Date of Release: 2008-03-19

DBRS Downgrades 676 Classes from 113 RMBS Transactions

DBRS has today downgraded 676 classes from 113 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 writedowns.

--$2,096,543, Terwin Mortgage Trust 2004-9HE, Asset-Backed Certificates, Series 2004-9HE, Class B-1 to BBB (low) from BBB
--$1,351,533, Terwin Mortgage Trust 2004-9HE, Asset-Backed Certificates, Series 2004-9HE, Class B-2 to BB from BBB (low)
--$939,742, Terwin Mortgage Trust 2004-9HE, Asset-Backed Certificates, Series 2004-9HE, Class B-3 to B (high) from BB (low)
--$17,133,284, Argent Securities Inc. Series 2004-W11, Asset-Backed Pass-Through Certificates, Series 2004-W11, Class M-11 to BB from BB (high)
--$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 (low) from "A"
--$18,344,672, ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M-6 to BBB (low) from BBB (high)
--$5,243,345, ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M-7 to BB (high) from BBB (low)
--$4,372,894, ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M-8 to BB from BB (high)
--$4,810,183, ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M-9 to BB (low) from BB
--$2,229,565, ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through Certificates, Series 2004-HE4, Class M-10 to B (high) from BB (low)
--$41,434,909, Park Place Securities Inc., Series 2004-WHQ2, Asset-Backed Pass-Through Certificates, Series 2004-WHQ2, Class M-9 to BB (high) from BBB (low)
--$31,782,093, Park Place Securities Inc., Series 2004-WHQ2, Asset-Backed Pass-Through Certificates, Series 2004-WHQ2, Class M-10 to BB (low) from BB (high)
--$6,315,887, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-2 to "A" from AA (low)
--$3,656,621, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-3 to BBB from "A"
--$2,326,884, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-4 to BBB (low) from A (low)
--$2,792,302, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-5 to BB from BBB (high)
--$1,662,119, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-M-6 to BB (low) from BBB
--$997,562, Impac CMB Trust Series 2004-11, Collateralized Asset-Backed Bonds, Series 2004-11, Class 2-B to B (high) from BBB (low)
--$25,174,934, Park Place Securities Inc., Series 2005-WCH1, Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M-10 to BB from BB (high)
--$11,862,000, Morgan Stanley Home Equity Loan Trust 2005-1, Mortgage Pass-Through Certificates, Series 2005-1, Class B-1 to BBB from BBB (high)
--$7,756,000, Morgan Stanley Home Equity Loan Trust 2005-1, Mortgage Pass-Through Certificates, Series 2005-1, Class B-2 to BB (high) from BBB
--$9,126,000, Morgan Stanley Home Equity Loan Trust 2005-1, Mortgage Pass-Through Certificates, Series 2005-1, Class B-3 to BB (low) from BBB (low)
--$12,538,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Pass-Through Certificates, Series 2005-HE1, Class M8 to BBB (low) from BBB
--$6,708,482, Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Pass-Through Certificates, Series 2005-HE1, Class M9 to BB from BBB (low)
--$3,246,220, Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Pass-Through Certificates, Series 2005-HE1, Class M10 to BB (low) from BB (high)
--$8,126,374, ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M-5 to A (low) from A (high)
--$3,083,331, ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M-6 to BBB (high) from A (low)
--$2,794,269, ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M-7 to BBB (low) from BBB (high)
--$2,119,790, ACE Securities Corp. Home Equity Loan Trust, Series 2005-RM1, Asset-Backed Pass-Through Certificates, Series 2005-RM1, Class M-8 to BB (high) from BBB (low)
--$10,397,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE2, Asset-Backed Pass-Through Certificates, Series 2005-HE2, Class M5 to BBB from BBB (high)
--$5,368,878, Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE2, Asset-Backed Pass-Through Certificates, Series 2005-HE2, Class M6 to BB (high) from BBB
--$3,234,091, Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE2, Asset-Backed Pass-Through Certificates, Series 2005-HE2, Class M7 to BB from BBB (low)
--$4,270,406, Asset Backed Securities Corporation Home Equity Loan Trust, Series 2005-HE2, Asset-Backed Pass-Through Certificates, Series 2005-HE2, Class M8 to BB (low) from BB (high)
--$17,337,000, Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2, Mortgage Pass-Through Certificates, Series 2005-WMC2, Class B-1 to BBB (low) from BBB (high)
--$7,570,119, Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2, Mortgage Pass-Through Certificates, Series 2005-WMC2, Class B-2 to BB (high) from BBB
--$4,579,197, Morgan Stanley ABS Capital I Inc. Trust 2005-WMC2, Mortgage Pass-Through Certificates, Series 2005-WMC2, Class B-3 to BB from BBB (low)
--$11,840,000, Morgan Stanley ABS Capital I Inc. Trust 2005-WMC3, Mortgage Pass-Through Certificates, Series 2005-WMC3, Class B-2 to BBB (low) from BBB
--$11,346,000, Morgan Stanley ABS Capital I Inc. Trust 2005-WMC3, Mortgage Pass-Through Certificates, Series 2005-WMC3, Class B-3 to BB (low) from BB (high)
--$10,078,000, Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes, Series 2005-2, Class M-9 to BBB (low) from BBB
--$6,047,000, Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes, Series 2005-2, Class M-10 to BB (high) from BBB
--$8,062,000, Accredited Mortgage Loan Trust 2005-2, Asset-Backed Notes, Series 2005-2, Class M-11 to BB (low) from BB (high)
--$13,315,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-5, Class 6-M-2 to A (low) from "A"
--$5,810,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-5, Class 6-M-3 to BB (high) from BBB (high)
--$4,596,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-5, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-5, Class 6-M-4 to B (high) from BBB (low)
--$13,471,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates, Series WMC 2005-HE5, Class M8 to BBB from BBB (high)
--$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 M9 to BB (high) from BBB
--$7,005,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series WMC 2005-HE5, Asset-Backed Pass-Through Certificates, Series WMC 2005-HE5, Class M10 to BB from BBB (low)
--$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 from B (high)
--$11,050,000, Meritage Mortgage Loan Trust 2005-2, Asset-Backed Certificates, Series 2005-2, Class M-6 to A (low) from "A"
--$10,725,000, Meritage Mortgage Loan Trust 2005-2, Asset-Backed Certificates, Series 2005-2, Class M-7 to BBB from A (low)
--$7,150,000, Meritage Mortgage Loan Trust 2005-2, Asset-Backed Certificates, Series 2005-2, Class M-8 to BBB (low) from BBB (high)
--$8,775,000, Meritage Mortgage Loan Trust 2005-2, Asset-Backed Certificates, Series 2005-2, Class M-9 to BB from BBB (low)
--$5,525,000, Meritage Mortgage Loan Trust 2005-2, Asset-Backed Certificates, Series 2005-2, Class M-10 to BB (low) from BB
--$9,610,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-7, Class 7-M-2 to BBB (high) from "A"
--$5,010,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-7, Class 7-M-3 to BB (high) from BBB (high)
--$3,554,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-7, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-7, Class 7-M-4 to BB (low) from BBB
--$2,777,000, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M4 to A (low) from "A"
--$2,222,000, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M5 to BBB from A (low)
--$1,851,000, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M6 to BBB (low) from BBB (high)
--$1,851,000, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M7 to BB (high) from BBB (low)
--$1,851,000, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M8 to BB (low) from BB (high)
--$1,388,000, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-M9 to B (high) from BB (low)
--$1,851,000, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-B1 to B from B (high)
--$37,579,000, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class I/II-B2 to C from B (low)
--$1,460,914, Long Beach Mortgage Loan Trust 2005-WL1, Asset-Backed Certificates, Series 2005-WL1, Class III-B2 to C from B (low)
--$10,310,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-8, Class 7-M-2 to BBB from A (low)
--$6,080,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-8, Class 7-M-3 to BB from BBB (low)
--$3,714,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-8, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-8, Class 7-M-4 to B (high) from BB (low)
--$17,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates, Series 2005-5, Class M-5 to BBB (high) from A (high)
--$16,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates, Series 2005-5, Class M-6 to BBB from "A"
--$13,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-5, Home Equity Pass-Through Certificates, Series 2005-5, Class M-7 to BB (high) from BBB
--$26,000,000, New Century Home Equity Loan Trust 2005-4, Asset-Backed Notes, Series 2005-4, Class M-10 to BB from BBB (low)
--$17,921,000, Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes, Series 2005-3, Class M-5 to "A" from A (high)
--$15,121,000, Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes, Series 2005-3, Class M-6 to BBB from "A"
--$15,681,000, Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes, Series 2005-3, Class M-7 to BB (high) from BBB (high)
--$12,320,000, Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes, Series 2005-3, Class M-8 to BB (low) from BBB
--$12,880,000, Accredited Mortgage Loan Trust 2005-3, Asset-Backed Notes, Series 2005-3, Class M-9 to B (high) from BB (high)
--$24,600,000, First Franklin Mortgage Loan Trust 2005-FFH3, Asset-Backed Certificates, Series 2005-FFH3, Class M-7 to BBB (high) from A (low)
--$21,000,000, First Franklin Mortgage Loan Trust 2005-FFH3, Asset-Backed Certificates, Series 2005-FFH3, Class M-8 to BBB from BBB (high)
--$11,400,000, First Franklin Mortgage Loan Trust 2005-FFH3, Asset-Backed Certificates, Series 2005-FFH3, Class M-9 to BBB (low) from BBB
--$12,600,000, First Franklin Mortgage Loan Trust 2005-FFH3, Asset-Backed Certificates, Series 2005-FFH3, Class M-10 to BB (high) from BBB (low)
--$12,600,000, First Franklin Mortgage Loan Trust 2005-FFH3, Asset-Backed Certificates, Series 2005-FFH3, Class B-1 to BB from BB (high)
--$6,248,000, C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5, Class M-5 to "A" from A (high)
--$5,602,000, C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5, Class M-6 to BBB (high) from "A"
--$5,602,000, C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5, Class B-1 to BBB from A (low)
--$3,878,000, C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5, Class B-2 to BBB (low) from BBB (high)
--$3,663,000, C-BASS 2005-CB5 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB5, Class B-3 to BB (high) from BBB (low)
--$5,210,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5-M-3 to BBB from BBB (high)
--$2,480,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5-M-4 to BB (high) from BBB (low)
--$1,239,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-9, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 5-M-5 to BB from BB (high)
--$12,800,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates, Series 2005-6, Class M-6 to BBB (high) from "A"
--$10,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates, Series 2005-6, Class M-7 to BBB from A (low)
--$8,800,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates, Series 2005-6, Class M-8 to BB (high) from BBB (low)
--$7,200,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-6, Home Equity Pass-Through Certificates, Series 2005-6, Class B-1 to BB from BB (high)
--$41,251,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-1 to A (high) from AA
--$38,959,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-2 to BBB (high) from A (high)
--$26,737,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-3 to BBB from A (low)
--$19,862,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-4 to BBB (low) from BBB (high)
--$18,334,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-5 to BB (high) from BBB
--$15,278,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-6 to BB from BBB (low)
--$15,278,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-7 to BB (low) from BB (high)
--$12,223,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-8 to B (high) from BB
--$11,459,000, Long Beach Mortgage Loan Trust 2005-3, Asset-Backed Certificates, Series 2005-3, Class M-9 to B from BB (low)
--$8,493,000, Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class MF-3 to BBB (low) from BBB
--$2,928,000, Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class MF-4 to BB from BBB (low)
--$2,929,000, Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class MF-5 to B (high) from BB (high)
--$14,718,546, Greenpoint Mortgage Funding Trust 2005-HE4, Asset-Backed Notes, Series 2005-HE4, Class B-1 to C from B (low)
--$11,243,000, C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6, Class M-3 to "A" from A (high)
--$8,494,000, C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6, Class M-4 to BBB (high) from "A"
--$8,245,000, C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6, Class M-5 to BBB from A (low)
--$6,995,000, C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6, Class M-6 to BBB (low) from BBB (high)
--$7,995,000, C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6, Class B-1 to BB (high) from BBB
--$5,746,000, C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6, Class B-2 to BB from BBB (low)
--$5,746,000, C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6, Class B-3 to BB (low) from BB (high)
--$7,245,000, C-BASS 2005-CB6 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB6, Class B-4 to B (high) from BB (low)
--$8,490,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 5-M-2 to BBB (high) from A (low)
--$5,790,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 5-M-3 to BB from BBB (low)
--$1,930,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 5-M-4 to BB (low) from BB (high)
--$1,930,000, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-10, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 5-M-5 to B (high) from BB (low)
--$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 from BBB (high)
--$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-6 to BBB (low) from BBB
--$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 BB (high) from BBB (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 from BB (high)
--$21,872,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series NC 2005-HE8, Class M6 to BBB (high) from A (low)
--$19,755,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series NC 2005-HE8, Class M7 to BBB (low) from BBB (high)
--$14,816,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2005-HE8, Asset-Backed Pass-Through Certificates, Series NC 2005-HE8, Class M8 to BB (high) from BBB
--$15,526,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class M-8 to BBB (low) from BBB
--$14,951,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class M-9 to BB from BBB (low)
--$9,200,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class B-1 to BB (low) from BB (high)
--$11,501,000, Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2005-HE1, Asset-Backed Certificates, Series 2005-HE1, Class B-2 to B (high) from BB (high)
--$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 BBB from BBB (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 BBB (low) from BBB
--$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 BB (high) from BBB (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 BB from BB (high)
--$12,750,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class B-1 to BB (low) from BB
--$7,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class B-2 to B (high) from BB (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 B-3 to B from B (high)
--$11,250,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class B-4 to B (low) from B
--$10,500,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2005-8, Home Equity Pass-Through Certificates, Series 2005-8, Class B-5 to C from B (low)
--$8,349,498, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-11, Class C-B-2 to "A" from A (high)
--$6,675,613, Credit Suisse First Boston Mortgage Securities Corp. Adjustable Rate Mortgage Trust 2005-11, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-11, Class C-B-3 to BB (high) from BBB (high)
--$6,301,000, C-BASS 2005-CB7 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB7, Class M-6 to "A" from A (high)
--$6,735,000, C-BASS 2005-CB7 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB7, Class B-1 to BBB (high) from "A"
--$5,432,000, C-BASS 2005-CB7 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB7, Class B-2 to BBB (low) from "A"
--$4,997,000, C-BASS 2005-CB7 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2005-CB7, Class B-3 to BB (high) from BBB
--$6,720,000, Credit Suisse First Boston Mortgage Acceptance Corp. Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-12, Class 5-M-2 to BBB (low) from BBB
--$4,570,000, Credit Suisse First Boston Mortgage Acceptance Corp. Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-12, Class 5-M-3 to BB (low) from BB (high)
--$1,532,000, Credit Suisse First Boston Mortgage Acceptance Corp. Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-12, Class 5-M-5 to B (high) from BB (low)
--$20,118,350, Credit Suisse First Boston Mortgage Acceptance Corp. Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-12, Class C-B-1 to A (high) from AA (low)
--$9,113,483, Credit Suisse First Boston Mortgage Acceptance Corp. Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-12, Class C-B-2 to BBB (low) from BBB (high)
--$6,286,362, Credit Suisse First Boston Mortgage Acceptance Corp. Adjustable Rate Mortgage Trust 2005-12, Adjustable Rate Mortgage-Backed Pass-Through Certificates, Series 2005-12, Class C-B-3 to BB (low) from BBB (low)
--$21,150,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class M-3 to A (high) from AA
--$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-4 to "A" from AA (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 BBB (high) from "A"
--$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 BBB from A (low)
--$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 (low) from BBB (high)
--$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 BB (high) from BBB
--$9,000,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class B-1 to BB from BBB (low)
--$7,200,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class B-2 to BB (low) from BB
--$9,000,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class B-3 to B (high) from BB (low)
--$6,750,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class B-4 to B from B (high)
--$2,700,000, Credit Suisse First Boston Mortgage Acceptance Corp. Home Equity Asset Trust 2005-9, Home Equity Pass-Through Certificates, Series 2005-9, Class B-5 to B (low) from B
--$10,699,000, C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-CB8, Class M-6 to "A" from A (high)
--$11,934,000, C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-CB8, Class B-1 to BBB (high) from "A"
--$9,053,000, C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-CB8, Class B-2 to BBB from BBB (high)
--$8,642,000, C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-CB8, Class B-3 to BBB (low) from BBB (high)
--$10,288,000, C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-CB8, Class B-4 to BB from BBB
--$8,230,000, C-BASS 2005-CB8 Trust, C-Bass Mortgage Loan Asset-Backed Certificates, Series 2005-CB8, Class B-5 to BB (low) from BB (high)
--$13,140,527, Residential Asset Securitization Trust 2005-A15, Mortgage Pass-Through Certificates, Series 2005-A15, Class B-3 to BB (high) from BBB
--$11,321,000, Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1, Class B-1 to BBB (high) from A (low)
--$10,513,000, Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1, Class B-2 to BBB from BBB (high)
--$8,087,000, Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1, Class B-3 to BBB (low) from BBB
--$10,917,000, Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1, Class B-4 to BB from BBB (low)
--$8,491,000, Securitized Asset Backed Receivables LLC Trust 2006-CB1, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB1, Class B-5 to BB (low) from BB (high)
--$11,096,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1, Class M-3 to A (high) from AA (high)
--$7,891,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1, Class M-4 to "A" from AA
--$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 BBB (high) from A (high)
--$6,658,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1, Class M-6 to BBB from A (low)
--$9,863,000, ACE Securities Corp. Home Equity Loan Trust, Series 2006-ASAP1, Asset-Backed Pass-Through Certificates, Series 2006-ASAP1, Class M-7 to BB (high) from BBB (low)
--$16,800,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class M-3 to A (high) from AA
--$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 (low) from A (high)
--$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 BBB (high) from "A"
--$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 from BBB (high)
--$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 (low) from BBB
--$10,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class M-8 to BB (high) from BBB (low)
--$6,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class B-1 to BB from BB (high)
--$6,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class B-2 to BB (low) from BB
--$7,200,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class B-3 to B (high) from BB (low)
--$6,400,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class B-4 to B from B (high)
--$4,000,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-2, Home Equity Pass-Through Certificates, Series 2006-2, Class B-5 to B (low) from B
--$61,708,000, Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class M-1 to BBB (high) from A (high)
--$37,891,000, Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class M-2 to BB (high) from BBB
--$10,826,000, Securitized Asset Backed Receivables LLC Trust 2006-WM1, Mortgage Pass-Through Certificates, Series 2006-WM1, Class M-3 to BB from BBB (low)
--$14,749,000, C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2, Class M-6 to A (low) from "A"
--$13,797,000, C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2, Class M-7 to BBB from A (low)
--$15,700,000, C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2, Class B-1 to BB (high) from BBB (high)
--$9,991,000, C-BASS 2006-CB2 TRUST, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2, Class B-2 to BB from BBB (low)
--$44,710,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M1 to "A" from A (high)
--$13,375,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M2 to BBB (high) from A (low)
--$10,700,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M3 to BBB from BBB (high)
--$11,082,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M4 to BBB (low) from BBB
--$6,496,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M5 to BB (high) from BBB (low)
--$6,496,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M6 to BB from BB (high)
--$6,114,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M7 to BB (low) from BB (high)
--$3,821,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M8 to B (high) from BB (low)
--$6,114,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class M9 to B from B (high)
--$4,586,000, First Franklin Mortgage Loan Trust 2006-FF2, Mortgage Pass-Through Certificates, Series 2006-FF2, Class B to B (low) from B
--$24,235,000, Structured Asset Securities Corporation Mortgage Loan Trust 2005-OPT1, Mortgage Pass-Through Certificates, Series 2005-OPT1, Class M1 to A (low) from AA (high)
--$5,024,000, Structured Asset Securities Corporation Mortgage Loan Trust 2005-OPT1, Mortgage Pass-Through Certificates, Series 2005-OPT1, Class M5 to BB from BBB (high)
--$5,024,000, Structured Asset Securities Corporation Mortgage Loan Trust 2005-OPT1, Mortgage Pass-Through Certificates, Series 2005-OPT1, Class M6 to BB (low) from BBB
--$2,956,000, Structured Asset Securities Corporation Mortgage Loan Trust 2005-OPT1, Mortgage Pass-Through Certificates, Series 2005-OPT1, Class M7 to B (high) from BBB (low)
--$2,956,000, Structured Asset Securities Corporation Mortgage Loan Trust 2005-OPT1, Mortgage Pass-Through Certificates, Series 2005-OPT1, Class M8 to B from BB (high)
--$3,842,000, Structured Asset Securities Corporation Mortgage Loan Trust 2005-OPT1, Mortgage Pass-Through Certificates, Series 2005-OPT1, Class M9 to B (low) from BB (high)
--$2,956,000, Structured Asset Securities Corporation Mortgage Loan Trust 2005-OPT1, Mortgage Pass-Through Certificates, Series 2005-OPT1, Class B to C from BB (low)
--$23,881,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M2 to "A" from A (high)
--$14,179,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M3 to BBB (high) from A (low)
--$13,060,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M4 to BBB from BBB (high)
--$12,687,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE2, Asset-Backed Pass-Through Certificates, Series NC 2006-HE2, Class M5 to BBB (low) from BBB
--$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 BB from BB (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 (low) from BB
--$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 B (high) from BB (low)
--$20,300,000, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2006-3, Home Equity Pass-Through Certificates, Series 2006-3, Class M-6 to BBB (high) from "A"
--$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 from BBB (high)
--$53,961,000, Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class M-1 to AA (low) from AA
--$41,181,000, Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class M-2 to A (low) from A (high)
--$24,851,000, Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class M-3 to BBB (high) from "A"
--$22,010,000, Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class M-4 to BBB from A (low)
--$22,010,000, Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class M-5 to BBB (low) from BBB (high)
--$19,880,000, Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class M-6 to BB (high) from BBB
--$19,880,000, Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B-1 to BB from BB (high)
--$15,620,000, Morgan Stanley Capital I Inc. Trust 2006-NC2, Mortgage Pass-Through Certificates, Series 2006-NC2, Class B-2 to B from B (high)
--$29,062,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class M-1 to AA (low) from AA (high)
--$25,692,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class M-2 to BBB (high) from AA
--$16,005,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class M-3 to BBB from AA (low)
--$13,899,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class M-4 to BBB (low) from A (high)
--$12,635,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class M-5 to BB (high) from A (low)
--$10,530,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class M-6 to BB from BBB (low)
--$10,108,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class B-1 to BB (low) from BB (high)
--$9,688,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class B-2 to B (high) from BB (low)
--$9,267,000, Citigroup Mortgage Loan Trust 2006-CB3, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB3, Class B-3 to B from B (high)
--$26,931,000, ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-2 to "A" from A (high)
--$16,458,000, ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-3 to A (low) from "A"
--$14,962,000, ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-4 to BBB from A (low)
--$14,214,000, ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-5 to BBB (low) from BBB (high)
--$12,718,000, ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-6 to BB (high) from BBB
--$11,595,000, ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-7 to BB from BBB (low)
--$10,473,000, ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-8 to BB (low) from BB (high)
--$8,603,000, ResMAE Mortgage Loan Trust 2006-1, Asset-Backed Pass-Through Certificates, Series 2006-1, Class M-9 to B (high) from BB (low)
--$25,003,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series NC 2006-HE4, Class M2 to "A" from A (high)
--$17,729,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series NC 2006-HE4, Class M3 to BBB (high) from A (low)
--$16,820,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series NC 2006-HE4, Class M4 to BBB (low) from BBB (high)
--$10,456,000, Asset Backed Securities Corporation Home Equity Loan Trust, Series NC 2006-HE4, Asset-Backed Pass-Through Certificates, Series NC 2006-HE4, Class M5 to BB (high) from BBB
--$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 M6 to BB from BBB (low)

The following classes, backed by second-lien collateral, have been downgraded to reflect the rapid deterioration in credit enhancement that is a result of 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.

--$19,442,000, C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class M-3 to "A" from A (high)
--$17,095,000, C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class M-4 to BBB (high) from "A"
--$18,101,000, C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class M-5 to BBB from BBB (high)
--$17,766,000, C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class M-6 to BB (high) from BBB
--$19,777,000, C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class B-1 to BB (low) from BBB (low)
--$16,090,000, C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class B-2 to B (high) from BB (high)
--$9,020,818, C-BASS 2006-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-SL1, Class B-3 to C from B (low)
--$6,430,000, C-BASS 2007-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SL1, Class B-3 to BB (high) from BBB (low)
--$6,431,000, C-BASS 2007-SL1 Trust, C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-SL1, Class B-4 to BB from BB (high)
--$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 "A" from AA
--$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 BBB from "A"
--$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 BB from BBB (high)
--$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 B (high) from BBB
--$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 M-5 to B from BBB (low)
--$72,547, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M-6 to C from BB
--$0, Credit Suisse First Boston Mortgage Securities Corp. Home Equity Mortgage Trust 2006-3, Home Equity Mortgage Pass-Through Certificates, Series 2006-3, Class M-7 to C from B
--$24,940,000, Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M-2 to BBB from A (low)
--$9,190,000, Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M-3 to BB (high) from BBB (high)
--$10,760,000, Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M-4 to BB (low) from BBB (low)
--$2,977,909, Home Equity Mortgage Trust Series 2006-4, Home Equity Mortgage Pass-Through Certificates, Series 2006-4, Class M-5 to C from BB (low)
--$33,200,000, Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M-2 to BBB (low) from BBB (high)
--$18,000,000, Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M-3 to BB from BBB (low)
--$16,800,000, Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M-4 to BB (low) from BB (high)
--$16,000,000, Home Equity Mortgage Trust 2006-5, Home Equity Mortgage Pass-Through Certificates, Series 2006-5, Class M-5 to C from BB (low)
--$13,125,000, CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class M-1 to BBB (high) from A (low)
--$11,500,000, CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class M-2 to BB (high) from BBB
--$7,000,000, CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class M-3 to BB (low) from BBB (low)
--$6,375,000, CWABS Asset-Backed Certificates Trust 2006-SPS1, Asset-Backed Certificates, Series 2006-SPS1, Class M-4 to B from BB (high)
--$17,834,000, First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-Through Certificates, Series 2006-FFA, Class M5 to A (low) from "A"
--$17,410,000, First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-Through Certificates, Series 2006-FFA, Class M6 to BBB from BBB (high)
--$16,985,000, First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-Through Certificates, Series 2006-FFA, Class M7 to BB from BBB
--$8,817,236, First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-Through Certificates, Series 2006-FFA, Class M8 to C from BBB (low)
--$0, First Franklin Mortgage Loan Trust 2006-FFA, Mortgage Pass-Through Certificates, Series 2006-FFA, Class M9 to C from BB
--$26,723,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M2 to A (low) from A (high)
--$16,445,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M3 to BBB from "A"
--$13,362,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M4 to BB (high) from A (low)
--$13,362,000, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M5 to BB (low) from BBB
--$4,041,038, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M6 to C from BBB (low)
--$0, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M7 to C from BB (high)
--$0, First Franklin Mortgage Loan Trust 2006-FFB, Mortgage Pass-Through Certificates, Series 2006-FFB, Class M8 to C from BB (low)
--$137,583,627, Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-A to BB from BBB
--$13,606,000, Fremont Home Loan Trust 2006-B, Mortgage-Backed Certificates, Series 2006-B, Class SL-M1 to BB (low) from BB
--$101,177,210, HarborView Mortgage Loan Trust 2007-A, Mortgage Loan Pass-Through Certificates, Series 2007-A, Class A to BBB (high) from AA
--$14,854,000, HarborView Mortgage Loan Trust 2007-A, Mortgage Loan Pass-Through Certificates, Series 2007-A, Class B-1 to BB (high) from "A"
--$10,846,000, HarborView Mortgage Loan Trust 2007-A, Mortgage Loan Pass-Through Certificates, Series 2007-A, Class B-2 to BB from BBB
--$7,231,346, HarborView Mortgage Loan Trust 2007-A, Mortgage Loan Pass-Through Certificates, Series 2007-A, Class B-3 to B (high) from BB (high)
--$23,651,000, Merrill Lynch Mortgage Investors Trust, Series 2005-SL2, Mortgage Loan Asset-Backed Certificates, Series 2005-SL2, Class B-1 to BBB from A (low)
--$9,460,000, Merrill Lynch Mortgage Investors Trust, Series 2005-SL2, Mortgage Loan Asset-Backed Certificates, Series 2005-SL2, Class B-2 to BB from BB (high)
--$13,948,000, Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M1 to A (low) from AA (high)
--$12,190,000, Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M2 to BBB (low) from A (low)
--$5,978,000, Structured Asset Securities Corporation Mortgage Loan Trust 2006-ARS1, Mortgage Pass-Through Certificates, Series 2006-ARS1, Class M3 to BB (high) from BBB (low)
--$17,390,000, Structured Asset Securities Corporation Mortgage Loan Trust 2006-S2, Mortgage Pass-Through Certificates, Series 2006-S2, Class M4 to BBB from A (low)
--$14,765,000, Structured Asset Securities Corporation Mortgage Loan Trust 2006-S2, Mortgage Pass-Through Certificates, Series 2006-S2, Class M5 to BB (high) from BBB
--$9,187,000, Structured Asset Securities Corporation Mortgage Loan Trust 2006-S2, Mortgage Pass-Through Certificates, Series 2006-S2, Class M6 to BB from BBB (low)
--$8,859,000, Structured Asset Securities Corporation Mortgage Loan Trust 2006-S2, Mortgage Pass-Through Certificates, Series 2006-S2, Class M7 to BB (low) from BB (high)
--$6,381,725, Structured Asset Securities Corporation Mortgage Loan Trust 2006-S2, Mortgage Pass-Through Certificates, Series 2006-S2, Class M8 to C from BB
--$0, Structured Asset Securities Corporation Mortgage Loan Trust 2006-S2, Mortgage Pass-Through Certificates, Series 2006-S2, Class M9 to C from BB (low)
--$0, Structured Asset Securities Corporation Mortgage Loan Trust 2006-S2, Mortgage Pass-Through Certificates, Series 2006-S2, Class B1 to C from B (low)
--$270,027,027, SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1, Asset-Backed Pass-Through Certificates, Series 2007-1, Class A to BBB (low) from AAA
--$7,232,000, SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1, Asset-Backed Pass-Through Certificates, Series 2007-1, Class M-1 to BB (high) from BBB
--$24,150,000, Terwin Mortgage Trust 2004-18SL, Asset-Backed Certificates, Series 2004-18SL, Class 1-B-4 to B (low) from B


In addition, DBRS has withdrawn the AAA ratings and assigns BB (high) ratings to the following three classes from Terwin Mortgage Trust 2005-13SL transaction. The previously assigned AAA ratings were based on an irrevocable bond insurance guaranty form Financial Guaranty Insurance Company (FGIC). The new ratings are based solely on the credit enhancement in the form of subordinate classes and do not reflect the irrevocable bond insurance guaranty from FGIC.

--$71,951,816, Terwin Mortgage Trust 2005-13SL, Asset-Backed Securities, Series 2005-13SL, Class A-1a Nts to BB (high) from AAA
--$105,390,000, Terwin Mortgage Trust 2005-13SL, Asset-Backed Securities, Series 2005-13SL, Class A-1b Nts to BB (high) from AAA
--$12,007,537, Terwin Mortgage Trust 2005-13SL, Asset-Backed Securities, Series 2005-13SL, Class A-2 Nts to BB (high) from AAA


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