DBRS Downgrades 218 Classes from 51 RMBS Transactions

DBRS has today downgraded 218 classes from 51 RMBS transactions.

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 write-downs.

-- $8,062,000, Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes, Series 2005-2, Class M-11 to BB (high) from BBB (low)
-- $23,550,000, ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M-5 to "A" from A (high)
-- $20,087,000, ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M-6 to BBB (high) from A (low)
-- $19,246,000, ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Pass-Through Certificates, Series 2005-HE1, Class M-8 to BBB (low) from BBB
-- $12,155,676, ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Pass-Through Certificates, Series 2005-HE1, Class M-9 to BB (high) from BBB (low)
-- $7,891,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1, Class M-5 to A (high) from AA (low)
-- $34,754,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M-2 to AA (low) from AA (high)
-- $20,670,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M-3 to A (high) from AA
-- $17,382,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M-4 to "A" from AA (low)
-- $16,912,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M-5 to A (low) from A (high)
-- $16,442,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE2, Asset-Backed Pass-Through Certificates, Series 2006-HE2, Class M-6 to BBB (high) from "A"
-- $49,546,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M-1 to AA from AA (high)
-- $45,042,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M-2 to A (high) from AA
-- $27,025,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M-3 to "A" from AA (low)
-- $24,773,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M-4 to A (low) from A (high)
-- $24,022,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M-5 to BBB (high) from "A"
-- $21,770,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M-6 to BBB from A (low)
-- $21,019,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-NC3, Asset-Backed Pass-Through Certificates, Series 2006-NC3, Class M-7 to BBB (low) from BBB
-- $18,939,000, ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2, Class M-3 to AA (low) from AA
-- $16,177,000, ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2, Class M-4 to A (high) from AA (low)
-- $14,599,000, ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2, Class M-5 to "A" from A (high)
-- $13,810,000, ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2, Class M-6 to BBB (high) from A (low)
-- $12,626,000, ACE Securities Corp. Home Equity Loan Trust, Series 2007-HE2, Asset-Backed Pass-Through Certificates, Series 2007-HE2, Class M-7 to BBB from BBB (high)
-- $14,000,000, Aegis Asset Backed Securities Trust 2005-2, Mortgage-Backed Notes, Series 2005-2, Class B2 to BB (high) from BBB (low)
-- $16,500,000, Aegis Asset Backed Securities Trust 2005-2, Mortgage-Backed Notes, Series 2005-2, Class M6 to BBB (high) from A (low)
-- $13,600,000, Aegis Asset Backed Securities Trust 2005-3, Mortgage-Backed Notes, Series 2005-3, Class B1 to BBB from BBB (high)
-- $15,725,000, Aegis Asset Backed Securities Trust 2005-3, Mortgage-Backed Notes, Series 2005-3, Class M6 to BBB (high) from A (low)
-- $14,250,000, Ameriquest Mortgage Securities Inc. Series 2004-R11, Asset-Backed Pass-Through Certificates, Series 2004-R11, Class M-10 to BB (low) from BB (high) and is no longer Under Review with Negative Implications
-- $7,073,424, Ameriquest Mortgage Securities Inc. Series 2004-R7, Asset-Backed Pass-Through Certificates, Series 2004-R7, Class M-10 to BB (high) from BBB
-- $3,157,350, Ameriquest Mortgage Securities Inc. Series 2004-R7, Asset-Backed Pass-Through Certificates, Series 2004-R7, Class M-11 to BB from BBB (low) and is no longer Under Review with Negative Implications
-- $30,000,000, Ameriquest Mortgage Securities Inc. Series 2004-R7, Asset-Backed Pass-Through Certificates, Series 2004-R7, Class M-6 to A (low) from A (high)
-- $11,939,205, Ameriquest Mortgage Securities Inc. Series 2004-R7, Asset-Backed Pass-Through Certificates, Series 2004-R7, Class M-7 to BBB (high) from "A"
-- $8,622,038, Ameriquest Mortgage Securities Inc. Series 2004-R7, Asset-Backed Pass-Through Certificates, Series 2004-R7, Class M-8 to BBB from A (low)
-- $8,589,158, Ameriquest Mortgage Securities Inc. Series 2004-R7, Asset-Backed Pass-Through Certificates, Series 2004-R7, Class M-9 to BBB (low) from BBB (high)
-- $1,919,055, Ameriquest Mortgage Securities Inc. Series 2004-R8, Asset-Backed Pass-Through Certificates, Series 2004-R8, Class M-10 to BB (low) from BB (high) and is no longer Under Review with Negative Implications
-- $25,000,000, Ameriquest Mortgage Securities Inc. Series 2004-R8, Asset-Backed Pass-Through Certificates, Series 2004-R8, Class M-6 to BBB from A (low)
-- $13,723,501, Ameriquest Mortgage Securities Inc. Series 2004-R8, Asset-Backed Pass-Through Certificates, Series 2004-R8, Class M-7 to BBB (low) from BBB (high)
-- $6,424,052, Ameriquest Mortgage Securities Inc. Series 2004-R8, Asset-Backed Pass-Through Certificates, Series 2004-R8, Class M-8 to BB (high) from BBB
-- $7,210,758, Ameriquest Mortgage Securities Inc. Series 2004-R8, Asset-Backed Pass-Through Certificates, Series 2004-R8, Class M-9 to BB from BBB (low)
-- $7,500,000, Ameriquest Mortgage Securities Inc. Series 2004-R9, Asset-Backed Pass-Through Certificates, Series 2004-R9, Class M-6 to BBB from BBB (high)
-- $6,786,652, Ameriquest Mortgage Securities Inc. Series 2004-R9, Asset-Backed Pass-Through Certificates, Series 2004-R9, Class M-7 to BB (high) from BBB
-- $2,965,747, Ameriquest Mortgage Securities Inc. Series 2004-R9, Asset-Backed Pass-Through Certificates, Series 2004-R9, Class M-8 to BB from BBB (low)
-- $2,121,540, Ameriquest Mortgage Securities Inc. Series 2004-R9, Asset-Backed Pass-Through Certificates, Series 2004-R9, Class M-9 to BB (low) from BB (high) and is no longer Under Review with Negative Implications
-- $5,317,038, Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Pass-Through Certificates, Series 2005-HE1, Class M11 to B (high) from BB (low)
-- $13,442,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, Class M10 to BB from BB (high)
-- $13,959,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, Class M11 to BB (low) from BB
-- $22,231,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, Class M4 to "A" from A (high)
-- $18,612,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, Class M5 to A (low) from "A"
-- $9,823,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, Class M6 to BBB (high) from A (low)
-- $11,374,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, Class M7 to BBB from BBB (high)
-- $9,308,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, Class M8 to BBB (low) from BBB
-- $11,891,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series AMQ 2006-HE7, Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, Class M9 to BB (high) from BBB (low)
-- $67,234,000, Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-Through Certificates, Series 2007-AMC2, Class M-2 to AA (low) from AA
-- $38,577,000, Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-Through Certificates, Series 2007-AMC2, Class M-3 to A (high) from AA (low)
-- $35,271,000, Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-Through Certificates, Series 2007-AMC2, Class M-4 to "A" from A (high)
-- $33,066,000, Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-Through Certificates, Series 2007-AMC2, Class M-5 to A (low) from A (high)
-- $31,963,000, Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-Through Certificates, Series 2007-AMC2, Class M-6 to BBB (high) from "A"
-- $28,658,000, Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-Through Certificates, Series 2007-AMC2, Class M-7 to BBB from BBB (high)
-- $25,350,000, Citigroup Mortgage Loan Trust 2007-AMC2, Asset-Backed Pass-Through Certificates, Series 2007-AMC2, Class M-8 to BBB (low) from BBB
-- $2,243,000, Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class MV-6 to BBB (low) from BBB
-- $1,495,000, Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class MV-7 to BB (low) from BBB (low)
-- $14,850,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class M-5 to "A" from A (high)
-- $13,000,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class M-6 to A (low) from "A"
-- $13,500,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class M-7 to BBB (high) from "A"
-- $9,500,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class M-8 to BBB from A (low)
-- $18,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates, Series 2005-4, Class M-6 to A (low) from "A"
-- $16,675,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-4, Home Equity Pass-Through Certificates, Series 2005-4, Class M-7 to BBB (high) from A (low)
-- $10,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class B-1 to BB (high) from BBB (low)
-- $8,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class B-2 to BB (low) from BB
-- $6,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class B-3 to B (high) from BB (low)
-- $10,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class B-4 to B from B (high)
-- $5,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class B-5 to B (low) from B
-- $21,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class M-3 to A (high) from AA (low)
-- $16,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class M-4 to A (low) from A (high)
-- $16,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class M-5 to BBB (high) from "A"
-- $145,00,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class M-6 to BBB from "A"
-- $14,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-7, Home Equity Pass-Through Certificates, Series 2005-7, Class M-7 to BBB (low) from A (low)
-- $24,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class M-4 to A (high) from AA (low)
-- $24,750,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class M-5 to "A" from A (high)
-- $21,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class M-6 to A (low) from "A"
-- $20,250,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class M-7 to BBB (high) from A (low)
-- $15,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class M-8 to BBB from BBB (high)
-- $14,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class M-4 to A (high) from AA (low)
-- $13,600,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class M-5 to "A" from A (high)
-- $12,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class M-6 to BBB (high) from "A"
-- $11,200,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class M-7 to BBB from A (low)
-- $18,200,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates, Series 2006-3, Class M-7 to BBB (high) from A (low)
-- $30,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-4, Home Equity Pass-Through Certificates, Series 2006-4, Class M-3 to AA (low) from AA
-- $26,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-4, Home Equity Pass-Through Certificates, Series 2006-4, Class M-4 to A (high) from AA (low)
-- $25,600,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-4, Home Equity Pass-Through Certificates, Series 2006-4, Class M-5 to "A" from A (high)
-- $23,200,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-4, Home Equity Pass-Through Certificates, Series 2006-4, Class M-6 to BBB (high) from "A"
-- $21,600,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-4, Home Equity Pass-Through Certificates, Series 2006-4, Class M-7 to BBB from A (low)
-- $28,900,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates, Series 2006-6, Class M-2 to AA (low) from AA (high)
-- $17,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates, Series 2006-6, Class M-3 to A (high) from AA
-- $15,725,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates, Series 2006-6, Class M-4 to "A" from AA
-- $14,025,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates, Series 2006-6, Class M-5 to A (low) from AA (low)
-- $12,750,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates, Series 2006-6, Class M-6 to BBB (high) from A (high)
-- $12,325,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-6, Home Equity Pass-Through Certificates, Series 2006-6, Class M-7 to BBB from A (low)
-- $40,150,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates, Series 2006-7, Class M-1 to AA from AA (high)
-- $35,750,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates, Series 2006-7, Class M-2 to A (high) from AA
-- $20,350,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates, Series 2006-7, Class M-3 to "A" from AA
-- $19,250,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates, Series 2006-7, Class M-4 to A (low) from AA (low)
-- $18,700,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-7, Home Equity Pass-Through Certificates, Series 2006-7, Class M-5 to BBB (high) from A (low)
-- $21,300,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates, Series 2006-8, Class M-3 to AA (low) from AA
-- $20,125,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates, Series 2006-8, Class M-4 to "A" from AA (low)
-- $18,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates, Series 2006-8, Class M-5 to A (low) from A (high)
-- $17,825,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-8, Home Equity Pass-Through Certificates, Series 2006-8, Class M-6 to BBB (high) from A (low)
-- $35,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates, Series 2007-1, Class M-2 to AA (low) from AA
-- $20,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates, Series 2007-1, Class M-3 to "A" from AA
-- $17,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates, Series 2007-1, Class M-4 to A (low) from AA (low)
-- $17,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates, Series 2007-1, Class M-5 to BBB (high) from A (high)
-- $16,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates, Series 2007-1, Class M-6 to BBB (low) from A (low)
-- $14,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates, Series 2007-1, Class M-7 to BB (high) from BBB (low)
-- $10,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2007-1, Home Equity Pass-Through Certificates, Series 2007-1, Class M-8 to BB from BB (high)
-- $16,373,506, CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed Certificates, Series 2004-12, Class BV to BB (high) from BBB (low)
-- $22,512,000, CWABS Asset-Backed Certificates Trust 2004-12, Asset-Backed Certificates, Series 2004-12, Class MV-8 to BBB from BBB (high)
-- $16,536,900, CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed Certificates, Series 2004-AB2, Class B to BB (low) from BBB (high) and is no longer Under Review with Negative Implications
-- $12,250,000, CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed Certificates, Series 2004-AB2, Class M-4 to AA (low) from AA
-- $12,250,000, CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed Certificates, Series 2004-AB2, Class M-5 to "A" from A (high)
-- $12,250,000, CWABS Asset-Backed Certificates Trust 2004-AB2, Asset-Backed Certificates, Series 2004-AB2, Class M-6 to BBB (high) from "A"
-- $25,583,000, First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-Through Certificates, Series 2005-FF9, Class M3 to A (high) from AA (low)
-- $26,436,000, First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-Through Certificates, Series 2005-FF9, Class M4 to A (low) from A (high)
-- $24,730,000, First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-Through Certificates, Series 2005-FF9, Class M5 to BBB (high) from A (low)
-- $13,644,000, First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-Through Certificates, Series 2005-FF9, Class M6 to BBB from BBB (high)
-- $12,792,000, First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-Through Certificates, Series 2005-FF9, Class M7 to BBB (low) from BBB
-- $36,669,000, First Franklin Mortgage Loan Trust 2005-FF9, Mortgage Pass-Through Certificates, Series 2005-FF9, Class M8 to BB from BB (high)
-- $17,377,000, First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M-3 to AA from AA (high)
-- $15,682,000, First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M-4 to A (high) from AA
-- $14,834,000, First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M-5 to "A" from AA
-- $13,986,000, First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M-6 to A (low) from A (high)
-- $11,867,000, First Franklin Mortgage Loan Trust 2006-FF8, Asset-Backed Certificates, Series 2006-FF8, Class M-7 to BBB from A (low)
-- $4,508,000, First Franklin Mortgage Loan Trust, Series 2005-FFH2, Mortgage Pass-Through Certificates, Series 2005-FFH2, Class B1 to BB (low) from BB
-- $7,013,000, First Franklin Mortgage Loan Trust, Series 2005-FFH2, Mortgage Pass-Through Certificates, Series 2005-FFH2, Class M7 to BBB from BBB (high)
-- $15,529,000, Fremont Home Loan Trust 2005-D, Mortgage-Backed Certificates, Series 2005-D, Class M6 to "A" from A (high)
-- $32,374,000, Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M3 to "A" from A (high)
-- $31,475,000, Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M4 to A (low) from "A"
-- $28,777,000, Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M5 to BBB (high) from A (low)
-- $26,979,000, Fremont Home Loan Trust 2006-C, Mortgage-Backed Certificates, Series 2006-C, Class M6 to BBB from BBB (high)
-- $30,290,000, Fremont Home Loan Trust 2006-D, Mortgage-Backed Certificates, Series 2006-D, Class M4 to "A" from A (high)
-- $27,102,000, Fremont Home Loan Trust 2006-D, Mortgage-Backed Certificates, Series 2006-D, Class M5 to A (low) from "A"
-- $19,131,000, Fremont Home Loan Trust 2006-D, Mortgage-Backed Certificates, Series 2006-D, Class M6 to BBB (high) from A (low)
-- $1,070,430, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-B to BBB (low) from A (low)
-- $6,777,242, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-2 to AA (low) from AA
-- $3,923,725, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-3 to "A" from AA
-- $2,495,855, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-4 to A (low) from AA (low)
-- $2,996,271, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-5 to BBB (high) from A (high)
-- $1,783,532, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-6 to BBB from "A"
-- $8,681,681, Impac CMB Grantor Trust 2005-1-3, Collateralized Asset-Backed Grantor Trust Certificates, Series 2005-1, Class M-3 to AA (low) from AA
-- $4,718,319, Impac CMB Grantor Trust 2005-1-4, Collateralized Asset-Backed Grantor Trust Certificates, Series 2005-1, Class M-4 to "A" from AA (low)
-- $4,718,319, Impac CMB Grantor Trust 2005-1-5, Collateralized Asset-Backed Grantor Trust Certificates, Series 2005-1, Class M-5 to BBB (high) from A (high)
-- $3,774,622, Impac CMB Grantor Trust 2005-1-6, Collateralized Asset-Backed Grantor Trust Certificates, Series 2005-1, Class M-6 to BBB (low) from "A"
-- $2,831,089, Impac CMB Grantor Trust 2005-1-7, Collateralized Asset-Backed Grantor Trust Certificates, Series 2005-1, Class B to BB (high) from A (low)
-- $41,251,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-1 to AA from AA (high)
-- $38,959,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-2 to A (high) from AA (low)
-- $26,737,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-3 to A (low) from "A"
-- $19,862,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-4 to BBB (high) from A (low)
-- $18,334,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-5 to BBB from BBB (high)
-- $15,278,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-6 to BBB (low) from BBB
-- $15,278,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-7 to BB (high) from BBB (low)
-- $12,223,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-8 to BB from BB (high)
-- $11,459,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-9 to BB (low) from BB
-- $19,940,000, Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-2 to AA from AA (high)
-- $13,958,000, Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-3 to A (high) from AA (high)
-- $10,824,000, Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-4 to "A" from AA
-- $10,255,000, Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-5 to A (low) from AA
-- $9,115,000, Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-6 to BBB (high) from AA (low)
-- $9,970,000, Meritage Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-7 to BBB from A (low)
-- $32,675,546, New Century Home Equity Loan Trust 2004-3, Asset-Backed Notes, Series 2004-3, Class M-6 to BBB (high) from A (low)
-- $7,512,379, New Century Home Equity Loan Trust 2004-3, Asset-Backed Notes, Series 2004-3, Class M-7 to BBB from BBB (high)
-- $6,532,503, New Century Home Equity Loan Trust 2004-3, Asset-Backed Notes, Series 2004-3, Class M-8 to BBB (low) from BBB
-- $6,532,503, New Century Home Equity Loan Trust 2004-3, Asset-Backed Notes, Series 2004-3, Class M-9 to BB (high) from BBB (low)
-- $27,543,357, New Century Home Equity Loan Trust 2004-4, Asset-Backed Notes, Series 2004-4, Class M-6 to BBB (high) from A (low)
-- $11,275,018, New Century Home Equity Loan Trust 2004-4, Asset-Backed Notes, Series 2004-4, Class M-7 to BBB from BBB (high)
-- $8,053,584, New Century Home Equity Loan Trust 2004-4, Asset-Backed Notes, Series 2004-4, Class M-8 to BBB (low) from BBB
-- $9,028,505, New Century Home Equity Loan Trust 2004-4, Asset-Backed Notes, Series 2004-4, Class M-9 to BB (high) from BBB (low)
-- $46,999,000, New Century Home Equity Loan Trust, Series 2005-B, Asset-Backed Pass-Through Certificates, Series 2005-B, Class M-3 to AA (low) from AA
-- $34,999,000, New Century Home Equity Loan Trust, Series 2005-B, Asset-Backed Pass-Through Certificates, Series 2005-B, Class M-4 to A (high) from AA (low)
-- $39,999,000, New Century Home Equity Loan Trust, Series 2005-B, Asset-Backed Pass-Through Certificates, Series 2005-B, Class M-5 to A (low) from "A"
-- $23,000,000, New Century Home Equity Loan Trust, Series 2005-B, Asset-Backed Pass-Through Certificates, Series 2005-B, Class M-6 to BBB (high) from A (low)
-- $32,682,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class M-2 to AA from AA (high)
-- $20,542,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class M-3 to AA (low) from AA
-- $18,208,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class M-4 to "A" from AA (low)
-- $17,274,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class M-5 to A (low) from A (high)
-- $14,473,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class M-6 to BBB (high) from "A"
-- $14,473,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-FM1, Asset-Backed Certificates, Series 2006-FM1, Class M-7 to BBB from A (low)
-- $27,505,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class M-2 to AA (low) from AA
-- $17,098,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class M-3 to A (high) from AA (low)
-- $13,381,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class M-4 to "A" from A (high)
-- $14,124,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class M-5 to A (low) from "A"
-- $11,894,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE2, Home Equity Loan Trust Asset-Backed Certificates, Series 2006-HE2, Class M-6 to BBB (high) from A (low)
-- $40,309,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class M-2 to AA (low) from AA
-- $24,723,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class M-3 to A (high) from AA (low)
-- $21,498,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class M-4 to "A" from A (high)
-- $19,886,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class M-5 to A (low) from A (high)
-- $18,273,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class M-6 to BBB (high) from "A"
-- $17,198,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-HE3, Asset-Backed Certificates, Series 2006-HE3, Class M-7 to BBB from A (low)
-- $19,543,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class M-4 to A (high) from AA (low)
-- $17,681,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class M-5 to "A" from A (high)
-- $15,820,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class M-6 to A (low) from "A"
-- $14,424,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class M-7 to BBB (high) from A (low)
-- $13,494,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class M-8 to BBB from BBB (high)
-- $11,167,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2007-2, Asset-Backed Certificates, Series 2007-2, Class M-9 to BBB (low) from BBB

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.

-- $17,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M-1 to AA from AA (high)
-- $13,800,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M-2 to "A" from AA (low)
-- $13,800,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M-3 to BBB (high) from A
-- $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 M-4 to BBB from BBB (high)
-- $40,400,000, Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M-1 to AA (low) from AA (high)
-- $33,200,000, Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M-2 to "A" from A (high)
-- $18,000,000, Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M-3 to BBB (high) from "A"
-- $16,800,000, Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M-4 to BBB from BBB (high)
-- $6,375,000, CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class M-5 to B (high) from BB
-- $26,723,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M2 to A (high) from AA
-- $16,445,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M3 to "A" from AA (low)
-- $13,362,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M4 to A (low) from A (high)
-- $13,362,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M5 to BBB from "A"
-- $13,019,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M6 to BBB (low) from BBB (high)
-- $12,324,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M7 to BB (high) from BBB
-- $10,621,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M8 to BB (low) from BB (high)


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

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