DBRS Has Today Downgraded 86 Classes from 35 Net Interest Margin Securitizations

DBRS has today downgraded 86 classes from 35 Net Interest Margin securitizations outlined below.

The following Net Interest Margin (NIM) notes have been downgraded due to: (1) the rapid performance deterioration of the underlying transactions where excess spread has eroded to a level where NIM debt service is impaired, and (2) the slower level of NIM principal paydowns relative to the initial projections of DBRS. Additionally, although a relatively insignificant source of funds, the prepayment penalty collections available to service the NIM debt have also been reduced as prepayments have slowed under market conditions.

-- US$16,778,447 Securitized Asset Backed NIM Trust 2006-HE2 NIM Notes, Series 2006-HE2, to BB from BBB (low)

-- US$14,084,664 Securitized Asset Backed NIM Trust 2006-HE1 NIM Notes, Series 2006-HE1, to BB (low) from BBB (low)

-- US$6,000,930 Securitized Asset Backed NIM Trust 2006-WM1 Securitized Asset-Backed NIM Notes, Series 2006-WM1 to BB (low) from BBB (low)

-- US$8,131,187 Securitized Asset Backed NIM Trust 2006-NC2 Securitized Asset Backed NIM Notes, Series 2006-NC2 to BB from BBB (low)

-- US$17,534,439 Securitized Asset Backed NIM Trust 2006-FR4 NIM Notes, Series 2006-FR4 to BB (low) from BBB (low)

-- US$16,659,219 Securitized Asset Backed NIM Trust 2006-FR3 NIM Notes, Series 2006-FR3 to BB (low) from BBB (low)

-- US$6,408,945 Securitized Asset Backed NIM Trust 2006-FR2 Securitized Asset Backed NIM Notes, Series 2006-FR2 to BB (low) from BBB (low)

-- US$9,638,383 Securitized Asset Backed NIM Trust 2006-FR1 Securitized Asset Backed NIM Notes, Series 2006-FR1 to BB from BBB (low)

-- US$1,109,231 GreenPoint Asset Holdings CI-1 Corp., Series 2005-HE4 GreenPoint CI-1 NIM Notes, Series 2005-HE4, Class N2 to B (high) from A (low)

-- US$9,150,000 GreenPoint Asset Holdings CI-1 Corp., Series 2005-HE4 GreenPoint CI-1 NIM Notes, Series 2005-HE4, Class N3 to B from BB

-- US$1,949,343 Meritage CI-4 NIM Notes, Series 2005-2, Class N1 to BB from A

-- US$3,280,000 Meritage CI-4 NIM Notes, Series 2005-2, Class N2 to B (high) from BBB (low)

-- US$3,000,000 Meritage CI-4 NIM Notes, Series 2005-2, Class N3 to B from BB

-- US$11,408,646 Nomura Home Equity Loan NIM 2006-HE3 NIM Notes, Series 2006-HE3, Class N1 to BBB (low) from A (low)

-- US$4,300,000 Nomura Home Equity Loan NIM 2006-HE3 NIM Notes, Series 2006-HE3, Class N2 to BB (low) from BBB (low)

-- US$2,650,000 Nomura Home Equity Loan NIM 2006-HE3 NIM Notes, Series 2006-HE3, Class N3 to B from BB (high)

-- US$9,899,658 Nomura Home Equity Loan NIM 2006-HE3 NIM Notes, Series 2006-HE3, Class N4 to B (low) from B

-- US$8,186,533 Nomura Home Equity Loan NIM 2006-FM2 NIM Notes, Series 2006-FM2, Class N1 to BBB from A (low)

-- US$9,700,000 Nomura Home Equity Loan NIM 2006-FM2 NIM Notes, Series 2006-FM2, Class N2 to BB from BBB (low)

-- US$6,420,000 Nomura Home Equity Loan NIM 2006-FM2 NIM Notes, Series 2006-FM2, Class N3 to B from BB

-- US$3,258,155 Soundview Asset Holdings CI-13 Corp., Series 2006-RS3 NIM Notes, Series 2006-RS3, Class N1 to BBB from A (low)

-- US$3,900,000 Soundview Asset Holdings CI-13 Corp., Series 2006-RS3 NIM Notes, Series 2006-RS3, Class N2 to BB from BBB (low)

-- US$1,850,000 Soundview Asset Holdings CI-13 Corp., Series 2006-RS3 NIM Notes, Series 2006-RS3, Class N3 to B (high) from BB

-- US$1,000,000 Soundview Asset Holdings CI-13 Corp., Series 2006-RS3 NIM Notes, Series 2006-RS3, Class N4 to B from BB (low)

-- US$25,850,000 Soundview Asset Holdings CI-15 Corp., Series 2006-OPT5 NIM Notes, Series 2006-OPT5, Class N2 to BB (high) from BBB (low)

-- US$14,050,000 Soundview Asset Holdings CI-12 Corp., Series 2006-OPT2 NIM Notes, Series 2006-OPT2, Class N2 to BB (high) from BBB (low)

-- US$8,2333,822 Soundview Asset Holdings CI-11 Corp., Series 2006-OPT1 NIM Notes, Series 2006-OPT1, Class N2 to BB (high) from BBB (low)

-- US$8,351,387 Soundview Asset Holdings CI-16 Corp., Series 2006-KS5 NIM Notes, Series 2006-KS5, Class N1 to BBB from A (low)

-- US$5,250,000 Soundview Asset Holdings CI-16 Corp., Series 2006-KS5 NIM Notes, Series 2006-KS5, Class N2 to BB (high) from BBB (low)

-- US$1,512,589 Securitized Asset Backed NIM Trust 2005-FR3 NIM Notes, Series 2005-FR3 to BB (high) from BBB (low)

-- US$5,903,738 GreenPoint NIM Trust 2005-HE1 NIM Notes, Series 2005-HE1, Class N-1 to BB (high) from BBB (low)

-- US$1,800,691 First Franklin Asset Holdings CI-15 Corp., Series 2005-FFH4 NIM Notes, Series 2005-FFH4, Class N1 to BBB from A (low)

-- US$4,400,000 First Franklin Asset Holdings CI-15 Corp., Series 2005-FFH4 NIM Notes, Series 2005-FFH4, Class N2 to BB from BBB (low)

-- US$3,000,000 First Franklin Asset Holdings CI-15 Corp., Series 2005-FFH4 NIM Notes, Series 2005-FFH4, Class N3 to B (high) from BB

-- US$18,679,764 Long Beach Asset Holdings Corp. CI 2006-2 NIM Notes, Series 2006-2, Class N-1
to BB (low) from A (low)

-- US$19,500,000 Long Beach Asset Holdings Corp. CI 2006-2 NIM Notes, Series 2006-2, Class N-2
to B (high) from BBB (low)

-- US$17,600,000 Long Beach Asset Holdings Corp. CI 2006-2 NIM Notes, Series 2006-2, Class N-3
to B (low) from BB

-- US$20,814,988 Fremont CI-8 NIM Notes, Series 2006-3, Class N1 to BB (low) from A (low)

-- US$11,200,000 Fremont CI-8 NIM Notes, Series 2006-3, Class N2 to B (high) from BBB (low)

-- US$4,000,000 Fremont CI-8 NIM Notes, Series 2006-3, Class N3 to B from BB

-- US$3,770,844 Fremont CI-7 NIM Notes, Series 2006-2, Class N1 to BB (low) from A (low)

-- US$4,100,000 Fremont CI-7 NIM Notes, Series 2006-2, Class N2 to B (high) from BBB (low)

-- US$3,700,000 Fremont CI-7 NIM Notes, Series 2006-2, Class N3 to B from BB

-- US$3,900,000 Fremont CI-7 NIM Notes, Series 2006-2, Class N4 to B (low) from B

-- US$9,764,587 Fremont CI-6 NIM Notes, Series 2006-1, Class N1 to BB (low) from A (low)

-- US$6,000,000 Fremont CI-6 NIM Notes, Series 2006-1, Class N2 to B (high) from BBB (low)

-- US$3,000,000 Fremont CI-6 NIM Notes, Series 2006-1, Class N3 to B from BB

-- US$3,000,000 Fremont CI-6 NIM Notes, Series 2006-1, Class N4 to B (low) from B (high)

-- US$3,833,721 Bear Stearns Structured Products Inc. NIM Trust 2007-N2 NIM Notes, Series 2007-N2, Class XI-A-1 to BB (low) from A (low)

-- US$3,790,000 Bear Stearns Structured Products Inc. NIM Trust 2007-N2 NIM Notes, Series 2007-N2, Class XI-A-2 to B (high) from BBB (low)

-- US$1,560,000 Bear Stearns Structured Products Inc. NIM Trust 2007-N2 NIM Notes, Series 2007-N2, Class XI-A-3 to B from BB (high)

-- US$9,015,000 Bear Stearns Structured Products Inc. NIM Trust 2007-N2 NIM Notes, Series 2007-N2, Class XI-A-4 to B (low) from B

-- US$3,740,532 Bear Stearns Structured Products Inc. NIM Trust 2007-N1 NIM Notes, Series 2007-N1, Class IV-A1 to BB (low) from A (low)

-- US$4,090,000 Bear Stearns Structured Products Inc. NIM Trust 2007-N1 NIM Notes, Series 2007-N2, Class IV-A2 to B (high) from BBB (low)

-- US$1,630,000 Bear Stearns Structured Products Inc. NIM Trust 2007-N1 NIM Notes, Series 2007-N3, Class IV-A3 to B from BB (high)

-- US$7,895,000 Bear Stearns Structured Products Inc. NIM Trust 2007-N1 NIM Notes, Series 2007-N4, Class IV-A4 to B (low) from B

-- US$10,914,610 Bear Stearns Structured Products Inc. NIM Trust 2006-22 NIM Notes, Series 2006-22, Class I-A-1 to BB (low) from A (low)

-- US$3,140,000 Bear Stearns Structured Products Inc. NIM Trust 2006-22 NIM Notes, Series 2006-22, Class I-A-2 to B (high) from BBB (low)

-- US$1,095,000 Bear Stearns Structured Products Inc. NIM Trust 2006-22 NIM Notes, Series 2006-22, Class I-A-3 to B from BB (high)

-- US$6,895,000 Bear Stearns Structured Products Inc. NIM Trust 2006-22 NIM Notes, Series 2006-22, Class I-A-4 to B (low) from B

-- US$11,227,022 Bear Stearns Structured Products Inc. NIM Trust 2006-23 NIM Notes, Series 2006-23, Class V-A-1 to BB (low) from A (low)

-- US$3,280,000 Bear Stearns Structured Products Inc. NIM Trust 2006-23 NIM Notes, Series 2006-23, Class V-A-2 to B (high) from BBB (low)

-- US$1,345,000 Bear Stearns Structured Products Inc. NIM Trust 2006-23 NIM Notes, Series 2006-23, Class V-A-3 to B from BB (high)

-- US$7,090,000 Bear Stearns Structured Products Inc. NIM Trust 2006-23 NIM Notes, Series 2006-23, Class V-A-4 to B (low) from B

-- US$12,294,354 Bear Stearns Structured Products Inc. NIM Trust 2006-19 NIM Notes, Series 2006-19, Class III-A-1 to BB (low) from A (low)

-- US$3,845,000 Bear Stearns Structured Products Inc. NIM Trust 2006-19 NIM Notes, Series 2006-19, Class III-A-2 to B (high) from BBB (low)

-- US$1,440,000 Bear Stearns Structured Products Inc. NIM Trust 2006-19 NIM Notes, Series 2006-19, Class III-A-3 to B from BB (high)

-- US$8,345,000 Bear Stearns Structured Products Inc. NIM Trust 2006-19 NIM Notes, Series 2006-19, Class III-A-4 to B (low) from B

-- US$587,369 Bear Stearns Structured Products Inc. NIM Trust 2006-6 NIM Notes, Series 2006-6, Class II-A-1 to BB (low) from A (low)

-- US$4,000,000 Bear Stearns Structured Products Inc. NIM Trust 2006-6 NIM Notes, Series 2006-6, Class II-A-2 to B (high) from BBB (low)

-- US$2,200,000 Bear Stearns Structured Products Inc. NIM Trust 2006-6 NIM Notes, Series 2006-6, Class II-A-3 to B from BB (high)

-- US$61,463 Bear Stearns Structured Products Inc. NIM Trust 2006-6 NIM Notes, Series 2006-6, Class I-A-1 to BBB (low) from A (low)

-- US$3,900,000 Bear Stearns Structured Products Inc. NIM Trust 2006-6 NIM Notes, Series 2006-6, Class I-A-2 to BB (low) from BBB (low)

-- US$2,100,000 Bear Stearns Structured Products Inc. NIM Trust 2006-6 NIM Notes, Series 2006-6, Class I-A-3 to B (high) from BB (high)

-- US$13,267,243 Bear Stearns Structured Products Inc. NIM Trust 2006-20 NIM Notes, Series 2006-20, Class III-A-1 to BB (low) from A (low)

-- US$4,630,000 Bear Stearns Structured Products Inc. NIM Trust 2006-20 NIM Notes, Series 2006-20, Class III-A-2 to B (high) from BBB (low)

-- US$1,770,000 Bear Stearns Structured Products Inc. NIM Trust 2006-20 NIM Notes, Series 2006-20, Class III-A-3 to B from BB (high)

-- US$10,325,000 Bear Stearns Structured Products Inc. NIM Trust 2006-20 NIM Notes, Series 2006-20, Class III-A-4 to B (low) from B

-- US$2,233,995 Bear Stearns Structured Products Inc. NIM Trust 2005-29 NIM Notes, Series 2005-29, Class A-1 to BB (low from A (low)

-- US$4,250,000 Bear Stearns Structured Products Inc. NIM Trust 2005-29 NIM Notes, Series 2005-29, Class A-2 to B (high) from BBB (low)

-- US$3,200,000 Bear Stearns Structured Products Inc. NIM Trust 2005-29 NIM Notes, Series 2005-29, Class A-3 to B from BB (high)

-- US$2,971,218 Bear Stearns Structured Products Inc. NIM Trust 2006-3 NIM Notes, Series 2006-3, Class II-A-2 to BB (low) from BBB (low)

-- US$1,900,000 Bear Stearns Structured Products Inc. NIM Trust 2006-3 NIM Notes, Series 2006-3, Class II-A-3 to B (high) from BB (high)

-- US$946,071 Bear Stearns Structured Products Inc. NIM Trust 2006-3 NIM Notes, Series 2006-3, Class I-A-1 to BB (low) from A (low)

-- US$3,300,000 Bear Stearns Structured Products Inc. NIM Trust 2006-3 NIM Notes, Series 2006-3, Class I-A-2 to B (high) from BBB (low)

-- US$1,825,000 Bear Stearns Structured Products Inc. NIM Trust 2006-3 NIM Notes, Series 2006-3, Class I-A-3 to B from BB (high)

DBRS's rating definitions and the terms of use of such ratings are available at www.dbrs.com.

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