American Home Mortgage Servicing, Inc.'s
Response to Moody’s Placement of Ratings of
Series 2009-ADV2 on Review for Possible
March 19, 2010 09:11 PM Eastern Daylight Time
COPPELL, Texas--(EON: Enhanced Online News)--American Home Mortgage Servicing, Inc. (the “Company”),
has been in discussions with Moody’s with respect to the Company’s servicing advance receivables securitization,
known as Series 2009-ADV2, of $125 million of Class A-1 Term Notes and $100 million of Variable Funding
Notes issued by AH Mortgage Advance Trust 2009-ADV2. The Company is currently taking actions to address the
agency’s concerns regarding the aged reconciliation items in the custodial bank accounts of the residential mortgage
backed securitizations that we service. We note, however, that we haven’t incurred any losses to date directly
related to the reconciliation effort nor do we expect to incur any losses in the future. Our agreement to increase the
reserve fund by $20 million and to maintain a material additional deposit in the fund until the situation is resolved
demonstrates our strong commitment to maintain the AAA-rating of the securitization.
American Home Mortgage Servicing, Inc.
Craig Pino, Executive Vice President and Treasurer