Fitch Affirms 28, Lowers 3 & Places 1 RMBS Class on Watch from 2 Soundview HE Transactions.

NEW YORK -- Fitch has taken the following rating actions on the Soundview Home Equity (HE) transactions listed below:

Series 2005-A

-- Class A affirmed at 'AAA';

-- Class M1 affirmed at 'AA+';

-- Class M2 affirmed at 'AA+';

-- Class M3 affirmed at 'AA+';

-- Class M4 affirmed at 'AA';

-- Class M5 affirmed at 'AA';

-- Class M6 affirmed at 'AA-';

-- Class M7 affirmed at 'A+';

-- Class M8 affirmed at 'A';

-- Class M9 affirmed at 'A-';

-- Class M10 affirmed at 'BBB+';

-- Class M11 affirmed at 'BBB';

-- Class B1 affirmed at 'BBB-';

-- Class B2 affirmed at 'BB+';

-- Class B3 rated 'BB' placed on Rating Watch Negative;

-- Class B4 downgraded to 'C' from 'BB-'/assigned 'DR5' Distressed Recovery rating;

Series 2005-B

-- Class A affirmed at 'AAA';

-- Class M1 affirmed at 'AA+';

-- Class M2 affirmed at 'AA+';

-- Class M3 affirmed at 'AA+';

-- Class M4 affirmed at 'AA';

-- Class M5 affirmed at 'AA-';

-- Class M6 affirmed at 'A+';

-- Class M7 affirmed at 'A';

-- Class M8 affirmed at 'A-';

-- Class M9 affirmed at 'A-';

-- Class M10 affirmed at 'BBB+';

-- Class M11 affirmed at 'BBB';

-- Class M12 affirmed at 'BBB-';

-- Class M13 affirmed at 'BB+';

-- Class M14 downgraded to 'B+' from 'BB-';

-- Class M15 downgraded to 'C' from 'B+'/assigned 'DR6' Distressed Recovery rating.

The mortgage pools consist of fixed-rate, second lien, fully amortizing and balloon payment mortgage loans. As of the August 2006 distribution date, the transactions are seasoned 14 and 10 months respectively and the pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) are approximately 49.2% and 61% respectively. All of the loans are serviced by Countrywide Home Loans Servicing, LP. (rated 'RPS1' by Fitch) and GMAC Mortgage Corporation (rated 'RPS1 and on Rating Watch Evolving).

The affirmations reflect a stable relationship between credit enhancement and future loss expectations and affect approximately $577.46 million of outstanding certificates.

The negative rating actions reflect deterioration in the relationship between credit enhancement and future loss expectations, and affect approximately $35.75 million in outstanding certificates.

Both transactions require the servicer to charge off a loan when it is more than 180 days delinquent, if the servicer does not believe that any recovery could be made through foreclosure proceedings. In prior months the servicers had charged off relatively few loans, although there were large amounts in the 180+ bucket. The large losses sustained in the July and August 2006 remittance periods are the result of the servicers decision to charge off many of these delinquent loans. As of the August 2006 remittance reports, the trusts still contain approximately $10.3 million in loans that are more than 180 days delinquent and not real estate owned, in bankruptcy, or in foreclosure proceedings. It is expected that in the coming months, these loans will also be charged off, causing realized losses to erode the credit protection afforded by overcollateralization (OC) to the most subordinate bonds.

In addition, since prepayments were faster than expected, the OC, which was originally unfunded, has not benefited from the levels of excess spread expected, and as a result, had not been able to fully build to its target level before losses caused it to decline. As of the August 2006 report, series 2005-A was approximately $21.73 million below its OC target of $31.525 million, and the series 2005-B transaction was approximately $20.54 million below its OC target of $21.938 million.

Fitch will continue to closely monitor this transaction and if losses continue to cause available credit support to decline, additional rating actions may be necessary. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings website at 'www.fitchratings.com'.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time vale of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.