DBRS Downgrades 64 Classes of 32 Net Interest Margin Securitizations

DBRS has today downgraded 64 classes of 32 net interest margin (NIM) securitizations as outlined below.

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

--$10,964,641, Argent NIM Trust 2005-WN5, NIM Notes, Series 2005-WN5, NIM Class to C from BBB (low)
--$165,350, Bear Stearns Structured Products Inc. NIM Trust 2007-N1, NIM Notes, Series 2007-N1, Class V-A-1 to B from AA
--$1,740,000, Bear Stearns Structured Products Inc. NIM Trust 2007-N1, NIM Notes, Series 2007-N1, Class V-A-2 to C from BBB (high)
--$640,000, Bear Stearns Structured Products Inc. NIM Trust 2007-N1, NIM Notes, Series 2007-N1, Class V-A-3 to C from BB (high)
--$3,370,000, Bear Stearns Structured Products Inc. NIM Trust 2007-N1, NIM Notes, Series 2007-N1, Class V-A-4 to C from B
--$1,800,691, First Franklin CI-15 & First Franklin Asset Holdings CI-15 Corp., Series 2005-FFH4, NIM Notes, Series 2005-FFH4, Class N1 to B from BBB
--$4,400,000, First Franklin CI-15 & First Franklin Asset Holdings CI-15 Corp., Series 2005-FFH4, NIM Notes, Series 2005-FFH4, Class N2 to C from BB
--$3,000,000, First Franklin CI-15 & First Franklin Asset Holdings CI-15 Corp., Series 2005-FFH4, NIM Notes, Series 2005-FFH4, Class N3 to C from B (high)
--$376,880, First Franklin CI-16 & First Franklin Asset Holdings CI-16 Corp., Series 2006-FF8, NIM Notes, Series 2006-FF8, Class N1 to B from AA (low)
--$7,150,000, First Franklin CI-16 & First Franklin Asset Holdings CI-16 Corp., Series 2006-FF8, NIM Notes, Series 2006-FF8, Class N2 to B (low) from BBB (low)
--$4,150,000, First Franklin CI-16 & First Franklin Asset Holdings CI-16 Corp., Series 2006-FF8, NIM Notes, Series 2006-FF8, Class N3 to C from BB
--$6,700,000, First Franklin CI-16 & First Franklin Asset Holdings CI-16 Corp., Series 2006-FF8, NIM Notes, Series 2006-FF8, Class N4 to C from B
--$3,770,844, Fremont CI-7, NIM Notes, Series 2006-2, Class N1 to C from BB (low)
--$4,100,000, Fremont CI-7, NIM Notes, Series 2006-2, Class N2 to C from B (high)
--$3,700,000, Fremont CI-7, NIM Notes, Series 2006-2, Class N3 to C from B
--$3,900,000, Fremont CI-7, NIM Notes, Series 2006-2, Class N4 to C from B (low)
--$20,814,988, Fremont CI-8, NIM Notes, Series 2006-3, Class N1 to C from BB (low)
--$11,200,000, Fremont CI-8, NIM Notes, Series 2006-3, Class N2 to C from B (high)
--$4,000,000, Fremont CI-8, NIM Notes, Series 2006-3, Class N3 to C from B
--$4,935,653, New Century Cayman 2005-B & New Century Asset Holdings 2005-B Corp., NIM Notes, Series 2005-B, Class N2 to B (low) from BB (high)
--$7,738,014, Nomura Home Equity Loan NIM 2006-FM2, NIM Notes, Series 2006-FM2, Class N1 to B (low) from BBB
--$9,700,000, Nomura Home Equity Loan NIM 2006-FM2, NIM Notes, Series 2006-FM2, Class N2 to C from BB
--$6,420,000, Nomura Home Equity Loan NIM 2006-FM2, NIM Notes, Series 2006-FM2, Class N3 to C from B
--$10,575,367, Nomura Home Equity Loan NIM 2006-HE3, NIM Notes, Series 2006-HE3, Class N1 to B (low) from BBB (low)
--$4,300,000, Nomura Home Equity Loan NIM 2006-HE3, NIM Notes, Series 2006-HE3, Class N2 to C from BB (low)
--$2,650,000, Nomura Home Equity Loan NIM 2006-HE3, NIM Notes, Series 2006-HE3, Class N3 to C from B
--$10,305,740, Nomura Home Equity Loan NIM 2006-HE3, NIM Notes, Series 2006-HE3, Class N4 to C from B (low)
--$10,354,699, SB Finance CI-05-ARW4, NIM Notes, Series 2005-ARW4, Class N-1 to B from BBB (high)
--$13,500,000, SB Finance CI-05-ARW4, NIM Notes, Series 2005-ARW4, Class N-2 to C from BBB (low)
--$4,092,278, SB Finance NIM Trust 2005-HE4, SB Finance NIM Trust NIM Notes, Series 2005-HE4 to C from BBB (low)
--$7,496,145, SB Finance NIM Trust 2006-NC1, NIM Notes, Series 2006-NC1 to C from B
--$4,613,151, Securitized Asset Backed NIM Trust 2005-FR4, NIM Notes, Series 2005-FR4 to C from BB
--$2,426,501, Securitized Asset Backed NIM Trust 2005-FR5, Securitized Asset-Backed NIM Notes, Series 2005-FR5 to C from BB
--$5,230,854, Securitized Asset Backed NIM Trust 2005-OP2, Securitized Asset-Backed NIM Notes, Series 2005-OP2 to C from BB (low)
--$9,638,411, Securitized Asset Backed NIM Trust 2006-FR1, Securitized Asset-Backed NIM Notes, Series 2006-FR1 to C from BB
--$6,408,945, Securitized Asset Backed NIM Trust 2006-FR2, Securitized Asset-Backed NIM Notes, Series 2006-FR2 to C from BB (low)
--$16,659,219, Securitized Asset Backed NIM Trust 2006-FR3, NIM Notes, Series 2006-FR3 to C from BB (low)
--$17,534,439, Securitized Asset Backed NIM Trust 2006-FR4, NIM Notes, Series 2006-FR4 to C from BB (low)
--$14,084,664, Securitized Asset Backed NIM Trust 2006-HE1, NIM Notes, Series 2006-HE1 to C from BB (low)
--$15,206,514, Securitized Asset Backed NIM Trust 2006-HE2, NIM Notes, Series 2006-HE2 to C from BB
--$9,409,708, Securitized Asset Backed NIM Trust 2006-KS8, NIM Notes, Series 2006-KS8 to B (low) from BBB (low)
--$22,720,352, Securitized Asset Backed NIM Trust 2006-KS9, NIM Notes, Series 2006-KS9 to B (low) from BBB (low)
--$8,131,187, Securitized Asset Backed NIM Trust 2006-NC2, Securitized Asset-Backed NIM Notes, Series 2006-NC2 to C from BB
--$6,005,228, Securitized Asset Backed NIM Trust 2006-NC3, NIM Notes, Series 2006-NC3 to B (low) from BBB (low)
--$6,000,930, Securitized Asset Backed NIM Trust 2006-WM1, Securitized Asset-Backed NIM Notes, Series 2006-WM1 to C from BB (low)
--$2,744,874, Soundview CI-10 & Soundview Asset Holdings CI-10 Corp., Series 2006-2, NIM Notes, Series 2006-2, Class N1 to C from BB
--$3,775,000, Soundview CI-10 & Soundview Asset Holdings CI-10 Corp., Series 2006-2, NIM Notes, Series 2006-2, Class N2 to C from B
--$8,233,822, Soundview CI-11 & Soundview Asset Holdings CI-11 Corp., Series 2006-OPT1, NIM Notes, Series 2006-OPT1, Class N2 to C from BB (high)
--$4,800,000, Soundview CI-11 & Soundview Asset Holdings CI-11 Corp., Series 2006-OPT1, NIM Notes, Series 2006-OPT1, Class N3 to C from BB
--$7,600,000, Soundview CI-11 & Soundview Asset Holdings CI-11 Corp., Series 2006-OPT1, NIM Notes, Series 2006-OPT1, Class N4 to C from B (high)
--$2,655,036, Soundview CI-12 & Soundview Asset Holdings CI-12 Corp., Series 2006-OPT2, NIM Notes, Series 2006-OPT2, Class N1 to B (low) from “A”
--$14,050,000, Soundview CI-12 & Soundview Asset Holdings CI-12 Corp., Series 2006-OPT2, NIM Notes, Series 2006-OPT2, Class N2 to C from BB (high)
--$7,250,000, Soundview CI-12 & Soundview Asset Holdings CI-12 Corp., Series 2006-OPT2, NIM Notes, Series 2006-OPT2, Class N3 to C from BB
--$12,050,002, Soundview CI-12 & Soundview Asset Holdings CI-12 Corp., Series 2006-OPT2, NIM Notes, Series 2006-OPT2, Class N4 to C from B
--$2,658,904, Soundview CI-13 & Soundview Asset Holdings CI-13 Corp., Series 2006-RS3, NIM Notes, Series 2006-RS3, Class N1 to B (low) from BBB
--$3,900,000, Soundview CI-13 & Soundview Asset Holdings CI-13 Corp., Series 2006-RS3, NIM Notes, Series 2006-RS3, Class N2 to C from BB
--$1,850,000, Soundview CI-13 & Soundview Asset Holdings CI-13 Corp., Series 2006-RS3, NIM Notes, Series 2006-RS3, Class N3 to C from B (high)
--$1,000,000, Soundview CI-13 & Soundview Asset Holdings CI-13 Corp., Series 2006-RS3, NIM Notes, Series 2006-RS3, Class N4 to C from B
--$8,351,387, Soundview CI-16 & Soundview Asset Holdings CI-16 Corp., Series 2006-KS5, NIM Notes, Series 2006-KS5, Class N1 to B (low) from BB
--$5,250,000, Soundview CI-16 & Soundview Asset Holdings CI-16 Corp., Series 2006-KS5, NIM Notes, Series 2006-KS5, Class N2 to C from B
--$9,034,175, Soundview CI-17 & Soundview Asset Holdings CI-17 Corp., Series 2006-3, NIM Notes, Series 2006-3, Class N1 to C from BB
--$5,200,000, Soundview CI-17 & Soundview Asset Holdings CI-17 Corp., Series 2006-3, NIM Notes, Series 2006-3, Class N2 to C from B (high)
--$6,700,000, Soundview CI-17 & Soundview Asset Holdings CI-17 Corp., Series 2006-3, NIM Notes, Series 2006-3, Class N3 to C from B
--$5,200,000, Soundview CI-17 & Soundview Asset Holdings CI-17 Corp., Series 2006-3, NIM Notes, Series 2006-3, Class N4 to C from B (low)


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.

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