Fitch Affirms 18 Classes from 3 Sequoia Mortgage Trusts

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the following Sequoia mortgage trust pass-through certificates:

Series 2005-1

--Class A at 'AAA';

--Class B-1 at 'AA';

--Class B-2 at 'A';

--Class B-3 at 'BBB';

--Class B-4 at 'BB';

--Class B-5 at 'B'.

Series 2005-2

--Class A at 'AAA';

--Class B-1 at 'AA';

--Class B-2 at 'A';

--Class B-3 at 'BBB';

--Class B-4 at 'BB';

--Class B-5 at 'B'.

Series 2005-3

--Class A at 'AAA';

--Class B-1 at 'AA';

--Class B-2 at 'A';

--Class B-3 at 'BBB';

--Class B-4 at 'BB';

--Class B-5 at 'B'.

The underlying collateral for the above transactions consists of 30-year traditional and hybrid adjustable-rates mortgages extended to prime borrowers. The loans are acquired from various originators by a subsidiary of Redwood Trust Inc, a mortgage real estate investment trust (REIT) that invests in residential real estate loans and securities. The servicer for the transactions is Wells Fargo Bank Minnesota, which is currently rated 'RPS1' by Fitch.

The affirmations reflect a satisfactory relationship between credit enhancement (CE) and future loss expectations and affect approximately $373.01 million of outstanding certificates. All classes in the transactions detailed above have experienced some growth in CE since closing, and there have been no or minor collateral losses to date. As of the January 2007 distribution date, these transactions are seasoned from a range of 21 months (series 2005-3) to 24 months (series 2005-1) and the pool factors (current mortgage loan principle outstanding as a percentage of the initial pool) range from approximately 31% (series 2005-2) to 35% (series 2005-1).

Fitch will continue to monitor these details. Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com.

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.