Press Release

DBRS Places 442 Classes from 38 U.S. RMBS Transactions Under Review with Negative Implications

RMBS
June 06, 2013

DBRS, Inc. has today placed 77 classes from 11 U.S. Residential Mortgage-Backed Securities (RMBS) transactions and 365 classes from 27 Re-Remic transactions Under Review with Negative Implications.

The outstanding securities are placed Under Review with Negative Implications because more than $1 Billion in losses were retroactively recognized on 170 U.S. Residential Mortgage Backed Securities (RMBS) by Ocwen Loan Servicing during the May remittance period. The losses represent principal forbearance modifications that were enacted by the previous servicer, Homeward Residential Inc., that were not properly recognized at the time they were issued. DBRS has reviewed its list of rated transactions and believes that the attached list of transactions are the only securities that will likely have their ratings impacted as a result of the significant increase in losses that were reported during in this period.

As the review process progresses, DBRS will disclose the subsequent rating actions and ratings taken on the outstanding classes. DBRS expects current ratings to be either confirmed or downgraded.

The principal methodologies applicable are U.S. RMBS Surveillance Methodology, dated January 2012 and RMBS Insight: U.S. Residential Mortgage-Backed Securities Loss Model and Rating Methodology, dated January 2012, which can be found on our website under Methodologies.

Ratings

  • Asset Backed Funding Corporation Series 2004-OPT5

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13ABFC Asset-Backed Certificates, Series 2004-OPT5, Class A-1C (sf)--UR-Neg.
    US
    06-Jun-13ABFC Asset-Backed Certificates, Series 2004-OPT5, Class A-4C (sf)--UR-Neg.
    US
    06-Jun-13ABFC Asset-Backed Certificates, Series 2004-OPT5, Class M-1C (sf)--UR-Neg.
    US
    06-Jun-13ABFC Asset-Backed Certificates, Series 2004-OPT5, Class M-2C (sf)--UR-Neg.
    US
    06-Jun-13ABFC Asset-Backed Certificates, Series 2004-OPT5, Class M-3C (sf)--UR-Neg.
    US
    06-Jun-13ABFC Asset-Backed Certificates, Series 2004-OPT5, Class M-4C (sf)--UR-Neg.
    US
    More
    Less

  • BCAP LLC 2010-RR1 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13Resecuritization Trust Securities, Class III-A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A12AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A13AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A15AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A2A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A4A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A14BBB (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A16BBB (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A3BBB (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A5BBB (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A6BBB (sf)--UR-Neg.
    US
    More
    Less

  • BCAP LLC 2010-RR2 Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13Resecuritization Trust Securities, Class II-A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class II-A3AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class II-A4AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class II-A5AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class II-A6AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class II-A7AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class II-A8AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VI-AAAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A10AA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A3AA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A2A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class III-A3A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A11A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A5A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A8A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class II-A9BBB (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A12BBB (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A7BBB (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class VII-A9BBB (sf)--UR-Neg.
    US
    More
    Less

  • BCAP LLC 2012-RR10-I Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13Resecuritization Trust Securities, Class 6A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 7A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 6A2AA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 6A4AA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 7A2AA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 7A4AA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 4A1A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 6A3A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 6A5A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 7A3A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 7A5A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 8A1A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 9A1A (sf)--UR-Neg.
    US
    More
    Less

  • BCAP LLC 2012-RR10-II Trust

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13Resecuritization Trust Securities, Class 5A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 5A2AA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 5A4AA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 5A3A (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Securities, Class 5A5A (sf)--UR-Neg.
    US
    More
    Less

  • BCAP LLC 2012-RR3 Trust

  • BCAP LLC 2012-RR5 Trust

  • CSMC Series 2009-14R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2009-14R, Class 1-A-11AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-4AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-12AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-5AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-13A (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-6A (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-14BB (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-7BB (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-1B (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-14R, Class 1-A-8B (sf)--UR-Neg.
    US
    More
    Less

  • CSMC Series 2009-2R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2009-2R, Class 2-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-2R, Class 2-A-2AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-2R, Class 2-A-3AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-2R, Class 2-A-5AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2009-2R, Class 2-A-6AAA (sf)--UR-Neg.
    US
    More
    Less

  • CSMC Series 2010-12R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2010-12R, Class 11-A-1AAA (sf)--UR-Neg.
    US
    E
    06-Jun-13CSMC Series 2010-12R, Class 13-A-1AAA (sf)--UR-Neg.
    US
    E
    06-Jun-13CSMC Series 2010-12R, Class 14-A-1AAA (sf)--UR-Neg.
    US
    E
    06-Jun-13CSMC Series 2010-12R, Class 3-A-1AAA (sf)--UR-Neg.
    US
    E
    More
    Less

  • CSMC Series 2010-18R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2010-18R, Class 4-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-18R, Class 4-A-2AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-18R, Class 4-A-5AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-18R, Class 4-A-3AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-18R, Class 4-A-6AA (sf)--UR-Neg.
    US
    More
    Less

  • CSMC Series 2010-19R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2010-19R Class 5-A-1 AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 5-A-2AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 5-A-5AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 6-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 6-A-2AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 6-A-5AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 5-A-3AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 5-A-6AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 6-A-3AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-19R Class 6-A-6AA (sf)--UR-Neg.
    US
    More
    Less

  • CSMC Series 2010-1R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2010-1R, Class 13-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 14-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 15-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 25-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 26-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 31-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 32-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 34-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 38-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 40-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 45-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 8-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-1R, Class 28-A-1A (sf)--UR-Neg.
    US
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    Less

  • CSMC Series 2010-6R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2010-6R, Class 1-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-1AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-11AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-12AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-13AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-15AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-16AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-17AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-18AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-19AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-2AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-8AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 1-A-2AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-3AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2010-6R, Class 2-A-5AA (sf)--UR-Neg.
    US
    More
    Less

  • CSMC Series 2011-16R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2011-16R, Class 5-A-3AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 5-A-4AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 5-A-9AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 6-A-3AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 6-A-4AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 6-A-9AAA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 5-A-1AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 5-A-5AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 6-A-1AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 6-A-5AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 7-A-1AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 7-A-2AA (sf)--UR-Neg.
    US
    06-Jun-13CSMC Series 2011-16R, Class 7-A-3AA (sf)--UR-Neg.
    US
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  • CSMC Series 2011-1R

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13CSMC Series 2011-1R, Class A-1 AAA (sf)--UR-Neg.
    US
    E
    More
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  • CSMC Series 2012-4R

  • Citigroup Mortgage Loan Trust 2009-6

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 3A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 7A1AAA (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 7A2BBB (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 10A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 11A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 12A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 14A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 17A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 19A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 2A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 3A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 4A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 6A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 7A3C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 8A2C (sf)--UR-Neg.
    US
    06-Jun-13Resecuritization Trust Certificates, Series 2009-6, Class 9A2C (sf)--UR-Neg.
    US
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  • Citigroup Mortgage Loan Trust Inc., Series 2007-SHL1

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13Asset-Backed Pass-Through Certificates, Series 2007-SHL1, Class AC (sf)--UR-Neg.
    US
    06-Jun-13Asset-Backed Pass-Through Certificates, Series 2007-SHL1, Class M-1C (sf)--UR-Neg.
    US
    06-Jun-13Asset-Backed Pass-Through Certificates, Series 2007-SHL1, Class M-2C (sf)--UR-Neg.
    US
    More
    Less

  • Financial Asset Securities Corp. AAA Trust 2005-2

    Date IssuedDebt RatedRatingTrendActionAttributesi
    06-Jun-13Series 2005-2, Class A3BBB (sf)--UR-Neg.
    US
    More
    Less
    • Show More Issuers
Asset Backed Funding Corporation Series 2004-OPT5
BCAP LLC 2010-RR1 Trust
BCAP LLC 2010-RR2 Trust
BCAP LLC 2012-RR10-I Trust
BCAP LLC 2012-RR10-II Trust
BCAP LLC 2012-RR3 Trust
BCAP LLC 2012-RR5 Trust
CSMC Series 2009-14R
CSMC Series 2009-2R
CSMC Series 2010-12R
CSMC Series 2010-18R
CSMC Series 2010-19R
CSMC Series 2010-1R
CSMC Series 2010-6R
CSMC Series 2011-16R
CSMC Series 2011-1R
CSMC Series 2012-4R
Citigroup Mortgage Loan Trust 2009-6
Citigroup Mortgage Loan Trust Inc., Series 2007-SHL1
Financial Asset Securities Corp. AAA Trust 2005-2
Show More Issuers
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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