DBRS Takes Rating Actions on 135 U.S. RMBS Transactions

DBRS, Inc. (DBRS) reviewed 780 classes from 135 U.S. residential mortgage-backed securities (RMBS) transactions. Of the 780 classes reviewed, DBRS upgraded 61 ratings, confirmed 718 ratings and discontinued one rating.

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 discontinued rating is the result of the 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 September 27, 2018.

The transactions consist of U.S. RMBS transactions. The pools backing these transactions consist of prime, subprime, reperforming, non-qualified mortgage, net interest margin and ReREMIC collateral.

The ratings assigned to the securities listed below 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 actual deal or tranche performance that is not fully reflected in the projected cashflows or model output.

-- Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE2, Asset-Backed Pass-Through Certificates, Series 2005-HE2, Class M2
-- Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE2, Asset-Backed Pass-Through Certificates, Series 2005-HE2, Class M3
-- Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE2, Asset-Backed Pass-Through Certificates, Series 2005-HE2, Class M4
-- Asset Backed Securities Corporation Home Equity Loan Trust, Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates, Series WMC 2005-HE5, Class M3
-- Asset Backed Securities Corporation Home Equity Loan Trust, Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates, Series WMC 2005-HE5, Class M4
-- Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series NC 2005-HE8, Class M2
-- Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series NC 2005-HE8, Class M3
-- Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series NC 2005-HE8, Class M4
-- Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-8, Class 7-A-1-1
-- Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-8, Class 7-A-1-2
-- Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-8, Class 7-A-2
-- Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-8, Class 7-A-3-2
-- Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-8, Class 7-A-4
-- Argent Securities Inc. Series 2004-W11, Asset-Backed Pass-Through Certificates, Series 2004-W11, Class M-2
-- Argent Securities Inc. Series 2004-W11, Asset-Backed Pass-Through Certificates, Series 2004-W11, Class M-3
-- Argent Securities Inc. Series 2004-W11, Asset-Backed Pass-Through Certificates, Series 2004-W11, Class M-4
-- Argent Securities Inc. Series 2004-W11, Asset-Backed Pass-Through Certificates, Series 2004-W11, Class M-5
-- Citigroup Mortgage Loan Trust Inc., 2005-HE2, Asset-Backed Pass-Through Certificates, Series 2005-HE2, Class M-3
-- Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Asset-Backed Pass-Through Certificates, Series 2005-WF1, Class M-1
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates, Series 2005-4, Class M-4
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates, Series 2005-4, Class M-5
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates, Series 2005-4, Class M-6
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates, Series 2005-5, Class M-2
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates, Series 2005-5, Class M-3
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates, Series 2005-6, Class M-2
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates, Series 2005-6, Class M-3
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates, Series 2005-6, Class M-4
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class M-1
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class M-2
-- Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class M-1
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates, Series 2006-3, Class 1-A-1
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates, Series 2006-3, Class 2-A-4
-- Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates, Series 2006-3, Class M-1
-- 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
-- Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class A-2C
-- Structured Asset Investment Loan Trust, Series 2004-11, Lehman Brothers Mortgage Pass-Through Certificates, Series 2004-11, Class M-1
-- Structured Asset Investment Loan Trust, Series 2004-11, Lehman Brothers Mortgage Pass-Through Certificates, Series 2004-11, Class M-2
-- Soundview Home Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-3
-- 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
-- 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
-- Angel Oak Mortgage Trust I, LLC 2017-1, Mortgage-Backed Certificates, Series 2017-1, Class M-1
-- Angel Oak Mortgage Trust I, LLC 2017-1, Mortgage-Backed Certificates, Series 2017-1, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2017-1, Mortgage-Backed Certificates, Series 2017-1, Class B-2
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B2
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class BX2
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B3
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class BX3
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B4
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B5
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-2
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B2-IO
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-3
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-4
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-5
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-2A
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-2B
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-2C
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B2-IOA
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B2-IOB
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B2-IOC
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-3A
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-3B
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-3C
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B3-IOA
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B3-IOB
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B3-IOC
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-4A
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B4-IOA
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B-5A
-- New Residential Mortgage Loan Trust 2017-1, Mortgage-Backed Notes, Series 2017-1, Class B5-IOA
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class A5
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class A6
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE7
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE8
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE9
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE10
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE11
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE12
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE13
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE14
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class A
-- 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 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 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 X4
-- 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 M2B
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class X6
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class X5
-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities Series 2018-1, Class M1
-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities Series 2018-1, Class A4
-- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class I/II-M4
-- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M1
-- Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M2
-- Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R, CSMC Series 2009-6R, Class 1-A4
-- Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R, CSMC Series 2009-6R, Class 1-A5
-- Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R, CSMC Series 2009-6R, Class 4-A4

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.