Subprime Downgrades Abundant

• 99 tranches from Argent issuances from 2005 and 2006;
• 36 certificates from five FBR Securitization Trust securitizations issued in 2005;
• 22 classes from ResMAE Mortgage Loan Trust 2006-1 and 2007-1;
• 10 certificates from Terwin Mortgage Trust 2006-1; and
• four tranches of Terwin Mortgage Trust 2006-5 and 2006-7.

An analysis of underlying ratings on subprime RMBS that are guaranteed by financial guarantors led to downgrades by Moody’s on classes of the following securities.

• eight tranches from Park Place Securities Inc. 2004-MHQ1;
• eight certificates from Argent Securities Inc. 2004-W11;
• eight tranches from Ameriquest Mortgage Securities Inc. 2004-R10;
• three classes of Soundview Home Loan Trust 2008-1; and
• one class from Morgan Stanley ABS Capital I Inc. 2003-NC9.

An ongoing review of subprime securitizations led Moody’s to downgrade certificates from the following transactions.

• 130 tranches from Ameriquest Mortgage Securities Inc. deals securitized from 2002, 2003 and 2004;
• 39 certificates from Ameriquest Mortgage Securities Inc. transactions issued in 2003 and 2004;
• 35 classes from CDC Mortgage Capital Trust deals securitized from 2001 to 2004; and
• 31 tranches from six 2004 Park Place Securities Inc. RMBS.

Standard & Poor’s Ratings Services cited deterioration of available credit support and its loss expectations based the balance of delinquent loans in its class downgrades of the following issuances.

• 58 tranches from seven Structured Asset Securities Corporation Mortgage Loan Trust transactions securitized from 2005 through 2007;
• 30 certificates from Morgan Stanley ABS Capital I Inc. Trust 2007-HE6, 2007-NC2 and 2005-3;
• 27 classes from four Specialty Underwriting and Residential Finance Trust RMBS issued from 2005 to 2007;
• 17 tranches from RASC Series 2005-KS8, 2007-KS3 and 2007-KS4;
• 14 classes of Merrill Lynch Mortgage Investors Trust 2005-HE2 and 2007-HE2;
• 13 tranches from Option One Mortgage Loan Trust 2005-3 and 2007-5;
• 13 certificates from Nomura Home Equity Loan, Inc. Home Equity Loan Trust 2007-3;
• 11 tranches from CWABS Asset Backed Certificates Trust 2006-10 and 2005-AB3;
• 11 tranches from BNC Mortgage Loan Trust 2007-2;
• 11 certificates of Home Equity Asset Trust 2005-5 and 2005-7;
• 10 tranches from HSI Asset Securitization Corporation Trust 2005-NC1;
• nine classes from four 2005 GSAMP Trust deals;
• seven classes of CWABS Inc. 2004-4;
• seven certificates from RAMP Series 2007-RS2 Trust;
• seven tranches from First Franklin Mortgage Loan Trust 2005-FF9;
• seven classes from Home Equity Mortgage Loan Asset-Backed Trust INABS 2005-C;
• six certificates from FFMLT Trust 2005-FF8;
• six tranches from Soundview Home Loan Trust 2005-3 and 2005-OPT2;
• five classes from IXIS Real Estate Capital Trust 2005-HE3;
• five certificates of JPMorgan Mortgage Acquisition Corp. 2005-FRE1 and 2005-WMC1;
• five classes of Meritage Mortgage Loan Trust 2005-2;
• five tranches from ABFC 2005-HE2 Trust;
• five classes of Fieldstone Mortgage Investment Trust 2005-2;
• five certificates of Ace Securities Corp. Home Equity Loan Trust Series 2005-HE5;
• five tranches of MASTR Asset Backed Securities Trust 2006-WMC3;
• three certificates from First Franklin Mortgage Loan Trust 2002-FF4;
• two tranches of Equity One Mortgage Pass-Through Trust 2002-2; and
• one class from Fremont Home Loan Trust 2005-E.