New York, November 23, 2015 — Moody’s Investors Service (“Moody’s”) stated today that the transfer of master servicing from Countrywide (“CHL”) of two transactions to Bank of America, N.A. (“BANA”) will not, in and of itself and at this time, result in a reduction or withdrawal of the current ratings on the securities issued by these transactions.
BOA requested that Moody’s provide its opinion on whether the ratings on the securities issued by the affected transactions would be downgraded or withdrawn as a result of the transactions having their loan master servicing transferred to BANA from CHL. The transfer of these loans is scheduled around November 30, 2015. As the new master servicer, BANA will own the servicing rights to the loans that are transferred from CHL.
Moody’s view on the master servicing transfer is based primarily on its opinion that BANA’s servicing strategy will not be negatively impact the performance of the loans as these loans are serviced on the same servicing platform since the BANA/CHL acquisition.
Moody’s opinion addresses only the current impact on Moody’s ratings, and we do not express an opinion as to whether the transfer of master servicing rights has or could have any other effects that investors may or may not view positively. The determination was made without regard to any applicable Certificate Insurance Policy, with respect to Insured Certificates.
The methodology used in assessing the credit impact of the servicing transfer was “US RMBS Surveillance Methodology” published in November 2013. Other methodology includes “Moody’s Methodology For Assessing RMBS Servicer Quality (SQ)” published in January 2013. Please see the Credit Policy page on http://www.moodys.com for a copy of these methodologies.
CWHEQ Revolving Home Equity Loan Trust, 2007-E
CWHEQ Revolving Home Equity Loan Trust, 2007-G