Press Release

DBRS Takes Rating Actions on 17 U.S. RMBS Transactions

RMBS
February 23, 2018

DBRS, Inc. (DBRS) reviewed 156 classes from 17 U.S. residential mortgage-backed securities (RMBS) transactions. Of the 156 classes reviewed, DBRS confirmed 145 ratings, upgraded two ratings, downgraded seven ratings and discontinued two ratings.

The rating upgrades reflect positive performance trends and increases in credit support sufficient to withstand stresses at their new rating levels. For transactions where the ratings have been confirmed, current asset performance and credit support levels are consistent with the current ratings. The rating downgrades reflect the transactions’ continued erosion of credit support as well as negative trends in delinquency and projected loss activity. The discontinued ratings are the result of full repayment of principal to bondholders.

The rating actions are the result of DBRS’s application of “RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology,” published on April 4, 2017.

The transactions consist of U.S. RMBS transactions. The pools backing these transactions consist of prime, Alt-A and subprime collateral.

The ratings assigned to the following securities differ from the ratings implied by the quantitative model. DBRS considers this difference to be a material deviation, but in this case, the ratings of the subject notes reflect the structural features and historical performance that constrain the quantitative model output.

-- RESI Finance Limited Partnership 2004-A & RESI Finance DE Corporation 2004-A, Real Estate Synthetic Investment Securities, Series 2004-A, Class A5 Risk Band
-- RESI Finance Limited Partnership 2004-A & RESI Finance DE Corporation 2004-A, Real Estate Synthetic Investment Notes, Series 2004-A, Class B1 Risk Band
-- RESI Finance Limited Partnership 2004-C & RESI Finance DE Corporation 2004-C, Real Estate Synthetic Investment Securities, Series 2004-C, Class A5 Risk Band
-- RESI Finance Limited Partnership 2004-C & RESI Finance DE Corporation 2004-C, Real Estate Synthetic Investment Notes, Series 2004-C, Class B1 Risk Band
-- RESI Finance Limited Partnership 2005-A & RESI Finance DE Corporation 2005-A, Real Estate Synthetic Investment Securities, Series 2005-A, Class A5 Risk Band
-- RESI Finance Limited Partnership 2005-B & RESI Finance DE Corporation 2005-B, Real Estate Synthetic Investment Securities, Series 2005-B, Class A5 Risk Band
-- RESI Finance Limited Partnership 2005-C & RESI Finance DE Corporation 2005-C, Real Estate Synthetic Investment Securities, Series 2005-C, Class A5 Risk Band
-- Securitized Asset Backed Receivables LLC Trust 2006-FR1, Mortgage Pass-Through Certificates, Series 2006-FR1, Class A-2C
-- Securitized Asset Backed Receivables LLC Trust 2006-OP1, Mortgage Pass-Through Certificates, Series 2006-OP1, Class M-2
-- Securitized Asset Backed Receivables LLC Trust 2006-OP1, Mortgage Pass-Through Certificates, Series 2006-OP1, Class M-3
-- Securitized Asset Backed Receivables LLC Trust 2006-OP1, Mortgage Pass-Through Certificates, Series 2006-OP1, Class M-4
-- Securitized Asset Backed Receivables LLC Trust 2006-OP1, Mortgage Pass-Through Certificates, Series 2006-OP1, Class M-5
-- Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3, Class 1-A2
-- Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC3, Mortgage Pass-Through Certificates, Series 2007-BC3, Class 2-A2
-- Soundview Home Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-3
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class AI-8
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class AI-9
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class AIII-3
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-1
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-2
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-4
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-5
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-6
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-7
-- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust, Mortgage Pass-Through Certificates, Series 2005-AR3, Class I-A-1
-- Wells Fargo Mortgage Backed Securities 2005-AR3 Trust, Mortgage Pass-Through Certificates, Series 2005-AR3, Class I-A-2
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class B1
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class B2
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class M1
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class M2
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class M1A
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class M1B
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class X3
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class M2A
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class X5
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class M2B
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class X4
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class X6

Notes:
The principal methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS did not have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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

Ratings

RESI Finance Limited Partnership 2004-A & RESI Finance DE Corporation 2004-A
RESI Finance Limited Partnership 2004-C & RESI Finance DE Corporation 2004-C
RESI Finance Limited Partnership 2005-A & RESI Finance DE Corporation 2005-A
RESI Finance Limited Partnership 2005-B & RESI Finance DE Corporation 2005-B
RESI Finance Limited Partnership 2005-C & RESI Finance DE Corporation 2005-C
Securitized Asset Backed Receivables LLC Trust 2005-FR5
Securitized Asset Backed Receivables LLC Trust 2005-HE1
Securitized Asset Backed Receivables LLC Trust 2006-FR1
Securitized Asset Backed Receivables LLC Trust 2006-OP1
Securitized Asset Backed Receivables LLC Trust 2006-WM1
Soundview Home Loan Trust 2005-3
Structured Asset Investment Loan Trust, Series 2004-11
Structured Asset Securities Corporation Mortgage Loan Trust 2007-BC3
Structured Asset Securities Corporation Mortgage Loan Trust 2007-WF1
Towd Point Mortgage Trust 2017-1
Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust
Wells Fargo Mortgage Backed Securities 2005-AR3 Trust
  • 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.

Related Documents

Methodology Used:

Issuers

Show All

Contacts

Further Inquiries

To speak to members of our Business Development or Media Relations teams, please click here for more information.

More from Morningstar DBRS