata but, as per the
transaction documents, it will change to sequential if the
transaction's principal distribution test triggers are breached at
any point.  The transaction has three principal distribution test
triggers: trigger delinquency percentage; 12-month realized loss
ratio; and cumulative realized loss percentage.  Currently, none
of the triggers have been breached.  Given S&P's current expected
loss, S&P believes the cumulative realized loss percentage trigger
may eventually be breached and, so S&P factored this expectation
into its analysis.

Standard & Poor's will continue to monitor the performance of the
transaction to consider whether the credit enhancement remains
sufficient, in S&P's view, to cover its revised cumulative net
loss expectations under its stress scenarios for each rating.

                         Ratings Lowered

     Ace Securities Corp. Manufactured Housing Trust 2003-MH1

                                       Rating
                                       ------
       Class                   To                 From
       -----                   --                 ----
       A-3                     AA+ (sf)           AAA (sf)
       A-4                     AA+ (sf)           AAA (sf)
       M-1                     A+ (sf)            AA (sf)
       M-2                     BBB+ (sf)          A (sf)
       B-1                     BB+ (sf)           BBB (sf)


ALLEGHENY COUNTY: Fitch Affirms Low-B Rating on Two Classes
-----------------------------------------------------------
Fitch Ratings takes this rating action on Allegheny County,
Pennsylvania Redevelopment Authority's tax increment revenue bonds
as part of its continuous surveillance effort:

  -- $11.3 million series 2000A (Robinson Mall Project) affirmed
     at 'BB+';

  -- $2.6 million series 2000B (Robinson Mall Project) affirmed at
     'BB-'.

Fitch has removed the authority's series 2000B bonds from Rating
Watch Negative and subsequently assigned a Stable Rating Outlook.

The Outlook for the Series 2000A bonds is Stable.

Rating Rationale:

  -- The removal of the Rating Watch Negative and assignment of a
     Stable Outlook for the series 2000B bonds reflects that the
     guaranty agreements with Sears and J.C. Penney have not been
     terminated or amended since the inception of the bonds.
     Although the guaranty agreements do not provide for complete
     coverage of debt service, the authority has built up surplus
     TIF revenues which are held in its redemption fund and have
     historically been used to make bond payments.

  -- The 'BB-' rating for the series 2000B bonds is based on the
     current Issuer Default Rating for Sears, Roebuck and Co.  The
     series 2000B bonds are secured under separate joint, not
     several, guaranty agreements with the owners of the benefited
     parcels, Sears (IDR 'BB-') and J.C. Penney (IDR 'BBB-').  The
     series 2000B bonds are secured in the first instance by tax
     increment revenue generated against the Sears and J.C. Penney
     properties located at Robinson Mall and a junior lien on tax
     increment revenue from the mall properties.

  -- The 'BB+' rating on the series 2000A bonds is based on the
     volatile history of coverage from pledged tax increment
     revenue from the mall properties (excluding Sears and J.C.
     Penney) resulting from prior year property appeals and
     adjustments.

Pledged tax increment revenues are generated from a relatively
small but fully developed project area dominated by retail tenants
highly exposed to general economic conditions and consumer
spending patterns.

  -- The indenture creates a closed flow of funds; surplus tax
     increment revenues from years prior are deposited into the
     redemption fund supporting the continued servicing of annual
     debt obligations.

  -- The bond documents do not limit the authority's ability to
     issue additional parity bonds; however, all bonds are repaid
     within seven years, and no additional debt is contemplated.

  -- The economic characteristics of the immediate retail service
     area are solid. In addition, the project benefits from direct
     interstate access which helps to attract shoppers from a
     wider trade area.

  -- Tax increment payments enjoy a priority over mortgage loan
     repayments and operating expenses of the respective tenants
     and taxing bodies may initiate a tax lien sale in the event
     of non-payment.

Key Rating Drivers:

  -- For the 2000B bonds, Fitch's IDR for Sears and J.C. Penney is
     a key rating driver.

  -- Tax increment revenues provide extremely modest coverage of
     debt obligations therefore adverse changes in economic or
     business conditions (including but not limited to tenant
     bankruptcy or relocations), property assessments, taxpayer
     appeals, and/or taxpayer delinquencies may present a material
     default risk that may warrant additional rating action.

Security:

The 2000A bonds are secured by the tax increment revenue derived
from the mall properties, excluding the two parcels owned by Sears
and J.C. Penney.  As additional security, the mall developer and
owner, Robinson Mall-JCP Associates, LTD, a subsidiary of Forest
City Enterprises (not rated by Fitch), has entered into a minimum
payment agreement pursuant to which it has agreed to make annual
payments in an amount up to $235,920, or approximately 15% of
maximum annual debt service, in the event pledged tax increment
revenue is insufficient.  The 2000B bonds are secured by tax
increment revenue generated against the Sears and J.C. Penney
properties and a junior lien on tax increment revenue from the
mall properties.  Additionally, Sears and J.C. Penney have each
entered into a minimum payment agreement securing their respective
pro rata share of debt service on the 2000B bonds in the event
that pledged tax increment revenue is insufficient.

Credit Summary:

Allegheny County, Montour School District, and the Township of
Robinson adopted a tax increment financing plan to provide funding
through the issuance of tax increment bonds for the construction
of roadways, utility and infrastructure improvements benefiting a
regional shopping mall in Robinson Township, Pennsylvania.  The
Mall at Robinson opened in fall 2001 along a bustling corridor
connecting the Pittsburgh International Airport and the downtown
business district.  Unlike regional competitors, the mall has the
advantage of direct interstate access, which helps to attract
shoppers from a wider trade area including portions of eastern
Ohio and western West Virginia.  The area immediately surrounding
the mall exhibits strong population growth, favorable income
characteristics, and low levels of unemployment relative to the
state and nation.  The mall's anchor tenants are Macy's (Fitch IDR
'BBB-', Negative Outlook), J.C. Penney, Sears and Dick's Sporting
Goods (not rated by Fitch).  The mall also houses approximately
120 'in-line' retailers and eateries under long-term triple-net
leases that generally extend from five to 10 years.  The authority
reports there are no additional capital needs at the mall that
would require debt financing.  Remaining undeveloped acreage is
topographically challenged and not conducive to retail or
commercial use.

Pledged tax increment revenues received in 2009 provided adequate
maximum annual debt service coverage of 1.12 times on the 2000A
bonds after failing to fully cover annual debt service in 2008
(0.96x) and in 2006 (0.89x) as a result of various adjustments for
municipal overpayments and refunds stemming from assessment
appeals.  According to the project consultant, the back-log of
appeals was cleared in 2009 and there are no material appeals
presently outstanding.  JCP Associates, the mall owner, is
responsible for a significant 78% of the tax increment payments
and relies primarily upon lease rental payments from the mall
tenants to make tax payments.  Consistent with previous years, tax
increment revenue generated from the Sears and J.C. Penney
properties in 2009 provided debt service coverage of 0.54x on the
series 2000B bonds and is not expected to fully cover debt service
going forward.  Surplus pledged tax increment revenue generated
during the interest only period following issuance accumulated in
the redemption fund pursuant to the trust indenture, providing a
cushion to service debt in years when a pledged revenue deficiency
has existed.  The availability of these funds has to date negated
the need to call upon the minimum payment agreements provided by
Sears, J.C. Penney, and Forest City.  Fitch calculations
demonstrate sufficient debt service coverage through final
maturity on both the series 2000A and series 2000B bonds under a
scenario assuming no additional growth in assessed value and use
of excess tax increment revenues currently held by the trustee in
the revenue and redemption funds totaling $1.56 million.

AV growth is tempered by the county's base-year assessment system,
which assesses real property based on its market value as of Jan.
1, 2002 (including new construction and other adjustments).  The
base-year assessment system was ruled unconstitutional by the
Pennsylvania Supreme Court in 2009.  The county has adopted a plan
to complete a countywide reassessment by 2012.  At present, it is
not clear if any change in assessment practice would affect tax
increment collections.  Fitch notes that the municipal parties to
the tax increment plan previously agreed to amend the plan upon
the occurrence of a change in the calculation of real estate taxes
or assessment practice, in order to preserve their expectations
that the amount of tax increment revenue required for debt service
would be available for such purpose.


AMERICAN HOME: Moody's Downgrades Ratings on 117 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 117
tranches and confirmed the ratings of 11 tranches from 17 RMBS
transactions issued by American Home Mortgage Asset Trust.  The
collateral backing these transactions primarily consists of first-
lien, fixed and adjustable-rate Alt-A residential mortgage and
negative amortization residential mortgages.

                        Ratings Rationale

The actions are a result of the rapidly deteriorating performance
of option arm and Alt-A pools in conjunction with macroeconomic
conditions that remain under duress.  The actions reflect Moody's
updated loss expectations on option arm and Alt-A pools issued
from 2005 to 2007.

To assess the rating implications of the updated loss levels on
option arm 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.

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 primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: American Home Mortgage Asset Trust 2007-4

  -- Cl. A-2, Downgraded to Caa2 (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Current Rating at Aa3 (sf); previously on Nov. 12,
     2009 Confirmed at Aa3 (sf)

  -- Underlying Rating: Downgraded to Ca (sf); previously on
     March 30, 2010 Caa2 (sf) Placed Under Review for Possible
     Downgrade

  -- Financial Guarantor: Assured Guaranty Municipal Corp
      (Confirmed at Aa3, Outlook Negative on Nov. 12, 2009)

  -- Cl. A-5, Current Rating at Aa3 (sf); previously on Nov. 12,
     2009 Confirmed at Aa3 (sf)

  -- Underlying Rating: Downgraded to C (sf); previously on
     March 30, 2010 Ca (sf) Placed Under Review for Possible
     Downgrade

  -- Financial Guarantor: Assured Guaranty Municipal Corp
     (Confirmed at Aa3, Outlook Negative on Nov. 12, 2009)

Issuer: American Home Mortgage Assets Trust 2006-1

  -- Cl. 1A1, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1A2, Downgraded to Caa2 (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1A3, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1A4, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. X-B, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. X-C, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A1, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A2, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A3, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Assets Trust 2006-2

  -- Cl. 1A1, Downgraded to Caa3 (sf); previously on Jan. 27, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1A2, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
      (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1A3, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. XBI, Downgraded to Caa3 (sf); previously on Jan. 27, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. XBJ, Downgraded to Caa3 (sf); previously on Jan. 27, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A1, Downgraded to Caa2 (sf); previously on Jan. 27, 2010
     B2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A2, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A3, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Assets Trust 2006-3

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 B2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2-1, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2-2, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1-1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1-2, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-3-1, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-3-2, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-1-1, Downgraded to Caa3 (sf); previously on
     Jan. 27, 2010 B1 (sf) Placed Under Review for Possible
     Downgrade

  -- Cl. III-A-1-2, Downgraded to Caa3 (sf); previously on
     Jan. 27, 2010 B1 (sf) Placed Under Review for Possible
     Downgrade

  -- Cl. III-A-2, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-3-1, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-3-2, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Assets Trust 2006-4

  -- Cl. I-A-1-1, Confirmed at Caa3 (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-1-2, Downgraded to Ca (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2-1, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2-2, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Confirmed at Caa1 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Assets Trust 2006-5

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
      (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3-1, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Assets Trust 2006-6

  -- Cl. A1-A, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A1-B, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A1-C, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A2-A, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A2-B, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. X-P, Confirmed at Ca (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Assets Trust 2007-1

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Assets Trust 2007-2

  -- Cl. A-1, Downgraded to Caa2 (sf); previously on Jan. 27, 2010
     B1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2-A, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2-B, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Assets Trust 2007-5

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 27, 2010
     B2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. X-P, Confirmed at Ca (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Investment Tr 2006-3

  -- Cl. I-1A-1, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-1A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-1A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2A-1, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-1A-1, Downgraded to Ca (sf); previously on Jan. 27,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-1A-2, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-2A-1, Downgraded to Ca (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-2A-2, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Confirmed at Caa3 (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Downgraded to C (sf); previously on Jan. 27,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to C (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Investment Trust 2005-1

  -- Cl. I-A-1, Downgraded to B2 (sf); previously on Jan. 27, 2010
     Aa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa1 (sf); previously on Jan. 27,
     2010 Baa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Baa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Baa1 (sf); previously on Oct. 16,
     2008 Downgraded to Aa1 (sf)

  -- Cl. II-A-2, Downgraded to Caa3 (sf); previously on March 19,
     2009 Downgraded to Baa2 (sf)

  -- Cl. IV-A-1, Downgraded to B1 (sf); previously on March 19,
     2009 Downgraded to Baa1 (sf)

  -- Cl. IV-A-2, Downgraded to Ca (sf); previously on March 19,
     2009 Downgraded to Baa2 (sf)

  -- Cl. V-A-1, Downgraded to Baa2 (sf); previously on March 19,
     2009 Downgraded to A1 (sf)

  -- Cl. V-A-2, Downgraded to Caa3 (sf); previously on March 19,
     2009 Downgraded to Baa2 (sf)

  -- Cl. VI-A, Downgraded to B3 (sf); previously on March 19, 2009
     Downgraded to Baa2 (sf)

  -- Cl. VII-A-1, Downgraded to B1 (sf); previously on March 19,
     2009 Downgraded to Aa1 (sf)

  -- Cl. VII-A-2, Downgraded to Caa2 (sf); previously on March 19,
     2009 Downgraded to Baa2 (sf)

  -- Cl. VIII-A-1, Downgraded to B2 (sf); previously on Jan. 14,
     2010 Baa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. VIII-A-2, Downgraded to B3 (sf); previously on Jan. 14,
     2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Investment Trust 2005-4

  -- Cl. I-A-1, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Ba1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Downgraded to C (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to C (sf); previously on Jan. 14,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. IV-A, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. V-A, Downgraded to Caa2 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Investment Trust 2006-1

  -- Cl. I-1A-1, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Ba1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2A-1, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Ba1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Investment Trust 2006-2

  -- Cl. I-A-2, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1B, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Baa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1C, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ca (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Confirmed at Caa3 (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Confirmed at Caa3 (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-4, Confirmed at Caa3 (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-5, Confirmed at Caa3 (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Investment Trust 2007-1

  -- Cl. A-1-A, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-1-B, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-1-C, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. IO-P, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: American Home Mortgage Investment Trust 2007-2

  -- Cl. I-1A-1, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-1A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-1A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2A-1, Confirmed at Caa3 (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-3A-1, Confirmed at Caa3 (sf); previously on Jan. 27,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-3A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade


ARES VII: Fitch Affirms Ratings on Four Classes of Notes
--------------------------------------------------------
Fitch Ratings has affirmed four classes of notes issued by Ares
VII CLO Ltd./Corp. and revised or maintained Rating Outlooks, Loss
Severity Ratings, and Recovery Ratings:

  -- $57,670,966 class A-1a notes affirmed at 'Asf/LS2'; Outlook
     to Stable from Negative;

  -- $65,744,902 class A-1b notes affirmed at 'Asf'/LS2'; Outlook
     to Stable from Negative;

  -- $36,000,000 class B notes affirmed at 'Bsf/LS3'; Outlook to
     Stable from Negative;

  -- $51,000,000 class C notes affirmed at 'Csf/RR5'.

The affirmations and revised Rating Outlooks reflect the improved
credit quality of the current underlying portfolio and the
significant amortization since Fitch's last review in December
2009, while accounting for additional defaults, deferrals and
trading losses that have occurred over this time period.  The
rating actions also consider the increasing obligor concentration
in the underlying portfolio, as Fitch considers the current
performing portfolio to consist of 59 obligors, down from 99
performing obligors at the time of its last review.

Since Fitch's last review, the class A-1a and class A-1b
(collectively, class A-1) notes have received approximately
$119.8 million of principal payments, representing 37.3% of their
initial principal balance.  In total, the class A-1 notes have
been redeemed by 61.6% of their initial principal balance since
close.  Fitch also notes the improvement in credit quality of the
underlying portfolio, as exposure to loans considered to be rated
'CCC+' or below by Fitch has decreased to 11.7% of the current
performing portfolio, compared to 40.3% at last review.  Fitch
currently considers the weighted average rating of the performing
portfolio to be 'B/B-', compared to 'B-/CCC+' at last review.

These factors have enabled the class B overcollateralization test,
which was failing at the time of Fitch's last review, to regain
compliance.  As of the Nov. 26, 2010 trustee report the class B OC
test was recorded at 114.4% compared to a trigger of 106.6%.  As a
result of compliance with this test, the class C notes have become
current on their regular interest payments.  The class C OC test
continues to fail, with a result of 86.7% compared to a 100.8%
requirement.

While the transaction has benefited from amortization and the
current portfolio characteristics reflect overall improvement
since Fitch's last review, the portfolio has also experienced
additional defaults and deferrals over this time, and several
loan positions have been sold at discounts to par.  Fitch
calculates that four additional obligors have defaulted since last
review, totaling $12.7 million of total par at time of default.
Three other obligors, totaling $2.7 million, are currently
deferring interest on at least one debt instrument.  Sales of over
$30 million of credit risk loans over the last year at an average
price in the low-80s (largely due to one sale of a $4 million
second lien loan at 15% of par) have limited the par coverage
increases for the notes.

In Fitch's opinion, the current ratings of the notes remain
appropriate as the positive effects of amortization and an
improved credit quality of the performing portfolio have offset
the additional defaults, deferrals, and trading losses that have
occurred since the last review.  Fitch now maintains Stable Rating
Outlooks on each of the class A-1 and B notes to reflect the
notes' improved ability to sustain further negative migration in
the underlying portfolio, due to the combined effect of the
changes since last review.  The class C notes are highly
undercollateralized and in Fitch's opinion will suffer an ultimate
principal loss at maturity.

The class A-1 and B notes have each 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.

The class C notes maintain their Recovery Rating of 'RR5' based on
the total discounted future cash flows projected to be available
to these notes in a base-case default scenario.  These discounted
cash flows of approximately $11.1 million yielded an ultimate
recovery projection in a range between 11% and 30%, which is
representative of an 'RR5' on Fitch's Recovery Rating scale.
Recovery Ratings are designed to provide a forward-looking
estimate of recoveries on currently distressed or defaulted
structured finance securities rated 'CCC' or below.  For further
detail on Recovery Ratings, please see Fitch's report 'Criteria
for Structured Finance Recovery Ratings'.

Ares VII CLO is a collateralized debt obligation that closed on
May 7, 2003, and is managed by Ares Management, LLC.  The
transaction exited its reinvestment period in May 2008 and
currently has a portfolio consisting of approximately 82.5% senior
secured loans, 15.7% second lien loans, and 1.8% bonds and other
unsecured claims.


ATHERTON FRANCHISEE: S&P Downgrades Ratings on Two 1999-A Notes
---------------------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on the two
classes of notes issued by Atherton Franchisee Loan Funding 1999-A
LLC.  S&P lowered the rating on the class A-2 notes to 'BB+ (sf)'
from 'A+ (sf)' and S&P lowered the rating on the class B notes to
'CCC+ (sf)' from 'B+ (sf)'.

The downgrades primarily reflect S&P's view of the concentration
risk that the transaction is exposed to and the lack of liquidity
support within the securitization, including a limited number of
performing obligors remaining.  The loans remaining, which serve
as collateral for the securitization, are currently held by 20
performing obligors.  Of these obligors, the top one represents
36% of the outstanding pool balance and the top five represent
70%.

If there are future loan delinquencies or defaults that are not
held by the largest obligors, the A-2 class, with 89%
subordination, should continue to pay in full, albeit along a
longer time horizon.  Because of its subordinate position in the
capital structure, the class B has a greater risk of exposure to
future delinquencies and defaults.  It could therefore, in S&P's
view, be at risk of missing an interest payment if the largest
obligor and another top 10 obligor become delinquent or default.


AUCTION RATE: S&P Raises Ratings on Two Certificates to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Auction
Rate Securities Trust 2007-1's class A auction-rate trust
certificates and class B leveraged trust certificates to 'BB+
(sf)' from 'BB (sf)'.

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

The upgrades follow its Dec. 17, 2010, upgrade of the underlying
security to 'BB+' from 'BB'.  S&P may take subsequent rating
actions on the certificates due to changes in its rating assigned
to the underlying security.


AUCTION RATE: S&P Raises Ratings on Two 2007-2 Certs. to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Auction
Rate Securities Trust 2007-2's class A and B trust certificates to
'BB+ (sf)' from 'BB (sf)'.

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

The upgrades follow its Dec. 17, 2010 upgrade of its underlying
security to 'BB+' from 'BB'.  S&P may take subsequent rating
actions on the trust certificates due to changes in its rating
assigned to the underlying security.


AUGUSTA FUNDING: Moody's Downgrades Ratings on Various Bonds
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these Bonds issued by Augusta Funding Limited VI (:

  -- $30,000,961 Floating Rate Secured Guaranteed Class F-3 Bonds
     Due 2011, Downgraded to Ba2 (sf); previously on August 13,
     2010 Confirmed at Baa3 (sf)

  -- $29,000,000 7.25% Secured Guaranteed Class A-2 Bonds Due
     2011, Downgraded to Ba2 (sf); previously on August 13, 2010
     Confirmed at Baa3 (sf)

  -- $38,387,168 7.375% Secured Guaranteed Class A-3 Bonds Due
     2013, Downgraded to Ba2 (sf); previously on August 13, 2010
     Confirmed at Baa3 (sf)

  -- $155,534,478 7.85% Secured Guaranteed Class A-4 Bonds Due
     2036, Downgraded to Ba2 (sf); previously on August 13, 2010
     Confirmed at Baa3 (sf)

  -- $75,876,857 7.75% Secured Guaranteed Class A-5 Bonds Due
     2036, Downgraded to Ba2 (sf); previously on August 13, 2010
     Confirmed at Baa3 (sf)

                        Ratings Rationale

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

The actions reflect the credit quality of the FRNs.  The
underlying FRNs include subordinated debts of Allied Irish and
Royal Bank of Canada, whose ratings were downgraded by Moody's on
December 20, 2010, to Ca and on December 13, 2010, to Aa2
respectively.  Currently approximately 35% of the portfolio has a
negative outlook and about 24% of the FRNs are rated below
investment grade.  The current expected loss of the portfolio is
consistent with the expected loss implied by a Ba2 rating.

The actions are not based solely on the rating of MBIA whose
insurance financial strength rating was downgraded by Moody's to
B3 on February 18, 2009.  The rating actions are consistent with
Moody's modified approach to rating structured finance securities
wrapped by financial guarantors as described in a press release
dated November 10, 2008, titled "Moody's modifies approach to
rating structured finance securities wrapped by financial
guarantors."

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


AUGUSTA FUNDING: Moody's Downgrades Ratings on Two Bonds
--------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these Bonds issued by Augusta Funding Limited VII:

  -- US$149,430,000 Floating Rate Secured Guaranteed Class F-1
     Bonds Due 2013 Bond, Downgraded to Ba2 (sf); previously on
     August 13, 2010 Confirmed at Baa3 (sf)

  -- US$162,672,492 8.25% Secured Guaranteed Class A-1 Bonds Due
     2036 Bond, Downgraded to Ba2 (sf); previously on August 13,
     2010 Confirmed at Baa3 (sf)

                        Ratings Rationale

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

The actions reflect the credit quality of the FRNs.  The
underlying FRNs include subordinated debts of Allied Irish and
Bank of Ireland, whose ratings were downgraded on December 20,
2010, by Moody's to Ca and B3 respectively.  Additionally the
transaction's FRNs include exposure to Royal Bank of Canada's
subordinated debt which was downgraded from an Aa1 to Aa2 on
December 13, 2010, by Moody's, Currently about 35% of the
portfolio has a negative outlook and approximately 30% of the FRNs
are rated below investment grade.  The current expected loss of
the portfolio is consistent with the expected loss implied by a
Ba2 rating.

The actions are not based solely on the rating of MBIA whose
insurance financial strength rating was downgraded by Moody's to
B3 on February 18, 2009.  The rating actions are consistent with
Moody's modified approach to rating structured finance securities
wrapped by financial guarantors as described in a press release
dated November 10, 2008, titled "Moody's modifies approach to
rating structured finance securities wrapped by financial
guarantors."

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


AUGUSTA FUNDING: Moody's Downgrades Ratings on Four Bonds
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these Bonds issued by Augusta Funding Limited V:

  -- $70,925,000 6.40% Secured Guaranteed Class A-2 Bonds Due
     2011, Downgraded to Ba2 (sf); previously on August 13, 2010
     Confirmed at Baa3 (sf)

  -- $32,961,250 Floating Rate Secured Guaranteed Class F-1 Bonds
     Due 2011, Downgraded to Ba2 (sf); previously on August 13,
     2010 Confirmed at Baa3 (sf)

  -- $133,651,503 7.15% Secured Guaranteed Class A-3 Bonds Due
     2036, Downgraded to Ba2 (sf); previously on August 13, 2010
     Confirmed at Baa3 (sf)

  -- $30,000,000 Floating Rate Secured Guaranteed Class F-2 Bonds
     Due 2036, Downgraded to Ba2 (sf); previously on August 13,
     2010 Confirmed at Baa3 (sf)

                        Ratings Rationale

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

The actions reflect the credit quality of the FRNs.  The
underlying FRNs include subordinated debts of Allied Irish and
Bank of Ireland, whose ratings were downgraded on December 20,
2010, by Moody's to Ca and B3 respectively.  Currently
approximately 38% of the portfolio has a negative outlook and
close to 27% of the FRNs are rated below investment grade.  The
current expected loss of the portfolio is consistent with the
expected loss implied by a Ba2 rating.

The actions are not based solely on the rating of MBIA whose
insurance financial strength rating was downgraded by Moody's to
B3 on February 18, 2009.  The rating actions are consistent with
Moody's modified approach to rating structured finance securities
wrapped by financial guarantors as described in a press release
dated November 10, 2008, titled "Moody's modifies approach to
rating structured finance securities wrapped by financial
guarantors."

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


AUGUSTA FUNDING: Moody's Downgrades Ratings on Three Bonds
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these Bonds issued by Augusta Funding Limited 10:

  -- $25,000,000 1.00% Secured Guaranteed Class A-2 Bonds Due
     June 30, 2017, Downgraded to Ba2 (sf); previously on
     August 18, 2010 Confirmed at Baa3 (sf)

  -- $100,568,000 Floating Rate Secured Guaranteed Class F-1 Bonds
     Due June 30, 2017, Downgraded to Ba2 (sf); previously on
     August 18, 2010 Confirmed at Baa3 (sf)

  -- $144,049,459 7.60% Secured Guaranteed Class A-3 Bonds Due
     June 30, 2037, Downgraded to Ba2 (sf); previously on
     August 18, 2010 Confirmed at Baa3 (sf)

                        Ratings Rationale

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

The actions reflect the credit quality of the FRNs.  The
underlying FRNs include subordinated debt of Bank of Ireland,
whose ratings were downgraded on December 20, 2010, by Moody's to
B3.  Currently approximately 43% of the portfolio has a negative
outlook and about 30% of the FRNs are rated below investment
grade.  The current expected loss of the portfolio is consistent
with the expected loss implied by a Ba2 rating.

The actions are not based solely on the rating of MBIA whose
insurance financial strength rating was downgraded by Moody's to
B3 on February 18, 2009.  The rating actions are consistent with
Moody's modified approach to rating structured finance securities
wrapped by financial guarantors as described in a press release
dated November 10, 2008, titled "Moody's modifies approach to
rating structured finance securities wrapped by financial
guarantors."

Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


BABSON CLO: Moody's Upgrades Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Babson CLO Ltd. 2008-I:

  -- US$18,000,000 Class B Senior Floating Rate Notes Due 2018,
     Upgraded to A3 (sf); previously on June 16, 2009 Downgraded
     to Baa1 (sf);

  -- US$16,000,000 Class C-1 Deferrable Mezzanine Floating Rate
     Notes Due 2018, Upgraded to Baa3 (sf); previously on June 16,
     2009 Confirmed at Ba1 (sf);

  -- US$5,000,000 Class C-2 Deferrable Mezzanine Fixed Rate
     Notes Due 2018, Upgraded to Baa3 (sf); previously on June 16,
     2009 Confirmed at Ba1 (sf);

  -- US$13,000,000 Class D Deferrable Mezzanine Floating Rate
     Notes Due 2018, Upgraded to Ba3 (sf); previously on June 16,
     2009 Downgraded to B2 (sf);

  -- US$16,500,000 Class E Deferrable Mezzanine Floating Rate
     Notes Due 2018, Upgraded to Caa2 (sf); previously on Nov. 23,
     2010 Ca (sf) Placed Under Review for Possible Upgrade.

                        Ratings Rationale

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 ratios of
the notes since the rating action in June 2009.  In Moody's view,
these positive developments coincide with reinvestment of sale
proceeds and prepayments (including higher than previously
anticipated recoveries realized on defaulted securities) into
substitute assets with higher par amounts and/or higher ratings.

Improvement in the credit quality is observed through an
improvement in the average credit rating (as measured by the
weighted average rating factor) and a decrease in the proportion
of securities from issuers rated Caa1 and below.  In particular,
as of the latest trustee report dated November 10, 2010, the
weighted average rating factor is currently 2743 compared to 2921
in the May 2009 report, and securities rated Caa1 or lower make
up approximately 10.0% of the underlying portfolio versus 11.8%
in May 2009.  Additionally, defaulted securities total about
$10 million of the underlying portfolio compared to $40 million
in May 2009.

The overcollateralization ratios of the rated notes have also
improved since the rating action in June 2009.  The Class A/B,
Class C, Class D, and Class E overcollateralization ratios are
reported at 125.69%, 118.42%, 114.32% and 109.51%, respectively,
versus May 2009 levels of 116.69%, 110.16%, 106.42% and 102.02%,
respectively, and all related overcollateralization tests are
currently in compliance.  Moody's also notes that the Class D and
E Notes are no longer deferring interest and that all previously
deferred interest has been paid in full.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs," 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.  In its base case, Moody's analyzed the
underlying collateral pool to have a performing par and principal
proceeds of $430 million, defaulted par of $10 million, weighted
average default probability of 29.15% (implying a WARF of 3703), a
weighted average recovery rate upon default of 44.19%, and a
diversity score of 63.  These default and recovery properties of
the collateral pool are incorporated in cash flow model analysis
where they are subject to stresses as a function of the target
rating of each CLO liability being reviewed.  The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool.  The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool.  In each case, historical and market
performance trends and collateral manager latitude for trading the
collateral are also factors.

Babson CLO LTD. 2008-I, issued in June 2008, is a collateralized
loan obligation backed primarily by senior secured loans.

In addition to the base case analysis described above, Moody's
also performed a number of sensitivity analyses to test the impact
on all rated notes, including these:

1.  Various default probabilities to capture potential defaults in
    the underlying portfolio.

2.  A range of recovery rate assumptions for all assets to capture
    variability in recovery rates.

A summary of the impact of different default probabilities
(expressed in terms of WARF levels) on all rated notes (shown in
terms of the number of notches' difference versus the current
model output, where a positive difference corresponds to lower
expected loss), assuming that all other factors are held equal:

Moody's Adjusted WARF -- 20% (2962)

  -- Class A: +2
  -- Class B: +3
  -- Class C-1: +3
  -- Class C-2: +3
  -- Class D: +2
  -- Class E: +4

Moody's Adjusted WARF + 20% (4444)

  -- Class A: -2
  -- Class B: -2
  -- Class C-1: -1
  -- Class C-2: -1
  -- Class D: -2
  -- Class E: -3

A summary of the impact of different recovery rate levels on all
rated notes (shown in terms of the number of notches' difference
versus the current model output, where a positive difference
corresponds to lower expected loss), assuming that all other
factors are held equal:

Moody's Adjusted WARR + 2% (46.19%)

  -- Class A: +1
  -- Class B: +1
  -- Class C-1: +1
  -- Class C-2: +1
  -- Class D: 0
  -- Class E: +2

Moody's Adjusted WARR - 2% (42.19%)

  -- Class A: 0
  -- Class B: 0
  -- Class C-1: 0
  -- Class C-2: 0
  -- Class D: -1
  -- Class E: -1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance.  CDO
notes' performance may also be impacted by 1) the managers'
investment strategies and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Recovery of defaulted assets: Market value fluctuations in
   defaulted assets reported by the trustee and those assumed to
   be defaulted by Moody's may create volatility in the deal's
   overcollateralization levels. Further, the timing of recoveries
   and the manager's decision to work out versus selling defaulted
   assets create additional uncertainties.  Moody's analyzed
   defaulted recoveries assuming the lower of the market price and
   the recovery rate in order to account for potential volatility
   in market prices.

2) Weighted average life: The notes' ratings are sensitive to the
   weighted average life assumption of the portfolio, which may be
   extended due to the manager's decision to reinvest into new
   issue loans or other loans with longer maturities and/or
   participate in amend-to-extend offerings.  Moody's tested for a
   possible extension of the actual weighted average life in its
   analysis.

3) Other collateral quality metrics: The deal is allowed to
   reinvest and the manager has the ability to deteriorate the
   collateral quality metrics' existing cushions against the
   covenant levels.  Moody's analyzed the impact of assuming lower
   of reported and covenanted values for weighted average rating
   factor, weighted average spread, weighted average coupon, and
   diversity score.


BALLYROCK CLO: Moody's Upgrades Ratings on Two Classes of Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Ballyrock CLO 2006-1 Ltd.:

  -- US$18,000,000 Class C Deferrable Floating Rate Notes, Due
     2019, Upgraded to Baa3 (sf); previously on June 23, 2009
     Confirmed at Ba1 (sf);

  -- US$14,000,000 Class E Deferrable Floating Rate Notes, Due
     2019 (current outstanding balance of $11,726,551), Upgraded
     to Caa2 (sf); previously on November 23, 2010 Ca (sf) Placed
     Under Review for Possible Upgrade.

                        Ratings Rationale

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 ratios of
the notes since the last rating action in June 2009.

Improvement in the credit quality is observed through an
improvement in the average credit rating (as measured by the
weighted average rating factor) and a decrease in the proportion
of securities from issuers rated Caa1 and below.  In particular,
as of the latest trustee report dated November 19, 2010, the
weighted average rating factor is currently 2901 compared to 3278
in the May 2009 report, and securities rated Caa1/CCC+ or lower
make up approximately 14% of the underlying portfolio versus 17%
in May 2009.  Additionally, defaulted securities total about
$2.5 million of the underlying portfolio compared to $8.8 million
in May 2009.

The overcollateralization ratios of the rated notes have also
improved since the last rating action.  The Class A/B, Class C,
Class D and Class E overcollateralization ratios are reported at
123.8%, 117.1%, 108.2% and 104.8%, respectively, versus May 2009
levels of 119.2%, 112.7%, 104.2% and 100.3%, respectively, and all
related overcollateralization tests are currently in compliance.
Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs," 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.  In its base case, Moody's analyzed the
underlying collateral pool to have a performing par and principal
proceeds of $390 million, defaulted par of $2.5 million, weighted
average default probability of 30.3% (implying a WARF of 3887), a
weighted average recovery rate upon default of 43%, and a
diversity score of 55.  These default and recovery properties of
the collateral pool are incorporated in cash flow model analysis
where they are subject to stresses as a function of the target
rating of each CLO liability being reviewed.  The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool.  The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool.  In each case, historical and market
performance trends and collateral manager latitude for trading the
collateral are also factors.

Ballyrock CLO 2006-1 Ltd., issued in August 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the base case analysis described above, Moody's
also performed a number of sensitivity analyses to test the impact
on all rated notes, including these:

1.  Various default probabilities to capture potential defaults in
    the underlying portfolio.

2.  A range of recovery rate assumptions for all assets to capture
    variability in recovery rates.

A summary of the impact of different default probabilities
(expressed in terms of WARF levels) on all rated notes (shown in
terms of the number of notches' difference versus the current
model output, where a positive difference corresponds to lower
expected loss), assuming that all other factors are held equal:

Moody's Adjusted WARF -- 20% (3110)

  -- Class A: +2
  -- Class B: +2
  -- Class C: +2
  -- Class D: +2
  -- Class E: +3

Moody's Adjusted WARF + 20% (4664)

  -- Class A: -2
  -- Class B: -2
  -- Class C: -2
  -- Class D: -2
  -- Class E: -2

A summary of the impact of different recovery rate levels on all
rated notes (shown in terms of the number of notches' difference
versus the current model output, where a positive difference
corresponds to lower expected loss), assuming that all other
factors are held equal:

Moody's Adjusted WARR + 2% (45.0%)

  -- Class A: 0
  -- Class B: 0
  -- Class C: 0
  -- Class D: 0
  -- Class E: 0

Moody's Adjusted WARR - 2% (41.0%)

  -- Class A: -1
  -- Class B: -1
  -- Class C: -1
  -- Class D: 0
  -- Class E: -1

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance.  CDO
notes' performance may also be impacted by 1) the managers'
investment strategies and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Recovery of defaulted assets: Market value fluctuations in
   defaulted assets reported by the trustee and those assumed to
   be defaulted by Moody's may create volatility in the deal's
   overcollateralization levels. Further, the timing of recoveries
   and the manager's decision to work out versus selling defaulted
   assets create additional uncertainties.  Moody's analyzed
   defaulted recoveries assuming the lower of the market price and
   the recovery rate in order to account for potential volatility
   in market prices.

2) Weighted average life: The notes' ratings are sensitive to the
   weighted average life assumption of the portfolio, which may be
   extended due to the manager's decision to reinvest into new
   issue loans or other loans with longer maturities and/or
   participate in amend-to-extend offerings.  Moody's tested for a
   possible extension of the actual weighted average life in its
   analysis.

3) Other collateral quality metrics: The deal is allowed to
   reinvest and the manager has the ability to deteriorate the
   collateral quality metrics' existing cushions against the
   covenant levels.  Moody's analyzed the impact of assuming lower
   of reported and covenanted values for weighted average rating
   factor, weighted average spread, weighted average coupon, and
   diversity score.


BANC OF AMERICA: Fitch Downgrades Ratings on 19 2007-3 Certs.
-------------------------------------------------------------
Fitch Ratings has downgraded 19 classes of Banc of America
Commercial Mortgage Inc. commercial mortgage pass-through
certificates series 2007-3 due to further performance
deterioration and an increase in expected losses on the specially
serviced loans.

The downgrades reflect an increase in Fitch expected losses across
the pool.  Fitch modeled losses of 15.4% of the remaining pool,
with expected losses totaling 15.3% of the original pool balance.
The pool has experienced no realized losses to date.  Fitch has
designated 37 loans or crossed loan groupings (34.0%) as Fitch
Loans of Concern, which includes 14 specially serviced loans
(16.8%).  At Fitch's last review, there were ten specially
serviced loans (15.1%).  Currently, Fitch expects classes O
through S may be fully depleted from eventual losses associated
with the specially serviced loans.

As of the December 2010 distribution date, the pool's aggregate
principal balance has been paid down by 0.5% to $3.50 billion from
$3.52 billion at issuance.  No loans have defeased since issuance.
Interest shortfalls are currently affecting classes J through S.

The largest contributor to expected losses is the Second & Seneca
loan (4.9% of the pool), which is secured by an approximately
500,000- square foot (sf) office property in downtown Seattle,
WA.  The current balance of the ten-year, interest-only loan is
$170 million, which consists of an A-note and a newly created
$8.3 million B-note resulting from a modification.  The loan
transferred to special servicing in June 2009 for imminent default
due to the loss of a major tenant.  In June 2010, a modification
closed in which the borrower paid down the debt by $5 million and
the note was split into two tranches.  The loan returned to the
master servicer in September 2010 and is current on its reduced
interest rate as of the December 2010 distribution date.

The next largest contributor to expected losses is the Pacifica
Tower loan (4.7%), which is secured by a 314,074-sf office tower
that is part of the Plaza at La Jolla office development, a six-
building property that features 825,000 sf of office space spread
over 17 acres located in the Golden Triangle/University Town
Center submarket of San Diego, CA.  As of the December 2010
distribution, the balance of the ten-and-a-half-year, interest-
only loan was $166.3 million.  The property is highly leveraged
and has significant upcoming lease rollover with in-place rents
well above market.

The third largest contributor to expected losses is the Pacific
Shores Building 9 & 10 loan (5.2%), which is secured by two
buildings of a 10-building office development in Redwood City, CA
(Silicon Valley).  As of the December 2010 distribution, the
balance of the ten-year, interest-only loan was $183.8 million.
The property lost its largest tenant and, despite contractual rent
still due on the space, the space was re-leased on a long-term
basis commencing in 2013 at a rate less than half that of the
current rate.  As a result, cash flow at the property is expected
to dramatically decline at that time.

Fitch downgrades these classes and revises the Outlooks, Loss
Severity ratings, and Recovery Ratings as indicated:

  -- $116.6 million class A-M to 'BBB-sf/LS4' Outlook Stable from
     'AAAsf/LS3'; Outlook Negative;

  -- $100 million class A-MF to 'BBB-sf/LS4' Outlook Stable from
     'AAAsf/LS3' Outlook Negative;

  -- $135 million class A-MFL to 'BBB-sf/LS4' Outlook Stable from
     'AAAsf/LS3' Outlook Negative;

  -- $241.7 million class A-J to 'Bsf/LS5' from 'BBB-sf/LS4';
     Outlook Negative;

  -- $35.2 million class B to 'B-sf/LS5' from 'BBsf/LS5'; Outlook
     Negative;

  -- $48.3 million class C to 'CCCsf/RR1' from 'BBsf/LS5';

  -- $26.4 million class D to 'CCCsf/RR1' from 'BBsf/LS5';

  -- $26.4 million class E to 'CCCsf/RR1' from 'Bsf/LS5';

  -- $35.2 million class F to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $30.8 million class G to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $48.3 million class H to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $35.2 million class J to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $43.9 million class K to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $26.4 million class L to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $4.4 million class M to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $17.6 million class N to 'CCCsf/RR6' from 'B-sf/LS5';

  -- $4.4 million class O to 'CCCsf/RR6' from 'B-sf/LS5';

  -- $8.8 million class P to 'CCsf/RR6' from 'CCCsf/RR6';

  -- $13.2 million class Q to 'Csf/RR6' from 'CCCsf/RR6'.

Fitch also affirms these classes:

  -- $35.7 million class A-1 at 'AAAsf/LS2'; Outlook Stable
  -- $334 million class A-2 at 'AAAsf/LS2'; Outlook Stable
  -- $150 million class A-2FL at 'AAAsf/LS2'; Outlook Stable
  -- $133 million class A-3 at 'AAAsf/LS2'; Outlook Stable
  -- $78.9 million class A-AB at 'AAAsf/LS2'; Outlook Stable
  -- $1,017 million class A-4 at 'AAAsf/LS2'; Outlook Stable
  -- $50 million class A-5 at 'AAAsf/LS2'; Outlook Stable
  -- $646.3 million class A-1A at 'AAAsf/LS2'; Outlook Stable.

Fitch does not rate the $57.1 million class S.

Fitch withdraws the rating on the interest-only class XW.


BEAR STEARNS: Moody's Downgrades Ratings on 13 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 13
tranches from one transaction issued by Bear Stearns Asset Backed
Securities I Trust 2005-AC6.

                        Ratings Rationale

The collateral backing the transactions consists primarily of
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.

Certain securities, as noted below, are insured by financial
guarantors.  The Cl. I-A-4 is wrapped by Financial Guaranty
Insurance Company (Insured Rating Withdrawn Mar 25, 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.  RMBS securities wrapped by
Financial Guaranty Insurance Company are rated at their underlying
rating without consideration of the guaranty.

The primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete Rating Actions are:

Issuer: Bear Stearns Asset Backed Securities I Trust 2005-AC6

  -- Cl. I-A-1, Downgraded to B1 (sf); previously on Jan. 14, 2010
     Aa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to B1 (sf); previously on Jan. 14, 2010
     Aa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to B1 (sf); previously on Jan. 14, 2010
     Aa3 (sf) Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to B1 (sf); previously on Jan
     21, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Financial Guaranty Insurance Company
      (Insured Rating Withdrawn Mar 25, 2009)

  -- Cl. I-A-4, Downgraded to B1 (sf); previously on Jan. 14, 2010
     Aa3 (sf) Placed Under Review for Possible Downgrade

  -- Underlying Rating: Downgraded to B1 (sf); previously on
     Jan. 21, 2010 Aa3 (sf) Placed Under Review for Possible
     Downgrade

  -- Financial Guarantor: Financial Guaranty Insurance Company
      (Insured Rating Withdrawn Mar 25, 2009)

  -- Cl. I-M-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 A1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-M-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Baa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-M-3, Downgraded to C (sf); previously on Jan. 14, 2010
     Baa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-B-1, Downgraded to C (sf); previously on Jan. 14, 2010
     Ba1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-B-2, Downgraded to C (sf); previously on Jan. 14, 2010
     Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-B-3, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-1-PO, Downgraded to C (sf); previously on Jan. 14,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-1-X, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-2-A, Downgraded to Ca (sf); previously on Jan. 14,
     2010 B1 (sf) Placed Under Review for Possible Downgrade


BRIDGEPORT CLO: S&P Raises Ratings on Various Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B and D notes from Bridgeport CLO Ltd., a collateralized loan
obligation transaction managed by Deerfield Capital Management
LLC.  At the same time, S&P affirmed its ratings on the class A-1,
A-2, and C notes and removed the class A-2, B, and C ratings from
CreditWatch with positive implications.

The upgrades reflect improved performance S&P has observed in the
deal's underlying asset portfolio.  The affirmations reflect the
availability of credit support at the current rating level.

According to the Oct. 14, 2010 trustee report, the transaction
currently holds $23.4 million in 'CCC' rated assets, down from
$56.3 million noted in the Sept. 10, 2009 trustee report.  In
addition, the transaction holds $11.01 million in defaulted
securities, down from $25.64 million in September 2009.  The
transaction is in its reinvestment period, but the class A-1 notes
received principal payments of $8.6 million due to the failure of
the class C overcollateralization ratio test in October 2009.
Currently, each of the transaction's O/C ratios is passing.  The
class A O/C ratio is 118.87% versus 114.03% in September 2009, the
class B O/C ratio is 112.63% versus 108.16%, the class C O/C ratio
is 106.28% versus 102.18%, and the class D O/C ratio is 102.96%
versus 99.01%.

Standard & Poor's will continue to review whether, in its view,
the ratings currently assigned to the notes remain consistent with
the credit enhancement available to support them and take rating
actions as S&P deems necessary.

                  Rating And Creditwatch Actions

                        Bridgeport CLO Ltd.

                            Rating
                            ------
            Class       To          From
            -----       --          ----
            A-1         AA+ (sf)    AA+ (sf)
            A-2         AA- (sf)    AA- (sf)/Watch Pos
            B           A (sf)      A- (sf)/Watch Pos
            C           BBB- (sf)   BBB- (sf)/Watch Pos
            D           BB (sf)     B+ (sf)


CENTRAL FALLS: Moody's Affirms 'B3' Rating on $23.4 Mil. Debt
-------------------------------------------------------------
Moody's Investors Service has affirmed Central Falls' (Rhode
Island) B3 general obligation rating affecting approximately
$23.4 million of long-term parity debt and assigned a negative
outlook.  At this time, Moody's have also removed from watch list
for potential downgrade the Rhode Island Health and Education
Building Corporation's 2007B pool financing, of which Central
Falls is a minor participant.  The current rating on the 2007B
RIHEBC bonds is Ba1 with no outlook.

                        Ratings Rationale

The city's current general obligation rating reflects the city's
weak financial position, mounting pension obligations, limited tax
base, and low wealth levels.  The negative outlook reflects
Moody's view that the city will continue to face considerable
fiscal stress over the next twelve months requiring ongoing state
oversight and fiscal support.  In the absence of such support it
is unlikely the city will be able make sufficient budget
adjustments to meet its obligations.

Receiver's Report Highlights Fiscal Pressures And Underscores Need
                 For Long-Term Structural Changes

The recently released report by the state appointed fiscal
receiver forecasts sizable operating deficits driven primarily by
mounting pension obligations and continued revenue weakness,
including the loss of intergovernmental payments from the Wyatt
Detention Center.  While the report identifies a number of reform
measures aimed at addressing the city's salary and benefit related
expenditure pressures, it emphasizes the need for more far-
reaching measures including a state-subsidized annexation by the
City of Pawtucket or the regionalization of city's services with
adjoining municipalities, potentially under a new form of
management.  Finally, as a last resort, the report includes the
option of seeking Chapter 9 bankruptcy protection.

Ongoing State Support Will Be Needed To Meet Near-Term Obligations
             And Provide Longer-Term Fiscal Stability

Due to the city's weak credit profile, insufficient cash flows,
continued reliance on market access to finance operations and debt
service payments, and looming pension funding needs, the city's
ability to reduce its accumulated deficit and fund ongoing
operations will be contingent on ongoing state support.

The city projects its fiscal 2010 financial statements will
indicate an estimated $2 million General Fund deficit,
representing approximately 12% of operations.  The deficit was
driven by lower than budgeted state aid receipts ($469,584),
following a mid-year reduction to the city's motor vehicle excise
tax reimbursement, and a $1.2 million revenue shortfall as a
budgeted payment from the Wyatt detention center went unpaid due
to fiscal challenges at the facility.  Further, the city
experienced over $368,000 in greater-than-budgeted expenditures
resulting from overtime costs and unplanned expenses to compensate
the court appointed receiver.  The city is currently working with
state officials to devise a multi-year deficit reduction plan.

As part of the fiscal 2011 budget process the city initially
identified a structural budget gap of $6.3 million, which included
salary and overtime adjustments, a $3.4 million pension payment
(representing the actuarially required contribution for the city's
public safety pension plan for active employees), a reduced
payment from the detention center, and a $1.9 million state aid
cut, as compared to the 2010 budget.  The city resolved the gap by
augmenting revenues, including increasing motor vehicle excise
taxes and moving ahead with a supplemental 10% property tax
increase.  Further, the city proposed approximately $4.3 million
in expenditure adjustments to balance which included leaving the
$3.4 million contribution (approximately 19% of total city
operations) to the city's active public safety pension plan unpaid
and seeking over $1 million in salary and benefit reductions.
Year-to-date, management reports balanced operations as the city
has been successful in achieving its targeted salary and benefit
savings and has offset the continued loss of budgeted detention
center funds will unspent construction proceeds.

The city continues to rely on tax anticipation notes for liquidity
and issued a $1.5 million TAN in November, maturing on June 30,
2011.  Given the city's weak financial position its ability pay
down its current TAN borrowing and secure additional notes will be
an important consideration in future rating reviews.

The funded status of the city's pension plan for its active public
safety employees continues to deteriorate due to absence of any
fiscal support.  Fiscal 2011 continues the city's practice of
leaving the ARC unfunded and drawing on the remaining plan assets
to fund pension payments.  Without additional funding, existing
plan assets are expected to be exhausted by the end of fiscal
2013.

                             Outlook

Our outlook for the city's general obligation rating is negative
reflecting Moody's belief that the city will continue to face
considerable challenges to adequately address its near-term
funding needs and achieve longer-term fiscal stability, putting
bondholders at risk for economic loss in the event of default.

What could move the rating up:

  -- Enactment of recurring budgetary measures that improve
     financial operations and prospects for structural balance

  -- Stronger budgetary reserves and fund balance levels

  -- Progress in addressing the city's unfunded pension
     obligations

What could move the rating Down:

  -- Failure to enact significant recurring measures to address
     structural imbalance

  -- Continued deterioration of the city's public safety pension
     plan

  -- Lack of market access

Key Statistics:

  -- 2008 Population (Census Projection): 18,683 (-1.3% since
     2000)

  -- 2010 Full value: $803 million

  -- Full value per capita: $43,025

  -- Overall debt burden: 3.0%

  -- Payout of principal (10 years): 77.6%

  -- Fiscal 2009 General Fund balance: $231,000 million (1.3% of
     General Fund revenues)

  -- Median Family Income as % of Rhode Island, as % of US: 50.9%,
     53.6%

  -- Per Capital Income as % of Rhode Island, as % of US: 49.9%,
     50.1%

  -- Debt outstanding: $23.4 million


CREDIT SUISSE: Fitch Downgrades Ratings on 16 2007-C5 Certs.
------------------------------------------------------------
Fitch Ratings has downgraded 16 classes of commercial mortgage
pass-through certificates from Credit Suisse Commercial Mortgage
Trust series 2007-C5, primarily due to an increase in specially
serviced loans.

The downgrades reflect an increase in Fitch modeled losses across
the pool, which includes assumed losses on loans in special
servicing and on performing loans with declines in performance
indicative of a higher probability of default.  Fitch modeled
losses of 17.2%.  Fitch expects classes H through S to be fully
depleted by losses on specially serviced loans and class G to be
significantly impacted.  As of December 2010, there are cumulative
interest shortfalls in the amount of $14.2 million affecting
classes E through S.

As of the December 2010 distribution date, the pool's aggregate
principal balance has been paid down by 1% to $2.69 billion from
$2.71 billion at issuance.  There are no defeased loans.  Fitch
has identified 73 loans (52.1%) as Fitch Loans of Concern, which
includes 29 specially serviced loans (16.9%).

The largest contributor to losses is the Gulf Coast Town Center
Phases I & II loan, which is secured by a 991,027-sf open-air
anchored retail mall located in Fort Myers, FL.  The property was
completed in 2007 and is shadow anchored by a 175,000 sf Target.
Property performance has deteriorated as a result of the loss of
Linens N Things, declining rents on new leases, rent abatement and
higher expenses.  As a result, the servicer-reported NOI DSCR was
0.97 times (x) for the trailing 12 months ended September 2010.
While occupancy rose to 97% as of September 2010 from 94% at
YE2009, the increase was due to temporary tenants.

The second largest contributor to losses is the Jericho Plaza I &
II loan, which is secured by two class A office buildings located
in Jericho, NY.  The sponsors of the loan are SL Green and Onyx
Equities, LLC.  Property performance has been impacted by weak
market conditions, which have put pressure on occupancy and asking
rents.  Occupancy declined to 90% at Sept. 30, 2010 from over 98%
at YE2008.  As a result, the servicer-reported NOI DSCR dropped to
1.10x for the nine months ended September 2010 down from 1.34x at
YE2009.  Leases representing 17% of NRA expire between September
2010 and YE2012.

The third largest contributor to losses is the TIAA Industrial
Portfolio loan, which is secured by 11 industrial properties,
aggregating approximately 5.27 million square feet.  The
properties are located across nine states: Kentucky, Tennessee,
Georgia, California, Utah, Delaware, Illinois, Arizona and Texas.
The two largest properties, located in Hebron, KY (Cincinnati MSA)
and Memphis, TN, account for approximately 58% of the total square
footage of the portfolio.  This portfolio has been struggling due
to weak local economies and competition in its markets.  Occupancy
in the portfolio dropped from 100% at YE2009 to 84% at Dec. 1,
2010.  As a result, the servicer-reported DSCR declined to 1.02x
for the nine months ended September 2010.  The borrower continues
to actively market the properties, but no new leases have been
signed to date.

Fitch has downgraded and assigned Rating Outlooks or Recovery
Ratings to these classes as indicated:

  -- $198 million class A-M to 'BBBsf/LS4' from 'AAsf/LS4';
     Outlook Negative;

  -- $74.1 million class A-1-AM to 'BBBsf/LS4' from 'AAsf/LS4';
     Outlook Negative;

  -- $153.5 million class A-J to 'B-sf/LS5 from 'BBsf/LS4';
     Outlook Negative;

  -- $57.4 million class A-1-AJ to 'B-sf/LS5 from 'BBsf/LS4';
     Outlook Negative;

  -- $23.8 million class B to 'CCCsf/RR1' from 'Bsf/LS5';

  -- $20.4 million class C to 'CCCsf/RR1' from 'Bsf/LS5';

  -- $34 million class D to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $30.6 million class E to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $13.6 million class F to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $40.8 million class G to 'CCCsf/RR5' from 'B-sf/LS5';

  -- $20.4 million class H to 'CCsf/RR6' from 'B-sf/LS5';

  -- $30.6 million class J to 'CCsf/RR6' from 'B-sf/LS5';

  -- $23.8 million class K to 'CCsf/RR6' from 'B-sf/LS5';

  -- $10.2 million class L to 'Csf/RR6' from 'CCCsf/RR6';

  -- $10.2 million class M to 'Csf/RR6' from 'CCCsf/RR6';

  -- $10.2 million class N to 'Csf/RR6' from 'CCCsf/RR6'.

Additionally, Fitch has affirmed these classes and Rating Outlooks
as indicated:

  -- $15.9 million class A-1 at 'AAAsf/LS2'; Outlook Stable;
  -- $315 billion class A-2 at 'AAAsf/LS2'; Outlook Stable;
  -- $161 million class A-3 at 'AAAsf/LS2'; Outlook Stable;
  -- $65.1 million class A-AB at 'AAAsf/LS2'; Outlook Stable;
  -- $982.5 billion class A-4 at 'AAAsf/LS2'; Outlook Stable;
  -- $347.2 million class A-1A at 'AAAsf/LS2'; Outlook Stable.

Fitch does not rate classes O, P, Q and S.  Fitch has also
withdrawn the ratings assigned to the interest-only classes, A-SP
and A-X.


CREDIT SUISSE: S&P Downgrades Rating on 2005-C2 Certificates
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'D (sf)'
from 'CCC- (sf)' on the class G commercial mortgage pass-through
certificate from Credit Suisse First Boston Mortgage Securities
Corp.'s series 2005-C2, a U.S. commercial mortgage-backed
securities transaction.

The downgrade follows a principal loss to the class, which
was noted in the Dec. 17, 2010, remittance report.  The class
G certificates experienced a loss totaling 49.9% of its
$16.1 million beginning balance, and the class H, J, K, and
L certificates (all rated 'D (sf)'), all lost 100% of their
$20.1 million, $8.0 million, $8.0 million, and $8.0 million
original balances, respectively.

According to the Dec. 17, 2010, remittance report, principal
losses totaling $47.8 million resulted from the liquidation of one
loan that was with the special servicer, J.E. Robert Co. Inc.  The
Washington Mutual Irvine Campus loan had a principal balance of
$106.0 million and was secured by a 421,935-sq.-ft. office
building in Irvine, Calif., built in 1989 and renovated in 2004.
The loan was transferred to JER on May 26, 2009, due to an
imminent payment default following the 2008 failure of Washington
Mutual.  The receiver sold the property on Dec. 6, 2010, for
$69.25 million.  The purchaser assumed a modified loan with a
$55.4 million balance that matures Dec. 11, 2018.  At the time of
the closing, the occupancy was 30.7%, and the special servicer
expects it to trend to 12.9% in March 2011 as J.P.  Morgan, a
tenant, intends to vacate at that time.  Based on the Dec. 17,
2010, remittance report data, the loss severity was 45.1% of the
outstanding balance.  The modified loan is an interest-only loan
that will bear interest at the original interest rate of 5.0660%
but will amortize on a 25-year amortization schedule after the
first 36 months.

According to the Dec. 17, 2010 remittance report, the collateral
pool consisted of 153 assets with an aggregate trust balance of
$1.30 billion, down from 168 loans totaling $1.61 billion at
issuance.  Excluding the Washington Mutual Irvine Campus loan,
there are eight assets totaling $185.6 million (14.3%) with the
special servicer.  To date, the trust has experienced losses on
seven assets totaling $90.3 million.  The weighted average loss
severity for these seven assets was approximately 48.6%.


CWALT INC: Moody's Downgrades Ratings on 44 Tranches
----------------------------------------------------
Moody's Investors Service has downgraded the ratings of 44
tranches, upgraded the rating of 1 tranche and confirmed the
rating on 1 tranche from 3 RMBS transactions, backed by option ARM
loans, issued by Countrywide.

                        Ratings Rationale

The collateral backing these transactions consists primarily of
first-lien, adjustable-rate, negative amortization, Alt-A
residential mortgage loans.  The actions are a result of the
rapidly deteriorating performance of option ARM pools in
conjunction with macroeconomic conditions that remain under
duress.  The actions reflect Moody's updated loss expectations on
option ARM pools issued from 2005 to 2007.

The rating action also reflects a correction to the ratings of Cl.
A-4 and Cl. A-5 in CWALT, Inc. Mortgage Pass-Through Certificates,
Series 2006-OA19.  The previous rating action in February 2009
assumed incorrectly that Cl. A-5 supports Cl. A-4.  In fact, the
prospectus supplement and the pooling and servicing agreement
provide that Cl. A-4 supports Cl. A-5, and the rating has been
adjusted accordingly.

To assess the rating implications of the updated loss levels on
option ARM 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 securities are insured by financial guarantors.  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.  RMBS securities wrapped by
Ambac Assurance Corporation are rated at their underlying rating
without consideration of Ambac's guaranty.

The primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-27

  -- Cl. 1-A-1, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Ba1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to C (sf); previously on Jan. 27, 2010
     B2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Ca (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-X-1, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-X-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-X-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-X-1, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-X-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Ba3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A-4, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-X-1, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-X-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-X-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2005-76

  -- Cl. 1-A-1, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 B1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 B2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Ba3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Confirmed at Ca (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

Issuer: CWALT, Inc. Mortgage Pass-Through Certificates, Series
2006-OA19

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 27, 2010
     Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3A, Downgraded to C (sf); previously on April 16, 2010
     Downgraded to Ca (sf) and Placed Under Review for Possible
     Downgrade

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

  -- Underlying Rating: Downgraded to C (sf); previously on
     March 30, 2010 Ca (sf) Placed Under Review for Possible
     Downgrade

  -- Cl. A-3B, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to C (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Upgraded to Caa1 (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. X-P, Downgraded to C (sf); previously on Jan. 27, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade


EMPORIA PREFERRED: Fitch Affirms Ratings on Seven Classes of Notes
------------------------------------------------------------------
Fitch Ratings has affirmed seven classes of notes issued by
Emporia Preferred Funding I, Ltd./Corp. and revised the Rating
Outlooks and Loss Severity ratings:

  -- $274,713,721 class A notes affirmed at 'AAAsf'; Outlook
          Stable LS rating revised to LS3 from LS2;

  -- $36,615,000 class B-1 notes affirmed at 'AA'; Outlook to
     Stable from Negative; LS rating revised to LS5 from LS4;

  -- $5,000,000 class B-2 notes affirmed at 'AA'; Outlook to
     Stable from Negative; LS rating revised to LS5 from LS4;

  -- $24,360,000 class C notes affirmed at 'A/LS5'; Outlook to
     Stable from Negative;

  -- $24,360,000 class D notes affirmed at 'BB/LS5'; Outlook to
     Stable from Negative;

  -- $8,000,000 class E-1 notes affirmed at 'B/LS5'; Outlook to
     Stable from Negative;

  -- $5,195,000 class E-2 notes affirmed at 'B/LS5'; Outlook to
     Stable from Negative.

The affirmations and Outlook revisions reflect the overall credit
quality improvements of the underlying loan portfolio.  Since
Fitch's last review in December 2009, the portfolio has
experienced an improved weighted average rating quality, positive
credit migration and reduced exposure to assets rated 'CCC+' or
below.  The amount of performing assets Fitch considers rated
'CCC+' or below has decreased to 13.6% from 27.3% at the last
review.  Fitch currently considers the weighted average rating of
the performing portfolio to be 'B/B-', improved from 'B-' in
December 2009.

The class A notes have been affirmed due to their significant
cushion over expected portfolio losses and should continue
performing in line with their current ratings.  The performance of
the underlying loan portfolio since Fitch's last review has led to
improved credit quality supporting these notes.  The class B-1, B-
2 (together, class B) and C notes have also benefited from the
improved credit quality, reflected in the Outlook revisions to
Stable from Negative.

The class D notes, as well as the class E-1 and E-2 (together,
class E) notes have similarly benefited from the improved credit
quality in the underlying portfolio, but remain supported by
assets primarily in the 'CCC' category and below.  At the time of
Fitch's last review, the U.S. economy was in the midst of a severe
economic downturn, experiencing near-record highs in corporate
default rates and record lows in recovery rates.  The underlying
portfolio in Emporia I has since reflected the improved U.S.
corporate performance, and Fitch believes the credit quality of
these classes has likewise improved.  Fitch has affirmed these
notes and revised their Outlooks to Stable to reflect their
improved credit quality.

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.

Emporia I is a cash flow collateralized loan obligation (CLO) that
closed on Oct. 12, 2005 and is managed by Ivy Hill Asset
Management, a portfolio company of Ares Capital Corporation.
Emporia I has a revolving portfolio primarily composed of U.S.
middle market loans, approximately 90% of which are senior secured
positions and approximately 10% of which are second lien loans.
Additionally, 37% of the performing portfolio has been purchased
since December 2009 and the transaction remains in its
reinvestment period through October 2011.


G-FORCE 2005-RR2: S&P Downgrades Ratings on Seven Securities
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes of commercial mortgage-backed securities pass-through
certificates from G-Force 2005-RR2 Trust, a U.S. resecuritized
real estate mortgage investment conduit transaction.  At the same
time, S&P withdrew its rating on class X, an interest-only class,
and affirmed its ratings on nine classes from the same
transaction.

The downgrades and affirmations reflect S&P's analysis following
interest shortfalls to the transaction.  S&P also considered the
potential for additional classes to experience interest shortfalls
in the future.  S&P downgraded classes H, J through M, and N to 'D
(sf)'on Sept. 3, 2010, Feb. 2, 2010, and June 9, 2009, to reflect
interest shortfalls that S&P expected to continue for the
foreseeable future.

According to the Nov. 26, 2010 trustee report, cumulative interest
shortfalls to the transaction totaled $16.6 million affecting
class A-4A and the classes subordinate to it.  The interest
shortfalls resulted from interest shortfalls on 21 of the
underlying CMBS transactions primarily due to the master
servicer's recovery of prior advances, appraisal subordinate
entitlement reductions, servicers' nonrecoverability
determinations for advances, and special servicing fees.  S&P
lowered its ratings on classes E, F, and G to 'D (sf)' due to
interest shortfalls that S&P expects will continue for the
foreseeable future.  If the interest shortfalls to G-Force 2005-
RR2 continue, S&P will evaluate the shortfalls and may take
further rating actions as S&P determine appropriate.

The class X certificate is an interest-only certificate with a
balance that references the aggregate certificate balances of the
principal and interest certificates.  S&P withdrew its rating on
class X, as S&P downgraded all of the interest and principal
classes of certificates from this transaction below 'AA-'.
According to the Nov 26, 2010, trustee report, G-Force 2005-RR2
was collateralized by 108 CMBS classes ($687.2 million, 100%) from
23 distinct transactions issued between 1998 and 2002.

Standard & Poor's analyzed G-Force 2005-RR2 and its underlying
collateral according to its current criteria.  S&P's analysis is
consistent with the lowered, withdrawn, and affirmed ratings.

                         Ratings Lowered

                      G-FORCE 2005-RR2 Trust

                              Rating
                              ------
                 Class    To           From
                 -----    --           ----
                 A2       A+ (sf)      AAA (sf)
                 A-3FL    B+ (sf)      BBB- (sf)
                 A-4A     CCC- (sf)    B (sf)
                 A-4B     CCC- (sf)    B (sf)
                 E        D (sf)       CCC- (sf)
                 F        D (sf)       CCC- (sf)
                 G        D (sf)       CCC- (sf)

                        Ratings Affirmed

                     G-FORCE 2005-RR2 Trust

                        Class    Rating
                        -----    ------
                        B        CCC- (sf)
                        C        CCC- (sf)
                        D        CCC- (sf)
                        H        D (sf)
                        J        D (sf)
                        K        D (sf)
                        L        D (sf)
                        M        D (sf)
                        N        D (sf)

                         Rating Withdrawn

                      G-FORCE 2005-RR2 Trust

                               Rating
                               ------
                  Class    To           From
                  -----    --           ----
                  X        NR           AAA (sf)

                          NR - Not rated.


GALAXY VII: S&P Raises Ratings on Various Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B, C, D, and E notes from Galaxy VII CLO Ltd., a collateralized
loan obligation transaction managed by PineBridge Investments LLC.
At the same time, S&P removed the class B and C notes from
CreditWatch with positive implications.  The upgrades reflect the
improved performance S&P has observed in the transaction since its
last rating action in November 2009.

According to the November 13, 2010 trustee report, the transaction
did not hold any defaulted assets, down from $20.6 million noted
in the September 30, 2009 trustee report.  In addition, assets
from obligors rated in the 'CCC' category were 6.51% of the
collateral pool in November 2010, compared with 13.16% in
September 2009.  The senior overcollateralization test improved
to 123.99% in November 2010 from 120.93% as of September 2009.

Standard & Poor's will continue to review the ratings assigned to
the notes to assess whether they remain consistent with the credit
enhancement available to support them and take rating actions as
S&P deems necessary.

                 Rating And Creditwatch Actions

                       Galaxy VII CLO Ltd.

                           Rating
                           ------
           Class       To          From
           -----       --          ----
           B           AA (sf)     A+ (sf)/Watch Pos
           C           A (sf)      BBB+ (sf)/Watch Pos
           D           BBB (sf)    BB+ (sf)
           E           BB (sf)     CCC+ (sf)

                        Ratings Affirmed

                       Galaxy VII CLO Ltd.

                 Class                   Rating
                 -----                   ------
                 A-1                     AA+ (sf)
                 A-2                     AA+ (sf)


GENESIS CLO: S&P Raises Ratings on Various Classes of Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A, B, C, D, and E notes from Genesis CLO 2007-1 Ltd., a
collateralized loan obligation transaction.  Concurrently, S&P
removed its ratings on the class A, B, and C notes from
CreditWatch, where S&P placed them with positive implications on
Nov. 8, 2010.

The raised ratings mainly reflect increased overcollateralization
available to support the rated notes as the transaction continues
to be paid down.  When S&P lowered its ratings on the notes on
March 17, 2010, the class A notes had an outstanding notional of
$1.174 billion, or 74.83% of their original balance, according to
the December 2009 trustee report.  Since that time, the class A
notes have been paid down by $282.2 million, according to the
December 2010 trustee report.  As a result, the class A notes have
a current outstanding notional of $892.6 million, or 56.85% of
their original balance.

Subsequently, the transaction has also benefited from an
improvement in the O/C ratios since the December 2009 report.  The
trustee reported S&P's O/C ratios in the Dec. 1, 2010 monthly
report:

* The class A/B O/C ratio was 123.93%, compared with a reported
  ratio of 116.37% in December 2009;

* The class C O/C ratio was 115.84%, compared with a reported
  ratio of 110.36% in December 2009;

* The class D O/C ratio was 110.68%, compared with a reported
  ratio of 106.43% in December 2009; and

* The class E O/C ratio was 106.87%, compared with a reported
  ratio of 103.48% in December 2009.

Standard & Poor's will continue to review whether, in its view,
the ratings currently assigned to the notes remain consistent with
the credit enhancement available to support them and take rating
actions as S&P deems necessary.

                  Rating And Creditwatch Actions

                     Genesis CLO 2007-1 Ltd.

                            Rating
                            ------
          Class         To          From
          -----         --          ----
          A             AAA (sf)    AA+ (sf)/Watch Pos
          B             AA (sf)     A+ (sf)/Watch Pos
          C             A (sf)      BBB+ (sf)/Watch Pos
          D             BBB- (sf)   BB+ (sf)
          E             BB- (sf)    B+ (sf)

  Transaction Information
  -----------------------
Issuer              Genesis CLO 2007-1 Ltd.
Coissuer            Genesis CLO 2007-1 Corp.
Collateral manager  Ore Hill Partners LLC
Underwriter         Deutsche Bank Securities Inc.
Trustee             Deutsche Bank Trust Co. Americas
Transaction type    Cash flow CLO


GMACM HOME: S&P Downgrades Ratings on Six Certificates to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D (sf)'
on six classes of mortgage pass-through certificates from four
U.S. residential mortgage-backed securities transactions issued
between 2001 and 2007.  S&P also placed the class I-A-1 notes from
GMACM Home Equity Loan Trust 2001-HE2 on CreditWatch with negative
implications.

The six downgrades to 'D (sf)' reflect S&P's assessment of
principal write-downs on the affected classes during recent
remittance periods.  S&P placed the one rating on CreditWatch
because the class is within a loan group that includes a class
that defaulted from a 'B-' rating or higher.

S&P expects to resolve the CreditWatch placement after S&P
completes its review of the underlying credit enhancement.
Standard & Poor's will continue to monitor its ratings on
securities that experience principal write-downs, and S&P will
adjust its ratings as S&P considers appropriate in accordance with
its criteria.

The defaulted classes were from transactions backed by
Alternative-A, prime jumbo, or home equity line of credit
(HELOC) mortgage loan collateral.  Credit enhancement is
provided by a combination of subordination, excess spread,
overcollateralization, and bond insurance.  The class I-A-1
and I-A-2 notes from GMACM Home Equity Loan Trust 2001-HE2 are
bond-insured by Financial Guaranty Insurance Co. (currently not
rated).

                         Rating Actions

                CSMC Mortgage Backed Trust 2007-4
                         Series    2007-4

                                      Rating
                                      ------
       Class      CUSIP       To                   From
       -----      -----       --                   ----
       3-A-5      126379AQ9   D (sf)               CC (sf)
       3-A-6      126379AR7   D (sf)               CC (sf)
       3-A-9      126379AU0   D (sf)               CC (sf)

              GMACM Home Equity Loan Trust 2001-HE2
                       Series    2001-HE2

                                      Rating
                                      ------
       Class      CUSIP       To                   From
       -----      -----       --                   ----
       I-A-1      361856BH9   BBB (sf)/Watch Neg   BBB (sf)
       I-A-2      361856BJ5   D (sf)               BBB (sf)

           IndyMac INDX Mortgage Loan Trust 2005-AR27
                       Series    2005-AR27

                                      Rating
                                      ------
       Class      CUSIP       To                   From
       -----      -----       --                   ----
       3-A-2      45660LS67   D (sf)               CC (sf)

       Washington Mutual Mortgage Pass-Through Certificates
                      WMALT 2006-AR8 Trust
                       Series    2006-AR8

                                      Rating
                                      ------
       Class      CUSIP       To                   From
       -----      -----       --                   ----
       3A-1C      93935LAE8   D (sf)               CC (sf)


GS MORTGAGE: Fitch Downgrades Ratings on 15 2006-GG6 Certificates
-----------------------------------------------------------------
Fitch Ratings downgrades 15 classes of GS Mortgage Securities
Corporation II series 2006-GG6, commercial mortgage pass through
certificates, primarily due to an increase in specially serviced
loans.

The downgrades reflect an increase in Fitch modeled losses across
the pool, which includes assumed losses on loans in special
servicing and on performing loans with declines in performance
indicative of a higher probability of default.  Fitch modeled
losses of 10.2% (10.4% cumulative transaction losses which
includes losses realized to date).  Fitch expects classes H
through S to be fully depleted by losses on specially serviced
loans and class G to be significantly impacted.  As of December
2010, there are cumulative interest shortfalls in the amount of
$10.9 million affecting classes J through S.

As of the December 2010 distribution date, the pool's aggregate
principal balance has been paid down by 6.8% to $3.63 billion from
$3.9 billion at issuance.  There are no defeased loans.  Fitch has
identified 61 loans (38.6%) as Fitch Loans of Concern, which
includes 22 specially serviced loans (23.7%).

The largest contributor to losses is the Showplace Portfolio loan
(2.2%) is secured by five properties comprising 699,474 sf located
in High Point, North Carolina.  The properties contain showroom
(72.9% of NRA), office/retail space (15.8% of NRA) as well as
exhibition space (11.2% of NRA).  The properties are situated in
an area known as the International Home Furnishings Market, an
area of High Point that consists of more than 12 million sf of
showroom and exhibition space across 180 buildings that serve the
home furnishing industry.  The loan transferred to the special
servicer in November 2010 for maturity default.  The properties
have suffered significant occupancy declines as a result of the
economic downturn which has been especially acute in the home
furnishings business.  A receiver is in place and is marketing the
property for sale.  A recent appraisal indicates significant
losses.

The second largest contributor to loss is the Silver Creek
Portfolio Phase I loan (1.9%), which is secured by 37 cross-
collateralized and cross-defaulted retail strip shopping centers
totaling 636,166 sf located across 17 states primarily in the mid-
west.  Thirty of the properties (87.7% NRA) are shadow-anchored by
Super Wal-Marts, while the remaining seven are unanchored.  The
loan transferred to the special servicer in January 2010 for
monetary default.  Decreasing occupancy levels and continued
pressure on rental rates are the primary causes of the performance
decline.  The special servicer continues to negotiate with the
borrower while dual tracking foreclosure.  A recent appraisal
indicates significant losses.

The third largest contributor to losses is the Atrium at Empire
Lakes loan (1.4%) which is collateralized by a two-story, 390,480
sf office building located in Rancho Cucamonga, California.  The
loan transferred to the special servicer in June 2009 when the
largest tenant (75% of NRA) vacated the premises.  There has been
some progress in leasing but the environment remains challenging
and the property is 37% occupied.  A recent appraisal indicates
significant losses.

In total, there are currently 22 assets (23.7%) in special
servicing which consist of two assets (0.7%) that are real estate
owned, six loans (5.3%) that are non-performing matured, and 10
loans (7.4%) that are delinquent 90 days or more and four loans
(6.6%) that are current.

At Fitch's last review there were 11 loans (9.5%) in special
servicing consisting of two loans (0.6%) that were REO, one loan
(0.5%) in foreclosure, six loans (5.3%) that were delinquent and
two loans (3.1%) that were current.

Fitch has downgraded these classes as indicated:

  -- $19.5 million class B to 'BBsf/LS5' from 'BBB-sf/LS5';
     Outlook Negative;

  -- $48.8 million class C to 'Bsf/LS5' from 'BBsf/LS5'; Outlook
     Negative;

  -- $39 million class D to 'CCCsf/RR1' from 'BBsf/LS5';

  -- $29.3 million class E to 'CCCsf/RR1' from 'Bsf/LS5';

  -- $43.9 million class F to 'CCCsf/RR3' from 'B-sf/LS5';

  -- $39 million class G to 'CCsf/RR4' from 'B-sf/LS5';

  -- $39 million class H to 'CCsf/RR6' from 'B-sf/LS5';

  -- $43.9 million class J to 'CCsf/RR6' from 'B-sf/LS5';

  -- $43.9 million class K to 'CCsf/RR6' from 'B-sf/LS5';

  -- $24.4 million class L to 'CCsf/RR6' from 'B-sf/LS5';

  -- $14.6 million class M to 'Csf/RR6' from 'CCCsf/RR6';

  -- $19.5 million class N to 'Csf/RR6' from 'CCCsf/RR6';

  -- $4.9 million class O to 'Csf/RR6' from 'CCCsf/RR6';

  -- $9.8 million class P to 'Csf/RR6' from 'CCCsf/RR6';

  -- $14.6 million class Q to 'Csf/RR6' from 'CCCsf/RR6'.

Additionally, Fitch has affirmed and revised the LS ratings of
these classes as indicated:

  -- $929.3 million class A-2 at 'AAA/LS2'; Outlook Stable;

  -- $75.6 million class A-3 at 'AAA/LS2'; Outlook Stable;

  -- $187.8 million class A-AB at 'AAA/LS2'; Outlook Stable;

  -- $1 billion class A-4 at 'AAA/LS2'; Outlook Stable;

  -- $303.9 million class A-1A at 'AAA/LS2'; Outlook Stable;

  -- $390.1 million class A-M to 'AAA/LS4' from 'AAA/LS3'; Outlook
     Stable;

  -- $292.6 million class A-J at 'BBB-/LS4'; Outlook Negative.

Class A-1 has been paid in full.  The $19.6 million class S is not
rated by Fitch.  Fitch withdraws the ratings of the interest only
classes X-C and X-P.


GS MORTGAGE: Fitch Assigns Ratings to Various 2010-C2 Certs.
------------------------------------------------------------
Fitch Ratings has assigned these ratings to GS Mortgage Securities
Trust commercial mortgage pass-through certificates, series 2010-
C2, as issued by Goldman Sachs Commercial Mortgage Capital L.P.:

  -- $347,000,000 class A-1 'AAAsf/LS1'; Outlook Stable;
  -- $376,072,000 class A-2 'AAAsf/LS1'; Outlook Stable;
  -- $723,072,000* class X-A 'AAAsf'; Outlook Stable;
  -- $26,293,000 class B 'AAsf/LS4'; Outlook Stable;
  -- $29,580,000 class C 'Asf/LS4'; Outlook Stable;
  -- $47,110,000 class D 'BBB-sf/LS4'; Outlook Stable;
  -- $12,051,000 class E 'BBsf/LS5'; Outlook Stable;
  -- $9,860,000 class F 'Bsf/LS5'; Outlook Stable.
  * Notional amount and interest only.

Fitch does not rate classes X-B and G.


JP MORGAN: Moody's Upgrades Ratings on 180 Tranches
---------------------------------------------------
Moody's Investors Service has upgraded the ratings of 180
tranches, and downgraded the rating of 1 tranche from 72 RMBS
transactions issued mainly by J.P. Morgan Mortgage Acquisition
Trust, Merrill Lynch Mortgage Investors Trust, Morgan Stanley ABS
Capital Trust, and Popular ABS Mortgage Pass-Through Trust.  The
collateral backing these deals primarily consists of first-lien,
fixed and adjustable-rate subprime residential mortgages.  The
actions impact approximately $9.7 billion of RMBS issued from
2005-2007.

                         Ratings Rationale

The actions mainly reflect a correction to the degree of credit
support provided to the impacted tranches by excess spread.  Due
to an input error in the cash-flow model used to rate these deals,
the previous rating actions did not give the appropriate amount of
benefit to excess spread as credit enhancement.  This error has
been corrected, and the rating actions reflect the correct excess
spread.  The credit protection in the affected deals from excess
spread has increased.

In addition, Moody's has updated pool loss estimates based on
collateral performance to date.  Generally, loss estimates have
stayed in line with Moody's previously published estimates.  In a
few cases, performance levels have improved or weakened in
comparison to the previous loss estimates.  Higher credit
protection from excess spread and stable loss projections have led
to rating upgrades on 180 tranches.  One tranche from the Morgan
Stanley IXIS Real Estate Capital Trust 2006-2 was downgraded
because of deterioration in performance.

The principal methodology used in this rating was "Subprime RMBS
Loss Projection Update: February 2010" published in February 2010.
In addition, for the deals affected by the actions, when
calculating the rate of new delinquencies (as described on page 4
of the methodology publication referenced above), Moody's took
into account loans that were reclassified from delinquent to
current due to modification in order to not understate the rate of
new delinquencies.  The modified loans that are classified as
current were added to the reported delinquency levels in the pool
to calculate the true rate of new delinquencies.

Deals where loan modifications to date have been higher than
average, as in the case of deals serviced by JP Morgan Chase Bank,
the amount of loans modifications were increased from 25% to 35%.
Also, based of the re-default performance to date, the re-default
rate was reduced from 75% to 70% in some cases.

To assess the rating implications, 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 primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5-8% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.

Complete rating actions are:

Issuer: Aames Mortgage Investment Trust 2006-1

  -- Cl. A-3, Upgraded to B1 (sf); previously on June 1, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-4, Upgraded to B3 (sf); previously on June 1, 2010
     Downgraded to Ca (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2005-FLD1

  -- Cl. M-2, Upgraded to A1 (sf); previously on July 14, 2010
     Downgraded to Baa3 (sf)

  -- Cl. M-3, Upgraded to Ba1 (sf); previously on July 14, 2010
     Downgraded to Caa1 (sf)

  -- Cl. M-4, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2005-OPT1

  -- Cl. M-3, Upgraded to Ca (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2005-OPT2

  -- Cl. A-1B, Upgraded to A1 (sf); previously on July 14, 2010
     Downgraded to A3 (sf)

  -- Cl. A-3, Upgraded to A1 (sf); previously on July 14, 2010
     Downgraded to Baa2 (sf)

  -- Cl. A-4, Upgraded to A3 (sf); previously on July 14, 2010
     Downgraded to Baa3 (sf)

  -- Cl. M-1, Upgraded to B1 (sf); previously on July 14, 2010
     Downgraded to Caa1 (sf)

  -- Cl. M-2, Upgraded to Caa2 (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2005-WMC1

  -- Cl. M-1, Upgraded to Ba1 (sf); previously on July 14, 2010
     Downgraded to B2 (sf)

  -- Cl. M-2, Upgraded to Caa2 (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2006-ACC1

  -- Cl. A-1, Upgraded to Ba3 (sf); previously on July 14, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-4, Upgraded to Ba1 (sf); previously on July 14, 2010
     Downgraded to Caa1 (sf)

  -- Cl. A-5, Upgraded to B1 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. M-1, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2006-FRE1

  -- Cl. A-1, Upgraded to Ba3 (sf); previously on July 14, 2010
     Downgraded to B3 (sf)

  -- Cl. A-3, Upgraded to Ba3 (sf); previously on July 14, 2010
     Downgraded to B3 (sf)

  -- Cl. A-4, Upgraded to B3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2006-FRE2

  -- Cl. A-1, Upgraded to Ba3 (sf); previously on July 14, 2010
     Downgraded to B3 (sf)

  -- Cl. A-3, Upgraded to Ba3 (sf); previously on July 14, 2010
     Downgraded to Caa1 (sf)

  -- Cl. A-4, Upgraded to B3 (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2006-HE1, Asset-
Backed Pass-Through Certificates, Series 2006-HE1

  -- Cl. A-1, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. A-3, Upgraded to B3 (sf); previously on July 14, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-4, Upgraded to Ca (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2006-HE2

  -- Cl. A-1, Upgraded to Caa2 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. A-3, Upgraded to Baa1 (sf); previously on July 14, 2010
     Downgraded to Ba2 (sf)

  -- Cl. A-4, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2006-WMC1

  -- Cl. A-1, Upgraded to B3 (sf); previously on July 14, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-4, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. A-5, Upgraded to Ca (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Corp.  2006-WMC2

  -- Cl. A-3, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. A-4, Upgraded to Ca (sf); previously on July 14, 2010
     Downgraded to C (sf)

  -- Cl. A-5, Upgraded to Ca (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2006-NC1

  -- Cl. A-1, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. A-4, Upgraded to Caa2 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. A-5, Upgraded to Ca (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-CH1, Asset-
Backed Pass-Through Certificates, Series 2007-CH1

  -- Cl. AF-2, Upgraded to Ba1 (sf); previously on July 14, 2010
     Downgraded to B2 (sf)

  -- Cl. AF-3, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. AF-4, Upgraded to Caa2 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. AF-5, Upgraded to Caa2 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. AF-6, Upgraded to Caa2 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. AV-1, Upgraded to Ba1 (sf); previously on July 14, 2010
     Downgraded to B2 (sf)

  -- Cl. AV-2, Upgraded to A1 (sf); previously on July 14, 2010
     Downgraded to Baa2 (sf)

  -- Cl. AV-3, Upgraded to Baa3 (sf); previously on July 14, 2010
     Downgraded to B1 (sf)

  -- Cl. AV-4, Upgraded to Ba2 (sf); previously on July 14, 2010
     Downgraded to Caa2 (sf)

  -- Cl. AV-5, Upgraded to Ba3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. MV-1, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to C (sf)

  -- Cl. MV-2, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to C (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-CH3, Asset-
Backed Pass-Through Certificates, Series 2007-CH3

  -- Cl. A-1A, Upgraded to B3 (sf); previously on July 14, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-1B, Upgraded to Ca (sf); previously on July 14, 2010
     Downgraded to C (sf)

  -- Cl. A-2, Upgraded to Ba2 (sf); previously on July 14, 2010
     Downgraded to Caa1 (sf)

  -- Cl. A-3, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. A-4, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. A-5, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-CH4, Asset-
Backed Pass-Through Certificates, Series 2007-CH4

  -- Cl. A1, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. A2, Upgraded to Ba2 (sf); previously on July 14, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A3, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. A4, Upgraded to Caa2 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-CH5

  -- Cl. A-1, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

  -- Cl. A-2, Upgraded to Ba1 (sf); previously on July 14, 2010
     Downgraded to B3 (sf)

  -- Cl. A-3, Upgraded to B2 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. A-4, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. A-5, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

Issuer: J.P. Morgan Mortgage Acquisition Trust 2007-HE1

  -- Cl. AF-1, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Caa2 (sf)

  -- Cl. AF-2, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. AF-3, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. AF-4, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. AF-5, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. AF-6, Upgraded to Caa3 (sf); previously on July 14, 2010
     Downgraded to Ca (sf)

  -- Cl. AV-1, Upgraded to Caa1 (sf); previously on July 14, 2010
     Downgraded to Caa3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE2

  -- Cl. M-1, Upgraded to Ba1 (sf); previously on July 15, 2010
     Downgraded to B1 (sf)

  -- Cl. M-2, Upgraded to B3 (sf); previously on July 15, 2010
     Downgraded to Caa3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE3

  -- Cl. M-2, Upgraded to A1 (sf); previously on July 15, 2010
     Downgraded to Baa3 (sf)

  -- Cl. M-3, Upgraded to Ba1 (sf); previously on July 15, 2010
     Downgraded to Caa1 (sf)

  -- Cl. M-4, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE4

  -- Cl. A-2c, Upgraded to Aaa (sf); previously on July 15, 2010
     Downgraded to Aa1 (sf)

  -- Cl. M-1, Upgraded to Baa1 (sf); previously on July 15, 2010
     Downgraded to Ba2 (sf)

  -- Cl. M-2, Upgraded to B1 (sf); previously on July 15, 2010
     Downgraded to Caa3 (sf)

  -- Cl. M-3, Upgraded to Caa2 (sf); previously on July 15, 2010
     Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE5

  -- Cl. M-1, Upgraded to Baa2 (sf); previously on July 15, 2010
     Downgraded to B1 (sf)

  -- Cl. M-2, Upgraded to Caa2 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE6

  -- Cl. A-1, Upgraded to A1 (sf); previously on July 15, 2010
     Downgraded to Baa2 (sf)

  -- Cl. A-2c, Upgraded to Baa1 (sf); previously on July 15, 2010
     Downgraded to B2 (sf)

  -- Cl. M-1, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-HE7

  -- Cl. A-1, Upgraded to A1 (sf); previously on July 15, 2010
     Downgraded to Ba1 (sf)

  -- Cl. A-2c, Upgraded to A3 (sf); previously on July 15, 2010
     Downgraded to B2 (sf)

  -- Cl. M-1, Upgraded to B3 (sf); previously on July 15, 2010
     Downgraded to C (sf)

  -- Cl. M-2, Upgraded to Caa3 (sf); previously on July 15, 2010
     Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-NC1

  -- Cl. M-2, Upgraded to B3 (sf); previously on July 15, 2010
     Downgraded to Caa3 (sf)

  -- Cl. M-3, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-NC2

  -- Cl. M-2, Upgraded to Ba1 (sf); previously on July 15, 2010
     Downgraded to B2 (sf)

  -- Cl. M-3, Upgraded to B3 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC1

  -- Cl. M-1, Upgraded to A1 (sf); previously on July 15, 2010
     Downgraded to Baa1 (sf)

  -- Cl. M-2, Upgraded to B2 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2

  -- Cl. M-2, Upgraded to Ba1 (sf); previously on July 15, 2010
     Downgraded to B3 (sf)

  -- Cl. M-3, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC3

  -- Cl. M-2, Upgraded to A1 (sf); previously on July 15, 2010
     Downgraded to Baa1 (sf)

  -- Cl. M-3, Upgraded to Ba3 (sf); previously on July 15, 2010
     Downgraded to Caa1 (sf)

  -- Cl. M-4, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2005-WMC6

  -- Cl. M-2, Upgraded to Ba1 (sf); previously on July 15, 2010
     Downgraded to B2 (sf)

  -- Cl. M-3, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-HE5

  -- Cl. A-2b, Upgraded to Baa1 (sf); previously on July 15, 2010
     Downgraded to Ba1 (sf)

  -- Cl. A-2c, Upgraded to Caa3 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-HE6

  -- Cl. A-2b, Upgraded to Caa2 (sf); previously on July 15, 2010
     Downgraded to Caa3 (sf)

  -- Cl. A-2fpt, Upgraded to Caa2 (sf); previously on July 15,
     2010 Downgraded to Caa3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-HE7

  -- Cl. A-2fpt, Upgraded to B3 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-2b, Upgraded to B3 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-HE8

  -- Cl. A-2b, Upgraded to Caa3 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

  -- Cl. A-2fpt, Upgraded to Caa3 (sf); previously on July 15,
     2010 Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC1

  -- Cl. A-3, Upgraded to A1 (sf); previously on July 15, 2010
     Downgraded to B1 (sf)

  -- Cl. A-4, Upgraded to B1 (sf); previously on July 15, 2010
     Downgraded to Caa1 (sf)

  -- Cl. M-1, Upgraded to Caa3 (sf); previously on July 15, 2010
     Downgraded to C (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC3

  -- Cl. A-1, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-2c, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC4

  -- Cl. A-2c, Upgraded to Caa2 (sf); previously on July 15, 2010
     Downgraded to Caa3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-NC5

  -- Cl. A-2a, Upgraded to Aaa (sf); previously on July 15, 2010
     Downgraded to A1 (sf)

  -- Cl. A-2b, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa3 (sf)

  -- Cl. A-2fpt, Upgraded to Caa1 (sf); previously on July 15,
     2010 Downgraded to Caa3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2006-WMC1

  -- Cl. A-1, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-2b, Upgraded to Baa1 (sf); previously on July 15, 2010
     Downgraded to Ba3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2007-HE3

  -- Cl. A-2a, Upgraded to Ba3 (sf); previously on July 15, 2010
     Downgraded to B1 (sf)

  -- Cl. A-2b, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2007-HE4

  -- Cl. A-2a, Upgraded to Caa2 (sf); previously on July 15, 2010
     Downgraded to Caa3 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2007-NC1

  -- Cl. A-2b, Upgraded to Caa3 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2007-NC2

  -- Cl. A-1, Upgraded to Caa3 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

  -- Cl. A-2fpt, Upgraded to Caa3 (sf); previously on July 15,
     2010 Downgraded to Ca (sf)

  -- Cl. A-2a, Upgraded to B3 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

Issuer: Morgan Stanley ABS Capital I Inc. Trust 2007-NC3

  -- Cl. A-2a, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

Issuer: Morgan Stanley Capital I Inc. Trust 2006-HE1

  -- Cl. A-3, Upgraded to B3 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

Issuer: Morgan Stanley Capital I Inc. Trust 2006-NC2

  -- Cl. A-2c, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

Issuer: Morgan Stanley Home Equity Loan Trust 2005-1

  -- Cl. M-3, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

Issuer: Morgan Stanley Home Equity Loan Trust 2005-2

  -- Cl. M-3, Upgraded to Ba1 (sf); previously on July 15, 2010
     Downgraded to B1 (sf)

  -- Cl. M-4, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley Home Equity Loan Trust 2005-3

  -- Cl. M-1, Upgraded to Baa2 (sf); previously on July 15, 2010
     Downgraded to Baa3 (sf)

  -- Cl. M-2, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

  -- Cl. M-3, Upgraded to Ca (sf); previously on July 15, 2010
     Downgraded to C (sf)

Issuer: Morgan Stanley Home Equity Loan Trust 2005-4

  -- Cl. M-1, Upgraded to Caa2 (sf); previously on July 15, 2010
     Downgraded to Ca (sf)

Issuer: Morgan Stanley Home Equity Loan Trust 2006-1

  -- Cl. A-2c, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa2 (sf)

  -- Cl. M-1, Upgraded to Ca (sf); previously on July 15, 2010
     Downgraded to C (sf)

Issuer: Morgan Stanley Home Equity Loan Trust 2006-2

  -- Cl. A-3, Upgraded to Ba3 (sf); previously on July 15, 2010
     Downgraded to B2 (sf)

  -- Cl. A-4, Upgraded to Caa1 (sf); previously on July 15, 2010
     Downgraded to Caa3 (sf)

Issuer: Morgan Stanley IXIS Real Estate Capital Trust 2006-2

  -- Cl. A-1, Downgraded to Caa2 (sf); previously on July 15, 2010
     Downgraded to Baa3 (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2005-C

  -- Cl. M-1, Upgraded to Baa1 (sf); previously on Jul 21, 2010
     Downgraded to B1 (sf)

  -- Cl. M-2, Upgraded to Caa2 (sf); previously on Jul 21, 2010
     Downgraded to C (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2005-AR1

  -- Cl. A-1A, Upgraded to Aaa (sf); previously on Jul 19, 2010
     Downgraded to Aa1 (sf)

  -- Cl. A-3A4, Upgraded to Aaa (sf); previously on Jul 19, 2010
     Downgraded to Aa1 (sf)

  -- Cl. M-1, Upgraded to Caa1 (sf); previously on Jul 19, 2010
     Downgraded to Ca (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2006-AHL1

  -- Cl. A-2B, Upgraded to Caa1 (sf); previously on Jul 19, 2010
     Downgraded to Caa3 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2006-FF1

  -- Cl. A-1, Upgraded to Baa3 (sf); previously on Jul 19, 2010
     Downgraded to Ba3 (sf)

  -- Cl. A-2B, Upgraded to Baa3 (sf); previously on Jul 19, 2010
     Downgraded to Ba1 (sf)

  -- Cl. A-2C, Upgraded to Ba1 (sf); previously on Jul 19, 2010
     Downgraded to B1 (sf)

  -- Cl. M-1, Upgraded to Caa1 (sf); previously on Jul 19, 2010
     Downgraded to Ca (sf)

  -- Cl. M-2, Upgraded to Caa2 (sf); previously on Jul 19, 2010
     Downgraded to C (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2006-OPT1

  -- Cl. A-2B, Upgraded to B2 (sf); previously on Jul 19, 2010
     Downgraded to Caa1 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust 2007-MLN1

  -- Cl. A-2A, Upgraded to Caa3 (sf); previously on Jul 19, 2010
     Downgraded to Ca (sf)

Issuer: Merrill Lynch Mortgage Investors Trust Series 2006-HE2

  -- Cl. A-3, Upgraded to Caa2 (sf); previously on Jul 19, 2010
     Downgraded to Caa3 (sf)

Issuer: Merrill Lynch Mortgage Investors Trust Series 2006-HE5

  -- Cl. A-2B, Upgraded to Caa3 (sf); previously on Jul 19, 2010
     Downgraded to Ca (sf)

Issuer: Merrill Lynch Mortgage Investors, Inc. 2005-WMC1

  -- Cl. M-2, Upgraded to Ba1 (sf); previously on Jul 19, 2010
     Downgraded to B1 (sf)

Issuer: Merrill Lynch Mortgage Investors, Inc. 2005-WMC2

  -- Cl. M-3, Upgraded to Ba1 (sf); previously on Jul 19, 2010
     Downgraded to B3 (sf)

  -- Cl. M-4, Upgraded to Caa3 (sf); previously on Jul 19, 2010
     Downgraded to C (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2005-3

  -- Cl. AV-1A, Upgraded to Baa2 (sf); previously on Jul 21, 2010
     Downgraded to Ba1 (sf)

  -- Cl. AV-1B, Upgraded to Ba2 (sf); previously on Jul 21, 2010
     Downgraded to B1 (sf)

  -- Cl. AV-2, Upgraded to Baa2 (sf); previously on Jul 21, 2010
     Downgraded to Ba1 (sf)

  -- Cl. M-1, Upgraded to Caa2 (sf); previously on Jul 21, 2010
     Downgraded to Ca (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2005-4

  -- Cl. AF-5, Upgraded to Baa1 (sf); previously on Jul 21, 2010
     Downgraded to Ba2 (sf)

  -- Cl. M-1, Upgraded to Caa1 (sf); previously on Jul 21, 2010
     Downgraded to Ca (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2005-5

  -- Cl. MV-1, Upgraded to B3 (sf); previously on Jul 21, 2010
     Downgraded to Caa2 (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2006-A

  -- Cl. A-4, Upgraded to Baa1 (sf); previously on Jul 21, 2010
     Downgraded to B1 (sf)

  -- Cl. M-1, Upgraded to Caa1 (sf); previously on Jul 21, 2010
     Downgraded to C (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2006-B

  -- Cl. A-3, Upgraded to Ba3 (sf); previously on Jul 21, 2010
     Downgraded to B3 (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2006-C

  -- Cl. A-3, Upgraded to Baa1 (sf); previously on Jul 21, 2010
     Downgraded to Ba3 (sf)

  -- Cl. A-4, Upgraded to Ba1 (sf); previously on Jul 21, 2010
     Downgraded to Caa1 (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2006-D

  -- Cl. A-2, Upgraded to Ba1 (sf); previously on Jul 21, 2010
     Downgraded to B3 (sf)

  -- Cl. A-3, Upgraded to Caa1 (sf); previously on Jul 21, 2010
     Downgraded to Caa3 (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2006-E

  -- Cl. A-2, Upgraded to B3 (sf); previously on Jul 21, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-3, Upgraded to Caa2 (sf); previously on Jul 21, 2010
     Downgraded to Ca (sf)

Issuer: Popular ABS Mortgage Pass-Through Trust 2007-A

  -- Cl. A-1, Upgraded to Caa1 (sf); previously on Jul 21, 2010
     Downgraded to Caa2 (sf)

  -- Cl. A-2, Upgraded to Caa2 (sf); previously on Jul 21, 2010
     Downgraded to Ca (sf)

  -- Cl. A-3, Upgraded to Caa3 (sf); previously on Jul 21, 2010
     Downgraded to Ca (sf)


LATITUDE CLO: S&P Raises Ratings on Various Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-2, B, and C notes from Latitude CLO II Ltd., a collateralized
loan obligation transaction managed by Lufkin Advisors LLC.  At
the same time, S&P removed the class A-2 and B notes from
CreditWatch with positive implications.  S&P also affirmed its
ratings on the class A-1 and D notes.

The upgrades reflect the improved performance S&P has observed in
the transaction since its last rating action in December 2009.

According to the Dec. 7, 2010, trustee report, the transaction
held $22.3 million in defaulted assets, down from $25.6 million
noted in the Nov. 20, 2009, trustee report.  In addition, assets
from obligors rated in the 'CCC' category were $17 million of the
collateral pool in December 2010, compared with $35 million in
November 2009.  The class A overcollateralization test improved to
130.05% in December 2010 from 119.80% as of November 2009.

Standard & Poor's will continue to review the ratings assigned to
the notes to asses whether they remain consistent with the credit
enhancement available to support them and take rating actions as
S&P deems necessary.

                  Rating And Creditwatch Actions

                       Latitude CLO II Ltd.

                            Rating
                            ------
            Class       To          From
            -----       --          ----
            A-2         AA+ (sf)    AA- (sf)/Watch Pos
            B           BBB+ (sf)   BBB- (sf)/Watch Pos
            C           BB (sf)     B+ (sf)

                         Ratings Affirmed

                       Latitude CLO II Ltd.

                 Class                   Rating
                 -----                   ------
                 A-1                     AAA (sf)
                 D                       CCC- (sf)


LEHMAN MORTGAGE: Moody's Downgrades Ratings on 209 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 209
tranches and confirmed the ratings on 26 tranches from 10 RMBS
transactions, backed by Alt-A loans, issued by Lehman Mortgage
Trust in 2006 and 2007.

                        Ratings Rationale

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.

The primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: Lehman Mortgage Trust 2006-1

  -- Cl. 1-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A6, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. AP, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AX, Downgraded to Caa2 (sf); previously on Jan. 14, 2010
     Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. PAX, Downgraded to Caa2 (sf); previously on Jan. 14, 2010
     Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A2, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A3, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A4, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A5, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Ba2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A6, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2006-3

  -- Cl. 1-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A6, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A7, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A11, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A13, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AX, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A2, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2006-4

  -- Cl. 1-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AP1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AX1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2006-5

  -- Cl. 1-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A5, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A6, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A7, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A8, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A9, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A10, Confirmed at Caa2 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A11, Confirmed at Caa2 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A12, Confirmed at Caa2 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A13, Confirmed at Caa2 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A14, Confirmed at Caa2 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A15, Confirmed at Caa2 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A16, Confirmed at Caa2 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A3, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A5, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A6, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AX, Downgraded to Caa2 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AP, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2006-7

  -- Cl. 1-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A6, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A3, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A6, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A8, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A9, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A10, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A11, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A6, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A7, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A1, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A2, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A3, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A4, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A5, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A6, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A7, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A8, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AP, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AX, Confirmed at Caa2 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2006-8

  -- Cl. 1-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AP, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2006-9

  -- Cl. 1-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A11, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A13, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A14, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A15, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A16, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A17, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A18, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A19, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A20, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A21, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A22, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A23, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A24, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A25, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A26, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A27, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A28, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A5, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A7, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A9, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A11, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AP, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2007-2

  -- Cl. 1-A1, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A3, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A5, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A6, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A7, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A8, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A9, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A11, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2-A13, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2007-5

  -- Cl. AP2, Downgraded to Caa1 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AX2, Downgraded to Caa1 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A2, Downgraded to Caa1 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A3, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A4, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A5, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A6, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A7, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A8, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A9, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 3-A10, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A2, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A3, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A4, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A5, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A6, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A2, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A3, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 6-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 7-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 7-A2, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 7-A3, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 7-A4, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 7-A5, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 8-A1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 8-A2, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 8-A3, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 8-A4, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 8-A5, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2B1, Downgraded to C (sf); previously on Jan. 14, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2B2, Downgraded to C (sf); previously on Jan. 14, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

Issuer: Lehman Mortgage Trust 2007-7

  -- Cl. 4-A1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A4, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A8, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A9, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 4-A10, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A5, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A6, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 5-A7, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 6-A1, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 6-A2, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 6-A3, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. 6-A4, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 6-A5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AP2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AX2, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade


LITIGATION SETTLEMENT: S&P Affirms Ratings on Two Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Litigation Settlement Monetized Fee Trust I's class A-2 pass-
through certificates series 2001-1 and the subordinated deferrable
interest certificates series 2001-1-B.

The rating actions reflect the S&P's view of the several, but not
joint, obligations of Philip Morris Inc., R.J. Reynolds Tobacco
Co., Brown & Williamson Tobacco Corp., and Lorillard Tobacco Co.,
the original participating manufacturers, according to a master
settlement agreement; and U.S. Smokeless Tobacco Inc., a wholly
owned subsidiary of Altria Group Inc., according to a state of
Florida fee payment agreement.

The OPMs signed the MSA in 1998 and settled various lawsuits filed
by 46 U.S. states, the District of Columbia, and several U.S.
territories against the cigarette manufacturing companies.  R.J.
Reynolds Tobacco Co. subsequently acquired B&W, thereby reducing
the number of OPMs to three.  In August 1997, the state of Florida
executed a separate agreement with the tobacco industry.  Among
the companies in that agreement was U.S. Tobacco Co., which
changed its name to U.S. Smokeless Tobacco Co. in 2001 and was
subsequently purchased by Altria Group Inc., the parent of Philip
Morris Inc., in 2009.

The ratings also reflect S&P's opinion of the reduced extension
risk, given the amount of time that has passed since the MSA and
the state of Florida's attorney fee payment agreement were
executed.

                         Ratings Affirmed

           Litigation Settlement Monetized Fee Trust I

                  Series      Class     Rating
                  ------      -----     ------
                  2001-1      A-2       BBB- (sf)
                  2001-1-B    --        BB (sf)


MBIA INSURANCE: S&P Downgrades Ratings on 13 Securities
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes of U.S. asset-backed securities that are linked to the
ratings on MBIA Insurance Corp. (B/Developing/--).  In addition,
S&P affirmed 41 ratings wrapped by National Public Finance
Guarantee Corp. (BBB/Developing/--) and another 24 wrapped by
MBIA.  Furthermore, two ratings remain on CreditWatch, one with
positive implications and one with negative implications.

Either MBIA or National provides a full financial guarantee
insurance policy guaranteeing full payments of principal and
interest to the noteholders of the downgraded and affirmed
classes.  Under S&P's criteria, the issue credit rating on a fully
credit-enhanced bond issue is the higher of the two ratings: the
rating on the credit enhancer or Standard & Poor's underlying
rating on the class.  A SPUR is S&P's opinion of the stand-alone
creditworthiness of an obligation, that is, the capacity to pay
debt service on a debt issue in accordance with its terms without
considering an otherwise applicable bond insurance policy.

The downgrades of the 13 U.S. ABS classes related to MBIA involve
10 transactions from one manufactured housing issuer.  The
affirmations affect 65 classes across 31 transactions.  Student
loan ABS saw the most affirmations, with 49 ratings affirmed (75%
of total), followed by auto loan ABS, with 12 affirmed ratings
(18% of total).  Other asset types affected included rental car,
marine, and manufactured housing.

                         Ratings Lowered

                (Insured by MBIA Insurance Corp.)

      GreenPoint Credit Manufactured Housing Contract Trust
                          Series 1999-4

                                           Rating
                                           ------
         Collateral              Class   To      From
         ----------              -----   --      ----
         Manufactured housing    A-2     B (sf)  BB+ (sf)

      GreenPoint Credit Manufactured Housing Contract Trust

                                              Rating
                                              ------
   Collateral              Series   Class   To       From
   ----------              ------   -----   --       ----
   Manufactured housing    1998-1   IA      B (sf)   BB+ (sf)
   Manufactured housing    1998-1   IIA     B (sf)   BB+ (sf)
   Manufactured housing    1999-1   A-5     B (sf)   BB+ (sf)
   Manufactured housing    1999-2   A-2     B (sf)   BB+ (sf)
   Manufactured housing    1999-3   IA6     B (sf)   BB+ (sf)
   Manufactured housing    1999-3   IA7     B (sf)   BB+ (sf)
   Manufactured housing    1999-3   IIA2    B (sf)   BB+ (sf)
   Manufactured housing    2000-2   A-2     B (sf)   BB+ (sf)

Manufactured Housing Contract Senior/Sub Pass-Through Certificates

                                              Rating
                                              ------
   Collateral              Series   Class   To       From
   ----------              ------   -----   --       ----
   Manufactured housing    1999-6   A-2     B (sf)   BB+ (sf)
   Manufactured housing    2000-3   IIA-2   B (sf)   BB+ (sf)
   Manufactured housing    2000-5   A-3     B (sf)   BB+ (sf)
   Manufactured housing    2000-7   A-2     B (sf)   BB+ (sf)

                        Ratings Affirmed

                        (Insured by MBIA)

             AmeriCredit Automobile Receivables Trust

             Collateral   Series     Class   Rating
             ----------   ------     -----   ------
             Auto loan    2006-R-M   A-3     A (sf)
             Auto loan    2007-C-M   A-4A    BBB (sf)
             Auto loan    2007-C-M   A-4B    BBB (sf)

               AmeriCredit MTN Receivables Trust V

                Collateral       Class   Rating
                ----------       -----   ------
                Auto warehouse   A       BBB (sf)

     AmeriCredit Prime Automobile Receivables Trust 2007-2-M

                  Collateral   Class   Rating
                  ----------   -----   ------
                  Auto loan    A-4A    BBB+ (sf)
                  Auto loan    A-4B    BBB+ (sf)

                  Bay View 2005-LJ-1 Owner Trust

                  Collateral   Class   Rating
                  ----------   -----   ------
                  Auto loan    A-4     AAA(sf)

                  Capital One Auto Finance Trust

             Collateral   Series   Class    Rating
             ----------   ------   -----    ------
             Auto loan    2006-B   A-4      AAA (sf)
             Auto loan    2007-B   A-4      A+ (sf)

          Cendant Rental Car Funding (AESOP) LLC 2006-1

             Collateral   Series   Class    Rating
             ----------   ------   -----    ------
             Rental car   2006-1   2006-1   BB+ (sf)

                     CIT Marine Trust 1999-A

                  Collateral   Class   Rating
                  ----------   -----   ------
                  Marine       A-4     BBB+ (sf)
                  Marine       certs   BBB+ (sf)

                    CPS Auto Receivables Trust

             Collateral   Series   Class    Rating
             ----------   ------   -----    ------
             Auto loan    2007-A   A-4      BBB (sf)

                    KeyCorp Student Loan Trust

           Collateral     Series     Class    Rating
           ----------     ------     -----    ------
           Student loan   2000-A     A-2      A (sf)
           Student loan   2000-B     A-2      A (sf)
           Student loan   2001-A     II-A-2   A (sf)
           Student loan   2003-A     II-A-2   AAA (sf)

    New Jersey Higher Education Student Assistance Authority

          Collateral     Series     Class       Rating
          ----------     ------     -----       ------
          Student loan   2002-A     Series A    A (sf)
          Student loan   2002-B     Series B    A (sf)
          Student loan   2002-C     Series C    A (sf)
          Student loan   2002-D     Series D    A (sf)

          Santander Drive Auto Receivables Trust 2007-2

                  Collateral   Class   Rating
                  ----------   -----   ------
                  Auto loan    A-3     BBB (sf)

              United Companies Funding Corp. 1996-2

             Collateral             Class   Rating
             ----------             -----   ------
             Manufactured housing   A-1     BBB (sf)

                   UPFC Auto Receivables Trust

             Collateral   Series   Class    Rating
             ----------   ------   -----    ------
             Auto loan    2007-A   A-3      BBB (sf)

                         Ratings Affirmed

       (Insured by National Public Finance Guarantee Corp.)

                     Alaska Student Loan Corp.

           Collateral     Series    CUSIP       Rating
           ----------     ------    -----       ------
           Student loan   2004-A    011856AP6   A (sf)
           Student loan   2004-A    011856AQ4   A (sf)
           Student loan   2004-A    011856AR2   A (sf)
           Student loan   2004-A    011856AS0   A (sf)
           Student loan   2004-A    011856AT8   A (sf)
           Student loan   2004-A    011856AU5   A (sf)
           Student loan   2004-A    011856AV3   A (sf)
           Student loan   2004-A    011856AW1   A (sf)
           Student loan   2004-A    011856AX9   A (sf)
           Student loan   2004-A    011856AY7   A (sf)
           Student loan   2004-A    011856AZ4   A (sf)
           Student loan   2004-A    011856BA8   A (sf)
           Student loan   2004-A    011856BB6   A (sf)

    New Jersey Higher Education Student Assistance Authority

    Collateral     Series        Class   CUSIP        Rating
    ----------     ------        -----   -----        ------
    Student loan   1999-A        A       646080GD7    A (sf)
    Student loan   1999-A        A       646080GE5    A (sf)
    Student loan   1999-A        A       646080GF2    A (sf)
    Student loan   1999-A        A       646080GG)    A (sf)
    Student loan   1999-A        A       646080GH8    A (sf)
    Student loan   2000-A        A       429825AF9    A (sf)
    Student loan   2000-A        A       429825AG7    A (sf)
    Student loan   2000-A        A       429825AH5    A (sf)
    Student loan   2000-A        A       429825AJ1    A (sf)
    Student loan   2000-A        A       429825AK8    A (sf)
    Student loan   2000-A        A       429825AL6    A (sf)
    Student loan   2003-A        A       646080GK1    A (sf)
    Student loan   2003-C        C       646080GM7    A (sf)
    Student loan   2003-D        D       646080GN5    A (sf)
    Student loan   2004-B        A       646080GQ8    A (sf)
    Student loan   2004-B        C       646080GS4    A (sf)
    Student loan   2004-B        D       646080GT2    A (sf)
    Student loan   2005-A        A       646080GU9    A (sf)
    Student loan   2005-A        B       646080GV7    A (sf)
    Student loan   2005-A        C       646080GW5    A (sf)
    Student loan   2005-A        D       646080GX3    A (sf)
    Student loan   2006-A        A       646080GY1    A (sf)
    Student loan   2006-A        B       646080GZ8    A (sf)
    Student loan   2006-A        C       646080HA2    A (sf)
    Student loan   2006-A        D       646080HB0    A (sf)
    Student loan   2007-ABC&D    B       646080HD6    A (sf)
    Student loan   2007-ABC&D    C       646080HE4    A (sf)
    Student loan   2007-ABC&D    D       646080HF1    A (sf)

                  Ratings Remain On Creditwatch

                        (Insured by MBIA)

                    CPS Auto Receivables Trust

        Collateral   Series    Class   Rating
        ----------   ------    -----   ------
        Auto loan    2006-B    A-4     BBB (sf)/Watch Pos

                    KeyCorp Student Loan Trust

       Collateral     Series     Class    Rating
       ----------     ------     -----    ------
       Student loan   2003-A     II-B     A+ (sf)/Watch Neg


MID-STATE TRUST: Moody's Reviews Ratings on 22 Tranches
-------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of 22 tranches from eight stick-built single
family home transactions issued by Mid-State.

                         Ratings Rationale

Moody's has placed these transactions on review for possible
downgrade due to the possibility of increased severities in future
years.  In placing the tranches on review for downgrade, Moody's
has analyzed the potential operational risks associated with the
servicing in these transactions.  Walter Mortgage Company, the
current servicer, provides specialized servicing for these
transactions (Moody's does not rate Walter Mortgage Company).

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

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

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

There are two approaches for determining pool CDR.  The first
approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach
is based on pipeline defaults -- derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent or REO.  Due to the servicing risk associated with
these transactions, Moody's assumes loss severities will increase
in the future higher than the levels currently observed.

After CDR is calculated using the two methods, the effective CDR
for loss projection purposes is determined by using a maximum of
the CDRs.  Moody's will project future CDR rates based on
delinquency and loss trends.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation may also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.  Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.
Aggregate credit enhancement which combines subordination benefit
(including overcollateralization and/or reserve accounts) and
support from letters of credit or guarantees and excess spread
benefit, is compared with projected cumulative losses for the deal
to derive coverage multiples and associated ratings by tranche.
Moody's will analyze tranche coverage multiples after
consideration of tranche-specific loss allocation and timing of
principal repayment.

During the review period, Moody's will refine its projections for
future severities and release final actions in a few weeks.

The Notes issued by Mid-State Trust VII and Mid-State Trust VIII
are wrapped by Ambac Assurance Corp.  (Segregated Account -- Not
Rated).  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
ratings of these securities are being placed on review since RMBS
securities wrapped by Ambac Assurance Corporation are rated at
their underlying rating without consideration of Ambac's guaranty.
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.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: Mid-State Trust VI

  -- A-1, Aa1 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to Aa1 (sf)

  -- A-2, Aa3 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to Aa3 (sf)

  -- A-3, A2 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to A2 (sf)

  -- A-4, Baa3 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to Baa3 (sf)

Issuer: Mid-State Trust VII

  -- Notes, Baa1 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Baa1 (sf)

  -- Underlying Rating: Baa1 (sf) Placed Under Review for Possible
     Downgrade; previously on May 29, 2009 Downgraded to Baa1 (sf)

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

Issuer: Mid-State Trust VIII

  -- Notes, B2 (sf) Placed Under Review for Possible Downgrade;
     previously on July 29, 2009 Downgraded to B2 (sf)

  -- Underlying Rating: B2 (sf) Placed Under Review for Possible
     Downgrade; previously on June 3, 3009 Downgraded to B2 (sf)

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

Issuer: Mid-State Trust X

  -- Cl. A-1, A1 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to A1 (sf)

  -- Cl. A-2, A1 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to A1 (sf)

  -- Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to A3 (sf)

  -- Cl. M-2, Baa3 (sf) Placed Under Review for Possible
     Downgrade; previously on May 29, 2009 Upgraded to Baa3 (sf)

  -- Cl. B, B1 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to B1 (sf)

Issuer: Mid-State Trust XI

  -- Cl. A, A1 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to A1 (sf)

  -- Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to A3 (sf)

  -- Cl. M-2, Baa3 (sf) Placed Under Review for Possible
     Downgrade; previously on May 29, 2009 Upgraded to Baa3 (sf)

  -- Cl. B, B1 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to B1 (sf)

Issuer: Mid-State Capital Corporation 2004-1 Trust

  -- Cl. A, Aa2 (sf) Placed Under Review for Possible Downgrade;
     previously on June 3, 2009 Downgraded to Aa2 (sf)

Issuer: Mid-State Capital Corp.  2005-1

  -- Cl. A, A1 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to A1 (sf)

  -- Cl. M-1, Baa1 (sf) Placed Under Review for Possible
     Downgrade; previously on May 29, 2009 Upgraded to Baa1 (sf)

  -- Cl. M-2, Ba3 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to Ba3 (sf)

Issuer: Mid-State Capital Corporation 2006-1 Trust

  -- Cl. A, A2 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to A2 (sf)

  -- Cl. M-1, Ba3 (sf) Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Upgraded to Ba3 (sf)

  -- Cl. M-2, Caa3 (sf) Placed Under Review for Possible
     Downgrade; previously on May 29, 2009 Upgraded to Caa3 (sf)


MONTANA RE: S&P Assigns 'B' Rating on Class C Notes
---------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'B(sf)' and 'B-(sf)' ratings to the Class C and Class E notes,
respectively, issued by Montana Re Ltd.

The Class C notes cover losses from U.S. hurricanes and
earthquakes on a per-occurrence basis, and the Class E notes cover
losses from second and subsequent U.S. hurricane and earthquake,
European windstorm, and Japan earthquake and typhoon on an annual
aggregate basis in the covered area.

Montana Re is a Cayman Islands exempted company licensed as a
Class B insurer in the Cayman Islands.  All of its issued and
outstanding share capital will be held under a declaration of
trust for certain charitable purposes by HSBC Bank (Cayman) Ltd.
as share trustee.


MORGAN STANLEY: Fitch Downgrades Ratings on 2007-IQ15 Certs.
------------------------------------------------------------
Fitch Ratings has downgraded 11 classes of Morgan Stanley Capital
I Trust, series 2007-IQ15 commercial mortgage pass-through
certificates, due to further deterioration of loan performance, a
significant portion of which involves increased losses on the
specially serviced loans.


The downgrades reflect an increase in Fitch expected losses across
the pool.  Fitch modeled losses of 11.5% for the remaining pool
(expected losses of the original pool are at 11.4%).  Fitch has
designated 43 loans (36.7%) as Fitch Loans of Concern, which
includes 10 specially serviced loans (11.6%).  At last review,
there were only two loans in special servicing (4.6%).  Fitch
expects classes G through P may be fully depleted from losses
associated with the specially serviced loans.

As of the December 2010 distribution date, the pool's aggregate
principal balance has decreased by 1.3% to $2.03 billion from
$2.05 billion at issuance.  There are no realized losses.  No
loans are currently defeased.  Cumulative interest shortfalls in
the amount of $3.9 million are currently affecting classes F
through P.

The largest contributor to Fitch modeled losses is a loan (12.3%)
secured by a 790,000 square foot (sf) office property located in
Stamford, CT.  The loan is significantly overleveraged and does
not pass Fitch's maturity stress.

The next largest contributor to Fitch modeled losses is a real
estate owned five-property multifamily portfolio (3.2%) located in
Jackson, TN.  The portfolio became REO in September 2009.  While
some excess cash flow from the properties has been periodically
applied to the debt, a large loss is anticipated for the loan
based on a 2010 appraised value significantly below the
outstanding loan balance.

The third largest contributor to Fitch modeled losses is a
specially serviced loan (2.4%) secured by a 212,000 sf retail
property located in San Diego, CA.  The loan was transferred to
special servicing in February 2010 for imminent payment default.
The special servicer is pursuing a foreclosure action.  A large
loss is expected on this loan based on a June 2010 appraised value
significantly below the outstanding loan balance.

Fitch downgrades these classes, and assigns Outlooks and Recovery
Ratings as indicated:

  -- $177.1 million class A-J to 'B/LS4' from 'Asf/LS3'; Outlook
     Negative;

  -- $33.4 million class B to 'B-sf/LS5' from 'BBB-sf/LS5';
     Outlook Negative;

  -- $15.4 million class C to 'B-sf/LS5' from 'BBsf/LS5'; Outlook
     Negative;

  -- $28.2 million class D to 'CCCsf/RR1' from 'BBsf/LS5';

  -- $15.4 million class E to 'CCCsf/RR1' from 'Bsf/LS5';

  -- $30.8 million class F to 'CCsf/RR3' from 'Bsf/LS5';

  -- $23.1 million class G 'to 'Csf/RR6' from 'B-sf/LS5';

  -- $25.5 million class H to 'Csf/RR6' from 'B-sf/LS5';

  -- $10.3 million class J to 'Csf/RR6' from 'B-sf'/LS5;

  -- $5.1 million class K to 'Csf/RR6' from 'B-sf/LS5';

  -- $7.7 million class L to 'Csf/RR6' from ''B-sf/LS5'.

Fitch also affirms, revises LS ratings and assigns Outlooks to
these classes as indicated:

  -- $36.3 million class A-1 at 'AAAsf/LS2'; Outlook Stable;
  -- $227.4 million class A-2 at 'AAAsf/LS2'; Outlook Stable;
  -- $72.8 million class A-3 at 'AAAsf/LS2'; Outlook Stable;
  -- $796.9 million class A-4 at 'AAAsf/LS2'; Outlook Stable;
  -- $278 million class A-1A at 'AAAsf/LS2'; Outlook Stable;
  -- $205.4 million class A-M at 'AAAsf/LS4'; Outlook Stable.

Fitch withdraws the rating on the interest-only class X.


MORGAN STANLEY: Fitch Downgrades Ratings on 15 2007-IQ16 Certs.
---------------------------------------------------------------
Fitch Ratings downgrades 15 classes of Morgan Stanley Capital I
Trust, series 2007-IQ16, commercial mortgage pass through
certificates, primarily due to an increase in specially serviced
loans.

The downgrades reflect an increase in Fitch modeled losses across
the pool, which includes assumed losses on loans in special
servicing and on performing loans with declines in performance
indicative of a higher probability of default.  Fitch modeled
losses of 8.24% (8.47% cumulative transaction losses which
includes losses realized to date).  Fitch expects classes M
through S to be fully depleted by losses on specially serviced
loans and class L to be significantly impacted.  As of November
2010, there are cumulative interest shortfalls in the amount of
$1.2 million currently affecting classes O through S.

As of the November 2010 distribution date, the pool's aggregate
principal balance has been paid down by 1.7% to $2.55 billion from
$2.60 billion at issuance.  There are no defeased loans.

Fitch has identified 63 loans (22.3%) as Fitch Loans of Concern,
which includes 22 specially serviced loans (11.35%).

The largest contributor to losses is the Marriott Columbia loan
(1.62%) which is collateralized by a 300-key, full service hotel
located in downtown Columbia, South Carolina.  The property,
formerly flagged as an Adam's Mark hotel, has since converted to a
Marriot hotel after undergoing renovations in 2005.

The loan transferred to special servicing in May 2010 when the
borrower stated that it would be unable to cover cashflow deficits
to remit loan payments.  As of June 2010, the reported trailing 12
month revenue per available room was reported to be $72 which is
an 8% increase from the year-end 2009 RevPar of $66.  The June
2010 year to date occupancy increased to 65% from 58% at year-end
2009.  The borrower and special servicer are considering a
discounted pay-off as a strategy for resolution.

The second largest contributor to losses is the Crowne Plaza -
Addison loan (1.5%) which is collateralized by a 429-key full
service hotel located in Addison, Texas.  The hotel was built in
1984 and renovated in 1997 and 2005

The loan transferred to the special servicer in February 2010 due
to borrower's indication of imminent default.  As of May 2010, the
reported average occupancy was 64% with a net operating income
debt service coverage ratio of 0.96 times.  This is inline with
performance at year-end 2009 when reported average occupancy was
62% with an NOI DSCR of 1.09x.  In October a fire in the hotel
resulted in 120 rooms being removed from service due to fire and
water damage.  Restorative work is underway and rooms should
return to service in January 2011.  Foreclosure is the anticipated
resolution to this loan.

In total, there are currently 22 loans (11.35%) in special
servicing which consist of one loan (0.19%) as a real estate owned
(REO), nine loans (2.69%) in foreclosure, nine loans (3.48%) that
are 60 to 90 days delinquent, one loan (1.58%) that is 30 days
delinquent and two loans (3.42%) that are current.

At Fitch's last review there were nine loans(5.96%) in special
servicing consisting of two loans (0.27%) in foreclosure, five
loans (2.12%) that were 60 to 90 days delinquent and two loans
(3.57%) that were current.

Fitch downgrades and assigns Recovery Ratings, LS Ratings and
Outlooks to these classes as indicated:

  -- $131 million class A-J to 'BBBsf/LS4' from 'A/LS3'; Outlook
     to Stable from Negative;

  -- $30 million class A-JFL to 'BBBsf/LS4' from 'A/LS3'; Outlook
     to Stable from Negative;

  -- $33.7 million class A-JA to 'BBBsf/LS4' from 'A/LS3'; Outlook
     to Stable from Negative;

  -- $19.5 million class B to 'BBBsf/LS5' from 'Asf/LS5'; Outlook
     to Stable from Negative;

  -- $26 million class C to 'BBB-sf/LS5' from 'BBBsf/LS5'; Outlook
     to Stable from Negative;

  -- $16.2 million class D to 'BBsf/LS5' from 'BBBsf/LS5'; Outlook
     to Stable from Negative;

  -- $38.9 million class E to 'Bsf/LS5' from 'BBsf/LS5'; Outlook
     Negative;

  -- $13 million class F to 'B-sf/LS5' from 'BBsf/LS5'; Outlook
     Negative;

  -- $35.7 million class G to 'CCCsf/RR1' from 'BBsf/LS5';

  -- $25.6 million class H to 'CCCsf/RR1' from 'Bsf/LS5';

  -- $25.6 million class J to 'CCCsf/RR1' from 'B-sf/LS5';

  -- $32.4 million class K to 'CCsf/RR3' from 'B-sf/LS5';

  -- $9.7 million class L to 'Csf/RR6' from 'B-sf/LS5';

  -- $9.7 million class M to 'Csf/RR6' from 'B-sf/LS5';

  -- $9.7 million class N to 'Csf/RR6' from 'B-sf/LS5'.

Additionally, Fitch affirms these classes and revises the LS
ratings as indicated:

  -- $23 million class A-1 at 'AAAsf/LS2'; Outlook Stable;
  -- $305.6 million class A-1A at 'AAAsf/LS2'; Outlook Stable;
  -- $91.1 million class A-2 at 'AAAsf/LS2'; Outlook Stable;
  -- $83 million class A-3 at 'AAAsf/LS2'; Outlook Stable;
  -- $1.28 billion class A-4 at 'AAAsf/LS2'; Outlook Stable;
  -- $194.7 million class A-M at 'AAAsf/LS3'; Outlook Stable;
  -- $20 million class A-MFL at 'AAAsf/LS3'; Outlook Stable;
  -- $44.9 million class A-MA at 'AAAsf/LS3'; Outlook Stable.

Fitch does not rate classes O through S.  Fitch withdraws the
ratings of the interest only classes X-1 and X-2


NATIONSLINK FUNDING: S&P Raises Ratings on 1999-LTL-1 Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on the class
C commercial loan pass-though certificates from NationsLink
Funding Corp.'s series 1999-LTL-1.  Concurrently, S&P affirmed the
ratings on six other classes from the same transaction.

The raised rating reflects increased credit enhancement levels due
to the scheduled amortization of the underlying mortgage
collateral as well as S&P's analysis of the transaction structure.
The affirmed ratings primarily reflect adequate credit enhancement
levels.  S&P affirmed its 'AAA (sf)' rating on the class X
interest-only certificates based on S&P's current criteria.

As of the Nov. 22, 2010 remittance report, the collateral pool
consisted of 97 loans with an aggregate principal balance of
$189.9 million, down 61.4% from $492.5 million and 128 loans at
issuance.  The current collateral consists of 83 credit-tenant
lease loans (75.7% of pool) and 14 non-CTL loans (24.3%).  All
of the CTL loans are fully amortizing.  Of the remaining loans,
seven ($33.3 million, 17.5%) are fully amortizing and seven
($12.8 million, 6.7%) are amortizing balloon loans.  The pool has
experienced one realized loss totaling $1.2 million, and no loans
are delinquent or with the special servicer.

The weighted average credit rating for the loans in the CTL
pool is 'BB+', down from 'A-' at issuance.  In addition, 11.8%
($22.4 million) of the tenants have negative outlooks.  Although
the credit quality of the assets in the CTL pool has declined, it
has been mitigated by amortization.  Five loans have bondable CTLs
($29.4 million, 15.5%), while 78 ($114.3 million, 60.2%) have
triple or double-net CTLs that are supplemented by lease
enhancement policies provided by Lexington Insurance Co.
('A+/Negative' financial strength rating).

The top five tenants make up 49.8% ($94.5 million) of the
collateral pool: Rite Aid Corp. (15.1%; 'B-/Stable'); Home Depot
Inc. (11%; 'BBB+/Stable'); CVS Caremark Corp. (8.4%;
'BBB+/Negative'); Koninklijke Ahold N.V. (8.0%; 'BBB/Stable'); and
Delhaize Group S.A. (7.4%; 'BBB-/Stable').

Midland Loan Services Inc. (Midland) provided Dec. 31, 2009,
financial information for 96% of the non-CTL loans.  Based on this
information, Standard & Poor's calculated a weighted-average debt
service coverage of 2.1x, up significantly from 1.14x at issuance.
The largest non-CTL loan is Broadway at the Beach ($23.3 million,
12.3%).  The loan is secured by a 342,705-sq.-ft. retail property
in Myrtle Beach, S.C.  The reported year-end 2009 DSC for this
loan was 2.48x and reported occupancy at the property was 97.9%.

Midland reported 12 loans ($20.0 million, 10.6%) on its watchlist,
nine of which are CTL loans.  The nine CTL loans are on the
watchlist for a variety of reasons, including poor property
inspections and low vacancies.  All nine loans, however, are
current and have leases that extend to or beyond their maturities.
The remaining three non-CTL loans are on the watchlist due to a
decline in DSC.  The largest non-CTL loan on the watchlist is the
Montibello Shopping Center.  The loan is secured by a 52,796-sq.-
ft. retail property in Fayetteville, N.C.  The loan appears on the
master servicer's watchlist due to a low DSC.  The reported year-
end 2009 DSC for the loan was 1.04x and occupancy at the property
was 96.6%.

To perform its review, Standard & Poor's used a bifurcated
analysis of the transaction: S&P examined the underlying tenants
and guarantors for the CTL portion of the pool and conducted a
real estate analysis for the remaining loans in the pool.
Standard & Poor's analyzed the transaction and its underlying
collateral according to its current criteria.  S&P's analysis is
consistent with the raised and affirmed ratings.

                          Rating Raised

                    NationsLink Funding Corp.
   Commercial loan pass-through certificates series 1999-LTL-1

                 Rating
                 ------
      Class   To          From        Credit Enhancement (%)
      -----   --          ----        ----------------------
      C       AA- (sf)    A+ (sf)                      25.29

                        Ratings Affirmed

                    NationsLink Funding Corp.
   Commercial loan pass-through certificates series 1999-LTL-1

         Class   Rating           Credit Enhancement (%)
         -----   ------           ----------------------
         A3      AAA (sf)                          49.93
         B       AAA (sf)                          36.31
         D       BBB (sf)                           9.08
         E       BB (sf)                            3.24
         F       B (sf)                             1.30
         X       AAA (sf)                           N.A.

                      N.A. - Not applicable.


NAVY SOUTHEAST: S&P Downgrades Rating on Various Classes of Bonds
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its underlying rating
on Navy Southeast Housing 's series 2007 class I, class II, and
class III bonds to 'BBB-', 'BB', and 'B' from 'A-', 'BBB-', and
'BB', respectively.  The outlook is negative.  At the same time,
Standard & Poor's affirmed its 'A' long-term ratings on all three
classes.  The outlook is developing.

The rating downgrades reflect S&P's view of the suspension of
construction at all of the bases in the project as of September
2010; debt service coverage in 2009 of 1.11x, 1.02x and .99x on
the class I, II, and III bonds, respectively, with similar
coverage projected for 2010; and lower-than-expected rental
revenue and interest earnings at the project;

The ratings also reflect S&P's view of these strengths: moderate
to high essentiality of the military installations involved in the
financing; the high quality of the assets supporting the bonds;
and diverse locations of the bases, which helps to mitigate
declines in basic allowance for housing at any given base.

"S&P believes the project's high vacancy rates and the suspension
of construction at the project's bases may result in further
negative rating action on the bonds," said Standard & Poor's
credit analyst Mikiyon Alexander.

Navy Southeast LLC previously issued bonds for demolition,
rehabilitation, and construction of units of family housing
located at 11 naval bases in the southeast (Navy Southeast).  The
project was originally scheduled to consist of 5,269 end-state
units upon completion of construction in 2013.


NORTH STREET: S&P Downgrades Ratings on Two 2005-7 Notes
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class F and G notes issued by North Street Referenced Linked
Notes 2005-7 Ltd., a synthetic collateralized debt obligation
transaction backed by residential mortgage-backed securities.
S&P lowered the rating on class F to 'CC (sf)' from 'CCC- (sf)'
and lowered the rating on class G to 'D (sf) from 'CC (sf)'.  At
the same time, S&P affirmed its 'CCC- (sf)'ratings on classes A,
B-1, B-2, C, D, and E notes.

The downgrades follow a number of write-downs in the underlying
reference portfolio that caused the class F notes to incur partial
principal losses and caused the class G notes to incur a complete
principal loss.


NORTH STREET: S&P Downgrades Rating on Street 2005-7 Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on North
Street 2005-7 Principal Only Trust to 'D (sf)' from 'BB- (sf)'.
The class of notes from this transaction is backed by the class H
notes from North Street Referenced Linked Notes, a synthetic high-
grade CDO.  The class H notes experienced an event of default,
causing the downgrade, after the tranche was not paid in full.

                          Rating Lowered

             North Street 2005-7 Principal Only Trust

                               Rating
                               ------
               Class     To               From
               -----     --               ----
               Nts       D (sf)           BB- (sf)


OMEGA CAPITAL: S&P Downgrades Ratings on Various Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B-1A, B-1U, B-2J, C-1J, C-1U, D-1E, D-1J, and D-1U secured
floating-rate notes issued by Omega Capital Investments II PLC's
Palladium CDO II, a synthetic collateralized debt obligation
transaction, to 'D (sf)' from 'CCC-(sf)' due to principal losses.

The downgrades follow a number of credit events within the
portfolio of underlying corporate reference entities.  S&P
received final valuations on the credit events in the underlying
portfolio, which indicated that losses in the portfolio caused
these tranches to incur principal losses.

                         Rating Actions

                 Omega Capital Investments II PLC
          Palladium CDO II secured floating-rate notes

                               Rating
                               ------
                Class     To            From
                -----     --            ----
                B-1A      D (sf)        CCC- (sf)
                B-1U      D (sf)        CCC- (sf)
                B-2J      D (sf)        CCC- (sf)
                C-1J      D (sf)        CCC- (sf)
                C-1U      D (sf)        CCC- (sf)
                D-1E      D (sf)        CCC- (sf)
                D-1J      D (sf)        CCC- (sf)
                D-1U      D (sf)        CCC- (sf)

                    Other Ratings Outstanding

                Omega Capital Investments II PLC
           Palladium CDO II secured floating-rate notes

                Class         Rating
                -----         ------
                A-1E          CCC- (sf)
                A-1U          CCC- (sf)
                C-1E          CCC- (sf)/Watch Pos


PASS-THROUGH AUCTION: S&P Raises Ratings on 2007-1 Notes to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Pass-
Through Auction Market Preferred Securities Series 2007-1's class
A and B certificates to 'BB+ (sf)' from 'BB (sf)'.

The ratings on the certificates are dependent on the lower of the
ratings on the two underlying securities: (i) Merrill Lynch & Co.
Inc.'s noncumulative perpetual floating-rate preferred series 5
notes ('BB+') and (ii) the Merrill Lynch & Co. Inc.'s
noncumulative perpetual floating-rate preferred series 2 notes
('BB+').

The upgrades follow its Dec. 17, 2010 upgrade of the two
underlying securities to 'BB+' from 'BB'.  S&P may take subsequent
rating actions on the class A and B certificates due to changes in
its ratings assigned to the underlying securities.


PINE MOUNTAIN: S&P Downgrades Ratings on Two Classes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A and B notes from Pine Mountain CDO II Ltd. to 'D (sf)'
from 'CC (sf)'.  At the same time, S&P affirmed its 'CC (sf)'
ratings on three classes of notes from the same transaction.

The downgrades are a result of an EOD that occurred on Dec. 1,
2010, following a default in the payment of interest due on the
non-payment-in-kind class A and B notes.

                         Ratings Lowered

                     Pine Mountain CDO II Ltd.

                                Rating
                                ------
                   Class     To        From
                   -----     --        ----
                   A         D (sf)    CC (sf)
                   B         D (sf)    CC (sf)

                        Ratings Affirmed

                     Pine Mountain CDO II Ltd.

                      Class          Rating
                      -----          ------
                      C              CC (sf)
                      D              CC (sf)
                      E              CC (sf)


PREFERRED PASS-THROUGH: S&P Raises Ratings on Two Certs. to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Preferred
Pass-Through Trust 2006-B's class A and B certificates to 'BB+
(sf)' from 'BB (sf)'.

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

The upgrades follow its Dec. 17, 2010 upgrade of the underlying
security to 'BB+' from 'BB'.  S&P may take subsequent rating
actions on the trust certificates due to changes in its rating
assigned to the underlying security.


PREFERREDPLUS TRUST: S&P Raises Rating on $25 Mil. Certs. to 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on
PreferredPlus Trust Series CCR-1's $25 million certificates to
'BB+' from 'BB'

S&P's rating on the certificates is dependent on its rating on the
underlying security, Countrywide Capital III's 8.05% series B
capital securities ('BB+').

The rating action follows S&P's Dec. 15, 2010, raising of its
rating on the underlying security to 'BB+' from 'BB'.  S&P may
take subsequent rating actions on the certificates due to changes
in its ratings assigned to the underlying security.


PROVIDENT FINANCING: Fitch Affirms BB+ Rating on 7.405% Securities
------------------------------------------------------------------
Fitch Ratings has affirmed Unum Group Inc.'s holding company
ratings, including the senior debt rating at 'BBB', as well as the
Insurer Financial Strength ratings of all domestic operating
subsidiaries at 'A'.  The Rating Outlook is Stable.

The rating rationale includes UNM's operating performance which
has remained strong despite a weak global economy; conservative
investment portfolio; solid capital and liquidity at both the
insurance subsidiary and holding company levels; the company's
leadership position in the U.S. employee benefits market; and
increased diversification from the United Kingdom and worksite
products.

The Stable Outlook reflects Fitch's belief that while UNM's
premium growth will continue to be challenged in 2011, the company
will continue to produce stable operating results across its
targeted segments.  Additionally, Fitch believes statutory net
operating gains will cushion capitalization from potential credit-
related investment losses and continue to support improvements
achieved in holding company financial flexibility.

UNM reported net income of $660 million through the first nine
months of 2010, up slightly from $653 million during the same
period in 2009.  While premiums were down in 2009 and thus far in
2010, operating margins remain strong across UNM's three operating
segments (Unum US, Unum UK and Colonial Life).

Over the past several years, UNM has made significant progress in
addressing key challenges focused on margin expansion in the U.S.
group disability segment.  Despite current recessionary economic
conditions, the shift in the business mix, improved claims
management and focus on pricing discipline together have given
rise to improvements in the benefit ratio for this segment.  For
the three months ending Sept. 30, 2010, the group disability
income benefits ratio was 85%, down almost 100 basis points from
the same period in 2009, and almost 500 basis points from the same
period in 2008.  In addition, persistency has remained stable in
all segments and performance has been strong from targeted
segments in the U.K. and Colonial and supplemental and voluntary
benefits in the U.S.

Fitch believes UNM's investment portfolio is well-positioned to
ride out the credit downturn largely due to a reduction in credit
exposure and better interest rate risk management over the last
several years.  Fitch notes the company's strategy to focus on
fixed income sectors that are counter/non-cyclical and less
sensitive to the U.S. and U.K. economies because they support
liabilities characterized as economically sensitive (group
disability) and long duration (individual disability and long-term
care).  UNM reported after-tax realized losses from sales and
write-downs of $1.5 million during the first nine months of 2010
(compared to $231 million for the full year 2009).  UNM's fixed
income portfolio was in a $5.1 billion net unrealized gain
position at Sept. 30, 2010, up from $2 billion at Dec. 31, 2009.

Fitch believes statutory net operating gains will cushion
capitalization from potential credit-related investment losses and
continue to support improvements achieved in holding company
financial flexibility.  UNM reported consolidated statutory total
adjusted capital on U.S. operating companies of $3.9 billion, and
an NAIC risk based capital of 410% on Sept. 30, 2010.

Equity-credit-adjusted leverage was 19.9% on Sept. 30, 2010.
Fitch considers UNM's debt service capacity as being adequate
for the rating level and expects run-rate, GAAP earnings based
interest coverage to remain near 10 times.  Holding company
liquidity totaled $1 billion at Sept. 30, 2010, up from
$915 million at year-end 2009.

Key rating drivers for UNM's ratings that could lead to an upgrade
include:

  -- Improved general economic conditions including growth in
     employment, salaries and disposable income which enable UNM
     to achieve its long-term target of 5%-8% annual earnings
     growth on its core operations.

  -- GAAP earnings-based interest coverage over 12x-14x and
     statutory maximum allowable dividend coverage of interest
     expense at 8x.

  -- Sustained maintenance of operating company capital relative
     to current target of 375%-400% U.S. RBC, target 225% of UK
     Pillar I capital and run-rate financial leverage meaningfully
     below management's targeted 25% level.

Key rating drivers for UNM's ratings that could lead to a
downgrade include:

  -- Deterioration in financial results that includes an increase
     in the U.S. group disability benefit ratio over 87%; GAAP
     earnings-based interest coverage falling below 8x and
     statutory maximum allowable dividend interest expense
     coverage falling below 4x.

  -- A reserve strengthening charge greater than $200 million;

  -- Holding company cash falling below management's target of
     approximately 1x fixed charges (interest expense plus common
     stock dividend), or roughly $270 million.

  -- A sustained drop from the company's short-term target 375%-
     400% U.S. RBC and long-term target of 350% U.S. RBC, target
     225% of UK Pillar I capital and an increase in financial
     leverage above management's targeted 25%.

Fitch affirms these ratings with a Stable Outlook:

Unum Group Inc.

  -- Issuer Default Rating at 'BBB+';
  -- 7.125% senior notes due Sept. 30, 2016 at 'BBB';
  -- 7.625% senior notes due March 1, 2011 at 'BBB';
  -- 7% senior notes due July 15, 2018 at 'BBB';
  -- 5.625% senior notes due 2020 at 'BBB';
  -- 7.25% senior notes due March 15, 2028 at 'BBB';
  -- 6.75% senior notes due Dec. 15, 2028 at 'BBB';
  -- 7.375% senior notes due June 15, 2032 at 'BBB'.

Provident Financing Trust I

  -- 7.405% junior subordinated capital securities at 'BB+'.

UnumProvident Finance Company plc,

  -- 6.85% senior notes due Nov. 15, 2015 at 'BBB'.

Unum Group members:

Unum Life Insurance Company of America
Provident Life & Accident Insurance Company
Provident Life and Casualty Insurance Company
The Paul Revere Life Insurance Company
The Paul Revere Variable Annuity Insurance Company
First Unum Life Insurance Company
Colonial Life & Accident Insurance Company

  -- IFS at 'A'.


RACE POINT: S&P Raises Ratings on Various Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
A-1-A, A-1-B, A-2, B, C, and D notes issued by Race Point IV CLO
Ltd., a collateralized loan obligation transaction managed by
Sankaty Advisors LLC.  At the same time, S&P removed its ratings
on the class A-1-A, A-1-B, and A-2 notes from CreditWatch, where
S&P placed them with positive implications on Nov. 8, 2010.

The raised ratings reflect an improvement in credit quality
available to support the rated notes since S&P lowered all of its
note ratings on Nov. 17, 2009, following the initial application
of its revised corporate CDO criteria.  As of the Nov. 15, 2010,
trustee report, the transaction had $8.7 million in defaulted
assets.  This was down from $41.6 million noted in the Sept. 14,
2009 trustee report, which S&P referenced for S&P's November 2009
rating actions.  Furthermore, assets from obligors rated in the
'CCC' category were reported at $38.9 million in November 2010,
compared with $73.5 million in September 2009.

The transaction has also benefited from an increase in
overcollateralization available to support the rated notes.  In
the Nov. 15, 2010 monthly report, the trustee reported a 127.39%
senior (class B) O/C ratio.  This compares with a ratio of 125.3%,
reported in the Sept. 14, 2009 monthly report.

Standard & Poor's will continue to review whether, in its view,
the ratings currently assigned to the notes remain consistent with
the credit enhancement available to support them and take rating
actions as S&P deem necessary.

                  Rating And Creditwatch Actions

                      Race Point IV CLO Ltd.

                            Rating
                            ------
          Class         To          From
          -----         --          ----
          A-1-A         AAA (sf)    AA+ (sf)/Watch Pos
          A-1-B         AA+ (sf)    AA- (sf)/Watch Pos
          A-2           AA+ (sf)    AA- (sf)/Watch Pos
          B             AA (sf)     A- (sf)
          C             A (sf)      BBB (sf)
          D             BBB (sf)    BB+ (sf)

Transaction Information
-----------------------
Issuer:              Race Point IV CLO Ltd.
Co-Issuer:           Race Point IV CLO Corp.
Collateral manager:  Sankaty Advisors LLC
Underwriter:         Lehman Brothers Inc.
Trustee:             Bank of New York Mellon (The)
Transaction type:    Cash flow CLO


RALI SERIES: Moody's Downgrades Ratings on 107 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 107
tranches and confirmed the ratings of 12 tranches from 6 RMBS
transactions in the RALI-QS series.  The collateral backing these
transactions consists primarily of first-lien, fixed rate, Alt-A
residential mortgage loans.

                        Ratings Rationale

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 in 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 primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: RALI Series 2006-QS18 Trust

  -- Cl. I-A-1, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS2 Trust

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-13, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-14, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-15, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-16, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-17, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-18, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa1 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Caa1 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Caa1 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Caa1 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS6 Trust

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-13, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-14, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-15, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-16, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-17, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS3 Trust

  -- Cl. A-1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to C (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS4 Trust

  -- Cl. I-A-1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-10, Downgraded to C (sf); previously on Jan. 14,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. III-A-11, Downgraded to C (sf); previously on Jan. 14,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. IV-A-1, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. IV-A-2, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. IV-A-3, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. V-A-1, Confirmed at Caa1 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. V-A-2, Confirmed at Caa1 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS8 Trust

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade


RALI SERIES: Moody's Downgrades Ratings on 331 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 331
tranches and confirmed the ratings of 115 tranches from 21 RMBS
transactions in the RALI-QS series.  The collateral backing these
deals primarily consists of first-lien, fixed-rate Alt-A
residential mortgages.

                        Ratings Rationale

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.

The primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: RALI Series 2006-QS1 Trust

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C (sf); previously on Jan. 14, 2010 Ca
      (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS10 Trust

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS11 Trust

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS12 Trust, Mortgage Asset-Backed Pass-
Through Certificates, Series 2006-QS12

  -- Cl. I-A-1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-10, Downgraded to C (sf); previously on Jan. 14,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-13, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-14, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-15, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-16, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-17, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-18, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-19, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS13 Trust

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to Caa3 (sf); previously on Sep 1, 2010
     Downgraded to Caa1 (sf) and Remained On Review for Possible
     Downgrade

  -- Cl. I-A-9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to Caa3 (sf); previously on Sep 1, 2010
     Downgraded to Caa1 (sf) and Remained On Review for Possible
     Downgrade

  -- Cl. II-A-1, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Caa2 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS14 Trust

  -- Cl. A-1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-24, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS16 Trust

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to C (sf); previously on Jan. 14, 2010 Ca
      (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS17 Trust

  -- Cl. A-1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to C (sf); previously on Jan. 14, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS3 Trust

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-14, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-15, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS4 Trust

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS5 Trust

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS7 Trust

  -- Cl. A-1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS8 Trust

  -- Cl. A-1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2006-QS9 Trust

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-12, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-13, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-14, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-15, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-16, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-17, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS1 Trust

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-8, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-9, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-10, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-11, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-12, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-13, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS2 Trust

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS5 Trust

  -- Cl. A-1, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS6 Trust

  -- Cl. A-1, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-12, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-13, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-14, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-17, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-18, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-19, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-20, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-21, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-22, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-23, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-24, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-25, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-26, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-27, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-28, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-29, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-30, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-32, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-33, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-34, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-35, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-36, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-37, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-38, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-39, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-40, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-41, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-42, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-43, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-44, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-45, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-46, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-47, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-48, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-49, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-50, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-51, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-52, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-53, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-54, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-55, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-56, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-57, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-58, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-59, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-60, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-61, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-62, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-63, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-64, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-65, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-66, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-67, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-68, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-69, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-70, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-71, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-72, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-73, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-74, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-75, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-76, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-77, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-78, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-79, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-80, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-81, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-82, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-83, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-84, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-85, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-86, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-87, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-88, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-89, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-90, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-91, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-92, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-93, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-94, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-95, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-96, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-97, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-98, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-99, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-100, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-101, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-102, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-103, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-104, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-105, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-106, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-107, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-108, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-109, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-110, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-111, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-112, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-113, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-114, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-115, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-116, Confirmed at Caa3 (sf); previously on Jan. 14,
     2010 Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Confirmed at Caa3 (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS7 Trust

  -- Cl. I-A-1, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Ca (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2007-QS9 Trust

  -- Cl. A-1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-24, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-26, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-28, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-29, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-32, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-33, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade


RENAISSANCE HOME: Moody's Downgrades Ratings on Class M-1 to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating of one tranche
issued by Renaissance Home Equity Loan Trust 2002-1

Complete rating actions are:

Issuer: Renaissance Home Equity Loan Trust 2002-1

  -- Cl. M-1, Downgraded to Ba1 (sf) and Placed Under Review
     Direction Uncertain; previously on April 1, 2002 Assigned Aa2
     (sf)

                        Ratings Rationale

The collateral backing the transaction consists of subprime
collateral originated by Delta Funding Corporation.

The Class M-1 experienced a $10,123 interest shortfall in May 2010
which has not been reimbursed and has grown to $66,391 as of
November 2010.  Principal was last distributed in May 2010.  The
Class M-1 bond remains on review direction uncertain as Moody's
completes its review of this transaction.  Additional
sensitivities of losses will be a function of future actual and
projected losses that correspond to benchmarks provided in Moody's
Approach to Rating Structured Finance Securities in Default.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past six months.


SATURNS TRUST: S&P Raises Ratings on Series 2001-6 Units to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on SATURNS
Trust Series 2001-6's $63.37 million 7.25% pass-through trust
units to 'BB+' from 'BB'.

The rating on the trust units is dependent on the lower of S&P's
rating on the underlying security, BankAmerica Institutional
Capital A's 8.07% capital securities due Dec. 31, 2026 ('BB+'),
and S&P's long-term issuer credit rating on the swap guarantor,
Morgan Stanley ('A').

The rating action follows the Dec. 15, 2010, raising of S&P's
rating on the underlying security to 'BB+' from 'BB'.

S&P may take subsequent rating actions on the trust units due to
changes to S&P's ratings on the underlying security or the swap
guarantor.


SATURNS TRUST: S&P Raises Ratings on $25 Mil. Units to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on SATURNS
Trust No. 2003-8's $25 million class A and B units to 'B-' from
'CCC+' and removed them from CreditWatch, where S&P placed them
with positive implications on April 29, 2010.

S&P's ratings on the class A and B units are dependent on its
rating on the underlying security, Hertz Corp.'s 7.625% senior
unsecured notes due June 1, 2012 ('B-').

The rating actions follow S&P's Dec. 20, 2010, raising of its
rating on the underlying security to 'B-' from 'CCC+' and its
removal from CreditWatch with positive implications.  S&P may take
subsequent rating actions on the class A and B units due to
changes in its rating assigned to the underlying security.


STATION PLACE: DBRS Puts 'BB' Rating on Class M-4 Notes
-------------------------------------------------------
DBRS has assigned the following ratings to the Station Place
Securitization Securities, Series 2010-1 issued by Station Place
Securitization Trust 2010-1 (the Trust).

   -- $148.8 million Class A Notes rated at AAA (sf)
   -- $5.3 million Class M-1 Notes rated at AA (sf)
   -- $4.8 million Class M-2 Notes rated at A (sf)
   -- $4.4 million Class M-3 Notes rated at BBB (sf)
   -- $3.1 million Class M-4 Notes rated at BB (sf)
   -- $2.6 million Class M-5 Notes rated at B (sf)

The AAA (sf) ratings on the Class A Certificates reflect 15.0% of
credit enhancement provided by the subordinate classes.  The AA
(sf) rating on Class M-1 reflects 12.0% of credit enhancement.
The A (sf) rating on Class M-2 reflects 9.25% of credit
enhancement.  The BBB (sf) rating on Class M-3 reflects 6.75% of
credit enhancement.  The BB (sf) rating on Class M-4 reflects 5.0%
of credit enhancement.  The B (sf) rating on Class M-5 reflects
3.5% of credit enhancement.  Additionally, a reserve fund that is
equivalent to 1% of the group 2 collateral has been established
for the benefit of the group 2 note holders.

The Class VF, M-6, M-7 notes and the owner trust certificates are
not rated by DBRS.

The ratings on the notes also reflect the quality of the
underlying assets and the capabilities of Provident Funding
Associates, L.P. (Provident) as servicer. U.S. Bank National
Association will serve as trustee, custodian and backup servicer.

The trust consists of a revolving pool of eligible mortgage loans
and eligible securities.  The eligible mortgage loans are first-
lien, fixed-rate mortgages secured by residential properties
originated by Provident in accordance with the eligibility
requirements for purchase or swap by Fannie Mae, Freddie Mac or
Ginnie Mae.  The characteristics of the revolving pool include a
weighted average (W.A.) FICO of at least 745, a maximum W.A. loan-
to-value (LTV) ratio of 70% and a maximum W.A. seasoning of two
months.  The eligible securities will be issued by an agency and
will be backed by eligible mortgage loans.

The eligible mortgage loans and securities are sold into the trust
by Provident pursuant to a master repurchase agreement.  This
revolving facility has a term of one year and the notes are
expected to be paid in full at the end of this period.  If the
notes are not paid in full at the expiration of the facility or if
an event of default is to occur, the trustee will attempt to
auction the collateral to pay off the notes.  The trustee is not
permitted to sell the collateral unless the liquidation proceeds
are adequate to pay the rated notes in full.  If the trustee is
not able to sell the collateral, the transaction enters into
amortization and the available proceeds will be used to pay off
the notes. Interest and principal to the notes will be paid in a
sequential order.

Clayton Services LLC (Clayton) will perform periodic credit,
compliance and valuation due diligence on 100 randomly selected
mortgage loans.  The due diligence will be performed on March 30,
2011, June 30, 2011, and September 30, 2011.


STRATA TRUST: S&P Withdraws Ratings on Various Classes of Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
notes issued by Strata Trust 2006-2, 2006-13, 2006-19, 2006-20,
2006-24, all synthetic collateralized debt obligation
transactions.

S&P withdrew the ratings following the redemption of the notes.

                           Rating List

                   Strata Trust, Series 2006-2

                                Rating
                                ------
                 Class       To        From
                 -----       --        ----
                 Notes       NR        CCC+ (sf)

                  Strata Trust, Series 2006- 13

                                Rating
                                ------
                 Class       To        From
                 -----       --        ----
                 Notes       NR        BB+ (sf)

                  Strata Trust, Series 2006-19

                                Rating
                                ------
                 Class       To        From
                 -----       --        ----
                 Notes       NR        BBB- (sf)

                  Strata Trust, Series 2006-20

                                Rating
                                ------
                 Class       To        From
                 -----       --        ----
                 Notes       NR        B+ (sf)

                  Strata Trust, Series 2006- 24

                                 Rating
                                 ------
                  Class       To        From
                  -----       --        ----
                  Notes       NR        B- (sf)

                         NR - Not rated.


STRUCTURED ASSET: S&P Raises Ratings on Two Units to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Structured Asset Trust Unit Repackagings The Hertz Corp.
Debenture-Backed Series 2003-15's $25 million class A and B units
to 'B-' from 'CCC+' and removed them from CreditWatch, where they
were placed with positive implications on April 29, 2010.

S&P's ratings on the class A and B units are dependent on its
rating on the underlying security, Hertz Corp.'s 7.625% senior
unsecured notes due June 1, 2012 ('B-').

The rating actions follow S&P's Dec. 20, 2010, raising of its
rating on the underlying security to 'B-' from 'CCC+' and its
removal from CreditWatch with positive implications.  S&P may take
subsequent rating actions on the class A and B units due to
changes in its ratings assigned to the underlying security.


WASHINGTON MUTUAL: Moody's Downgrades Ratings on 22 Tranches
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 22
tranches, and confirmed ratings of 5 tranches from 4 RMBS
transactions, backed by option arm loans, issued by Washington
Mutual.

                        Ratings Rationale

The collateral backing these transactions consists primarily of
first-lien, adjustable-rate, negative amortization, Alt-A
residential mortgage loans.  The actions are a result of the
rapidly deteriorating performance of option arm pools in
conjunction with macroeconomic conditions that remain under
duress.  The actions reflect Moody's updated loss expectations on
option arm pools issued from 2005 to 2007.

To assess the rating implications of the updated loss levels on
option arm 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 primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2007-OA1 Trust

  -- Cl. 1A, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. CA-1B, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. CA-1C, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. CX-1, Confirmed at Ca (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. CX-2-PPP, Confirmed at Ca (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2007-OA2 Trust

  -- Cl. 1A, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A, Downgraded to Ca (sf); previously on Jan. 27, 2010
     Caa3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. CA-1B, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. CA-1C, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. CX-1, Confirmed at Ca (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. CX-2-PPP, Confirmed at Ca (sf); previously on Jan. 27,
     2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: WaMu Mortgage Pass-Through Certificates, WMALT Series
2007-OA4 Trust

  -- Cl. A-1A, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-1C, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-1D, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. X-PPP, Confirmed at Ca (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Washington Mutual Mortgage Pass-Through Certificates,
WMALT Series 2007-OA5

  -- Cl. A-1A, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-1B, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-1C, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. A-1D, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. X-PPP, Confirmed at Ca (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade


WASHINGTON MUTUAL: S&P Affirms Ratings on 15 2003-C1 Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 15
classes of commercial mortgage-backed securities from Washington
Mutual Asset Securities Corp.' series 2003-C1.

The affirmations of the ratings on the principal and interest
certificates reflect S&P's analysis of the remaining collateral in
the pool, the transaction structure, and the liquidity available
to the trust.  The analysis considered that 17.0% of the pool has
a debt service coverage less than 1.1x.  S&P also considered
pending maturities; 58.5% of the pool (35 loans) matures through
2012.  While these loans have stable debt service coverage, they
may face challenges with refinancing.

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 DSC of 1.47x and a loan-
to-value ratio of 64.1%.  S&P further stressed the loans' cash
flows under S&P's 'AAA' scenario to yield a weighted average DSC
of 1.28x and an LTV ratio of 75.5%.  The implied defaults and loss
severity under the 'AAA' scenario were 13.1% and 28.1%,
respectively.

S&P affirmed its ratings on the class X-1 interest-only
certificates based on its current criteria.

                      Credit Considerations

As of the Nov. 26, 2010 remittance report, none of the loans were
with the special servicer, ORIX Capital Markets LLC.  The analysis
considered that 17.0% of the pool has a DSC less than 1.1x.  S&P
also considered pending maturities; 58.5% of the pool (35 loans)
matures through 2012.  While these loans have stable debt service
coverage, they may face challenges with refinancing.

                       Transaction Summary

As of the Nov. 26, 2010 remittance report, the transaction had an
aggregate trust balance of $102.1 million (60 loans), compared
with $571.9 million (213 loans) at issuance.  Subsequent to the
remittance date, two of the top 10 loans, 33 Irving Place
($9.5 million, 9.3%) and Hampton Inn ($3.9 million, 3.8%), paid
off at their respective maturity dates.  Keybank Real Estate
Capital, the master servicer, provided financial information for
99.5% of the loans in the pool.  Approximately 54% of this
financial information was full-year 2009 data and 45% was partial-
year 2010 data.  S&P calculated a weighted average DSC of 1.49x
for the loans in the pool based on the reported figures.  S&P's
adjusted DSC and LTV were 1.47x and 64.1%, respectively.  The
trust has experienced three principal losses to date totaling
$372,514.  Eleven loans are on the master servicer's watchlist
($18.3 million; 20.6%).  One loan ($0.5 million, 0.6%) has a
reported DSC between 1.0x and 1.1x, and nine loans ($14.6 million,
16.4%) have reported DSC of less than 1.0x.  All of the above
calculations exclude the two top 10 loans ($13.3 million) that
were repaid.  There are no loans with the special servicer.

                     Summary of Top 10 Loans

Excluding the two repaid loans ($13.3 million), both of which had
been top 10 loans, the top 10 real estate loans have an aggregate
outstanding trust balance of $47.1 million (53.0%).  Using
servicer-reported information, S&P calculated a weighted average
DSC of 1.46x.  S&P's adjusted DSC and LTV figures for these top 10
loans were 1.38x and 66.2%, respectively.  Three of these top 10
loans ($10.9 million; 12.3%) are on the master servicer's
watchlist, and S&P discuss these loans in detail below.

The Breeze Suites Moderne Apartments loan ($5.4 million; 6.1%),
the third-largest loan in the pool, is secured by a 56-unit
apartment building in downtown Santa Monica, Calif., that was
built in 2002.  The loan appears on the master servicer's
watchlist due to a low DSC.  For year-end 2009, the reported
occupancy and DSC were 82.5% and 0.89x, respectively.  Based on
the April 2010 rent roll, S&P estimates a current DSC of 1.30x.

The 129 San Vicente Boulevard loan ($3.0 million; 3.4%), the
seventh-largest loan in the pool, is secured by a 28-unit
multifamily property in Santa Monica that was built in 1949.  The
loan also appears on the master servicer's watchlist due to a low
DSC.  For the nine months ended Sept. 30, 2009, and for year-end
2009, the reported occupancy and DSC were 82.1% and 1.23x,
respectively.  Based on the June 2010 rent roll, which reflects a
46% occupancy, S&P estimated a current DSC of 0.49x.

The Hogg Palace Lofts loan ($2.4 million; 2.7%), the eighth-
largest loan in the pool, is secured by a 79-unit multifamily
property in downtown Houston that was built in 1921 and renovated
in 1995.  The loan also appears on the master servicer's watchlist
due to a low DSC.  For year-end 2009, the reported occupancy and
DSC were 88.6% and 0.63x, 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 affirmed ratings.

                        Ratings Affirmed

             Washington Mutual Asset Securities Corp.
  Commercial mortgage pass-through certificates series 2003-C1

           Class     Rating      Credit enhancement (%)
           -----     ------      ----------------------
           A         AAA (sf)                     65.84
           B         AA+ (sf)                     54.57
           C         AA (sf)                      51.75
           D         A+ (sf)                      39.07
           E         A (sf)                       36.26
           F         A- (sf)                      32.03
           G         BBB+ (sf)                    26.40
           H         BBB (sf)                     23.58
           J         BB+ (sf)                     17.94
           K         BB (sf)                      13.72
           L         BB- (sf)                     12.31
           M         B+ (sf)                       9.49
           N         B (sf)                        6.68
           O         B- (sf)                       5.27
           X-1       AAA (sf)                       N/A

                      N/A -- Not applicable.


* Fitch Affirms 'BB+' Rating on Michigan State's $30.68 Mil. Bonds
------------------------------------------------------------------
Fitch Ratings affirms the 'BB+' rating on these bonds:

  -- $30.68 million Michigan State Hospital Finance Authority
     revenue and refunding bonds series 2005 (Presbyterian
     Villages of Michigan Obligated Group).

The Rating Outlook is Stable.

                         Rating Rationale

  -- Liquidity remains light but stable.

  -- Overall occupancy in the obligated group is adequate at 83.5%
     as of year to date Sept. 30, 2010, with ILU occupancy
     continuing to trend in a positive direction after falling as
     low as 77% at YTD March 31, 2010.

  -- Debt service coverage is projected to be approximately 1.43x
     in fiscal year 2010 which is adequate and consistent with
     prior years.

  -- State-wide capital campaign has helped bolster philanthropic
     support.

  -- Cost reductions and site specific initiatives have sustained
     operations within a challenging southeast Michigan market.

                        Key Rating Drivers

  -- PVM is able to maintain adequate occupancy and control
     expenses, supporting stable, if light, liquidity and
     consistent debt coverage metrics.

                             Security

  -- The series 2005 bonds are secured by a pledge of the
     obligated group's gross revenues and a first mortgage on the
     obligated group's facilities, as well as a debt service
     reserve fund.

                         Credit Summary

The rating affirmation at 'BB+' reflects PVM's light but stable
liquidity, tighter expense control, adequate overall occupancy,
and adequate debt service coverage.  At Oct. 31, 2010, PVM's
level of unrestricted cash and investments was $9.9 million,
which equates to 107.6 days cash on hand, a cushion ratio of
4.0 times and cash to debt of 32.3%.  While these are lower than
year end 2009, when PVM's cash and unrestricted investments were
$10.5 million, PVM is expecting grant monies as well as repayments
on advances to non-obligated affiliates to come in before year end
and is projecting year-end DCOH to be at approximately 114 days.

PVM management also expects maximum annual debt service, which was
at 1.31x as of YTD Oct. 31, 2010, to improve to 1.43x by year-end
2010, in part to unrestricted contributions to PVM.  This will
bring it in line with 2009's year-end coverage figure.

As a result of the stress in the economy, PVM's return on
investments and unrestricted philanthropic support, which PVM has
traditionally used to offset operating losses, have continued to
remain below pre-2008 figures.  Prior to 2008, PVM received
approximately $3 million a year in combined investment income and
unrestricted philanthropic support.  This year that combined
figure will be under $2 million.  PVM is in the middle of a state-
wide fundraising campaign which has increased donations (system-
wide the campaign has netted a strong $3.9 million in
unrestricted, temporarily restricted, and permanently restricted
donations YTD 2010), but investment income remains slim.  In
response to lower investment income and lower occupancy, PVM has
implemented various expense reductions (including wage and
benefits) and continues to look for ways to maintain cost control.
Additionally, PVM has a number of site specific initiatives
underway to improve occupancy and grow revenue.  Occupancy at
Village of Westland campus, where most of PVM's independent units
are located, remains challenged, but management has been able to
achieve breakeven operations at that campus.  Additionally,
occupancy has been improving across the system, since the first
quarter of 2010.

PVM's historical coverage of maximum annual debt service has been
relatively stable at 1.6x, 1.5x and 1.4x in 2007, 2008 and 2009,
respectively.  Through the 10-month interim period, debt service
coverage is lower at 1.3x, but that is comparable to the 10-month
figure in 2009, and management expects to equal the 1.4x coverage
of 2009 by year's end due to additional philanthropy coming in,
including grant monies.  PVM is budgeting for 1.4x coverage in
fiscal 2011, which Fitch believes is achievable.  Fitch views
PVM's historical debt service coverage as adequate reflecting the
corporation's rental contract type and the moderate income level
of its market.

The Stable Outlook reflects Fitch's belief that PVM will continue
to take the appropriate actions to improve operating profitability
and offset the impact of lower investment income and unrestricted
philanthropic contributions.  Fitch believes that, for the time
being, maintenance of the rating will be contingent on effective
expense control and increasing occupancy.

Headquartered in Southfield, MI, the PVM Obligated Group consists
of PVM Corporate, a foundation, and three rental continuing care
retirement communities located in Redford, Westland and
Chesterfield Township, MI.  Currently, the Obligated Group's three
campuses total 328 independent rental apartments (of which 313 are
operational), 269 assisted living units, and 178 skilled nursing
beds.  In addition, PVM owns or manages approximately 1,200
independent living and 28 assisted living units through non-
obligated entities.

PVM has covenanted to provide annual audited financial statements
and quarterly unaudited financials to the to the Municipal
Securities Rulemaking Board's EMMA system.  Fitch notes that PVM's
disclosure practices have been excellent.


* Moody's Cuts Rating on Southern California Tax Bonds to 'Ba3'
---------------------------------------------------------------
Moody's has downgraded to Ba3 from Ba2 the rating on Southern
California Logistic Airport Authority's Subordinate Tax Allocation
Revenue Bonds.  The bonds are secured solely by allocated
incremental revenues from all twelve sub-areas of Victor Valley
Economic Development Authority's Victor Valley Redevelopment
Project Area, net of housing set-asides, debt service on senior
lien bonds, and other senior pass throughs.  The downgrade affects
approximately $51 million in subordinate bonds.  Moody's has also
affirmed the Baa3 rating on the Victor Valley Economic Development
Authority's Taxable Housing Set-Aside Revenue Parity Bonds,
(Southern California Logistics Airport Authority Project) Series
2007, issued through SCLA.  The housing bonds are secured solely
by the housing set-aside incremental revenue of the SCLA and
Victorville sub-areas.  The rating affects approximately
$40 million in taxable bonds.  Moody's have also placed both of
these ratings under watch for a possible downgrade.

                        Ratings Rationale

The downgrade and the negative watch listing are primarily based
on the continued, significant deterioration in incremental tax
revenues securing these bonds.  Moody's believe that the annual
incremental revenues securing the non-housing bonds of the Victor
Valley Redevelopment Project Area are no longer sufficient to
cover total debt service and that the most recent debt service
payment was made in full by relying on previously collected
incremental revenues.  While incremental revenues securing the
housing set-aside tax allocation revenue bonds are likely to be
sufficient for debt service in 2011, Moody's believe that the debt
service coverage of these bonds could be much lower in the future.
The project areas have suffered significant reductions in assessed
values brought upon by the collapse of residential property
values.  The ratings continue to reflect the size of the project
areas and the expectation that with the stabilization of the
housing market AV may rebound, as the vast majority of the AV
declines were Preposition 8 rollbacks enacted by the county
assessor.

Non-Housing Subordinate Bonds:

       Very Large Project Area Tax Base With Some Ownership
    Concentration; It Is Highly Likely Declining Tax Increment
     Revenues No Longer Provide Coverage Of Peak Debt Service

The Victor Valley Redevelopment project area is a very large
project area consisting of twelve sub-areas, including Southern
California Logistics Airport, the city of Victorville (by far the
largest and economically dominant sub-area), Apple Valley,
Hesperia, San Bernardino County Area, Adelanto, San Bernardino
County Amendment IV Area, Victorville Amendment IV Area, Adelanto
Amendment VIII Area, Apple Valley Amendment VII Area, San
Bernardino County Amendment VII Area and Victorville Amendment
VIII Area, all of which surround the airport.  The project area
was created by Victor Valley Economic Development Authority to
stimulate economic development in and around Victorville and the
SCLA.  The subordinate bonds are secured solely by the allocated
incremental revenues from all twelve sub areas of Victor Valley
Redevelopment Project Area, net of housing set-asides, debt
service on senior lien bonds, and other senior pass-throughs.

Largely as the result of Proposition 8 adjustments made by the
county assessor, between 2009 and 2010 total AV decreased from
$9.49 billion to $7.79 billion, a decrease of 17.9%.  During
this period incremental AV decreased from $5.714 billion to
$3.995 billion, a decrease of 30.1%.  As a result, the total debt
service coverage was reduced to just 1.07 times.  While the
definitive AV and incremental revenues for 2011 are not available,
Moody's believe that incremental AV contraction continued in 2011,
although at a lower rate.  Based on available data for specific
sections of the total project area, Moody's believe that AV
contraction was large enough so that incremental revenues no
longer provide sufficient revenues to meet the total debt service
requirement.  The Agency reports that it made its required debt
service payment in December 2010 with the help of previously
collected revenues.  Last year the issuer had presented reasonable
cash flow projections which indicated the likelihood that 2011
debt service could be met with the use of previously collected tax
increment, even in case of some continued AV contraction.  For
2012 and beyond, significant uncertainty remains about the
Agency's ability to meet all debt service requirements if the AV
does not begin to improve in the near term.

In the medium to long term, it is possible that with the
stabilization of the housing market AV may rebound, since the vast
majority of AV declines were Proposition 8 rollbacks enacted by
the county assessor.  Parcels whose values were reduced pursuant
to Proposition 8 are not limited to annual increases of the lesser
of 2% or inflation; instead, their assessed values can increase as
market values rise until they reach their unadjusted pre-
Proposition 8 market value.  Moody's also note that some
industrial development continues in the project area which also
contributes additional AV growth potential.

While nine of the twelve sub-areas pledge one half of their
increments to debt service (including senior lien), net of housing
set-aside and senior pass-throughs, the City of Victorville has
pledged all of its available increment to debt service, including
senior lien (net of housing set aside and senior-pass throughs).
As a result, the project areas in Victorville provide 67.8% of
pledged revenues (as defined by the Additional Bonds Test),
although it accounts for 60.0% of the total AV and 60.1% of the
incremental AV.  The project area from which AV increments
securing the bonds are derived is very large both in geographic
terms (90,000 acres) and 2010 total assessed valuation terms
($7.79 billion), compared to a typical redevelopment project area.

The 2010 tax base ownership is concentrated; however the
additional bonds test contains provisions which minimize the
exposure to this concentration.  The ten largest secured tax
payers represent 14.1% of total secured AV and 27.3% of pledged
tax revenue.  The largest taxpayer, High Desert Power Trust,
represents 11.1% of the AV increment securing the bonds and 5.7%
of the total AV underlying the increment.  Similarly, the second
largest taxpayer, Riverside Cement Company, represents 6.5% of the
AV increment and 3.3% of the total AV underlying the increment.
In order to issue additional debt under the ABT, no single entity
can represent more than 5% of the total AV underlying the
incremental AV.  Therefore, incremental revenues from
approximately $305,000,000 in incremental AV from the two largest
tax payers are excluded from the additional bonds test of 1.25
times.

      Project Area Suffers From Some Of The Steepest Declines
              In Hosing Values Anywhere In The State

The City of Victorville dominates the project area and economic
expansion prior to the recent downturn had been robust.  The
current population of the city is estimated at more than 100,000,
while in 1994 it was approximately 60,000.  Much of this expansion
is tied to the formation of Victor Valley Economic Development
Authority in 1989 following the announcement of the closure of
George Air Force Base (now SCLA).  In 1992 the base was officially
closed.  Victor Valley Redevelopment Project Area with its
atypical sub-areas was created in 1993 with special legislation
passed in 1990.  In 1997 SCLA Authority (the issuer) was created
by Victor Valley Economic Development Authority, which assigned
airport control to Victorville.  In 1998 the redevelopment plan
was amended to adjust the base year.  In 2001 Southern California
Logistics Rail Authority was formed.  In 2006 the redevelopment
plan was once again amended and expanded to 90,000 acres.  However
since their peak in 2007 property values have decreased by more
than 60%.

      Standard Additional Bonds Test Adjusted For Tax Payer
           Concentration; Standard Reserve Requirement

Bondholders are protected from a reduction in current coverage
levels as a result of the issuance of additional bonds by the
requirement that incremental revenues provide at least 1.25 times
maximum annual debt service on all debt.  In addition, bondholders
are protected by the adjustment of revenues from tax payers whose
AV is greater than 5% of AV of the underlying pledged incremental
AV, as discussed above.  Bond holders are also protected by a debt
service reserve fund sized at the standard three tier, lesser-of
test.

                          Housing Bonds

The housing bonds are secured solely by the housing set-aside
increments of the SCLA and Victorville sub-areas whose combined
AV in 2010 is $5.25 billion, down from $6.31 billion, a decrease
of 16.8%.  The incremental AV decreased from $4.10 billion to
$3.03 billion, a decrease of 26.3%.  Despite the dramatic
decrease, 2010 debt service coverage remained sound at 1.5 times
and significantly stronger than the coverage for the non-housing
bonds.  Moody's believe that in 2011 the AV decline significantly
reduced this coverage level, but some margin of coverage is likely
to have remained.

Key Statistics:

* Non-Housing Bonds:

  -- Total project area size: 90,000 acres

  -- Average annual growth of incremental AV., FYs 2003-2008:
     51.1%

  -- Incremental Value decline between 2009 and 2010: 30.1%

  -- Largest taxpayer as % of incremental AV., FY 2010: 11.1%

  -- Ten largest taxpayers as % of incremental AV, FY 2010: 27.3%

  -- Peak total debt service coverage, FY 2010, est.: 1.07x

  -- Additional Bonds Test: 1.25x

* Housing Bonds:

  -- Total project area size: 46,000 acres
  -- Peak total debt service coverage, FY 2010, est.: 1.50x

                  What Could Move the Rating Up

Increase in incremental revenues and debt service coverage.

                 What Could Move the Rating Down

Decrease in incremental revenues and debt service coverage.


* Moody's Downgrades Ratings on 33 Tranches From Six RMBS Deals
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 33
tranches from 6 RMBS transactions, backed by Alt-A and Option Arm
residential mortgage loans, issued by BCAP, DSLA, and GSAA.

                        Ratings Rationale

The collateral backing these transactions consists primarily of
first-lien, fixed-rate or adjustable-rate Alt-A and Option Arm
residential mortgage loans.  The actions are a result of the
rapidly deteriorating performance of Alt-A and Option Arm pools in
conjunction with macroeconomic conditions that remain under
duress.  The actions reflect Moody's updated loss expectations on
Alt-A and Option Arm pools issued from 2005 to 2007.

To assess the rating implications of the updated loss levels on
Alt-A and Option Arm RMBS, each individual pool was run through a
variety of scenarios in the Structured Finance Workstation(R)
(SFW), 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 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.

Certain securities, as noted below, are insured by financial
guarantors.  The Cl. 1A-1B tranche and Cl. 2A-1C tranche issued by
DSLA Mortgage Loan Trust 2007 AR1 are wrapped by Ambac Assurance
Corporation (Segregated Account -- Unrated).  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.  RMBS securities wrapped by Ambac Assurance
Corporation are rated at their underlying rating without
consideration of Ambac's guaranty.

The primary source of assumption uncertainty is the current
macroeconomic environment, in which unemployment remains at high
levels, and weakness persists in the housing market.  Moody's
notes an increasing potential for a double-dip recession, which
could cause a further 20% decline in home prices (versus its
baseline assumption of roughly 5% further decline).  Overall,
Moody's assumes a further 5% decline in home prices with
stabilization in early 2011, accompanied by continued stress in
national employment levels through that timeframe.

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

Complete rating actions are:

Issuer: BCAP LLC Trust 2007-AA4

  -- Cl. I-1-A1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-1-A2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2-A1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2-X1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-2-A2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-3-A1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. I-3-A2, Downgraded to C (sf); previously on Jan. 27, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa3 (sf); previously on Jan. 27,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: DSLA Mortgage Loan Trust 2007-AR1

  -- Cl. 1A-1A, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Baa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 1A-1B, Downgraded to C (sf); previously on Apr 16, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

  -- Underlying Rating: Downgraded to C (sf); previously on Mar
     30, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A-1A, Downgraded to Caa2 (sf); previously on Jan. 27,
     2010 Baa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A-1B, Downgraded to C (sf); previously on Jan. 27, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A-1C, Downgraded to C (sf); previously on April 16, 2010
     Downgraded to Ca (sf) and Placed Under Review for Possible
     Downgrade

  -- Financial Guarantor: Ambac Assurance Corporation (Segregated
     Account - Unrated)

  -- Underlying Rating: Downgraded to C (sf); previously on
     March 30, 2010 Ca (sf) Placed Under Review for Possible
     Downgrade

Issuer: GSAA Home Equity Trust 2006-11

  -- Cl. 1A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     B1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A3-A, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: GSAA Home Equity Trust 2006-5

  -- Cl. 1A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A1, Downgraded to Caa2 (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A2, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A3, Downgraded to Caa3 (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A4, Downgraded to C (sf); previously on Jan. 14, 2010 Ca
     (sf) Placed Under Review for Possible Downgrade

Issuer: GSAA Home Equity Trust 2006-7

  -- Cl. AF-2, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AF-4A, Downgraded to Ca (sf); previously on Jan. 14, 2010
     B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AF-4B, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

  -- Cl. AF-5A, Downgraded to C (sf); previously on Jan. 14, 2010
     A2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. AF-5B, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade

Issuer: GSAA Home Equity Trust 2006-8

  -- Cl. 1A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A1, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa1 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A2, Downgraded to Ca (sf); previously on Jan. 14, 2010
     Caa2 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A3A, Downgraded to Caa3 (sf); previously on Jan. 14,
     2010 B3 (sf) Placed Under Review for Possible Downgrade

  -- Cl. 2A3B, Downgraded to C (sf); previously on Jan. 14, 2010
     Ca (sf) Placed Under Review for Possible Downgrade


* Moody's Withdraws Ratings on Eight Tranches from Four RMBS Deals
------------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of eight
tranches from four seasoned RMBS transactions.

Moody's Investors Service has withdrawn the credit rating pursuant
to published credit rating methodologies that allow for the
withdrawal of the credit rating if the size of the pool
outstanding at the time of the withdrawal has fallen below a
specified level.

Moody's current RMBS surveillance methodologies apply to pools
with at least 40 loans and a pool factor of greater than 5%.  As a
result, Moody's may withdraw its rating when the pool factor drops
below 5% and the number of loans in the pool declines to 40 loans
or lower unless specific structural features allow for a
monitoring of the transaction (such as a credit enhancement
floor).

Complete Rating actions are:

Issuer: Ryland Mtg Sec 1990-05

  -- B-1, Withdrawn (sf); previously on Aug. 6, 2009 Downgraded to
     Baa1 (sf)

  -- B-2, Withdrawn (sf); previously on Aug. 6, 2009 Downgraded to
     Baa1 (sf)

Issuer: Saxon Mtg Sec 1992-01

  -- B-1, Withdrawn (sf); previously on July 28, 2009 Downgraded
     to Ba1 (sf)

  -- B-2, Withdrawn (sf); previously on July 28, 2009 Downgraded
     to Ba1 (sf)

  -- R, Withdrawn (sf); previously on Jan. 11, 1996 Assigned Aaa
     (sf)

  -- I, Withdrawn (sf); previously on Aug. 26, 1992 Assigned Aaa
     (sf)

Issuer: Saxon Mtg Sec 1992-06

  -- B, Withdrawn (sf); previously on July 28, 2009 Downgraded to
     Ba1 (sf)

Issuer: Greenwich Capital Acceptance, Inc., Series 1998-A

  -- B1-R, Withdrawn (sf); previously on Aug. 31, 1998 Assigned
     Baa3 (sf)

Moody's adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources Moody's considers to be reliable including, when
appropriate, independent third-party sources.  However, Moody's is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


* S&P Affirms Ratings on 13 Tranches From Six CDO Transactions
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 13
tranches from six synthetic collateralized debt obligation
transactions.  At the same time, S&P affirmed its ratings on two
tranches from two small basket transactions.  Additionally, S&P
withdrew its rating on one tranche from Signum Finance II's series
2005-3, an emerging market-backed synthetic CDO transaction.

The affirmations reflect the classes' sufficient cushion at the
current rating level, as well as credit stability in the
underlying portfolio over the past several months.  The rating
withdrawal follows the termination of all outstanding notes from
the transaction.

                         Ratings Affirmed

                         Abacus 2004-3 Ltd.

                      Class         Rating
                      -----         ------
                      A-1           AAA (sf)
                      A-2           AAA (sf)
                      B             A- (sf)
                      C             CCC- (sf)

                            Alpine III

                      Class         Rating
                      -----         ------
                      A             AAA (sf)
                      B             AA (sf)
                      C             BBB (sf)
                      D             BB+ (sf)
                      E             BB- (sf)

                      Signum Finance II PLC
                          Series 2005-1

                      Class         Rating
                      -----         ------
                      2005-1        AAA (sf)

                      Signum Finance II PLC
                          Series 2005-2

                      Class         Rating
                      -----         ------
                      B             AA+ (sf)

                      Signum Finance II PLC
                          Series 2005-4

                      Class         Rating
                      -----         ------
                      D             A- (sf)

                      Signum Finance II PLC
                          Series 2005-7

                      Class         Rating
                      -----         ------
                      Combo Nts     BB (sf)

               Traded Custody Receipts Series 2002-6

                      Class         Rating
                      -----         ------
                      2002-6        B+ (sf)

              Targeted Return Index Securities Trust
                       Series HyVol 2004-1

                      Class         Rating
                      -----         ------
                      2004-1        B- (sf)

                         Rating Withdrawn

                      Signum Finance II PLC
                           Series 2005-3

                                 Rating
                                 ------
                    Class      To      From
                    -----      --      ----
                    C          NR      AA (sf)

                         NR -- Not rated.


* S&P Affirms Ratings on 23 Classes From Seven SF Transactions
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 23
classes from seven structured finance repackaged transactions.  At
the same time, S&P's ratings on the class A-8 and A-10 notes from
Morgan Stanley ACES SPC, one of the repackaged transactions,
remain on CreditWatch with negative implications.  S&P's rating on
class A-11 from the same transaction remains on CreditWatch
positive.

The rating actions follow S&P's review of certain repackaged
transactions, specifically where its rating is linked to two or
more related rating-dependant assets and/or counterparties as
applicable (collectively, "rating-dependent payment sources").
S&P's review considered, among other things, each repackaged
transaction's structure and related rating-dependent payment
sources (including any reference obligations for the transactions,
where applicable).

                        Ratings Affirmed

                   FDX Debt Exchangeable Trust
         US$25 million FDX debt exchangeable trust units

                     Class           Rating
                     -----           ------
                     Units           BBB

                     Morgan Stanley ACES SPC
       US$46 million secured fixed-rate notes series 2006-8

                     Class           Rating
                     -----           ------
                     A-2             BB+ (sf)
                     A-3             B+ (sf)
                     A-4             B+ (sf)
                     A-9             CCC+ (sf)
                     A-12            B+ (sf)
                     A-13            B+ (sf)
                     A-14            B- (sf)
                     A-15            BB- (sf)

       STRATS Trust For Federal Home Loan Banks Securities,
                         Series 2005-P2
US$25 million inflation linked structured repackaged asset-backed
                      trust series 2005-P2

                     Class           Rating
                     -----           ------
                     Certificates    AAA


          STRATS For IBM Corp. Securities Series 2004-7
            US$33 million certificates series 2004-7

                     Class           Rating
                     -----           ------
                     Certificates    A+

   STRATS Trust For Procter & Gamble Securities, Series 2006-1
         US$33 million STRATS certificates series 2006-1

                     Class           Rating
                     -----           ------
                     Certificates    AA-

STRATS Trust For Wal-Mart Stores Inc. Securities, Series 2005-4
          US$25 million STRATS certificates series 2005-4

                     Class           Rating
                     -----           ------
                     Certificates    AA

         Student Loan ABS Repackaging Trust Series 2007-1
    US$1.054 billion pass-through series 2007-1 due 7/29/2036

                     Class           Rating
                     -----           ------
                     1-A-1           AAA
                     1-A-IO          AAA
                     2-A-1           AAA
                     2-A-IO          AAA
                     5-A-1           BB
                     5-A-IO          BB
                     6-A-1           BBB
                     6-A-IO          BBB
                     7-A-1           AAA
                     7-A-IO          AAA

            Ratings Remaining On Creditwatch Negative

                     Morgan Stanley ACES SPC
       US$46 million secured fixed-rate notes series 2006-8

                Class           Rating
                -----           ------
                A-8             B- (sf)/Watch Neg
                A-10            B- (sf)/Watch Neg

             Rating Remaining On Creditwatch Positive

                     Morgan Stanley ACES SPC
      US$46 million secured fixed-rate notes series 2006-8

               Class           Rating
               -----           ------
               A-11            BBB- (sf)/Watch Pos


* S&P Corrects Ratings on Four Corporate-Backed CDO Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on four
corporate-backed synthetic collateralized debt obligation
transactions by lowering them.

Due to an error, four tranches from four synthetic CDO
transactions were recently analyzed using an older version of
Standard & Poor's CDO Evaluator.  As a result, Standard & Poor's
incorrectly placed the tranche ratings from Morgan Stanley ACES
SPC series 2006-19 and Strata 2005-19 Limited Floating Rate Notes
on CreditWatch positive on Sept. 23, 2010, and the tranche ratings
from Morgan Stanley Managed ACES SPC series 2007-14 and 2007-16 on
CreditWatch positive on Nov. 19, 2010, incorrectly reported an
increase in the synthetic overcollateralization ratios for each
tranche in S&P's global SROC report dated Nov. 25, 2010, and
incorrectly upgraded the tranches from Strata 2005-19 Limited
Floating Rate Notes on Nov. 8, 2010, and the others on Dec. 9,
2010.

S&P has lowered the ratings to reflect the review of the
transactions under the current, applicable version of Standard &
Poor's CDO Evaluator and have adjusted the SROC ratios and ratings
accordingly.

                        Ratings Corrected

                      Morgan Stanley ACES SPC
                              2006-19

                     Rating         SROC Ratios (at "To" rating)
                     ------         ----------------------------
     Class       To          From       11/2010      12/2010
     -----       --          ----       -------      -------
     Nts         CCC-        B-         99.8407%     99.6550%

                  Morgan Stanley Managed ACES SPC
                             2007-14

                     Rating         SROC Ratios (at "To" rating)
                     ------         ----------------------------
     Class       To          From       11/2010      12/2010
     -----       --          ----       -------      -------
     IIIA        CCC         B-         100.3047%    100.3624%

                  Morgan Stanley Managed ACES SPC
                              2007-16

                     Rating         SROC Ratios (at "To" rating)
                     ------         ----------------------------
     Class       To          From       11/2010      12/2010
     -----       --          ----       -------      -------
     IIB         B+          BB-        101.1702%    100.1232%

            Strata 2005-19, Limited Floating Rate Notes

                     Rating         SROC Ratios (at "To" rating)
                     ------         ----------------------------
     Class       To          From       11/2010      12/2010
     -----       --          ----       -------      -------
     FRN         CCC-        B-         96.6301%     97.2336%


* S&P Cuts Ratings on 34 Classes of Certs. From Five CMBS Deals
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 34
classes of commercial mortgage pass-through certificates from five
U.S. commercial mortgage-backed securities transactions.

The downgrades reflect current and potential interest shortfalls.
S&P lowered its ratings on 24 of these classes to 'D (sf)' because
of interest shortfalls that S&P expects to continue.

Twenty-one of the 24 classes that S&P downgraded to 'D (sf)' have
had accumulated interest shortfalls outstanding for seven or more
months.  The remaining three classes have had accumulated interest
shortfalls outstanding for three months.  The recurring interest
shortfalls for the respective certificates are primarily due to
one or more of S&P's factors:

* Appraisal subordinate entitlement reduction amounts in effect
  for specially serviced loans;

* A lack of servicer advancing for loans where the servicer has
  made nonrecoverable advance declarations;

* Special servicing fees; and

* Interest rate reductions or deferrals resulting from loan
  modifications.

Standard & Poor's analysis primarily considered the ASER amounts
based on appraisal reduction amounts calculated using recent
Member of the Appraisal Institute appraisals.  S&P also considered
servicer nonrecoverable advance declarations and special servicing
fees that are likely, in its view, to cause recurring interest
shortfalls.

ARAs and resulting ASER amounts are implemented in accordance with
each respective transaction's terms.  Typically, these terms call
for the automatic implementation of an ARA equal to 25% of the
stated principal balance of a loan when a loan is 60 days past due
and an appraisal or other valuation is not available within a
specified timeframe.  S&P primarily considered ASER amounts based
on ARAs calculated from MAI appraisals when deciding which classes
from the affected transactions to downgrade to 'D (sf)' because
ARAs based on a principal balance haircut are highly subject to
change, or even reversal, once the special servicer obtains the
MAI appraisals.

Servicer nonrecoverable advance declarations can prompt shortfalls
due to a lack of debt service advancing, the recovery of
previously made advances deemed nonrecoverable, or the failure to
advance trust expenses when nonrecoverable declarations have been
determined.  Trust expenses may include, but are not limited to,
property operating expenses, property taxes, insurance payments,
and legal expenses.

S&P details the 34 downgraded classes from the five CMBS
transactions below.

   Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9

S&P lowered its ratings on the class J, K, L, and M certificates
from Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9
due to accumulated interest shortfalls resulting from ASER amounts
related to five of the 12 loans that are currently with the
special servicer, Helios AMC LLC, as well as special servicing
fees.  An interest rate modification on the Baker Waterfront Plaza
loan and the California Design Center loan also contributed to the
interest shortfalls.  S&P lowered its rating on the class H
certificate because S&P believes this class is susceptible to
future interest shortfalls.  As of the Dec. 13, 2010, trustee
remittance report, ARAs totaling $60.3 million were in effect for
eight loans.  The total reported ASER amount on five loans,
excluding a $39,634 ASER recovery, was $236,088, and the reported
cumulative ASER amount was $1.8 million.  Standard & Poor's
considered four ASER amounts (totaling $228,551), all of which
were based on MAI appraisals, as well as current special servicing
fees and interest rate reductions totaling $36,061 from the
modifications of the Baker Waterfront Plaza loan and the
California Design Center loan, in determining its rating actions.
The reported monthly interest shortfalls totaled $175,448 and
accumulated interest shortfalls have affected all of the classes
subordinate to and including class J.  Classes J, K, L, and M have
had accumulated interest shortfalls outstanding between three and
14 months, and S&P expects these interest shortfalls to remain
outstanding for the foreseeable future.  Consequently, S&P lowered
its ratings on these classes to 'D (sf)'.

The collateral pool for the BSCMS 2005-PWR9 transaction consists
of 191 loans with an aggregate trust balance of $2.0 billion.
As of the Dec. 13, 2010, trustee remittance report, 12 loans
($244.6 million; 12.5%) in the pool were with the special
servicer.  The payment status of these loans is: three
($158.5 million, 8.1%) are nonperforming matured balloon loans,
four ($46.9 million, 2.4%) are 90-plus days delinquent, one
($15.0 million, 0.7%) is current, one ($10.4 million, 0.5%) is
60 days delinquent, one ($4.9 million, 0.3%) is real estate
owned, one ($4.9 million, 0.3%) is 30 days delinquent, and one
($4.0 million, 0.2%) is a performing matured balloon loan.

  Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26

S&P lowered its ratings on the class H, J, K, L, M, N, and O
certificates from Bear Stearns Commercial Mortgage Securities
Trust 2007-TOP26 due to accumulated interest shortfalls resulting
from ASER amounts related to five of the nine loans that are
currently with the special servicer, C-III Asset Management LLC,
as well as special servicing fees.  S&P lowered its rating on the
class G certificate because S&P believes this class is susceptible
to future interest shortfalls.  As of the Dec. 13, 2010 trustee
remittance report, ARAs totaling $55.6 million were in effect for
seven loans.  The total reported ASER amount on five loans,
excluding $616,882 of ASER recoveries on two loans, was $105,411,
and the reported cumulative ASER amount was $1.4 million.  Based
on S&P's discussion with the special servicer, it is its
understanding that material ASER recoveries are not expected in
the near term.  Standard & Poor's considered five ASER amounts
(totaling $105,411), all of which were based on MAI appraisals, as
well as current special servicing fees, in determining its rating
actions.  The reported monthly interest shortfalls, excluding the
ASER recoveries, totaled $140,985.  Accumulated interest
shortfalls have affected all of the classes subordinate to and
including class H.  Classes J, K, L, M, N, and O have had
accumulated interest shortfalls outstanding between seven and 11
months, and S&P expects these interest shortfalls to remain
outstanding for the foreseeable future.  Consequently, S&P lowered
its ratings on these classes to 'D (sf)'.

The collateral pool for the BSCMS 2007-TOP26 transaction consists
of 236 loans with an aggregate trust balance of $2.1 billion.  As
of the Dec. 13, 2010, trustee remittance report, nine loans
($160.2 million; 7.7%) in the pool were with the special servicer.
The payment status of these loans is: three ($105.9 million, 5.1%)
are in foreclosure, five ($38.0 million, 1.8%) are 90-plus days
delinquent, and one ($16.3 million, 0.8%) is 30 days delinquent.

       JPMorgan Chase Commercial Mortgage Securities Corp.
                        Series 2004-CIBC9

S&P lowered its ratings on the class G, H, J, K, L, M, and N
certificates from JPMorgan Chase Commercial Mortgage Securities
Corp.'s series 2004-CIBC9 due to accumulated interest shortfalls
resulting from ASER amounts related to five of the seven loans
that are currently with the special servicer, C-III, as well as
special servicing fees.  S&P lowered its rating on the class F
certificate because S&P believes this class is susceptible to
future interest shortfalls.  As of the Dec. 13, 2010 trustee
remittance report, ARAs totaling $25.5 million were in effect for
five loans.  The total reported ASER amount was $129,200, and the
reported cumulative ASER amount was $1.4 million.  Standard &
Poor's considered five ASER amounts (totaling $129,200), all of
which were based on MAI appraisals, as well as current special
servicing fees, in determining its rating actions.  The reported
monthly interest shortfalls totaled $159,042, and accumulated
interest shortfalls have affected all of the classes subordinate
to and including class G.  Classes H, J, K, L, M, and N have had
accumulated interest shortfalls outstanding between seven and 11
months, and S&P expects these interest shortfalls to remain
outstanding for the foreseeable future.  Consequently, S&P lowered
its ratings on these classes to 'D (sf)'.

The collateral pool for the JPMC 2004-CIBC9 transaction consists
of 91 loans with an aggregate trust balance of $979.2 million.
As of the Dec. 13, 2010, trustee remittance report, seven loans
($88.7 million; 9.1%) in the pool were with the special servicer.
The payment status of these loans is: two ($44.9 million, 4.6%)
are 90-plus days delinquent, two ($19.9 million, 2.0%) are in
foreclosure, two ($12.5 million, 1.3%) are REO, and one
($11.4 million, 1.2%) is in its grace period.

        JPMorgan Chase Commercial Mortgage Securities Corp.
                       Series 2004-CIBC10

S&P lowered its ratings on the class L, M, N, P, and Q
certificates from JPMorgan Chase Commercial Mortgage Securities
Corp.'s series 2004-CIBC10 due to accumulated interest shortfalls
resulting from ASER amounts related to eight of the 13 loans that
are currently with the special servicer, LNR Partners LLC (LNR),
as well as special servicing fees.  S&P lowered its ratings on the
class H, J, and K certificates because S&P believes these classes
are susceptible to future interest shortfalls.  As of the Dec. 13,
2010 trustee remittance report, ARAs totaling $44.8 million were
in effect for 10 loans.  The total reported ASER amount on eight
loans, excluding $114,663 of ASER recoveries on three loans,
was $203,677, and the reported cumulative ASER amount was
$2.0 million.  Standard & Poor's considered four ASER amounts
(totaling $160,466), all of which were based on MAI appraisals, as
well as current special servicing fees, in determining its rating
actions.  The reported monthly interest shortfalls, excluding ASER
recoveries, totaled $209,838.  Accumulated interest shortfalls
have affected all of the classes subordinate to and including
class L.  Classes L, M, N, P, and Q have had accumulated interest
shortfalls outstanding between nine and 11 months, and S&P expects
these interest shortfalls to remain outstanding for the
foreseeable future.  Consequently, S&P lowered its ratings on
these classes to 'D (sf)'.

The collateral pool for the JPMC 2004-CIBC10 transaction consists
of 190 loans with an aggregate trust balance of $1.6 billion.
As of the Dec. 13, 2010 trustee remittance report, 13 loans
($162.4 million; 10.1%) in the pool were with the special
servicer.  The payment status of these loans is: three
($101.6 million, 6.3%) are in foreclosure, five ($43.3 million,
2.7%) are 90-plus days delinquent, three ($11.1 million, 0.7%)
are REO, and two ($6.4 million, 0.4%) are 60 days delinquent.

               Merrill Lynch Mortgage Trust 2007-C1

S&P lowered its ratings on the class G, H, J, K, and L
certificates from Merrill Lynch Mortgage Trust 2007-C1 due to
interest shortfalls resulting from ASER amounts related to 16 of
the 21 loans that are currently with the special servicer, C-III,
as well as special servicing fees.  The two largest loans in the
pool, the Empirian Multifamily Portfolio Pool 1 ($384.8 million,
9.6%) and Empirian Multifamily Portfolio Pool 3 ($330.3 million,
8.3%) loans were recently transferred on Nov. 11, 2010.  As of
the Dec. 14, 2010 trustee remittance report, ARAs totaling
$128.5 million were in effect for 16 loans.  The total reported
ASER amount was $610,565, and the reported cumulative ASER amount
was $7.2 million.  Standard & Poor's considered 14 ASER amounts
(totaling $597,048), all of which were based on MAI appraisals, as
well as current special servicing fees, in determining its rating
actions.  The reported monthly interest shortfalls totaled
$791,878 and have affected all of the classes subordinate to and
including class G.  Classes J, K, and L have had accumulated
interest shortfalls outstanding between seven and 12 months, and
S&P expects these interest shortfalls to remain outstanding for
the foreseeable future.  Consequently, S&P lowered its ratings on
these classes to 'D (sf)'.

The collateral pool for the MLMT 2007-C1 transaction consists
of 263 loans with an aggregate trust balance of $4.0 billion.
As of the Dec. 14, 2010 trustee remittance report, 21 loans
($976.0 million; 24.4%) in the pool were with the special
servicer, including the two largest loans, the Empirian
Multifamily Portfolio Pool 1 ($384.8 million, 9.6%) and the
Empirian Multifamily Portfolio Pool 3 ($330.3 million, 8.3%)
loans.  The payment status of these loans is: one ($384.8 million,
9.6%) is 30 days delinquent, four ($342.9 million, 8.6%) are 60
days delinquent, three ($146.3 million, 3.7%) are REO, seven
($76.7 million, 1.9%) are in foreclosure, and six ($25.3 million,
0.6%) are 90-plus days delinquent.

                          Rating Actions

   Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9
          Commercial mortgage pass-through certificates

                                                         Reported
          Rating                                  interest shortfalls ($)
          ------                                  -----------------------
Class  To        From       Credit enhancement    Current  Accumulated
-----  --        ----       ------------------    -------  -----------
H      CCC- (sf) CCC+ (sf)     3.90                     0            0
J      D (sf)    CCC- (sf)     2.67               (27,863)      92,977
K      D (sf)    CCC- (sf)     2.39                20,887       62,662
L      D (sf)    CCC- (sf)     1.98                31,333       93,998
M      D (sf)    CCC- (sf)     1.43                41,771      180,648

  Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26
          Commercial mortgage pass-through certificates

                                                         Reported
          Rating                                  interest shortfalls ($)
          ------                                  -----------------------
Class  To        From       Credit enhancement    Current  Accumulated
-----  --        ----       ------------------    -------  -----------
G      CCC+ (sf) B (sf)        2.49              (212,365)           0
H      CCC- (sf) B- (sf)       1.59              (406,701)      76,535
J      D (sf)    B- (sf)       1.47                11,304       80,157
K      D (sf)    CCC+ (sf)     1.34                11,300       80,127
L      D (sf)    CCC+ (sf)     1.08                22,604      250,983
M      D (sf)    CCC (sf)      0.96                11,304      127,052
N      D (sf)    CCC (sf)      0.70                22,604      254,055
O      D (sf)    CCC- (sf)     0.57                11,300      127,004

        JPMorgan Chase Commercial Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2004-CIBC9

                                                         Reported
          Rating                                  interest shortfalls ($)
          ------                                  -----------------------
Class  To        From       Credit enhancement    Current  Accumulated
-----  --        ----       ------------------    -------  -----------
F      B- (sf)   BB- (sf)      5.18                     0            0
G      CCC- (sf) B (sf)        4.20               (27,445)     122,297
H      D (sf)    CCC+ (sf)     2.37                81,313      536,661
J      D (sf)    CCC+ (sf)     2.09                12,511       89,240
K      D (sf)    CCC (sf)      1.66                18,764      147,779
L      D (sf)    CCC- (sf)     1.10                25,021      278,924
M      D (sf)    CCC- (sf)     0.54                25,017      278,874
N      D (sf)    CCC- (sf)     0.26                12,511      139,462

       JPMorgan Chase Commercial Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2004-CIBC10

                                                         Reported
          Rating                                  interest shortfalls ($)
          ------                                  -----------------------
Class  To        From       Credit enhancement    Current  Accumulated
-----  --        ----       ------------------    -------  -----------
H      BB- (sf)  BBB- (sf)     5.80                     0            0
J      CCC+ (sf) B (sf)        4.12                     0            0
K      CCC- (sf) CCC+ (sf)     3.81                     0            0
L      D (sf)    CCC (sf)      3.35               (80,275)      79,247
M      D (sf)    CCC- (sf)     2.58                47,956      441,244
N      D (sf)    CCC- (sf)     2.28                19,179      202,075
P      D (sf)    CCC- (sf)     1.82                28,774      316,511
Q      D (sf)    CCC- (sf)     1.66                 9,591      105,504

               Merrill Lynch Mortgage Trust 2007-C1
          Commercial mortgage pass-through certificates

                                                         Reported
          Rating                                  interest shortfalls ($)
          ------                                  -----------------------
Class  To        From       Credit enhancement    Current  Accumulated
-----  --        ----       ------------------    -------  -----------
G      CCC- (sf) B- (sf)       4.12                36,514       36,514
H      CCC- (sf) CCC+ (sf)     3.11               196,627      240,592
J      D (sf)    CCC (sf)      2.73                73,739      305,365
K      D (sf)    CCC- (sf)     2.35                73,734      612,476
L      D (sf)    CCC- (sf)     2.09                44,423      471,976


* S&P Downgrades Ratings on 11 Notes From Six CDO Transactions
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes of notes from six U.S. cash flow collateralized debt
obligations and one nontraditional asset securitization following
the downgrade of MBIA Insurance Corp. to 'B'.

The cash flow CDO and nontraditional asset downgrades reflect the
lowered rating on MBIA Insurance Corp. S&P's ratings on these
classes are based, in part, on the financial guarantee provided by
MBIA Insurance Corp. For insured classes of notes, S&P's rating is
generally the higher of the rating on the insurer or the SPUR for
the tranche.  A SPUR is S&P's opinion of the stand-alone
creditworthiness of an obligation -- that is, the capacity to pay
debt service on a debt issue in accordance with its terms-without
considering an otherwise applicable bond insurance policy.

                          Ratings Lowered

                        U.S. Cash Flow CDOs

                                             Rating
                                             ------
    Transaction              Class    To                From
    -----------              -----    --                ----
    Coronado CDO Ltd.        A-1      BB (sf)           BB+ (sf)
    Coronado CDO Ltd.        A-2      BB (sf)           BB+ (sf)
    Fulton Street CDO Ltd.   A-1A     B (sf)            BB+ (sf)
    Mulberry Street CDO II   A-1A     BB (sf)/Watch Neg BB+ (sf)
    Mulberry Street CDO II   A-1B     B (sf)            BB+ (sf)
    Mulberry Street CDO II   A-1W     B (sf)            BB+ (sf)
    Mulberry Street CDO      A-1A     B (sf)            BB+ (sf)
    Oceanview CBO I Ltd.     A-1A     B (sf)            BB+ (sf)
    Zohar II 2005-1 Ltd.     A-1      B (sf)            BB+ (sf)
    Zohar II 2005-1 Ltd.     A-2      B (sf)            BB+ (sf)
    Zohar II 2005-1 Ltd.     A-3      B (sf)            BB+ (sf)

                    Nontraditional Transaction

                                              Rating
                                              ------
    Transaction                   Class   To          From
    -----------                   -----   --          ----
    Net Lease Funding 2005 L.P.   A-2     B (sf)      BB+ (sf)


* S&P Downgrades Ratings on 27 Certs. From Four CMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 27
classes of commercial mortgage pass-through certificates from four
U.S. commercial mortgage-backed securities transactions.

The downgrades reflect current and potential interest shortfalls.
S&P lowered its ratings on 21 of these classes to 'D (sf)' because
of interest shortfalls that S&P expects to continue.

Nineteen of the 21 classes that S&P downgraded to 'D (sf)' have
had accumulated interest shortfalls outstanding for four or more
months.  The recurring interest shortfalls for the respective
certificates are primarily due to one or more of these factors:

* Appraisal subordinate entitlement reduction amounts in effect
  for specially serviced loans;

* A lack of servicer advancing for loans where the servicer has
  made nonrecoverable advance declarations;

* Special servicing fees; and

* Interest rate reductions or deferrals resulting from loan
  modifications.

Standard & Poor's analysis primarily considered the ASER amounts
based on appraisal reduction amounts calculated using recent
Member of the Appraisal Institute appraisals.  S&P also considered
servicer nonrecoverable advance declarations and special servicing
fees that are likely, in its view, to cause recurring interest
shortfalls.

ARAs and resulting ASER amounts are implemented in accordance with
each respective transaction's terms.  Typically, these terms call
for the automatic implementation of an ARA equal to 25% of the
stated principal balance of a loan when a loan is 60 days past due
and an appraisal or other valuation is not available within a
specified timeframe.  S&P primarily considered ASER amounts based
on ARAs calculated from MAI appraisals when deciding which classes
from the affected transactions to downgrade to 'D (sf)' because
ARAs based on a principal balance haircut are highly subject to
change, or even reversal, once the special servicer obtains the
MAI appraisals.

Servicer nonrecoverable advance declarations can prompt shortfalls
due to a lack of debt service advancing, the recovery of
previously made advances deemed nonrecoverable, or the failure to
advance trust expenses when nonrecoverable declarations have been
determined.  Trust expenses may include, but are not limited to,
property operating expenses, property taxes, insurance payments,
and legal expenses.

S&P detail the 27 downgraded classes from the four CMBS
transactions below.

    Bear Stearns Commercial Mortgage Securities Trust 2005-PWR10

S&P lowered its ratings on the class K, L, M, N, O, P, and Q
certificates from Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR10 due to interest shortfalls resulting from ASER
amounts related to 10 of the 13 loans that are currently with the
special servicer, C-III Asset Management LLC, as well as interest
not advanced and special servicing fees.  S&P lowered its rating
on the class J certificate because S&P believes this class is
susceptible to future interest shortfalls.  As of the Dec. 13,
2010 trustee remittance report, ARAs totaling $85.7 million
were in effect for 12 loans.  The total reported ASER amount
was $369,068, and the reported cumulative ASER amount was
$2.3 million.  Standard & Poor's considered four ASER amounts
(totaling $57,237), all of which were based on MAI appraisals, as
well as current special servicing fees and interest not advanced
($46,376), in determining its rating actions.  The reported
monthly interest shortfalls totaled $480,757, and have affected
all of the classes subordinate to and including class K.  Classes
K, L, M, N, O, P, and Q have had accumulated interest shortfalls
outstanding between four and 11 months, and S&P expects these
interest shortfalls to remain outstanding for the foreseeable
future.  Consequently, S&P lowered its ratings on these classes to
'D (sf)'.

The collateral pool for the BSCMS 2005-PWR10 transaction
consists of 206 loans with an aggregate trust balance of
$2.4 billion.  As of the Dec. 13, 2010 trustee remittance
report, 13 loans ($299.6 million; 12.3%) in the pool were with
the special servicer.  The payment status of these loans is:
four ($237.5 million, 9.8%) are 90-plus days delinquent, seven
($54.1 million, 2.2%) are in foreclosure, one ($5.6 million, 0.2%)
is a nonperforming matured balloon loan, and one ($2.4 million,
0.1%) is real estate owned.

       JPMorgan Chase Commercial Mortgage Securities Corp.'s
                        Series 2005-CIBC11

S&P lowered its ratings on the class M, N, and P certificates from
JPMorgan Chase Commercial Mortgage Securities Corp.'s series 2005-
CIBC11 due to interest shortfalls resulting from ASER amounts
related to five of the 12 loans that are currently with the
special servicer, J.E.  Robert Co.  Inc. (J.E.  Robert), as well
as interest not advanced, and special servicing fees.  An interest
rate modification on the West Valley Shopping Center loan also
contributed to the interest shortfalls.  As of the Dec. 13, 2010
trustee remittance report, ARAs excluding one loan that was
liquidated totaled $27.5 million and were in effect for nine
loans.  The total reported ASER amount, excluding ASER recoveries
resulting from the liquidated loan, was $56,555, and the reported
cumulative ASER amount was $363,396.  Standard & Poor's considered
four ASER amounts (totaling $42,002), all of which were based on
MAI appraisals, as well as current special servicing fees,
interest not advanced ($11,379), and interest rate reduction of
$53,149 from the modification of the West Valley Shopping Center
loan, in determining its rating actions.  The reported monthly
interest shortfalls totaled $89,794, and accumulated interest
shortfalls have affected all of the classes subordinate to and
including class M.  Classes M, N, and P have had accumulated
interest shortfalls outstanding between four and 11 months, and
S&P expects these interest shortfalls to remain outstanding for
the foreseeable future.  Consequently, S&P lowered its ratings on
these classes to 'D (sf)'.

The collateral pool for the JPMC 2005-CIBC11 transaction consists
of 136 loans with an aggregate trust balance of $1.5 billion.  As
of the Dec. 13, 2010, trustee remittance report, 12 loans
($68.8 million; 4.6%) in the pool were with the special servicer.
The payment status of these loans is: five ($21.2 million, 1.4%)
are in foreclosure, one ($16.4 million, 1.1%) is less than 30 days
delinquent, four ($14.3 million, 1.0%) are 90-plus days
delinquent, one ($13.8 million, 0.9%) is in its grace period, and
one ($3.1 million, 0.2%) is 30 days delinquent.

      JPMorgan Chase Commercial Mortgage Securities Corp.'s
                         series 2005-LDP2

S&P lowered its ratings on the class J, K, L, M, N, O, P, and Q
certificates from JPMorgan Chase Commercial Mortgage Securities
Corp.'s series 2005-LDP2 due to interest shortfalls resulting from
ASER amounts related to 14 of the 25 loans that are currently with
the special servicer, LNR Partners LLC, as well as special
servicing fees.  S&P lowered its rating on the class H certificate
because S&P believes this class is susceptible to future interest
shortfalls.  As of the Dec. 15, 2010 trustee remittance report,
ARAs totaling $107.3 million were in effect for 16 loans.  The
total reported ASER amount was $419,099, and the reported
cumulative ASER amount was $2.6 million.  Standard & Poor's
considered 12 ASER amounts (totaling $373,598), all of which were
based on MAI appraisals, as well as current special servicing
fees, in determining its rating actions.  The reported monthly
interest shortfalls totaled $502,158, and have affected all of the
classes subordinate to and including class J.  Classes K, L, M, N,
O, P, and Q have had accumulated interest shortfalls outstanding
between three and 11 months, and S&P expects these interest
shortfalls to remain outstanding for the foreseeable future.
Consequently, S&P lowered its ratings on these classes to 'D
(sf)'.

The collateral pool for the JPMC 2005-LDP2 transaction consists
of 267 loans with an aggregate trust balance of $2.5 billion.
As of the Dec. 15, 2010, trustee remittance report, 25 loans
($306.3 million; 12.0%) in the pool were with the special
servicer.  The payment status of these loans is: 10
($93.1 million, 3.6%) are 90-plus days delinquent, four
($81.0 million, 3.2%) are REO, four ($61.6 million, 2.4%) are
nonperforming matured balloon loans, four ($47.9 million, 1.9%)
are in foreclosure, one ($13.2 million, 0.5%) is less than 30
days delinquent, one ($7.5 million, 0.3%) is 30 days delinquent,
and one ($2.0 million, 0.1%) is 60 days delinquent.

          Merrill Lynch Mortgage Trust's Series 2005-LC1

S&P lowered its ratings on the class K, L, M, N, and P
certificates from Merrill Lynch Mortgage Trust's series 2005-LC1
due to interest shortfalls resulting from ASER amounts related to
nine of the 10 loans that are currently with the special servicer,
LNR, as well as special servicing fees.  S&P lowered its ratings
on the class H and J certificates because S&P believes these
classes are susceptible to future interest shortfalls.  As of
the Dec. 13, 2010 trustee remittance report, ARAs totaling
$26.9 million were in effect for nine loans.  The total reported
ASER amount was $125,366, and the reported cumulative ASER amount
was $1.1 million.  Standard & Poor's considered seven ASER amounts
(totaling $119,738), all of which were based on MAI appraisals, as
well as current special servicing fees, in determining its rating
actions.  The reported monthly interest shortfalls totaled
$179,610, and have affected all of the classes subordinate to and
including class K.  Classes L, M, N, and P have had accumulated
interest shortfalls outstanding between three and 12 months, and
S&P expects these interest shortfalls to remain outstanding for
the foreseeable future.  Consequently, S&P lowered its ratings on
these classes to 'D (sf)'.

The collateral pool for the MLMT 2005-LC1 transaction consists
of 135 loans with an aggregate trust balance of $1.4 billion.
As of the Dec. 13, 2010 trustee remittance report, 10 loans
($114.3 million; 8.2%) in the pool were with the special servicer.
The payment status of these loans is: six ($90.1 million, 6.5%)
are 90-plus days delinquent, three ($20.4 million, 1.5%) are REO,
and one ($3.8 million, 0.2%) is in foreclosure.

                         Rating Actions

   Bear Stearns Commercial Mortgage Securities Trust 2005-PWR10
          Commercial mortgage pass-through certificates

                                                         Reported
          Rating                                    interest shortfalls
          ------                                    -------------------
Class  To        From         Credit enhancement    Current  Accumulated
-----  --        ----         ------------------    -------  -----------
J      CCC- (sf)  B (sf)      4.68                         0           0
K      D (sf)     B- (sf)     3.19                   157,904     550,265
L      D (sf)     B- (sf)     3.05                    13,736      54,943
M      D (sf)     B- (sf)     2.64                    41,208     164,830
N      D (sf)     CCC+ (sf)   2.10                    54,943     219,774
O      D (sf)     CCC (sf)    1.83                    27,476     109,904
P      D (sf)     CCC- (sf)   1.56                    27,472     121,790
Q      D (sf)     CCC- (sf)   1.15                    41,208     244,574


       JPMorgan Chase Commercial Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2005-CIBC11

                                                         Reported
          Rating                                    interest shortfalls
          ------                                    -------------------
Class  To        From          Credit enhancement   Current  Accumulated
-----  --        ----          ------------------   -------  -----------
M      D (sf)    CCC- (sf)     1.36                   (2,381)     54,437
N      D (sf)    CCC- (sf)     1.07                   19,250      86,238
P      D (sf)    CCC- (sf)     0.62                   28,879     200,169


        JPMorgan Chase Commercial Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2005-LDP2

                                                         Reported
          Rating                                    interest shortfalls
          ------                                    -------------------
Class  To        From         Credit enhancement    Current  Accumulated
-----  --        ----         ------------------    -------  -----------
H      B- (sf)    B+ (sf)     5.60                         0           0
J      CCC- (sf)  B+ (sf)     4.43                    52,270      52,270
K      D (sf)     B (sf)      2.96                   166,937     408,982
L      D (sf)     B- (sf)     2.52                    41,983     144,731
M      D (sf)     CCC+ (sf)   1.94                    55,975     223,902
N      D (sf)     CCC (sf)    1.50                    41,983     167,930
O      D (sf)     CCC (sf)    1.20                    27,990     143,759
P      D (sf)     CCC- (sf)   0.91                    27,990     274,675
Q      D (sf)     CCC- (sf)   0.47                    41,983     446,810


                   Merrill Lynch Mortgage Trust
  Commercial mortgage pass-through certificates series 2005-LC1

                                                         Reported
          Rating                                    interest shortfalls
          ------                                    -------------------
Class  To        From         Credit enhancement    Current  Accumulated
-----  --        ----         ------------------    -------  -----------
H      B- (sf)    BB- (sf)    3.77                         0           0
J      CCC (sf)   B+ (sf)     3.22                         0           0
K      CCC- (sf)  B+ (sf)     2.80                    19,449      30,836
L      D (sf)     B (sf)      2.38                    23,810      70,978
M      D (sf)     B- (sf)     1.97                    23,806      78,469
N      D (sf)     CCC+ (sf)   1.55                    23,810     192,780
P      D (sf)     CCC (sf)    1.27                    15,869     190,429

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers"
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR.  Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com by e-mail.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases by individuals and business entities estimating
assets and debts or disclosing assets and liabilities at less than
$1,000,000.  The list includes links to freely downloadable images
of the small-dollar business-related petitions in Acrobat PDF
format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                          *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors" Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Howard
C. Tolentino, Joseph Medel C. Martirez, Denise Marie Varquez,
Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R.
Villacampa, Sheryl Joy P. Olano, Carlo Fernandez, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.


                  *** End of Transmission ***