DBRS Downgrades 67 Classes of 34 Net Interest Margin Securitizations

DBRS has today downgraded 67 classes of 34 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.

--$6,100,994, Bear Stearns Structured Products Inc. NIM Trust 2007-N5, NIM Notes, Series 2007-N5, Class III-A-1 to C from BB
--$5,320,000, Bear Stearns Structured Products Inc. NIM Trust 2007-N5, NIM Notes, Series 2007-N5, Class III-A-2 to C from B
--$2,110,000, Bear Stearns Structured Products Inc. NIM Trust 2007-N5, NIM Notes, Series 2007-N5, Class III-A-3 to C from B (low)
--$2,192,472, Bear Stearns Structured Products Inc. NIM Trust 2007-N5, NIM Notes, Series 2007-N5, Class IV-A-1 to C from BB
--$3,170,000, Bear Stearns Structured Products Inc. NIM Trust 2007-N5, NIM Notes, Series 2007-N5, Class IV-A-2 to C from B
--$1,200,000, Bear Stearns Structured Products Inc. NIM Trust 2007-N5, NIM Notes, Series 2007-N5, Class IV-A-3 to C from B (low)
--$1,100,647, Bear Stearns Structured Products Inc. RAMP 2005-RZ3 NIM Trust, Series BSSP 2005-26, NIM Notes, RAMP 2005-RZ3, Series 2005-25, Class A-1 to C from BB
--$15,001,418, Equifirst NIM Securitization Trust 2007-1, NIM Notes, Series 2007-1 to C from BBB (low)
--$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 C from B
--$376,880, First Franklin CI-16 & First Franklin Asset Holdings CI-16 Corp., Series 2006-FF8, NIM Notes, Series 2006-FF8, Class N1 to C from B
--$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 C from B (low)
--$3,138,396, First Franklin CI-17 & First Franklin Asset Holdings CI-17 Corp., Series 2006-FF16, NIM Notes, Series 2006-FF16, Class N1 to B from A (low)
--$9,050,000, First Franklin CI-17 & First Franklin Asset Holdings CI-17 Corp., Series 2006-FF16, NIM Notes, Series 2006-FF16, Class N2 to C from BBB (low)
--$2,175,000, First Franklin CI-17 & First Franklin Asset Holdings CI-17 Corp., Series 2006-FF16, NIM Notes, Series 2006-FF16, Class N3 to C from BB (high)
--$2,721,831, HarborView NIM CI-5 Corp., NIM Notes, Series 2006-SB1, Class N-1 to B from A (low)
--$2,542,000, HarborView NIM CI-5 Corp., NIM Notes, Series 2006-SB1, Class N-2 to C from BBB (high)
--$1,147,000, HarborView NIM CI-5 Corp., NIM Notes, Series 2006-SB1, Class N-3 to C from BBB
--$591,000, HarborView NIM CI-5 Corp., NIM Notes, Series 2006-SB1, Class N-4 to C from BB
--$7,167,412, Long Beach Asset Holdings Corp. CI 2005-WL1, NIM Notes, Series 2005-WL1, Class N-1 to C from BB (high)
--$8,000,000, Long Beach Asset Holdings Corp. CI 2005-WL1, NIM Notes, Series 2005-WL1, Class N-2 to C from BB
--$1,949,343, Meritage CI-4 & Meritage Asset Holdings CI-4 Corp., Series 2005-2, NIM Notes, Series 2005-2, Class N1 to C from BB
--$3,280,000, Meritage CI-4 & Meritage Asset Holdings CI-4 Corp., Series 2005-2, NIM Notes, Series 2005-2, Class N2 to C from B (high)
--$3,000,000, Meritage CI-4 & Meritage Asset Holdings CI-4 Corp., Series 2005-2, NIM Notes, Series 2005-2, Class N3 to C from B
--$7,738,013, Nomura Home Equity Loan NIM 2006-FM2, NIM Notes, Series 2006-FM2, Class N1 to C from B (low)
--$10,575,367, Nomura Home Equity Loan NIM 2006-HE3, NIM Notes, Series 2006-HE3, Class N1 to C from B (low)
--$10,980,697, SASCO NIM Company 2006-BC6 & SASCO ARC Corporation, NIM Notes, Series 2006-BC6, Class A Notes to B from A (low)
--$10,100,000, SASCO NIM Company 2006-BC6 & SASCO ARC Corporation, NIM Notes, Series 2006-BC6, Class B Notes to C from BBB (low)
--$5,600,000, SASCO NIM Company 2006-BC6 & SASCO ARC Corporation, NIM Notes, Series 2006-BC6, Class C Notes to C from BB
--$5,059,215, SASCO NIM Company 2007-BC2 & SASCO ARC Corporation, NIM Notes, Series 2007-BC2, Class A Notes to B from A (low)
--$5,040,000, SASCO NIM Company 2007-BC2 & SASCO ARC Corporation, NIM Notes, Series 2007-BC2, Class B Notes to C from BBB (low)
--$3,910,000, SASCO NIM Company 2007-BC2 & SASCO ARC Corporation, NIM Notes, Series 2007-BC2, Class C Notes to C from BB
--$10,354,699, SB Finance CI-05-ARW4, NIM Notes, Series 2005-ARW4, Class N-1 to C from B
--$8,712,673, Securitized Asset Backed NIM 2007-BR5, NIM Notes, Series 2007-BR5, Class N-1 to C from A (low)
--$6,700,000, Securitized Asset Backed NIM 2007-BR5, NIM Notes, Series 2007-BR5, Class N-2 to C from BBB (low)
--$2,942,482, Securitized Asset Backed NIM Trust 2005-HE1, Securitized Asset-Backed NIM Notes, Series 2005-HE1 to C from BB
--$9,409,708, Securitized Asset Backed NIM Trust 2006-KS8, NIM Notes, Series 2006-KS8 to C from B (low)
--$22,720,352, Securitized Asset Backed NIM Trust 2006-KS9, NIM Notes, Series 2006-KS9 to C from B (low)
--$6,005,228, Securitized Asset Backed NIM Trust 2006-NC3, NIM Notes, Series 2006-NC3 to C from B (low)
--$10,957,235, Securitized Asset Backed NIM Trust 2006-WF3, NIM Notes, Series 2006-WF3 to C from BBB (low)
--$20,024,967, Securitized Asset Backed NIM Trust 2007-BR1, NIM Notes, Series 2007-BR1 to C from BBB (low)
--$22,006,778, Securitized Asset Backed NIM Trust 2007-BR2, NIM Notes, Series 2007-BR2 to C from BBB (low)
--$21,287,732, Securitized Asset Backed NIM Trust 2007-BR3, NIM Notes, Series 2007-BR3 to C from BBB (low)
--$17,994,548, Securitized Asset Backed NIM Trust 2007-BR4, NIM Notes, Series 2007-BR4 to C from BBB (low)
--$13,104,761, Securitized Asset Backed NIM Trust 2007-NC1, NIM Notes, Series 2007-NC1 to C from BBB (low)
--$10,943,444, Securitized Asset Backed NIM Trust 2007-NC2, NIM Notes, Series 2007-NC2 to C from BBB (low)
--$7,177,968, Sharps SP I LLC Net Interest Margin 2007-HE5N, Net Interest Margin Notes, Series 2007-HE5N, Class N-A to C from A (low)
--$4,185,000, Sharps SP I LLC Net Interest Margin 2007-HE5N, Net Interest Margin Notes, Series 2007-HE5N, Class N-B to C from BBB (low)
--$1,308,063, Soundview CI-14 & Soundview Asset Holdings CI-14 Corp., Series 2006-OPT3, NIM Notes, Series 2006-OPT3, Class N1 to C from BB (high)
--$16,700,000, Soundview CI-14 & Soundview Asset Holdings CI-14 Corp., Series 2006-OPT3, NIM Notes, Series 2006-OPT3, Class N2 to C from BB (low)
--$13,500,000, Soundview CI-14 & Soundview Asset Holdings CI-14 Corp., Series 2006-OPT3, NIM Notes, Series 2006-OPT3, Class N3 to C from B
--$6,966,034, Soundview CI-15 & Soundview Asset Holdings CI-15 Corp., Series 2006-OPT5, NIM Notes, Series 2006-OPT5, Class N1 to C from BB (high)
--$25,850,000, Soundview CI-15 & Soundview Asset Holdings CI-15 Corp., Series 2006-OPT5, NIM Notes, Series 2006-OPT5, Class N2 to C from BB (low)
--$15,350,000, Soundview CI-15 & Soundview Asset Holdings CI-15 Corp., Series 2006-OPT5, NIM Notes, Series 2006-OPT5, Class N3 to C from B
--$2,066,721, Soundview CI-18 & Soundview Asset Holdings CI-18 Corp., Series 2006-EQ1, NIM Notes, Series 2006-EQ1, Class N1 to C from A (low)
--$13,500,000, Soundview CI-18 & Soundview Asset Holdings CI-18 Corp., Series 2006-EQ1, NIM Notes, Series 2006-EQ1, Class N2 to C from BBB
--$9,400,000, Soundview CI-18 & Soundview Asset Holdings CI-18 Corp., Series 2006-EQ1, NIM Notes, Series 2006-EQ1, Class N3 to C from BB
--$18,347,651, Soundview CI-18 & Soundview Asset Holdings CI-18 Corp., Series 2006-EQ1, NIM Notes, Series 2006-EQ1, Class N4 to C from B
--$941,976, Soundview CI-19 & Soundview Asset Holdings CI-18 Corp., Series 2006-WF1, NIM Notes, Series 2006-WF1, Class N1 to B from A
--$3,600,000, Soundview CI-19 & Soundview Asset Holdings CI-18 Corp., Series 2006-WF1, NIM Notes, Series 2006-WF1, Class N2 to C from BBB
--$3,000,000, Soundview CI-19 & Soundview Asset Holdings CI-18 Corp., Series 2006-WF1, NIM Notes, Series 2006-WF1, Class N3 to C from BB (high)
--$7,300,000, Soundview CI-19 & Soundview Asset Holdings CI-18 Corp., Series 2006-WF1, NIM Notes, Series 2006-WF1, Class N4 to C from B (high)
--$3,085,769, Soundview CI-21 & Soundview Asset Holdings CI-21 Corp., Series 2006-WF2, NIM Notes, Series 2006-WF2, Class N1 to B from A (low)
--$7,200,000, Soundview CI-21 & Soundview Asset Holdings CI-21 Corp., Series 2006-WF2, NIM Notes, Series 2006-WF2, Class N2 to C from BBB
--$10,500,000, Soundview CI-21 & Soundview Asset Holdings CI-21 Corp., Series 2006-WF2, NIM Notes, Series 2006-WF2, Class N3 to C from BB
--$1,252,222, Soundview CI-7 & Soundview Asset Holdings CI-7 Corp., Series 2005-CTX1, NIM Notes, Series 2005-CTX1, Class N2 to C from BBB (low)
--$2,000,000, Soundview CI-7 & Soundview Asset Holdings CI-7 Corp., Series 2005-CTX1, NIM Notes, Series 2005-CTX1, Class N3 to C from BB
--$2,783,760, Soundview NIM 2005-KS3 Trust, NIM Notes, Series 2005-KS3 to C from B

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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