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Moody's takes action on $607 Million of Prime Jumbo RMBS issued from 2005 to 2007.

New York: Moody's Investors Service has upgraded the ratings of 25 tranches and downgraded the ratings of 15 tranches backed by Prime Jumbo RMBS loans, issued by various issuers.

Complete rating actions are as follows:

Issuer: Banc of America Funding 2006-3 Trust

Cl. 5-A-4, Downgraded to Caa2 (sf); previously on Apr 30, 2010 Downgraded to Caa1 (sf)

Cl. X-PO, Downgraded to Caa2 (sf); previously on Apr 30, 2010 Downgraded to Caa1 (sf)

Issuer: Chase Mortgage Finance Trust 2007-S6

Cl. 1-A1, Downgraded to Ca (sf); previously on Oct 24, 2013 Downgraded to Caa2 (sf)

Cl. 1-A3, Downgraded to C (sf); previously on Oct 24, 2013 Downgraded to Caa3 (sf)

Cl. 1-AX, Downgraded to Ca (sf); previously on Oct 24, 2013 Downgraded to Caa2 (sf)

Cl. 2-A1, Downgraded to Ca (sf); previously on Oct 24, 2013 Downgraded to Caa2 (sf)

Cl. 2-A3, Downgraded to C (sf); previously on Oct 24, 2013 Downgraded to Caa2 (sf)

Cl. 2-AX, Downgraded to Ca (sf); previously on Oct 24, 2013 Downgraded to Caa2 (sf)

Cl. A-P, Downgraded to Ca (sf); previously on May 26, 2010 Downgraded to Caa2 (sf)

Issuer: GSR Mortgage Loan Trust 2005-7F

Cl. 1A-3, Upgraded to Ba2 (sf); previously on May 22, 2015 Confirmed at B1 (sf)

Cl. 2A-5, Upgraded to Ba1 (sf); previously on May 22, 2015 Confirmed at Ba3 (sf)

Cl. 2A-6, Upgraded to Baa3 (sf); previously on May 22, 2015 Confirmed at Ba2 (sf)

Cl. 2A-7, Upgraded to Ba3 (sf); previously on May 22, 2015 Confirmed at B2 (sf)

Cl. 3A-1, Upgraded to Ba1 (sf); previously on May 22, 2015 Confirmed at Ba3 (sf)

Cl. 3A-2, Upgraded to Baa3 (sf); previously on May 22, 2015 Confirmed at Ba2 (sf)

Cl. 3A-3, Upgraded to Ba1 (sf); previously on May 22, 2015 Confirmed at Ba3 (sf)

Cl. 3A-4, Upgraded to Baa3 (sf); previously on May 22, 2015 Confirmed at Ba2 (sf)

Cl. 3A-5, Upgraded to Ba1 (sf); previously on May 22, 2015 Confirmed at Ba3 (sf)

Cl. 3A-6, Upgraded to Ba3 (sf); previously on May 22, 2015 Confirmed at B2 (sf)

Cl. 3A-9, Upgraded to Ba1 (sf); previously on May 22, 2015 Confirmed at Ba3 (sf)

Cl. 3A-10, Upgraded to Ba1 (sf); previously on May 22, 2015 Confirmed at Ba3 (sf)

Cl. 3A-11, Upgraded to Ba3 (sf); previously on May 22, 2015 Confirmed at B2 (sf)

Cl. 3A-12, Upgraded to Ba3 (sf); previously on May 22, 2015 Confirmed at B2 (sf)

Cl. 4A-1, Upgraded to Ba2 (sf); previously on May 22, 2015 Confirmed at B1 (sf)

Cl. 4A-2, Upgraded to Ba2 (sf); previously on May 22, 2015 Confirmed at B1 (sf)

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR4

Cl. A-5, Upgraded to B1 (sf); previously on Apr 12, 2010 Downgraded to B3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2005-AR13 Trust

Cl. I-A-5, Upgraded to Ba1 (sf); previously on May 26, 2015 Upgraded to B1 (sf)

Cl. II-A-1, Upgraded to Ba1 (sf); previously on May 14, 2010 Upgraded to Ba3 (sf)

Cl. II-A-2, Upgraded to Ba1 (sf); previously on May 14, 2010 Upgraded to Ba3 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2006-19 Trust

Cl. A-2, Downgraded to Baa3 (sf); previously on Aug 23, 2012 Confirmed at Baa1 (sf)

Cl. A-3, Downgraded to B1 (sf); previously on Aug 23, 2012 Upgraded to Ba2 (sf)

Cl. A-4, Downgraded to Caa1 (sf); previously on Jun 20, 2015 Downgraded to B2 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2006-AR6 Trust

Cl. V-A-2, Upgraded to Ba2 (sf); previously on Jun 26, 2015 Upgraded to Ba3 (sf)

Cl. VI-A-1, Downgraded to B3 (sf); previously on Aug 17, 2012 Downgraded to B1 (sf)

Cl. VII-A-1, Upgraded to Baa1 (sf); previously on Jun 26, 2015 Upgraded to Ba1 (sf)

Cl. VII-A-2, Upgraded to Ba2 (sf); previously on Jun 26, 2015 Upgraded to B2 (sf)

Issuer: Wells Fargo Mortgage Backed Securities 2007-AR10 Trust

Cl. I-A-1, Downgraded to B3 (sf); previously on Jun 26, 2015 Downgraded to B2 (sf)

Cl. II-A-1, Downgraded to Caa1 (sf); previously on Jun 26, 2015 Downgraded to B3 (sf)

Issuer: Bear Stearns ARM Trust 2006-3

Cl. A-1, Upgraded to Baa1 (sf); previously on Jun 26, 2015 Upgraded to Baa3 (sf)

Cl. A-2, Upgraded to Ba2 (sf); previously on Apr 14, 2011 Confirmed at B2 (sf)

RATINGS RATIONALE

The actions are a result of the recent performance of the underlying pools and reflect Moody's updated loss expectations on the pools. The ratings upgraded are a result of the improving performance of the related pools and an increase in credit enhancement available to the bonds. The ratings downgraded are due to the weaker performance of the underlying collateral and the erosion of enhancement available to the bonds. The ratings on Classes A-1 and A-2 from Bear Stearns ARM Trust 2006-3 have been upgraded due to performance of the underlying collateral and Moody's updated loss expectation on the underlying bond. The resecuritization is backed by Class VII-A-1 issued by Wells Fargo Mortgage Backed Securities 2006-AR6 Trust.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in November 2013.

The methodology used in rating Bear Stearns ARM Trust 2006-3 was "Moody's Approach to Rating Resecuritizations" published in February 2014. Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

Factors that would lead to an upgrade or downgrade of the rating:

Ratings in the US RMBS sector remain exposed to the high level of macroeconomic uncertainty, and in particular the unemployment rate. The unemployment rate fell to 4.9% in February 2016 from 5.5% in February 2015. Moody's forecasts an unemployment central range of 4.5% to 5.5% for the 2016 year. Deviations from this central scenario could lead to rating actions in the sector.

House prices are another key driver of US RMBS performance. Moody's expects house prices to continue to rise in 2016. Lower increases than Moody's expects or decreases could lead to negative rating actions.

Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.
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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Mar 21, 2016
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