Press Release

DBRS Takes Rating Actions on U.S. RMBS Securities

RMBS
May 15, 2015

DBRS, Inc. (DBRS) has today reviewed 234 classes from 31 U.S. residential mortgage-backed security (RMBS) transactions. Of the 234 classes reviewed, eight were upgraded, 211 classes were confirmed, one class was downgraded and 14 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 taken 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. RMBS and re-securitization of real estate mortgage investment conduit (ReREMIC) transactions. The pools backing these transactions consist of prime, Alt-A, subprime and manufactured housing 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

C-BASS 2004-CB7 Trust
C-BASS 2005-CB1 Trust
C-BASS 2005-CB3 Trust
C-BASS 2005-CB7 Trust
C-BASS 2006-MH1 Trust
C-BASS 2007-CB6 Trust
C-BASS 2007-SL1 Trust
C-BASS 2007-SP1 Trust
CSMC Series 2007-3R
CSMC Series 2011-1R
CSMC Series 2011-7R
CSMC Series 2013-5R
Citigroup Mortgage Loan Trust 2014-J1
Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2
Fannie Mae
First Franklin Mortgage Loan Trust, Series 2005-FFH2
Jefferies Resecuritization Trust 2010-R7
MASTR Asset Backed Securities Trust 2005-WMC1
RBSSP Resecuritization Trust 2009-4
ResMAE Mortgage Loan Trust 2006-1
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  • 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.