DBRS, Inc. (DBRS) has assigned the following ratings to the Mortgage-Backed Certificates, Series 2012-9 issued by CSMC Trust 2012-9 (the Trust).

-- $ 88.7 million Class A-1-A* rated at AAA (sf)
-- $ 88.7 million Class A-IO*# rated at AAA (sf)

In addition, DBRS has confirmed the following ratings to the Mortgage-Backed Certificates, Series 2012-9 issued by CSMC Trust 2012-9 (the Trust).

-- $ 88.7 million Class A-1** confirmed at AAA (sf)
-- $ 10.4 million Class B-1 confirmed at BBB (sf)

The Class A-1 (Initial Exchangeable Certificates) and Class B-1 certificates were issued and rated on November 9, 2012. The Trust was amended on November 30, 2012 to include two additional Exchangeable Certificates Class A-1-A and Class A-IO. Initial Exchangeable Certificates may be exchanged for the combination of the Exchangeable Certificates, and vice versa.

The AAA (sf) ratings in this transaction reflect approximately 22.6% of credit enhancement provided by subordination. The BBB (sf) ratings reflect approximately 13.6% of credit enhancement. Other than the specified classes above, DBRS does not rate any other classes in this transaction.

The ratings on the certificates also reflect the quality of the underlying assets and the capabilities of PHH Mortgage Corporation (“PHH”), Residential Funding Company, LLC (“RFC”), Bank of America, N.A. (“Bank of America”) and Select Portfolio Servicing, Inc. (“SPS”) as servicers. Nationstar Mortgage LLC will serve as Master Servicer for all loans in the pool and as Designated Successor Servicer for the loans serviced by RFC. Citibank, N.A. will serve as trustee.

Interest and principal payments collected from the mortgage loans will generally be distributed on the 25th of each month, commencing in November 2012. Interest and principal will be paid to the notes in sequential order (IIPP) beginning with the Class A-1 Certificates until the principal balance has been reduced to zero.

The Trust contains a portfolio of seasoned performing residential mortgage loans. The loans were originated by PHH (59.8%), RFC (26.3%) and Bank of America as a successor of Countrywide Home Loans, Inc. (14.0%). The loans will be serviced by PHH (59.2%), RFC (20.2%), Bank of America (14.0%) and SPS (6.6%). Other than the SPS-serviced loans, the loans were generally acquired by DLJ Mortgage Capital, Inc. from MetLife Bank, N.A., who had previously purchased the loans from PHH, RFC and Countrywide Home Loans, Inc.

The mortgage loans are seasoned first-lien, fixed- and adjustable- rate mortgages secured by one- to four-family residential properties. As of the cut-off date (October 1, 2012), the loans had an aggregate principal balance of approximately $115,367,136, a weighted-average (W.A.) mortgage rate of 3.186%, a W.A. updated FICO score of 735 and a W.A current combined loan-to-value (CLTV) ratio of 102.2% (calculated by DBRS incorporating review results of the third-party due diligence).

The portfolio is approximately 97 months seasoned, and all current as of the respective scheduled pay through date. The loans have generally clean payment histories. All but one loan were 0 x 30 in the past 12 months, and 95.5% of the pool were 0 x 30 in the past 36 months. Only 5.1% of the pool was modified.

The transaction employs a sequential-pay cash flow structure.

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

denotes interest only class, the class balance represents notional amount.

• denotes Exchangeable Certificates.
  ** denotes Initial Exchangeable Certificates.

The collateral description and disclosure on the mortgage loans in this press release reflect the approximate aggregate characteristics as of the cut-off date. Prior to the issuance of the certificates, two mortgage loans may be removed from the trust fund.

The applicable methodologies are:
• RMBS Insight: U.S. Residential Mortgage-Backed Securities Loss Model and Rating Methodology
• Unified Interest Rate Model for U.S. RMBS Transactions
• Third-Party Due Diligence Criteria for U.S. RMBS Transactions
• Representations and Warranties Criteria for U.S. RMBS Transactions
• Legal Criteria for U.S. Structured Finance Transactions

The full report providing additional analytical detail is available by clicking here or by contacting us at info@dbrs.com.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.