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Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: Nov. 19-Nov. 23, 2007
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Publication Date:    Nov 28, 2007 16:50 EST

Weekly U.S. RMBS Rating Action Recap For 2005, 2006 Vintages: Nov. 19-Nov. 23, 2007
Primary Credit Analysts:
Ernestine Warner, New York (1) 212-438-2633;
ernestine_warner@standardandpoors.com
Andrew J Giudici, New York (1) 212-438-1659;
andrew_giudici@standardandpoors.com
Media Contact:
Adam M Tempkin, New York (1) 212-438-7530;
adam_tempkin@standardandpoors.com
Publication date: 28-Nov-07, 16:50:25 EST
Reprinted from RatingsDirect 


NEW YORK (Standard & Poor's) Nov. 28, 2007--During the week of Nov. 19-Nov. 
23, 2007, Standard & Poor's Ratings Services downgraded 64 classes from 2005 
and 2006 vintage transactions backed by closed-end second-lien and subprime 
collateral (see list).
     To date this year, our rating actions on 2005 and 2006 vintage 
transactions backed by subprime, Alt-A, and second-lien collateral are as 
follows:
     -- We have downgraded 715 subprime classes from the 2005 vintage and 
1,387 subprime classes from the 2006 vintage. The 2005 vintage subprime 
downgrades have affected 15.96% of the rated subprime securities from this 
vintage, and the 2006 vintage downgrades have affected 29.29%. The 2005 
subprime downgrades have affected 12.54% of the rated investment-grade 
securities from this vintage, and the 2006 subprime downgrades have affected 
25.56%. The 2005 vintage upgrades have affected 0.07% of the rated subprime 
securities from this vintage, and the 2006 vintage upgrades have affected 
0.08%. The ratings on approximately 0.27% of the 2005 vintage subprime 
investment-grade securities and 0.50% of the 2006 vintage subprime 
investment-grade securities are currently on CreditWatch negative;
     -- We have downgraded 115 second-lien classes from the 2005 vintage and 
420 second-lien classes from the 2006 vintage. The 2005 vintage second-lien 
downgrades have affected 18.32% of the rated investment-grade second-lien 
securities from this vintage, and the 2006 vintage downgrades have affected 
53.01%. The ratings on approximately 58.97% of the 2005 vintage second-lien 
investment-grade securities and 71.91% of the 2006 vintage second-lien 
investment-grade securities are currently on CreditWatch negative; and
     -- We have downgraded 47 Alt-A classes from the 2005 vintage and 128 
Alt-A classes from the 2006 vintage. The 2005 Alt-A downgrades have affected 
1.21% of the rated investment-grade Alt-A securities from this vintage. The 
2006 vintage Alt-A downgrades have affected 2.27% of the investment-grade 
securities. We have upgraded two Alt-A classes from the 2005 vintage. The 2005 
upgrades have affected 0.07% of the rated Alt-A securities from this vintage. 
The ratings on approximately 1.35% of the 2005 vintage Alt-A investment-grade 
securities and 2.61% of the 2006 vintage Alt-A investment-grade securities are 
currently on CreditWatch negative.
     In an effort to inform the market of the credit performance of RMBS 
backed by subprime, Alt-A, and closed-end second-lien loans, Standard & Poor's 
will continue to regularly disseminate information about rating activity in 
this sector. 

U.S. RMBS RATING ACTION COMPILATION: NOV. 19-NOV. 23, 2007
 
COLLATERAL TYPE: CLOSED-END SECOND LIEN
 
                                                  Rating
Deal                                  Class    To         From
ACE Securities Corp. Home Equity
Loan Trust Series 2005-SL1            B-1      D          CCC
FFMLT Trust 2005-FFA                  B-5      D          CCC
Home Equity Mortgage Trust 2005-5     B-1      D          CCC
MASTR Second Lien Trust 2005-1        M-8      D          CCC
Morgan Stanley Mortgage Loan Trust
2005-8SL                              B-5      D          CCC
Structured Asset Securities Corp.
Mortgage Loan Trust 2005-S4           B        D          CCC
Structured Asset Securities Corp.
Mortgage Loan Trust 2005-S5           B-2      D          CCC
Structured Asset Securities Corp.
Mortgage Loan Trust 2005-S6           B3       D          CCC
Terwin Mortgage Trust 2005-11         II-B-5   D          CCC
Terwin Mortgage Trust 2005-13SL       B-6      D          CCC
 
Ace Securities Corp. Home Equity
Loan Trust, Series 2006-SL2           M-9B     D          CCC
Bear Stearns Mortgage Funding
Trust 2006-SL1                        M-6      D          CCC
Bear Stearns Mortgage Funding
Trust 2006-SL2                        B-1      D          CCC
Bear Stearns Mortgage Funding
Trust 2006-SL3                        B-3      D          CCC
Bear Stearns Mortgage Funding
Trust 2006-SL4                        B-3      D          CCC
CWABS Asset-Backed Certificates
Trust 2006-SPS2                       B        D          CCC
First Franklin Mortgage Loan Trust
2006-FFA                              B2       D          CCC
Fremont Home Loan Trust 2006-B        SL-M6    D          CCC
GSAMP Trust 2006-S3                   M-3      D          CCC
GSAMP Trust 2006-S4                   B-2      D          CCC
GSAMP Trust 2006-S5                   M-3      D          CCC
GSAMP Trust 2006-S6                   M-6      D          CCC
Home Equity Mortgage Loan Asset-
Backed Trust Series INDS 2006-1       B-3      D          CCC
Home Equity Mortgage Loan Asset-
Backed Trust Series INDS 2006-A       M-10     D          CCC
Home Equity Mortgage Trust 2006-1     B-1      D          CCC
Home Equity Mortgage Trust 2006-2     1M-9     D          CCC
Home Equity Mortgage Trust 2006-3     M-9      D          CCC
Home Equity Mortgage Trust 2006-4     M-8      D          CCC
Home Equity Mortgage Trust 2006-5     M-9      D          CCC
Home Equity Mortgage Trust 2006-6     M-8      D          BB-
Home Equity Mortgage Trust 2006-6     M-9      D          CCC
Long Beach Mortgage Loan Trust
2006-A                                M-3      D          CCC
MASTR Second Lien Trust 2006-1        M-5      D          CCC
Merrill Lynch Mortgage Investors
Trust Series 2006-SL2                 B-2      D          CCC
Nomura Asset Acceptance Corp.
Alternative Loan Trust Series 2006-S1 B-4      D          CCC
Nomura Asset Acceptance Corp. 
Alternative Loan Trust Series 2006-S2 B-4      D          CCC
Nomura Asset Acceptance Corp.
Alternative Loan Trust Series 2006-S3 B-5      D          CCC
Nomura Asset Acceptance Corp. 
Alternative Loan Trust Series 2006-S4 B-4      D          CCC
Nomura Asset Acceptance Corp.
Alternative Loan Trust Series 2006-S5 M-9      D          CCC
SACO I Trust 2006-2                   II-B-3   D          CCC
SACO I Trust 2006-3                   B-3      D          CCC
SACO I Trust 2006-5                   I-B-4    D          CCC
SACO I Trust 2006-5                   II-B-1   D          CCC
SACO I Trust 2006-6                   B-1      D          CCC
SACO I Trust 2006-7                   B-1      D          CCC
Structured Asset Securities Corp.
Mortgage Loan Trust 2006-S1           B1       D          CCC
Structured Asset Securities Corp.
Mortgage Loan Trust 2006-S2           B3       D          CCC
Structured Asset Securities Corp. 
Mortgage Loan Trust 2006-S3 Trust     B2       D          CCC
Terwin Mortgage Trust 2006-1          II-B-4   D          CCC
Terwin Mortgage Trust 2006-10SL       B-4      D          CCC
Terwin Mortgage Trust 2006-12SL       B-4      D          CCC
Terwin Mortgage Trust 2006-4SL        B-5      D          CCC
Terwin Mortgage Trust 2006-6          I-B-5    D          CCC
Terwin Mortgage Trust 2006-6          II-B-2   D          CCC
Terwin Mortgage Trust 2006-8          I-B-5    D          CCC
Terwin Mortgage Trust 2006-8          II-B-4   D          CCC
Terwin Mortgage Trust 2006-HF-1       B-5      D          CCC
 
COLLATERAL TYPE: SUBPRIME
 
                                                  Rating
Deal                                  Class    To         From
Fremont Home Loan Trust 2005-2        B-1      BB-        BBB-
Fremont Home Loan Trust 2005-2        B-2      B          BB
Fremont Home Loan Trust 2005-2        B-3      B-         B
Fremont Home Loan Trust 2005-2        B-5      D          CCC
Fremont Home Loan Trust 2005-2        M-9      BB         BBB
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