TEXT-S&P affirms Nationstar Mortgage servicer ranking

OVERVIEW
-- We affirmed our ABOVE AVERAGE ranking on Nationstar Mortgage LLC as a
residential mortgage master servicer.
-- Nationstar acquired the master servicing operation from Aurora Loan
Services LLC on June 28, 2012. The outlook for the ranking is stable.

Dec. 10 - Standard & Poor's Ratings Services today affirmed its ABOVE
AVERAGE ranking on Nationstar Mortgage LLC as a U.S. residential mortgage master
servicer. The outlook on the ranking is stable.

The ranking affirmation reflects our view that Nationstar has an extremely
experienced staff, has experienced minimal turnover, and employs effective
internal controls within its master servicing operation. Nationstar continues
to maintain high servicing standards with regard to adhering to the pooling
and servicing agreements and other documents that govern the securitizations
it master services.

Major Ranking Factors

Strengths:
-- Nationstar management has maintained the Seasoned and very
knowledgeable management and staff from Aurora Loan Services LLC master
servicing group.
-- Nationstar takes a proactive approach in overseeing servicers
adherence to Pooling and Servicing and other governing agreements.
-- Nationstar has begun to work with servicers to review their
obligations under OCC Consent Orders and settlement with US Treasury and 49
attorney Generals.

Weakness:
-- Portfolio runoff with limited new business opportunities due to a slow
down in the securitization market.

Key Changes Since Last Report

Some of the key changes Nationstar has made since our last review include:
-- Nationstar acquired the master servicing operation from Aurora Loan
Services LLC acquired on June 28, 2012
-- Enhanced oversight of servicers that were subject to consent orders
with the OCC and settlement with the US Treasury and 49 attorney generals.
-- Nationstar has enhanced its reporting including developing exception
reports for foreclosures not in compliance

In our opinion, Nationstar has integrated the master servicing business
acquired in its acquisition of Aurora Loan Services LLC successfully while
maintaining the standards of our ABOVE AVERAGE ranking by maintaining Aurora's
experienced management and staff as well as their infrastructure.

As a master servicer, Nationstar monitors the administration of residential
mortgage loans serviced by primary loan servicers and represents the interests
of certificateholders in mortgage-backed securities collateralized by those
residential loans under management, which include prime; subprime, and
subordinate loans.

We believe Nationstar has established the requisite technology and
infrastructure to efficiently compile and consolidate loan-level data directly
from servicers and subservicers to monitor the servicers' compliance with
applicable regulations that we consider to be prudent loan servicing
standards, as well as adhere to specific investor requirements.

In our opinion, Nationstar has experienced staff and effective internal
controls within its master servicing operation. The company continues to
monitor oversight through servicer scorecards and on-site reviews.
Additionally, we believe Nationstar has made necessary adjustment to its
operating process to oversee increasing loan-level default issues, including
monitoring the servicers' participation in loss mitigation programs, such as
the U.S. Treasury's Home Affordable Modification Program (HAMP), and has also
adjusted its investor reporting to account for modifications..

The company continues to enhance its oversight through servicer scorecards and
on-site reviews.

OUTLOOK

The outlook is stable. Standard & Poor's expects Nationstar to continue to
serve as a quality residential loan master servicer

RELATED CRITERIA AND RESEARCH

-- Revised Criteria For Including RMBS, CMBS, And ABS Servicers On
Standard & Poor's Select Servicer List, published April 16, 2009.
-- Servicer Evaluation Ranking Criteria: U.S., published Sept. 21, 2004.
-- Select Servicer List.

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.