DBRS Rates LVII Resecuritization Trust 2009-2 Resecuritization Trust Certificates, Series 2009-2

DBRS has assigned the following ratings to the Resecuritization Trust Certificates, Series 2009-2 issued by LVII Resecuritization Trust 2009-2 (the Trust).

-- $27.4 million Class A-1 rated at AAA
-- $27.4 million Class A-2 rated at AAA
-- $27.4 million Class A-3 rated at AAA
-- $27.4 million Class A-4 rated at AAA
-- $27.4 million Class A-5 rated at AAA
-- $27.4 million Class A-1-IO* rated at AAA
-- $27.4 million Class A-1-IO-1** rated at AAA
-- $27.4 million Class A-1-IO-2** rated at AAA
-- $27.4 million Class A-1-IO-3** rated at AAA
-- $27.4 million Class A-1-IO-4** rated at AAA
-- $27.4 million Class A-1-IO-5** rated at AAA
-- $27.4 million Class A-1-IO-6** rated at AAA
-- $27.4 million Class A-1-IO-7** rated at AAA
-- $27.4 million Class A-1-IO-8** rated at AAA
-- $27.4 million Class A-1-IO-9** rated at AAA
-- $27.4 million Class A-1-IO-10** rated at AAA
-- $27.4 million Class A-1-IO-11** rated at AAA
-- $27.4 million Class A-1-IO-12** rated at AAA
-- $27.4 million Class A-1-IO-13** rated at AAA
-- $27.4 million Class A-1-IO-14** rated at AAA
-- $27.4 million Class A-1-IO-15** rated at AAA
-- $27.4 million Class A-2-IO* rated at AAA
-- $27.4 million Class A-2-IO-1** rated at AAA
-- $27.4 million Class A-2-IO-2** rated at AAA
-- $27.4 million Class A-2-IO-3** rated at AAA
-- $27.4 million Class A-2-IO-4** rated at AAA
-- $27.4 million Class A-2-IO-5** rated at AAA
-- $27.4 million Class A-2-IO-6** rated at AAA
-- $27.4 million Class A-2-IO-7** rated at AAA
-- $27.4 million Class A-2-IO-8** rated at AAA
-- $27.4 million Class A-2-IO-9** rated at AAA
-- $27.4 million Class A-2-IO-10** rated at AAA
-- $27.4 million Class A-2-IO-11** rated at AAA
-- $27.4 million Class A-2-IO-12** rated at AAA
-- $27.4 million Class A-2-IO-13** rated at AAA
-- $27.4 million Class A-2-IO-14** rated at AAA
-- $27.4 million Class A-2-IO-15** rated at AAA
-- $27.4 million Class A-3-IO* rated at AAA
-- $27.4 million Class A-3-IO-1** rated at AAA
-- $27.4 million Class A-3-IO-2** rated at AAA
-- $27.4 million Class A-3-IO-3** rated at AAA
-- $27.4 million Class A-3-IO-4** rated at AAA
-- $27.4 million Class A-3-IO-5** rated at AAA
-- $27.4 million Class A-3-IO-6** rated at AAA
-- $27.4 million Class A-3-IO-7** rated at AAA
-- $27.4 million Class A-3-IO-8** rated at AAA
-- $27.4 million Class A-3-IO-9** rated at AAA
-- $27.4 million Class A-3-IO-10** rated at AAA
-- $27.4 million Class A-3-IO-11** rated at AAA
-- $27.4 million Class A-3-IO-12** rated at AAA
-- $27.4 million Class A-3-IO-13** rated at AAA
-- $27.4 million Class A-3-IO-14** rated at AAA
-- $27.4 million Class A-3-IO-15** rated at AAA
-- $27.4 million Class A-4-IO* rated at AAA
-- $27.4 million Class A-4-IO-1** rated at AAA
-- $27.4 million Class A-4-IO-2** rated at AAA
-- $27.4 million Class A-4-IO-3** rated at AAA
-- $27.4 million Class A-4-IO-4** rated at AAA
-- $27.4 million Class A-4-IO-5** rated at AAA
-- $27.4 million Class A-4-IO-6** rated at AAA
-- $27.4 million Class A-4-IO-7** rated at AAA
-- $27.4 million Class A-4-IO-8** rated at AAA
-- $27.4 million Class A-4-IO-9** rated at AAA
-- $27.4 million Class A-4-IO-10** rated at AAA
-- $27.4 million Class A-4-IO-11** rated at AAA
-- $27.4 million Class A-4-IO-12** rated at AAA
-- $27.4 million Class A-4-IO-13** rated at AAA
-- $27.4 million Class A-4-IO-14** rated at AAA
-- $27.4 million Class A-4-IO-15** rated at AAA
-- $27.4 million Class A-5-IO* rated at AAA
-- $27.4 million Class A-5-IO-1** rated at AAA
-- $27.4 million Class A-5-IO-2** rated at AAA
-- $27.4 million Class A-5-IO-3** rated at AAA
-- $27.4 million Class A-5-IO-4** rated at AAA
-- $27.4 million Class A-5-IO-5** rated at AAA
-- $27.4 million Class A-5-IO-6** rated at AAA
-- $27.4 million Class A-5-IO-7** rated at AAA
-- $27.4 million Class A-5-IO-8** rated at AAA
-- $27.4 million Class A-5-IO-9** rated at AAA
-- $27.4 million Class A-5-IO-10** rated at AAA
-- $27.4 million Class A-5-IO-11** rated at AAA
-- $27.4 million Class A-5-IO-12** rated at AAA
-- $27.4 million Class A-5-IO-13** rated at AAA
-- $27.4 million Class A-5-IO-14** rated at AAA
-- $27.4 million Class A-5-IO-15** rated at AAA
-- $18.1 million Class M-1 rated at AA
-- $18.1 million Class M-2 rated at “A”
-- $18.1 million Class M-3 rated at BBB
-- $7.2 million Class M-4 rated at BBB (low)
-- $14.4 million Class B-1 rated at BB

The AAA ratings on the Class A certificates reflect 62% of credit enhancement provided by subordination. The AA, “A”, BBB, BBB (low) and BB ratings reflect 57%, 52%, 47%, 45% and 41% of credit enhancement respectively. The ratings also reflect the quality of the underlying assets, which consist of 27 senior residential mortgage-backed securities (RMBS). The Initial Exchangeable Certificates are exchangeable for the related Exchangeable Certificates and vice versa as described in the private placement memorandum.

DBRS does not rate any other certificates in this transaction.

Interest and principal payments on the notes will generally be made on the 27th day of each month, commencing in October 2009. Interest payments will be distributed on a pro rata basis first to the Class A certificates and then to the Class M and Class B certificates on a sequential basis. Principal payments will be distributed on a sequential basis to the certificates until the certificate principal balance has been reduced to zero.

The Class A-IO certificates will be entitled to interest distributions from the underlying certificates, on a pro rata basis with the Class A certificates, and will accrue interest on a notional amount equal to the certificate principal balance of the Class A certificates.

Any losses realized from the pooled certificates will be allocated sequentially to the certificates in reverse order until the note or certificate principal balances have been reduced to zero.

The Trust is a resecuritization consisting of 27 mostly front-pay senior RMBS represented by various real estate mortgage investment conduits (REMICs) and one re-REMIC. The REMIC and re-REMIC trusts are primarily backed by pools of prime and Alt-A, one- to four-family, fixed- and adjustable-rate, first lien residential mortgages.

Note:

• denotes Initial Exchangeable certificate.
  ** denotes Exchangeable certificate.

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.