Related Issuers

Aames Mortgage Investment Trust 2005-4 Aames Mortgage Investment Trust 2006-1 Accredited Mortgage Loan Trust 2005-1, Asset-Backed Notes, Series 2005-1 Accredited Mortgage Loan Trust 2005-4
Related Research

Rating Action: Moody's takes action on $9.7 billion Subprime RMBS securities Rating Action: Moody's takes action on $322 Million of Subprime RMBS issued by Accredited 2005-4 Rating Action: Moody's downgrades $519 Million of Subprime RMBS issued by Aames Rating Action: Moody's downgrades $1.6 billion of Subprime RMBS issued by Accredited Announcement: Moody's: Various RMBS - No negative ratings impact from transfer of interest rate swaps from Swiss Re to Credit Suisse International
Announcement:

No Negative Ratings Impact from Accredited-SPS Servicing Transfers

Global Credit Research - 11 Feb 2009 New York, February 11, 2009 -- Moody's Investors Service stated that its ratings on the Moody's-rated securities issued in connection with the transactions listed below were not downgraded or withdrawn solely as a result of the transfers of servicing from Accredited Home Lenders, Inc (Accredited) to Select Portfolio Servicing Inc. (SPS) and the execution of amendments to the Sale and Servicing Agreements related to two of the transactions.

On February 2, 2009, Accredited transferred to SPS all of its rights to service the loans underlying the following residential mortgage backed securities transactions: Accredited Mortgage Loan Trust 2005-1 Accredited Mortgage Loan Trust 2005-4 Aames Mortgage Investment Trust 2005-4 Aames Mortgage Investment Trust 2006-1 In addition, amendments to the Sale and Servicing Agreements for Accredited Mortgage Loan Trust 2005-1 and Accredited Mortgage Loan Trust 2005-4 were executed which allowed for the servicing transfer with respect to those transactions and lifted the requirement that the trustee replace the servicer upon any breach of a Servicer Event of Default. The amended Sale and Servicing Agreements now allow the trustee to use its own discretion as to whether to replace the servicer upon a breach of a Servicer Event of Default, unless a majority of certificateholders direct the trustee to replace the servicer. In addition, if the servicer is replaced as a result of breaching a collateral performance trigger, that servicer is entitled to repayment of servicer advances from any subsequent servicer. Accredited, SPS and the respective issuers of the affected transactions requested that Moody's provide its opinion to them as to whether its ratings on the Moody's-rated securities issued by the affected transactions would be downgraded or withdrawn as a result of the servicing transfers and the related amendments. Moody's believed that the servicing transfers and the amendments did not have an adverse effect on the credit quality of the rated securities. However, Moody's did not express an opinion as to whether the servicing transfers and the amendments had or could have other, non credit-related effects that investors may or may not view positively.

Moody's ratings view was based primarily on its opinion of the overall servicing quality of SPS. Moody's has assigned SPS its servicer quality rating of SQ2- as a primary servicer of subprime first lien residential mortgage loans. New York Linda Stesney Managing Director Structured Finance Group Moody's Investors Service JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 New York Todd Swanson Asst Vice President - Analyst Structured Finance Group Moody's Investors Service JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653