Fitch Withdraws & Re-Rates Senior Risk Bands of RE Synthetic Investment (RESI) Securities

NEW YORK--(Business Wire)--
Fitch Ratings had withdrawn the ratings of the senior risk band of each of the
Real Estate Synthetic Investment Notes, series 2003-A, 2003-B, 2003-CB1, 2003-C,
2003-D, 2004-A, 2004-B, 2004-C, 2005-A, 2005-B, 2005-C, 2005-D, 2006-A, 2006-B,
2006-C, 2007-A, 2007-B, and 2007-C on Dec. 22, 2008 and simultaneously, through
a Limited Omibus Supplemental Indenture and Amendment by the various issuers,
had assigned the following ratings to the multiple risk bands of each of the
related securities. The ratings on the risk bands address the timely payment of
interest and ultimate repayment of principal upon maturity, when such securities
are issued.

Real Estate Synthetic Investment Securities, series 2003-A

--$777,569,793 class A1 notes 'AAA';

--$70,816,264 class A2 notes 'AAA';

--$70,816,264 class A3 notes 'AAA';

--$70,816,264 class A4 notes 'AAA';

--$70,816,264 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2003-B

--$2,604,715,252 class A1 notes 'AAA';

--$186,286,844 class A2 notes 'AAA';

--$186,286,844 class A3 notes 'AAA';

--$186,286,844 class A4 notes 'AAA';

--$186,286,844 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2003-CB1

--$398,902,107 class A1 notes 'AAA';

--$37,361,786 class A2 notes 'AAA';

--$37,361,786 class A3 notes 'AAA';

--$37,361,786 class A4 notes 'AAA';

--$37,361,786 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2003-C

--$5,980,668,367 class A1 notes 'AAA';

--$407,658,642 class A2 notes 'AAA';

--$407,658,642 class A3 notes 'AAA';

--$407,658,642 class A4 notes 'AAA';

--$407,658,642 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2003-D

--$5,124,198,864 class A1 notes 'AAA';

--$342,411,311 class A2 notes 'AAA';

--$342,411,311 class A3 notes 'AAA';

--$342,411,311 class A4 notes 'AAA';

--$342,411,311 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2004-A

--$3,131,017,948 class A1 notes 'AAA';

--$216,328,157 class A2 notes 'AAA';

--$216,328,157 class A3 notes 'AAA';

--$216,328,157 class A4 notes 'AAA';

--$216,328,157 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2004-B

--$5,890,622,922 class A1 notes 'AAA';

--$389,630,071 class A2 notes 'AAA';

--$389,630,071 class A3 notes 'AAA';

--$389,630,071 class A4 notes 'AAA';

--$389,630,071 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2004-C

--$3,278,228,591 class A1 notes 'AAA';

--$226,237,637 class A2 notes 'AAA';

--$226,237,637 class A3 notes 'AAA';

--$226,237,637 class A4 notes 'AAA';

--$226,237,637 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2005-A

--$3,489,933,983 class A1 notes 'AAA';

--$237,620,513 class A2 notes 'AAA';

--$237,620,513 class A3 notes 'AAA';

--$237,620,513 class A4 notes 'AAA';

--$237,620,513 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2005-B

--$4,860,282,825 class A1 notes 'AAA';

--$319,819,199 class A2 notes 'AAA';

--$319,819,199 class A3 notes 'AAA';

--$319,819,199 class A4 notes 'AAA';

--$319,819,199 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2005-C

--$6,326,924,992 class A1 notes 'AAA';

--$415,438,701 class A2 notes 'AAA';

--$415,438,701 class A3 notes 'AAA';

--$415,438,701 class A4 notes 'AAA';

--$415,438,701 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2005-D

--$9,623,540,896 class A1 notes 'AAA';

--$625,137,496 class A2 notes 'AAA';

--$625,137,496 class A3 notes 'AAA';

--$625,137,496 class A4 notes 'AAA';

--$625,137,496 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2006-A

--$3,560,850,316 class A1 notes 'AAA';

--$236,552,260 class A2 notes 'AAA';

--$236,552,260 class A3 notes 'AAA';

--$236,552,260 class A4 notes 'AAA';

--$236,552,260 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2006-B

--$5,059,081,327 class A1 notes 'AAA';

--$351,704,720 class A2 notes 'AAA';

--$351,704,720 class A3 notes 'AAA';

--$351,704,720 class A4 notes 'AAA';

--$351,704,720 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2006-C

--$5,094,855,446 class A1 notes 'AAA';

--$350,083,651 class A2 notes 'AAA';

--$350,083,651 class A3 notes 'AAA';

--$350,083,651 class A4 notes 'AAA';

--$350,083,651 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2007-A

--$7,370,640,025 class A1 notes 'AAA';

--$484,847,254 class A2 notes 'AAA';

--$484,847,254 class A3 notes 'AAA';

--$484,847,254 class A4 notes 'AAA';

--$484,847,254 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2007-B

--$7,215,791,893 class A1 notes 'AAA';

--$478,730,311 class A2 notes 'AAA';

--$478,730,311 class A3 notes 'AAA';

--$478,730,311 class A4 notes 'AAA';

--$478,730,311 class A5 notes 'AAA'.

Real Estate Synthetic Investment Securities, series 2007-C

--$6,304,225,657 class A1 notes 'AAA';

--$412,149,867 class A2 notes 'AAA';

--$412,149,867 class A3 notes 'AAA';

--$412,149,867 class A4 notes 'AAA';

--$412,149,867 class A5 notes 'AAA'.

An amendment was entered into on Dec. 19, 2008 by the transaction parties to
split the class A notes into five separate, sequential-pay, senior notes. The
ratings are based upon the credit quality of the reference portfolio, the credit
enhancement provided by the subordination for class A1 through A5 notes, the
financial strength of Bank of America, National Association, as swap
counterparty, and the sound legal structure of the transaction.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Kei Ishidoya, 212-908-0238
Lee Tam-Blumenthal, 212-908-0323
Kevin Kendra, 212-908-0760
or
Media Relations:
Sandro Scenga, 212-908-0278
Email: sandro.scenga@fitchratings.com

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