DBRS Rates J.P. Morgan Mortgage Trust, Series 2008-R4 Trust Certificates

DBRS has today assigned the following ratings to the Trust Certificates issued by J.P. Morgan Mortgage Trust, Series 2008-R4 (the Trust).

-- $21.8 million Class 1-A-1 rated at BBB (high)
-- $13.2 million Class 2-A-1 rated at BBB (low)

The above ReREMIC transaction closed in December 2008. DBRS did not assign ratings to any of the certificates as of the closing date.

DBRS now rates Groups 1 and 2 in this resecuritization trust, each consisting of one senior residential mortgage-backed security (RMBS). The ratings on the certificates reflect the credit enhancement provided by subordination on the underlying certificates within their respective groups. The ratings on the DBRS-rated groups also reflect the quality of the underlying assets.

Other than the specified classes above, DBRS does not rate any other certificates in this transaction.

Interest and principal payments on the certificates are generally made on the 26th day of each month and commenced in December 2008. For Group 1, interest payments will be distributed on a pro rata basis to the certificates and principal payments will be distributed on a sequential basis to the certificates until the certificate principal balance has been reduced to zero. For Group 2, interest payments will be distributed on a pro rata basis to the certificates, provided that interest payments to Class 2-A-2 will be distributed as principal to Class 2-A-1 until the Class 2-A-1 principal balance is reduced to zero. For Group 2, 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 securities will be allocated reverse sequentially to the certificates within each group until their principal balances have been reduced to zero.

The Trust is a resecuritization consisting of four senior RMBS represented by three real estate mortgage investment conduits (REMIC). The REMIC trusts are backed by pools of prime, adjustable-rate, first lien, one- to four-family residential mortgages.

Note:
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.