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Rating Action:

CORRECTION TO HEADLINE: MOODY'S RATES GMAC-RFC'S RFSC 2002-RP2 DEAL Aaa (SHOULD STATE MOODY'S NOT MOOFY'S

14 Nov 2002
CORRECTION TO HEADLINE: MOODY'S RATES GMAC-RFC'S RFSC 2002-RP2 DEAL Aaa (SHOULD STATE MOODY'S NOT MOOFY'S New York, November 14, 2002 -- Moody's Investors Service has assigned a Aaa rating to the senior certificates issued in GMAC-RFC's 2002-RP2 transaction, a securitization of fixed-rate and adjustable-rate residential mortgage loans that have been delinquent in the past or are currently delinquent. The certificates are insured by a certificate guaranty insurance policy from Ambac Assurance Corporation, whose insurance financial strength is rated Aaa.

The ratings of the certificates are based primarily on the Ambac policy. Ambac receives some protection from losses through a combination of excess spread and overcollateralization. In addition, Ambac receives some protection from a cap contract with a highly rated counterparty. Based on those factors, Moody's has concluded that the risk to Ambac from insuring the certificates is in line with an investment grade rating.

The loans included in the trust were acquired under RFC's Distressed Mortgage Program, which primarily targets loans that have had delinquency problems or may be delinquent currently. The loans may have been modified or the related borrower may have entered into a repayment plan or bankruptcy plan to resolve the delinquency. Some of the loans may not be in a plan but may have satisfied certain cash flow tests. In addition, the loans may be seasoned and may also have document deficiencies.

Overall, the credit quality of the underlying loans is comparable to those in a below-average subprime mortgage pool. The greatest risk derives from the poor payment histories of the borrowers, which include both previous and current delinquencies, and from the borrowers' low credit scores. The loan pool's weighted-average credit score of 567 is about 30-40 points lower than that of a typical subprime pool.

The pool's average credit score and the scores' distributions are fairly representative of the borrowers' payment patterns and their current delinquency status. Approximately 66% of the pool either is current or is less than 30 days delinquent. About 11.7% is 30 to 59 days delinquent, while 0.1% is 60 to 89 days delinquent. In addition, 22.2% of the loan pool is subject to repayment or bankruptcy plans or is satisfying certain cash flow tests. Of the latter group, 91.2% is current under the terms of the plan. The remainder is either delinquent under the plan or is more than 90 days delinquent under the terms of the related mortgage note.

The certificates were offered in a privately negotiated transaction without registration under the Securities Act of 1933. The certificates may only be offered to qualified institutional buyers as defined under Rule 144A under the Securities Act and outside the United States to entities which are not U.S. Persons within the meaning of Regulation S under the Securities Act.

The complete rating action is as follows:

Depositor: Residential Asset Mortgage Products, Inc.
Issuer: RFSC Series 2002-RP2 Trust
Securities: Mortgage Asset-Backed Pass-Through Certificates, Series 2002-RP2
$102,400,000 Adjustable Rate Class A-1, rated Aaa
Interest Only 2.00% Class A-IO, rated Aaa

RFC is the transaction's master servicer. Fairbanks Capital Corporation provides primary servicing for approximately 71% of the loan pool. Fairbanks is rated SQ1, Moody's highest servicer rating, in the special servicer category.

A New Issue Report will be available on http://www.moodys.com.
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating 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 or in preparing the Moody’s publications.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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