Complete rating actions are as follows:

Issuer: Impac CMB Trust Series 2005-2 Collateralized Asset-Backed Bonds, Series 2005-2

Cl. 2-A-2, Downgraded to Aa2 (sf); previously on Mar 21, 2005 Assigned Aaa (sf)

Cl. 2-M-1, Downgraded to A1 (sf); previously on Mar 21, 2005 Assigned Aa2 (sf)

Cl. 2-M-2, Downgraded to Baa1 (sf); previously on Mar 21, 2005 Assigned A2 (sf)

Cl. 2-B, Downgraded to Ba2 (sf); previously on Mar 21, 2005 Assigned Baa2 (sf)

Issuer: Impac CMB Trust Series 2005-4 Collateralized Asset-Backed Bonds, Series 2005-4

Cl. 2-A-2, Downgraded to Aa3 (sf); previously on May 31, 2005 Assigned Aaa (sf)

Cl. 2-M-1, Downgraded to A1 (sf); previously on May 31, 2005 Assigned Aa2 (sf)

Cl. 2-M-2, Downgraded to Baa1 (sf); previously on May 31, 2005 Assigned A2 (sf)

Cl. 2-B-1, Downgraded to Ba2 (sf); previously on May 31, 2005 Assigned Baa2 (sf)

Cl. 2-B-2, Downgraded to B2 (sf); previously on May 31, 2005 Assigned Baa3 (sf)

Issuer: Impac CMB Trust Series 2005-8

Cl. 2-B, Downgraded to Ba2 (sf); previously on Dec 20, 2005 Assigned Baa3 (sf)

Issuer: Impac Secured Assets Corp. Mortgage Pass-Through Certificates, Series 2006-1

Cl. 2-A-2, Downgraded to Aa3 (sf); previously on Apr 13, 2006 Assigned Aaa (sf)

Cl. 2-M-1, Downgraded to A1 (sf); previously on Apr 13, 2006 Assigned Aa2 (sf)

Cl. 2-M-2, Downgraded to Baa1 (sf); previously on Apr 13, 2006 Assigned A2 (sf)

Cl. 2-M-3, Downgraded to Ba2 (sf); previously on Apr 13, 2006 Assigned Baa2 (sf)

Cl. 2-B, Downgraded to Ba3 (sf); previously on Apr 13, 2006 Assigned Baa3 (sf)

RATINGS RATIONALE

The actions result from a deterioration in performance of small balance multi-family, adjustable rate mortgage loans pools originated on or after 2005. In general, these pools have historically had low delinquency pipelines mainly because of strong borrowers and high loan modifications. However, recently there has been an increase in loan modification in the form of principal forgiveness which is attributing to the rise in the cumulative losses of the pools. In some pools, the performance has weakened slightly and recent liquidations resulted in higher loss severities than what Moody's previously projected. The final actions reflect Moody's updated loss expectations on these pools. The downgrades are a result of deteriorating performance and structural features resulting in higher expected losses for certain bonds than previously anticipated.

Structural analysis for these transactions utilized a static analysis. Total credit enhancement ("CE") for a bond, including excess spread, subordination, and overcollateralization was compared to expected losses on the mortgage pool(s) supporting that bond. Credit enhancement from excess spread typically amounts to annualized excess spread multiplied by the expected weighted average life of the related bond, and is usually subject to a haircut. The excess spread haircut takes into account future modification activity such as interest rate reductions, as well as potential interest rate movements.

The methodologies used in these ratings were "Moody's Approach to Rating US Residential Mortgage-Backed Securities" published in December 2008 and "2005 -- 2008 US RMBS Surveillance Methodology" published in July 2011. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's adjusts the methodologies noted above for small pool volatility.For pools with loans less than 100, Moody's adjusts its projections of loss to account for the higher loss volatility of such pools. For small pools, a few loans becoming delinquent would greatly increase the pools' delinquency rate.

To project losses on pools with fewer than 100 loans, Moody's first calculates an annualized delinquency rate based on vintage, number of loans remaining in the pool and the level of current delinquencies in the pool. For Alt-A pools, Moody's first applies a baseline delinquency rate of 10% for 2005, 19% for 2006 and 21% for 2007. Once the loan count in a pool falls below 76, this rate of delinquency is increased by 1% for every loan fewer than 76. For example, for a 2005 pool with 75 loans, the adjusted rate of new delinquency is 10.1%. Further, to account for the actual rate of delinquencies in a small pool, Moody's multiplies the rate calculated above by a factor ranging from 0.20 to 2.0 for current delinquencies that range from less than 2.5% to greater than 50% respectively. Moody's then uses this final adjusted rate of new delinquency to project delinquencies and losses for the remaining life of the pool under the approach described in the methodology publication.

When assigning the final ratings to bonds, in addition to the approach described above, Moody's considered the volatility of the projected losses and timeline of the expected defaults.

The primary source of assumption uncertainty is the uncertainty in our central macroeconomic forecast and performance volatility due to servicer-related issues. The unemployment rate fell from 9.0% in April 2011 to 7.9% in October 2012. Moody's forecasts a further drop to 7.8% for 2013. Moody's expects house prices to drop another 1% from their 4Q2011 levels before gradually rising towards the end of 2013. Performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF309533

A list of updated estimated pool losses, sensitivity analysis, and tranche recovery details is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198174

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessments had a neutral impact on the rating.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

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.

Jiwon Park Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Deepika Kothari Vice President - Senior Analyst 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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