Press Release

DBRS Takes Rating Action on U.S. RMBS Securities

RMBS
June 25, 2014

DBRS has today taken action on 25 classes from 16 U.S. residential mortgage-backed security (RMBS) transactions. Of the 25 classes reviewed, 21 classes were confirmed and then discontinued due to a repayment to noteholders. These classes were also removed from Under Review with Developing Implications (see “DBRS Publishes Updated U.S. RMBS Surveillance Methodology and Places Ratings Under Review with Developing Implications,” published on March 3, 2014). The remaining four classes were also discontinued due to a repayment to noteholders.

The transactions that have been confirmed have exhibited current asset performance and credit support levels consistent with the current ratings.

The rating actions are the result of DBRS applying its updated “U.S. RMBS Surveillance Methodology” and “RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology.”

The transactions affected by the rating actions consist of U.S. RMBS transactions. A majority of the pools backing these transactions consist of primarily subprime and Alt-A residential loans.

Notes:
The applicable methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Ratings

BCAP LLC 2010-RR10 Trust
BCAP LLC 2010-RR7 Trust
BCAP LLC 2010-RR8 Trust
BCAP LLC 2011-RR3 Trust
BCAP LLC 2012-RR1 Trust
Banc of America Funding 2010-R9 Trust
CSMC Series 2010-2R
CSMC Series 2010-9R
CSMC Series 2011-17R
CSMC Series 2011-8R
Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R
J.P. Morgan Mortgage Trust 2005-A3
New Century Home Equity Loan Trust 2005-4
Nomura Resecuritization Trust 2011-3R
RBSSP Resecuritization Trust 2009-5
Securitized Asset Backed Receivables LLC Trust 2006-WM1
  • 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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