New York, November 06, 2012 -- Moody's Investors Service has confirmed U.S. Bank Home Mortgage's ("U.S. Bank") Servicer Quality (SQ) assessment of 2- as a primary servicer of prime residential mortgage loans. The assessment is no longer on review for downgrade.

U.S. Bank is active in the origination, purchase and sale of prime, government insured, and state housing agency residential mortgage loans. U.S. Banks servicing portfolio totaled approximately $ 258 billion in unpaid principal balance as of August 2012, reflecting moderate growth in the servicing portfolio.

RATINGS RATIONALE

The review for downgrade, initiated June 23, 2011 because of foreclosure document execution concerns, was concluded. U.S. Bank completed the review and remediation of their affidavits and foreclosure document execution process, making significant changes as a result of their internal reviews and compliance with the OCC consent order.

Moody's prime servicer assessment is based on U.S. Bank's above average collection abilities, average loss mitigation results, average foreclosure and REO timeline management and strong servicing stability.

The collections category was upgraded to above average from average. The upgrade was mainly driven by positive roll rate performance results as compared to peers and improved call center metrics during the review period. For loss mitigation, the category assessment was lowered to average from above average due to U.S. Bank's lower volume of modifications and short sales in relation to other servicers.

U.S. Bank possesses strong servicing stability. U.S. Bank is a division of U.S. Bank, N.A., which is rated Aa2 for long term deposits. U.S. Bank, N.A. is a wholly-owned subsidiary of U.S. Bancorp rated Aa3 for senior unsecured debt. The ratings are on review for possible downgrade.

The previous assessment action for U.S. Bank SQ assessment occurred on June 23, 2011. At that time, we placed U.S. Bank's assessment as a primary servicer of prime loans on review for downgrade.

Moody's SQ assessments represent its view of a servicer's ability to prevent or mitigate asset pool losses across changing markets. The assessment scale ranges from SQ1 (strong) to SQ5 (weak). Where appropriate, a "+" or "-" modifier will be appended to the relevant assessment to indicate a servicer's relative servicing quality within a particular category.

The methodologies used in this assessment were "Moody's Approach to Rating Residential Mortgage Servicers" published in January 2001 and "Updated Moody's Servicer Quality Rating Scale and Definitions" published in May 2005. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Francis WissmanAsst Vice President - Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 William E Fricke VP - Senior Credit Officer Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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