Press Release

DBRS Takes Rating Actions on U.S. RMBS Securities

RMBS
April 29, 2015

DBRS, Inc. (DBRS) has today reviewed 180 classes from 19 U.S. residential mortgage-backed security (RMBS) transactions. Of the 180 classes reviewed, 36 were upgraded, 130 classes were confirmed, seven classes were downgraded and seven classes were discontinued due to full principal repayment to the bondholders.

The rating upgrades reflect positive performance trends and these classes have experienced increases in credit support sufficient to withstand stresses at their new rating level. For transactions where the rating has been confirmed, current asset performance and credit support levels have been consistent with the current rating. The downgrades reflect a combination of the continued erosion of credit support in these transactions as a result of negative trends in delinquency and projected loss activity.

The transactions consist of U.S. resecuritization of real estate mortgage investment conduit (ReREMIC) transactions. The pools backing these transactions consist of prime 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.

Ratings

BCAP LLC 2008-RR2 Trust
CHL Mortgage Pass-Through Trust Resecuritization 2008-3R
Deutsche ALT-A Securities, Inc. Re-REMIC Trust, Series 2007-RS1
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2008-RS1
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2008-RS2
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2008-RS3
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2009-RS6
Deutsche Mortgage Securities, Inc. REMIC Trust, Series 2010-RS1
Financial Asset Securities Corp. AAA Trust 2005-2
J.P. Morgan Resecuritization Trust, Series 2010-1
J.P. Morgan Resecuritization Trust, Series 2010-2
J.P. Morgan Resecuritization Trust, Series 2010-5
J.P. Morgan Resecuritization Trust, Series 2010-7
Jefferies Resecuritization Trust 2009-R4
Jefferies Resecuritization Trust 2009-R8
Jefferies Resecuritization Trust 2009-R9
Jefferies Resecuritization Trust 2010-R8
Morgan Stanley Re-REMIC Trust 2010-R3
Morgan Stanley Re-REMIC Trust 2010-R9
  • 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.