DBRS Rates BCAP LLC 2009-RR3 Trust Resecuritization Pass-Through Certificates

DBRS has today assigned the following ratings to the Resecuritization Pass-Through Certificates issued by BCAP LLC 2009-RR3 Trust (the Trust).

-- $33.4 million Class II-A-1* rated at AAA

DBRS rates only the Group II certificates in this resecuritization trust. The AAA ratings on the Class II-A-1 certificates reflect the 40% of credit enhancement provided by subordination. The ratings also reflect the quality of the underlying asset, which consists of one residential mortgage pass-through certificate.

DBRS does not rate the Class II-A-2 Certificates or any certificates in Group 1 and Group 3.

In Group II, interest and principal payments on the notes will generally be made on the 26th day of each month, commencing in June 2009. Interest payments will be distributed on a pro rata basis to the certificates. Principal payments will be distributed on a sequential basis to the certificates until the certificate principal balance has been reduced to zero.

Any losses realized from the underlying security will be allocated in a reverse sequential order, until the certificate principal balances have been reduced to zero.

The Trust is a resecuritization of a residential mortgage pass-through certificate, WaMu Mortgage Pass-through Certificates Series 2007-HY5 Class 2-A3, which is backed by a pool of Alt-A one- to four-family adjustable-rate first-lien residential mortgages.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Residential Mortgage-Backed Securities Transactions, which can be found on our website under Methodologies.

This is a Structured Finance rating.