DBRS Downgrades 298 Classes from 63 Residential Mortgage-Backed Securitizations

DBRS has today downgraded 298 classes from 63 residential mortgage-backed securitizations outlined below.

The following classes backed by second-lien collateral have been downgraded to reflect the rapid deterioration in credit enhancement due to the significant increase in collateral delinquencies and losses. Overcollateralization has been depleted in many transactions and excess spread continues to diminish. Additionally, in many cases subordinate classes have already been impaired, further weakening the available credit support for the remaining senior and mezzanine classes.

-- $16,090,000 C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class B2 to BBB (low) from BBB (high).
-- $13,743,000 C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class B3 to BB from BBB.
-- $15,084,000 C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class B4 to B (low) from BB.
-- $12,068,000 C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class B5 to C from B.
-- $8,600,000 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M4 to A (low) from AA (low).
-- $7,600,000 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M5 to BBB (low) from A (low).
-- $7,800,000 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M6 to BB from BBB.
-- $7,000,000 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M7 to B from BB.
-- $7,000,000 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M8 to C from B (high).
-- $6,600,000 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M9 to C from B.
-- $1,958,348 Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M10 to C from B (low).
-- $142,406,722 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-A to BBB from A (high).
-- $13,606,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-M1 to BB from BBB (high).
-- $12,189,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-M2 to B from BB (high).
-- $8,362,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-M3 to C from BB.
-- $7,370,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-M4 to C from B (high).
-- $7,653,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-M5 to C from B.
-- $7,086,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-M6 to C from B (low).
-- $9,190,000 Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M3 to A (low) from AA (low).
-- $10,760,000 Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M4 to BBB (low) from A (low).
-- $10,500,000 Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M5 to BB (low) from BBB (low).
-- $7,880,000 Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M6 to B from BB.
-- $10,500,000 Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M7 to C from B (high).
-- $6,560,000 Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M8 to C from B.
-- $2,950,034 Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M9 to C from B (low).
-- $16,800,000 Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M4 to A (low) from A (high).
-- $16,000,000 Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M5 to BBB (low) from A (low).
-- $15,200,000 Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M6 to BB (low) from BBB (low).
-- $14,800,000 Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M7 to B (low) from BB (low).
-- $11,600,000 Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M8 to C from B (high).
-- $9,600,000 Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M9 to C from B.
-- $5,845,124 Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class B1 to C from B (low).
-- $6,000,000 CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class A, Class M6 to B (low) from BB (low).
-- $5,812,101 CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class A, Class M7 to C from B.
-- $3,541,458 CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class A, Class M8 to C from B (low).
-- $11,465,000 First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-Through Certificates, Series 2006-FFA, Class M9 to BB from BBB (low).
-- $12,314,000 First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-Through Certificates, Series 2006-FFA, Class B1 to B from BB (low).
-- $36,254,751 First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-Through Certificates, Series 2006-FFA, Class B2 to C from B (low).
-- $4,038,000 Merrill Lynch Mortgage Investors Trust, Series 2005-NCA, Mortgage Loan Asset-Backed Certificates, Series 2005-NCA, Class B2 to BBB from BBB (high).
-- $4,283,000 Merrill Lynch Mortgage Investors Trust, Series 2005-NCA, Mortgage Loan Asset-Backed Certificates, Series 2005-NCA, Class B3 to BB from BBB (low).
-- $4,894,000 Merrill Lynch Mortgage Investors Trust, Series 2005-NCA, Mortgage Loan Asset-Backed Certificates, Series 2005-NCA, Class B4 to B from BB.
-- $4,773,000 Merrill Lynch Mortgage Investors Trust, Series 2005-NCA, Mortgage Loan Asset-Backed Certificates, Series 2005-NCA, Class B5 to C from B (low).
-- $9,460,000 Merrill Lynch Mortgage Investors Trust, Series 2005-SL2, Mortgage Loan Asset-Backed Certificates, Series 2005-SL2, Class B2 to BB (high) from BBB (low).
-- $9,224,000 Merrill Lynch Mortgage Investors Trust, Series 2005-SL2, Mortgage Loan Asset-Backed Certificates, Series 2005-SL2, Class B3 to B from BB (low).
-- $8,514,000 Merrill Lynch Mortgage Investors Trust, Series 2005-SL2, Mortgage Loan Asset-Backed Certificates, Series 2005-SL2, Class B4 to C from B.
-- $7,702,931 Merrill Lynch Mortgage Investors Trust, Series 2005-SL2, Mortgage Loan Asset-Backed Certificates, Series 2005-SL2, Class B5 to C from B (low).
-- $11,147,622 Soundview Home Loan Trust 2005-B, Asset-Backed Certificates, Series 2005-B, Class M7 to A (low) from A.
-- $10,470,000 Soundview Home Loan Trust 2005-B, Asset-Backed Certificates, Series 2005-B, Class M8 to BBB (low) from A (low).
-- $9,722,000 Soundview Home Loan Trust 2005-B, Asset-Backed Certificates, Series 2005-B, Class M9 to BB from BBB.
-- $11,966,000 Soundview Home Loan Trust 2005-B, Asset-Backed Certificates, Series 2005-B, Class M10 to B (low) from BB.
-- $8,227,000 Soundview Home Loan Trust 2005-B, Asset-Backed Certificates, Series 2005-B, Class M11 to C from B.
-- $10,392,134 Soundview Home Loan Trust 2005-B, Asset-Backed Certificates, Series 2005-B, Class M12 to C from B (low).
-- $8,350,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S3, Mortgage Pass-Through Certificates, Series 2005-S3, Class M8 to BBB (low) from BBB (high).
-- $7,515,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S3, Mortgage Pass-Through Certificates, Series 2005-S3, Class M9 to BB (high) from BBB.
-- $9,185,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S3, Mortgage Pass-Through Certificates, Series 2005-S3, Class M10 to BB (low) from BBB (low).
-- $7,793,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S3, Mortgage Pass-Through Certificates, Series 2005-S3, Class M11 to B (low) from BB.
-- $7,515,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S3, Mortgage Pass-Through Certificates, Series 2005-S3, Class B1 to C from B.
-- $4,465,885 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S3, Mortgage Pass-Through Certificates, Series 2005-S3, Class B2 to C from B (low).
-- $11,155,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S5, Mortgage Pass-Through Certificates, Series 2005-S5, Class M6 to BBB (low) from BBB (high).
-- $9,916,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S5, Mortgage Pass-Through Certificates, Series 2005-S5, Class M7 to BB (low) from BBB (low).
-- $9,916,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S5, Mortgage Pass-Through Certificates, Series 2005-S5, Class M8 to B (low) from BB (low).
-- $9,916,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S5, Mortgage Pass-Through Certificates, Series 2005-S5, Class B1 to C from B (high).
-- $6,197,000 Structured Asset Securities Corporation Mortgage Loan Trust 2005-S5, Mortgage Pass-Through Certificates, Series 2005-S5, Class B2 to C from B (low).
-- $12,190,000 Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M2 to A (low) from AA.
-- $5,978,000 Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M3 to BBB (low) from AA (low).
-- $5,392,000 Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M4 to BB (low) from A (low).
-- $5,508,000 Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M5 to B (low) from BBB (low).
-- $5,158,000 Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M6 to C from BB (low).
-- $5,040,000 Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M7 to C from B.
-- $4,591,877 Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M8 to C from B (low).
-- $10,449,000 Structured Asset Securities Corporation Mortgage Loan Trust 2006-S2, Mortgage Pass-Through Certificates, Series 2006-S2, Class B3 to C from B (low).

The following classes backed primarily by first-lien collateral have been downgraded as a result of the significant increase in serious delinquencies relative to the available credit enhancement. Given the level of serious delinquencies in the current pipeline and corresponding potential for significant future losses, excess spread is not expected to be sufficient to cover anticipated losses. Consequently, the principal balance of subordinate classes may suffer principal writedowns.

-- $13,853,000 ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M8 to BBB from A (low).
-- $11,023,938 ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M9 to BB from BBB.
-- $2,366,838 ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M10 to BB (low) from BB (high).
-- $4,762,040 ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M11 to B (high) from BB.
-- $6,901,000 ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M8 to BBB (low) from BBB.
-- $6,274,000 ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M9 to BB from BBB.
-- $4,765,573 ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class B1 to B (high) from BBB (low).
-- $3,897,372 ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class B2 to B from BB (high).
-- $2,520,705 ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class B3 to B (low) from BB (low).
-- $14,563,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M7 to BBB from A (low).
-- $13,624,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M8 to BB from BBB (high).
-- $9,369,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M9 to B (high) from BBB (high).
-- $8,456,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M10 to B from BBB and is no longer Under Review with Negative Implications (UR - Neg.)
-- $9,396,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M11 to B (low) from BB.
-- $11,591,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4, Class M6 to BBB (high) from A (high).
-- $11,591,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4, Class M7 to BB (high) from A.
-- $9,834,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4, Class M8 to BB (low) from BBB (high).
-- $8,078,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4, Class M9 to B (high) from BBB (low).
-- $4,917000,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, Asset-Backed Pass-Through Certificates, Series 2006-HE4, Class M10 to B from BB (high).
-- $7,025,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE4, Asset-Backed Pass-Through Certificates, Series 2007-HE2, Class M11 to B (low) from BB.
-- $21,019,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M7 to BBB from BBB (high).
-- $12,011,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M8 to BB from BBB.
-- $13,513,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M9 to BB (low) from BB (high).
-- $7,507,000 ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M10 to B (high) from BB.
-- $14,000,000 Aegis Asset Backed Securities Trust 2005-2, Mortgage-Backed Notes, Series 2005-2, Class B2 to BBB (low) from BBB.
-- $11,000,000 Aegis Asset Backed Securities Trust 2005-2, Mortgage-Backed Notes, Series 2005-2, Class B3 to BB (low) from BBB (low) and is no longer UR - Neg.
-- $11,475,000 Aegis Asset Backed Securities Trust 2005-3, Mortgage-Backed Notes, Series 2005-3, Class B2 to BBB (low) from BBB.
-- $9,350,000 Aegis Asset Backed Securities Trust 2005-3, Mortgage-Backed Notes, Series 2005-3, Class B3 to BB (low) from BBB (low) and is no longer UR - Neg.
-- $10,777,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates, Series WMC 2005-HE5, Class M11 to BB (low) from BB.
-- $11,851,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates, Series WMC 2005-HE5, Class M12 to B (high) from BB (low).
-- $10,821,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M7 to BBB (low) from BBB (high).
-- $5,597,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M8 to BB from BBB (high).
-- $5,596,999 Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M9 to BB (low) from BBB.
-- $5,970,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M10 to B from BBB (low).
-- $7,463,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M11 to B (low) from BB (high) and is no longer UR - Neg.
-- $10,910,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series NC 2006-HE4, Class M8 to BB from BBB (low).
-- $11,365,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series NC 2006-HE4, Class M9 to B from BB.
-- $9,092,000 Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series NC 2006-HE4, Class M10 to B (low) from BB (low).
-- $13,142,000 Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-Through Certificates, Series 2006-NC1, Class M6 to BBB from A (low).
-- $14,602,000 Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-Through Certificates, Series 2006-NC1, Class M7 to BB (high) from BBB (high).
-- $6,814,000 Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-Through Certificates, Series 2006-NC1, Class M8 to BB (low) from BBB.
-- $10,708,000 Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-Through Certificates, Series 2006-NC1, Class M9 to B (high) from BBB (low).
-- $10,222,000 Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-Through Certificates, Series 2006-NC1, Class M10 to B from BB.
-- $9,735,000 Citigroup Mortgage Loan Trust 2006-NC1, Asset-Backed Pass-Through Certificates, Series 2006-NC1, Class M11 to B (low) from B.
-- $9,940,000 Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-Through Certificates, Series 2006-NC2, Class M7 to BBB (low) from A (low).
-- $8,520,000 Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-Through Certificates, Series 2006-NC2, Class M8 to BB from BBB (high).
-- $11,833,000 Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-Through Certificates, Series 2006-NC2, Class M9 to B (high) from BBB.
-- $13,726,000 Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-Through Certificates, Series 2006-NC2, Class M10 to B from BB.
-- $10,886,000 Citigroup Mortgage Loan Trust 2006-NC2, Asset-Backed Pass-Through Certificates, Series 2006-NC2, Class M11 to B (low) from B.
-- $6,512,000 First Franklin Mortgage Loan Trust, Series 2005-FFH2, Mortgage Pass-Through Certificates, Series 2005-FFH2, Class M8 to BBB (low) from BBB.
-- $2,755,000 First Franklin Mortgage Loan Trust, Series 2005-FFH2, Mortgage Pass-Through Certificates, Series 2005-FFH2, Class M9 to BB (high) from BBB (low).
-- $4,508,000 First Franklin Mortgage Loan Trust, Series 2005-FFH2, Mortgage Pass-Through Certificates, Series 2005-FFH2, Class B1 to BB from BB (high) and is no longer UR - Neg.
-- $5,259,000 First Franklin Mortgage Loan Trust, Series 2005-FFH2, Mortgage Pass-Through Certificates, Series 2005-FFH2, Class B2 to B from BB (low).
-- $12,000,000 First Franklin Mortgage Loan Trust 2005-FFH3, Asset-Backed Certificates, Series 2005-FFH3, Class B2 to BB (low) from BB.
-- $11,867,000 First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M7 to A (low) from A.
-- $11,020,000 First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M8 to BBB (low) from A (low).
-- $5,934,000 First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M9 to BB (high) from BBB.
-- $8,477,000 First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M10 to BB from BBB.
-- $5,510,000 First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M11 to B (high) from BBB (low).
-- $4,662,000 First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M12 to B (low) from BB (high) and is no longer UR - Neg.
-- $14,552,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class M7 to BBB (low) from BBB (high).
-- $12,544,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class M8 to BB (high) from BBB (low).
-- $9,534,000 Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class M9 to BB (low) from BB.
-- $25,180,000 Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M7 to BBB (low) from BBB (high).
-- $15,288,000 Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M8 to BB from BBB (high).
-- $21,583,000 Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M9 to B (high) from BBB (low).
-- $14,388,000 Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M10 to B from BB (low).
-- $17,986,000 Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M11 to B (low) from B.
-- $17,537,000 Fremont Home Loan Trust 2006-D, Mortgage-Backed Certificates, Series 2006-D, Class M7 to BBB (low) from BBB (high).
-- $14,348,000 Fremont Home Loan Trust 2006-D, Mortgage-Backed Certificates, Series 2006-D, Class M8 to BB from BBB.
-- $19,131,000 Fremont Home Loan Trust 2006-D, Mortgage-Backed Certificates, Series 2006-D, Class M9 to BB (low) from BBB (low).
-- $23,914,000 Fremont Home Loan Trust 2006-D, Mortgage-Backed Certificates, Series 2006-D, Class M10 to B from BB.
-- $41,754,000 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class I-II-M7 to BBB (low) from BBB (high).
-- $33,404,000 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class I-II-M8 to BB (high) from BBB.
-- $27,836,000 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class I-II-M9 to BB from BBB (low) and is no longer UR - Neg.
-- $1,851,000 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M7 to BBB (low) from BBB.
-- $1,851,000 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M8 to BB (high) from BBB.
-- $1,388,000 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M9 to BB (low) from BBB (low).
-- $1,851,000 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-B1 to B (high) from BB (low).
-- $1,481,000 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-B2 to B (low) from B.
-- $1,003,086 Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-B3 to C from B (low).
-- $13,195,000 MASTR Asset Backed Securities Trust 2005-WMC1, Mortgage Pass-Through Certificates, Series 2005-WMC1, Class M7 to BBB (low) from BBB (high).
-- $9,555,000 MASTR Asset Backed Securities Trust 2005-WMC1, Mortgage Pass-Through Certificates, Series 2005-WMC1, Class M8 to BB (high) from BBB.
-- $9,100,000 MASTR Asset Backed Securities Trust 2005-WMC1, Mortgage Pass-Through Certificates, Series 2005-WMC1, Class M9 to BB (low) from BBB (low).
-- $8,645,000 MASTR Asset Backed Securities Trust 2005-WMC1, Mortgage Pass-Through Certificates, Series 2005-WMC1, Class M10 to B (high) from BB (high).
-- $11,375,000 MASTR Asset Backed Securities Trust 2005-WMC1, Mortgage Pass-Through Certificates, Series 2005-WMC1, Class M11 to B (low) from BB (low).
-- $5,460,000 MASTR Asset Backed Securities Trust 2005-WMC1, Mortgage Pass-Through Certificates, Series 2005-WMC1, Class M12 to C from B (low).
-- $8,877,000 MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series 2006-HE3, Class M5 to A (low) from A.
-- $8,322,000 MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series 2006-HE3, Class M6 to BBB (low) from A.
-- $7,767,000 MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series 2006-HE3, Class M7 to BB (high) from A (low).
-- $6,657,000 MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series 2006-HE3, Class M8 to BB (low) from BBB (high).
-- $4,715,000 MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series 2006-HE3, Class M9 to B (high) from BBB.
-- $3,883,000 MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series 2006-HE3, Class M10 to B from BBB (low) and is no longer UR - Neg.
-- $4,715,000 MASTR Asset Backed Securities Trust 2006-HE3, Mortgage Pass-Through Certificates, Series 2006-HE3, Class M11 to B (low) from BBB (low) and is no longer UR - Neg.
-- $8,775,000 Meritage Mortgage Loan Trust 2005-2, Asset-Backed Certificates, Series 2005-2, Class M9 to BBB (low) from BBB.
-- $5,525,000 Meritage Mortgage Loan Trust 2005-2, Asset-Backed Certificates, Series 2005-2, Class M10 to BB from BBB and is no longer UR - Neg.
-- $8,125,000 Meritage Mortgage Loan Trust 2005-2, Asset-Backed Certificates, Series 2005-2, Class M11 to B (high) from BB (low).
-- $9,970,000 Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M7 to A (low) from A.
-- $7,691,000 Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M8 to BBB (low) from A (low).
-- $6,836,000 Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M9 to BB from BBB (high).
-- $6,5520,000 Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class B1 to B (high) from BBB.
-- $5,982,000 Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class B2 to B (low) from BBB (low) and is no longer UR - Neg.
-- $22,010,000 Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class M5 to A from A (high).
-- $19,880,000 Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class M6 to BBB from A.
-- $19,880,000 Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B1 to BB (high) from BBB (high).
-- $15,620,000 Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B2 to B (high) from BBB.
-- $14,200,000 Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B3 to B (low) from BBB (low).
-- $12,139,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class M8 to BBB (low) from BBB (high).
-- $9,804,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class M9 to BB from BBB.
-- $10,738,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class B1 to B (high) from BBB (low).
-- $10,271,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class B2 to B (low) from BB.
-- $20,876,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM2, Asset-Backed Certificates, Series 2006-FM2, Class M5 to A (low) from A.
-- $19,034,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM2, Asset-Backed Certificates, Series 2006-FM2, Class M6 to BBB (low) from A (low).
-- $18,420,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM2, Asset-Backed Certificates, Series 2006-FM2, Class M7 to BB (high) from BBB (high).
-- $15,964,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM2, Asset-Backed Certificates, Series 2006-FM2, Class M8 to BB (low) from BBB.
-- $12,894,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM2, Asset-Backed Certificates, Series 2006-FM2, Class M9 to B (high) from BBB (low).
-- $12,894,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM2, Asset-Backed Certificates, Series 2006-FM2, Class B1 to B from BB (high).
-- $12,280,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM2, Asset-Backed Certificates, Series 2006-FM2, Class B2 to B (low) from BB (low).
-- $14,703,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE1, Asset-Backed Certificates, Series 2006-HE1, Class M8 to BBB (low) from BBB.
-- $11,762,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE1, Asset-Backed Certificates, Series 2006-HE1, Class M9 to BB from BBB (low).
-- $12,742,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE1, Asset-Backed Certificates, Series 2006-HE1, Class B1 to B from BB (high).
-- $10,782,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE1, Asset-Backed Certificates, Series 2006-HE1, Class B2 to B (low) from BB (low).
-- $11,522,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class M7 to BBB (low) from BBB (high).
-- $10,779,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class M8 to BB from BBB.
-- $7,805,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class M9 to B (high) from BBB (low).
-- $8,177,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class B1 to B from BB (high).
-- $7,434,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class B2 to B (low) from BB (low).
-- $15,048,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class M8 to BBB (low) from BBB (high).
-- $11,286,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class M9 to BB from BBB
-- $10,749,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class B1 to B from BBB (low).
-- $10,749,000 Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class B2 to B (low) from BB (high).
-- $10,473,000 ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-8 to BBB (low) from BBB.
-- $8,603,000 ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-9 to BB (low) from BBB.
-- $8,977,000 ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class B to B from BBB (low) and is no longer UR - Neg.
-- $14,579,825 Securitized Asset-Backed Receivables LLC Trust 2005-EC1, Mortgage Pass-Through Certificates, Series 2005-EC1, Series 2006-BC2, Class M3 to A (low) from A.
-- $1,705,968 Securitized Asset-Backed Receivables LLC Trust 2005-EC1, Mortgage Pass-Through Certificates, Series 2005-EC1, Series 2006-BC2, Class M4 to BBB (low) from A.
-- $1,485,843 Securitized Asset-Backed Receivables LLC Trust 2005-EC1, Mortgage Pass-Through Certificates, Series 2005-EC1, Series 2006-BC2, Class B1 to BB (low) from BBB (high).
-- $1,100,625 Securitized Asset-Backed Receivables LLC Trust 2005-EC1, Mortgage Pass-Through Certificates, Series 2005-EC1, Series 2006-BC2, Class B2 to B (high) from BBB (high).
-- $1,100,625 Securitized Asset-Backed Receivables LLC Trust 2005-EC1, Mortgage Pass-Through Certificates, Series 2005-EC1, Series 2006-BC2, Class B3 to B from BBB (low) and is no longer UR - Neg.
-- $1,100,625 Securitized Asset-Backed Receivables LLC Trust 2005-EC1, Mortgage Pass-Through Certificates, Series 2005-EC1, Series 2006-BC2, Class B4 to B (low) from BB (low).
-- $8,568,000 Securitized Asset Backed Receivables LLC Trust 2006-FR2, Mortgage Pass-Through Certificates, Series 2006-FR2, Class M3 to A (low) from A.
-- $8,308,000 Securitized Asset Backed Receivables LLC Trust 2006-FR2, Mortgage Pass-Through Certificates, Series 2006-FR2, Class B1 to BBB (low) from A (low).
-- $7,010,000 Securitized Asset Backed Receivables LLC Trust 2006-FR2, Mortgage Pass-Through Certificates, Series 2006-FR2, Class B2 to BB (low) from BBB (high).
-- $5,971,000 Securitized Asset Backed Receivables LLC Trust 2006-FR2, Mortgage Pass-Through Certificates, Series 2006-FR2, Class B3 to B (high) from BBB.
-- $6,491,000 Securitized Asset Backed Receivables LLC Trust 2006-FR2, Mortgage Pass-Through Certificates, Series 2006-FR2, Class B4 to B from BB (high).
-- $5,452,000 Securitized Asset Backed Receivables LLC Trust 2006-FR2, Mortgage Pass-Through Certificates, Series 2006-FR2, Class B5 to B (low) from BB (low).
-- $15,308,000 Securitized Asset Backed Receivables LLC Trust 2006-FR3, Mortgage Pass-Through Certificates, Series 2006-FR3, Class M3 to A (low) from A.
-- $15,308,000 Securitized Asset Backed Receivables LLC Trust 2006-FR3, Mortgage Pass-Through Certificates, Series 2006-FR3, Class B1 to BBB (low) from A (low).
-- $12,839,000 Securitized Asset Backed Receivables LLC Trust 2006-FR3, Mortgage Pass-Through Certificates, Series 2006-FR3, Class B2 to BB (low) from BBB (high).
-- $10,370,000 Securitized Asset Backed Receivables LLC Trust 2006-FR3, Mortgage Pass-Through Certificates, Series 2006-FR3, Class B3 to B (high) from BBB and is no longer UR - Neg.
-- $10,369,000 Securitized Asset Backed Receivables LLC Trust 2006-FR3, Mortgage Pass-Through Certificates, Series 2006-FR3, Class B4 to B from BB (high).
-- $8,889,000 Securitized Asset Backed Receivables LLC Trust 2006-FR3, Mortgage Pass-Through Certificates, Series 2006-FR3, Class B5 to B (low) from BB (low).
-- $15,998,000 Securitized Asset Backed Receivables LLC Trust 2006-FR4, Mortgage Pass-Through Certificates, Series 2006-FR4, Class M3 to A (low) from AA (low).
-- $27,893,000 Securitized Asset Backed Receivables LLC Trust 2006-FR4, Mortgage Pass-Through Certificates, Series 2006-FR4, Class M4 to BBB (low) from A.
-- $12,716,000 Securitized Asset Backed Receivables LLC Trust 2006-FR4, Mortgage Pass-Through Certificates, Series 2006-FR4, Class M5 to BB (low) from A (low).
-- $13,126,000 Securitized Asset Backed Receivables LLC Trust 2006-FR4, Mortgage Pass-Through Certificates, Series 2006-FR4, Class B1 to B (high) from BBB (high).
-- $7,794,000 Securitized Asset Backed Receivables LLC Trust 2006-FR4, Mortgage Pass-Through Certificates, Series 2006-FR4, Class B2 to B from BBB.
-- $9,845,000 Securitized Asset Backed Receivables LLC Trust 2006-FR4, Mortgage Pass-Through Certificates, Series 2006-FR4, Class B3 to B (low) from BBB (low).
-- $12,300,000 Securitized Asset Backed Receivables LLC Trust 2006-HE1, Mortgage Pass-Through Certificates, Series 2006-HE1, Class M3 to A (low) from A.
-- $11,532,000 Securitized Asset Backed Receivables LLC Trust 2006-HE1, Mortgage Pass-Through Certificates, Series 2006-HE1, Class B1 to BBB (low) from A (low).
-- $10,378,000 Securitized Asset Backed Receivables LLC Trust 2006-HE1, Mortgage Pass-Through Certificates, Series 2006-HE1, Class B2 to BB (low) from BBB (high).
-- $7,688,000 Securitized Asset Backed Receivables LLC Trust 2006-HE1, Mortgage Pass-Through Certificates, Series 2006-HE1, Class B3 to B (high) from BBB and is no longer UR - Neg.
-- $6,919,000 Securitized Asset Backed Receivables LLC Trust 2006-HE1, Mortgage Pass-Through Certificates, Series 2006-HE1, Class B4 to B from BB (low).
-- $7,689,000 Securitized Asset Backed Receivables LLC Trust 2006-HE1, Mortgage Pass-Through Certificates, Series 2006-HE1, Class B5 to B (low) from B (high).
-- $11,785,000 Securitized Asset Backed Receivables LLC Trust 2006-HE2, Mortgage Pass-Through Certificates, Series 2006-HE2, Class B1 to BBB (low) from BBB (high).
-- $7,686,000 Securitized Asset Backed Receivables LLC Trust 2006-HE2, Mortgage Pass-Through Certificates, Series 2006-HE2, Class B2 to BB (low) from BBB (high).
-- $12,810,000 Securitized Asset Backed Receivables LLC Trust 2006-HE2, Mortgage Pass-Through Certificates, Series 2006-HE2, Class B3 to B from BBB.
-- $13,323,000 Securitized Asset Backed Receivables LLC Trust 2006-HE2, Mortgage Pass-Through Certificates, Series 2006-HE2, Class B4 to B (low) from BB (high).
-- $8,590,000 Securitized Asset Backed Receivables LLC Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B1 to BBB (low) from BBB (high).
-- $6,443,000 Securitized Asset Backed Receivables LLC Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B2 to BB (low) from BBB.
-- $6,136,000 Securitized Asset Backed Receivables LLC Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B3 to B (high) from BBB (low) and is no longer UR - Neg.
-- $4,295,000 Securitized Asset Backed Receivables LLC Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B4 to B from BB (low).
-- $6,136,000 Securitized Asset Backed Receivables LLC Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B5 to B (low) from B (high).
-- $4,515,000 Securitized Asset Backed Receivables LLC Trust 2006-NC3, Mortgage Pass-Through Certificates, Series 2006-NC3, Class B1 to BBB (low) from BBB (high).
-- $3,870,000 Securitized Asset Backed Receivables LLC Trust 2006-NC3, Mortgage Pass-Through Certificates, Series 2006-NC3, Class B2 to BB (low) from BBB (high).
-- $5,375,000 Securitized Asset Backed Receivables LLC Trust 2006-NC3, Mortgage Pass-Through Certificates, Series 2006-NC3, Class B3 to B from BBB and is no longer UR - Neg.
-- $6,235,000 Securitized Asset Backed Receivables LLC Trust 2006-NC3, Mortgage Pass-Through Certificates, Series 2006-NC3, Class B4 to B (low) from BB (high).
-- $37,891,000 Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class M2 to A (low) from A.
-- $10,826,000 Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class M3 to BBB (low) from A (low).
-- $10,104,000 Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class B1 to BB (low) from BBB (high).
-- $9,022,000 Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class B2 to B (high) from BBB.
-- $7,578,000 Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class B3 to B from BBB (low) and is no longer UR - Neg.
-- $7,218,000 Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class B4 to B (low) from BB (low).
-- $32,031,000 Securitized Asset Backed Receivables LLC Trust 2006-WM2, Mortgage Pass-Through Certificates, Series 2006-WM2, Class M4 to A (low) from A.
-- $15,014,000 Securitized Asset Backed Receivables LLC Trust 2006-WM2, Mortgage Pass-Through Certificates, Series 2006-WM2, Class M5 to BBB (low) from A (low).
-- $13,513,000 Securitized Asset Backed Receivables LLC Trust 2006-WM2, Mortgage Pass-Through Certificates, Series 2006-WM2, Class B1 to BB (low) from BBB (high).
-- $10,010,000 Securitized Asset Backed Receivables LLC Trust 2006-WM2, Mortgage Pass-Through Certificates, Series 2006-WM2, Class B2 to B (high) from BBB.
-- $7,007,000 Securitized Asset Backed Receivables LLC Trust 2006-WM2, Mortgage Pass-Through Certificates, Series 2006-WM2, Class B3 to B from BBB (low) and is no longer UR - Neg.
-- $10,010,000 Securitized Asset Backed Receivables LLC Trust 2006-WM2, Mortgage Pass-Through Certificates, Series 2006-WM2, Class B4 to B (low) from BB (low).
-- $30,967,000 Securitized Asset Backed Receivables LLC Trust 2006-WM3, Mortgage Pass-Through Certificates, Series 2006-WM3, Class M4, to A (low) from A.
-- $14,485,000 Securitized Asset Backed Receivables LLC Trust 2006-WM3, Mortgage Pass-Through Certificates, Series 2006-WM3, Class M5, to BBB (low) from A (low).
-- $13,486,000 Securitized Asset Backed Receivables LLC Trust 2006-WM3, Mortgage Pass-Through Certificates, Series 2006-WM3, Class B1, to BB (low) from BBB (high).
-- $8,991,000 Securitized Asset Backed Receivables LLC Trust 2006-WM3, Mortgage Pass-Through Certificates, Series 2006-WM3, Class B2, to B (high) from BBB.
-- $7,992,000 Securitized Asset Backed Receivables LLC Trust 2006-WM3, Mortgage Pass-Through Certificates, Series 2006-WM3, Class B3, to B from BBB (low) and is no longer UR - Neg.
-- $9,491,000 Securitized Asset Backed Receivables LLC Trust 2006-WM3, Mortgage Pass-Through Certificates, Series 2006-WM3, Class B4, to B (low) from BB (low).
-- $20,332,000 Securitized Asset Backed Receivables LLC Trust 2006-WM4, Mortgage Pass-Through Certificates, Series 2006-WM4, Class B1 to BBB (low) from BBB (high).
-- $17,621,000 Securitized Asset Backed Receivables LLC Trust 2006-WM4, Mortgage Pass-Through Certificates, Series 2006-WM4, Class B2 to BB (low) from BBB.
-- $12,877,000 Securitized Asset Backed Receivables LLC Trust 2006-WM4, Mortgage Pass-Through Certificates, Series 2006-WM4, Class B3 to B (low) from BBB (low).
-- $29,864,000 SG Mortgage Securities Trust 2006-FRE2, Asset-Backed Certificates, Series 2006-FRE2, Class M4 to A (low) from A (high).
-- $28,959,000 SG Mortgage Securities Trust 2006-FRE2, Asset-Backed Certificates, Series 2006-FRE2, Class M5 to BBB (low) from A.
-- $26,244,000 SG Mortgage Securities Trust 2006-FRE2, Asset-Backed Certificates, Series 2006-FRE2, Class M6 to BB (high) from A.
-- $24,434,000 SG Mortgage Securities Trust 2006-FRE2, Asset-Backed Certificates, Series 2006-FRE2, Class M7 to BB from A (low).
-- $20,814,000 SG Mortgage Securities Trust 2006-FRE2, Asset-Backed Certificates, Series 2006-FRE2, Class M8 to BB (low) from BBB (high).
-- $17,194,000 SG Mortgage Securities Trust 2006-FRE2, Asset-Backed Certificates, Series 2006-FRE2, Class M9 to B (high) from BBB (low).
-- $10,860,000 SG Mortgage Securities Trust 2006-FRE2, Asset-Backed Certificates, Series 2006-FRE2, Class M10 to B from BB (high).
-- $16,289,000 SG Mortgage Securities Trust 2006-FRE2, Asset-Backed Certificates, Series 2006-FRE2, Class M11 to B (low) from BB (low).
-- $10,980,000 SG Mortgage Securities Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2, Class M7 to BBB (low) from BBB (high).
-- $6,100,000 SG Mortgage Securities Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2, Class M8 to BB (low) from BBB.
-- $10,573,000 SG Mortgage Securities Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2, Class M9 to B (high) from BBB (low).
-- $12,607,000 SG Mortgage Securities Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2, Class M10 to B from BB (high).
-- $9,760,000 SG Mortgage Securities Trust 2006-OPT2, Asset-Backed Certificates, Series 2006-OPT2, Class M11 to B (low) from BB.
-- $7,402,000 Soundview Home Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Series 2006-BC2, Class M9 to BBB (low) from BBB.
-- $10,222,000 Soundview Home Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Series 2006-BC2, Class B1 to BB (low) from BBB (low).
-- $9,164,000 Soundview Home Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Series 2006-BC2, Class B2 to B from BB (high).
-- $5,640,000 Soundview Home Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Series 2006-BC2, Class B3 to B (low) from BB and is no longer UR - Neg.
-- $24,750,000 Structured Asset Investment Loan Trust, Series 2006-BNC3, Mortgage Pass-Through Certificates, Series 2006-BNC3, Class M6 to BBB (low) from BBB (high).
-- $16,500,000 Structured Asset Investment Loan Trust, Series 2006-BNC3, Mortgage Pass-Through Certificates, Series 2006-BNC3, Class M7 to BB (low) from BBB.
-- $23,718,000 Structured Asset Investment Loan Trust, Series 2006-BNC3, Mortgage Pass-Through Certificates, Series 2006-BNC3, Class M8 to B (high) from BBB (low) and is no longer UR - Neg.
-- $23,718,000 Structured Asset Investment Loan Trust, Series 2006-BNC3, Mortgage Pass-Through Certificates, Series 2006-BNC3, Class B1 to B from BB (low).
-- $20,625,000 Structured Asset Investment Loan Trust, Series 2006-BNC3, Mortgage Pass-Through Certificates, Series 2006-BNC3, Class B2 to B (low) from B (high).
-- $8,859,000 Structured Asset Securities Corporation 2006-BC2, Mortgage Pass-Through Certificates, Series 2005-S3, Class M7 to BBB (low) from BBB (high).
-- $6,562,000 Structured Asset Securities Corporation 2006-BC2, Mortgage Pass-Through Certificates, Series 2005-S3, Class M8 to BB (low) from BBB.
-- $6,562,000 Structured Asset Securities Corporation 2006-BC2, Mortgage Pass-Through Certificates, Series 2005-S3, Class M9 to B (high) from BBB (low).
-- $5,250,000 Structured Asset Securities Corporation 2006-BC2, Mortgage Pass-Through Certificates, Series 2006-BC2, Class B1 to B from BB (low).
-- $6,890,000 Structured Asset Securities Corporation 2006-BC2, Mortgage Pass-Through Certificates, Series 2006-BC2, Class B2 to B (low) from B.
-- $4,015,000 Terwin Mortgage Trust 2004-9HE, Asset-Backed Certificates, Series 2004-9HE, Class B2 to BBB (low) from BBB.
-- $3,135,287 Terwin Mortgage Trust 2004-9HE, Asset-Backed Certificates, Series 2004-9HE, Class B3 to BB (low) from BBB (low) and is no longer UR - Neg.


Note:
All figures are in U.S. dollars unless otherwise noted.

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

Ratings

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