EFTA Document EFTA01882997

To: Barrett. Paul S From: Jeffrey Sent: Tue 5/1/2012 8:16:08 PM Subject: Re: $2.59mm of WAMU 04-AR3 B2 @ 62-16 (10% yield / 6.26 durn) Sorry for all the typos .Scot from my iPhonc On May I, 2012, at 3:53 PM, "Barrett, Paul S" wrote: QA AagJeffrey Found a bond for the $1.MM we were looking to spend from last week. WAMU 04-AR3 B2 is a Prime 5/1 Subordinate bond backed by seasoned Prime S/1 hybrid jumbo mortgages. HIGHLIGHTS - 747 FICO HPI Updated LTV = 58.53% 85% of the borrowers have not missed a payment in the past 2 years • 96% owner occupied - 97 months seasoned WAMU 2004-AR3 B2 Offered 62-16 BOND DESCRIPTION Prepay Rate 6 Cusip: 92922FNM6 Default Rate 1 ramp 3 Original Face: 2.590,000 Default Severity 35 fo Current Face: 1,888,737 Bond Type: Prime 5/1 Sub Price@ 62-16 Sties Ratings (S&P/Moodys/Fitch): CCC/Ca/- Yield 4. Current Coupon: 2.586% Spread 2 Yield @ Base Case 10.001% Duration 6 WAL Base Case 9.58 WAL 9 Principal Window © Base Case Jun12 to Apr34 Principal Window Jun12 EFTA_R1_00296890 EFTA01882997 Writedown % 11.39% Principal Writedown 52 Current Credit Enhancement 2 30'!,. Total Collet Loss 1 60+ Delinquencies 5 38 Total Liquidation 10 EFTA_R1_00296891 EFTA01882998