DBRS Rates BCAP LLC 2011-RR12 Trust Resecuritization Trust Securities

DBRS has today assigned the following ratings to the Resecuritization Trust Securities issued by BCAP LLC 2011-RR12 Trust (the Trust).

-- $18.78 million Class 1A1* rated at AAA (sf)
-- $501 thousand Class 1A2* rated at AA (sf)
-- $1.50 million Class 1A3* rated at A (sf)
-- $19.28 million Class 1A4** rated at AA (sf)
-- $20.78 million Class 1A5** rated at A (sf)
-- $2.00 million Class 1A6** rated at A (sf)
-- $11.86 million Class 2A1* rated at AAA (sf)
-- $1.35 million Class 2A2* rated at AA (sf)
-- $1.08 million Class 2A3* rated at A (sf)
-- $13.20 million Class 2A4** rated at AA (sf)
-- $14.28 million Class 2A5** rated at A (sf)
-- $2.43 million Class 2A6** rated at A (sf)

There are 2 groups in this resecuritization trust. DBRS rates securities from both groups, each consisting of one seasoned senior residential mortgage-backed security (RMBS). The ratings on the securities reflect the credit enhancement provided by subordination within each group and the quality of the underlying assets. Initial Exchangeable securities may be exchanged for Subsequent Exchangeable securities, and vice versa, in the combinations described in the private placement memorandum.

The ratings assigned to the offered securities address (i) the likelihood of the receipt by security holders of all principal distributions to which such security holders are entitled and (ii) the likelihood of the receipt by security holders of the amount of interest actually received by the trust to the extent payable to each class in accordance with the priorities described in the operative documents (as such interest received by the trust may have been reduced as a result of any interest shortfalls allocated to the related underlying securities, and as such interest entitlement may be further reduced by the allocation of extraordinary trust expenses). For more details on the ratings, please refer to the offering and transaction legal documents.

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

Interest and principal payments on the securities will be made on the business day following the underlying distribution date (generally the 25th of the month), commencing in January 2011. Within each DBRS-rated group, interest payments will be distributed on a pro rata basis to the securities, and principal payments will be distributed on a sequential basis, until the principal balances have been reduced to zero.

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

Each DBRS-rated group is a resecuritization of one seasoned senior RMBS, represented by one real estate mortgage investment conduit (REMIC). The REMICs are backed by pools of seasoned, prime, first lien, adjustable-rate, one- to four-family residential mortgages.

Notes:

• denotes Initial Exchangeable Security.
  ** denotes Subsequent Exchangeable Security.

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

The applicable methodology is RMBS Insight: U.S. Residential Mortgage-Backed Securities Loss Model and Rating Methodology, which can be found on our website under Methodologies.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.