New York, March 24, 2009 -- Moody's Investors Service has downgraded and confirmed the ratings of
certain tranches from RAMP Series 2007-RS1 Trust. These
actions are a correction to rating actions announced on March 20th where
certain specific features of the RAMP 2007-RS1 were not fully accounted
for. In the previous release the ratings now being confirmed had
been erroneously downgraded. The corrected rating actions are as
follows:
RAMP Series 2007-RS1 Trust
Cl. A-1, Confirmed Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-2, Confirmed Aa2; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Caa2; previously on 2/26/2009
Ba2 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to C; previously on 2/26/2009
Caa3 Placed Under Review for Possible Downgrade
The updated press release is as follows:
New York, March 20, 2009 -- Moody's Investors
Service has downgraded 180 ratings and confirmed 53 ratings from 30 RAMP
(RFC) subprime residential mortgage-backed securities (RMBS) transactions.
The collateral backing these transactions consists primarily of first-lien,
fixed- and adjustable-rate, subprime residential mortgage
loans. The actions are triggered by a combination of factors that
can include increased delinquencies, higher loss severities,
slower prepayments and mounting losses in the underlying collateral.
Additionally, the continued deterioration of the housing market
has also contributed to the increased loss expectations for subprime pools.
The actions listed below reflect Moody's updated loss projections for
the subprime RMBS sector first announced in a press release on February
29, 2009, and are part of Moody's on-going review process.
Moody's final rating actions are based on collateral performance and updated
pool-level loss expectations relative to current levels of tranche-specific
credit enhancement. Moody's took into account credit enhancement
provided by subordination, cross-collateralization,
excess spread, time tranching, and other structural features.
The principal methodology used in rating these transactions was "Subprime
RMBS Loss Projection Update: March 2009", which can be found
at www.moodys.com in the Credit Policy & Methodologies
directory, in the Ratings Methodologies subdirectory. Other
methodologies and factors that may have been considered in the process
of rating this issue can also be found on this page.
Moody's approach to analyzing more seasoned pools (prior to the 2nd half
of 2005) takes into account the annualized loss rate from last 12 months
("Recent Losses") and the projected loss rate over next 12 months ("Pipeline
Losses"), and then translates these measures into lifetime losses
based on a deal's expected remaining life. Recent Losses are calculated
by assessing cumulative losses incurred over the past 12-months
as a percentage of the average pool factor in the last year. For
Pipeline Losses, Moody's uses annualized roll rates of 15%,
30%, 65% and 90% for loans that are delinquent
60-days, 90+ days, are in foreclosure, and
REO, respectively. Moody's then applies deal-specific
severity assumptions to arrive at projected losses. The results
of these two calculations - Recent Losses and Pipeline Losses -
are weighted to arrive at the lifetime cumulative loss projection.
Moody's Investors Service also reviewed underlying ratings of insured
certificates as noted below. The underlying rating reflects the
intrinsic credit quality of the certificate in the absence of the guarantee.
The current ratings are consistent with Moody's practice of rating insured
securities at the higher of the guarantor's insurance financial strength
rating and the underlying rating based on Moody's modified approach to
rating structured finance securities wrapped by financial guarantors.
Other methodologies and factors that may have been considered in the process
of rating this issue can also be found at www.moodys.com
in the Credit Policy & Methodologies directory.
Complete rating actions are as follows:
RAMP Series 2005-EFC1 Trust
Cl. A-I-4, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at Aa1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Aa3; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to A3; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Ba1; previously on 2/26/2009
A3 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to B3; previously on 2/26/2009
Baa3 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to Ca; previously on 2/26/2009
Ba3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2005-EFC2 Trust
Cl. A-2, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at Aa1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Confirmed at Aa2; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to A1; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Baa1; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to B1; previously on 2/26/2009
A2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to Caa2; previously on 2/26/2009
A3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-8, Downgraded to C; previously on 2/26/2009
Ba2 Placed Under Review for Possible Downgrade
Cl. M-9, Downgraded to C; previously on 2/26/2009
Caa3 Placed Under Review for Possible Downgrade
RAMP Series 2005-EFC3 Trust
Cl. A-I-2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-3, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at Aa1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Confirmed at Aa2; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Confirmed at Aa3; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to A2; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to Baa3; previously on 2/26/2009
A2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to B1; previously on 2/26/2009
A3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to Caa2; previously on 2/26/2009
Baa1 Placed Under Review for Possible Downgrade
Cl. M-8, Downgraded to C; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-9, Downgraded to C; previously on 2/26/2009
B1 Placed Under Review for Possible Downgrade
Cl. M-10, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2005-EFC4 Trust
Cl. A-2, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at Aa1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to A1; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to A3; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Ba2; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to B2; previously on 2/26/2009
A2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to Caa2; previously on 2/26/2009
A3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-8, Downgraded to C; previously on 2/26/2009
Ba2 Placed Under Review for Possible Downgrade
Cl. M-9, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2005-EFC5 Trust
Cl. A-2, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Aa3; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to A3; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ba2; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to B2; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to Caa2; previously on 2/26/2009
A2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on 2/26/2009
A3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
Ba1 Placed Under Review for Possible Downgrade
Cl. M-8, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2005-EFC6 Trust
Cl. A-I-2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-3, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to A1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Baa2; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ba3; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to B1; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to Ca; previously on 2/26/2009
A2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on 2/26/2009
Baa3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2005-EFC7 Trust
Cl. A-I-3, Downgraded to B3; previously
on 2/26/2009 B2 Placed Under Review for Possible Downgrade
Current Underlying Rating: Downgraded to B3; previously on
11/11/2008 Published at B2
Financial Guarantor: Financial Guaranty Insurance Company (Assigned
Caa1, Outlook Negative on 12/19/2008)
Cl. A-I-4, Confirmed at B3; previously
on 2/26/2009 B3 Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to B3; previously on 2/26/2009
B2 Placed Under Review for Possible Downgrade
Current Underlying Rating: Downgraded to B3; previously on
11/11/2008 Published at B2
Financial Guarantor: Financial Guaranty Insurance Company (Assigned
Caa1, Outlook Negative on 12/19/2008)
RAMP Series 2005-NC1 Trust
Cl. A-I-3, Downgraded to Caa1; previously
on 2/26/2009 B3 Placed Under Review for Possible Downgrade
Current Underlying Rating: Downgraded to Caa1; previously on
11/11/2008 Published at B3
Financial Guarantor: Financial Guaranty Insurance Company (Assigned
Caa1, Outlook Negative on 12/19/2008)
Cl. A-I-4, Caa1; previously on 2/26/2009
Caa1 Placed Under Review for Possible Downgrade
Current Underlying Rating: Downgraded to Caa2; previously on
11/11/2008 Published at Caa1
Financial Guarantor: Financial Guaranty Insurance Company (Assigned
Caa1, Outlook Negative on 12/19/2008)
Cl. A-II, Downgraded to Caa1; previously on 2/26/2009
B3 Placed Under Review for Possible Downgrade
Current Underlying Rating: Downgraded to Caa1; previously on
11/11/2008 Published at B3
Financial Guarantor: Financial Guaranty Insurance Company (Assigned
Caa1, Outlook Negative on 12/19/2008)
RAMP Series 2005-RS1 Trust
Cl. A-I-4, Downgraded to Aa1; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to Aa3; previously
on 2/26/2009 Aa2 Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to Aa2; previously
on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade
Cl. A-II-3, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to Baa2; previously
on 2/26/2009 A1 Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to B1; previously
on 2/26/2009 Baa1 Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to Caa2; previously
on 2/26/2009 Baa2 Placed Under Review for Possible Downgrade
Cl. M-I-4, Downgraded to C; previously
on 2/26/2009 Ba1 Placed Under Review for Possible Downgrade
Cl. M-II-1, Confirmed at A2; previously
on 2/26/2009 A2 Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Caa3; previously
on 2/26/2009 Ba2 Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C; previously
on 2/26/2009 Caa1 Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to C; previously
on 2/26/2009 Ca Placed Under Review for Possible Downgrade
RAMP Series 2005-RS2 Trust
Cl. A-I-1, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II-2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II-3, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Aa2; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to A2; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Baa3; previously on 2/26/2009
Baa1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to B3; previously on 2/26/2009
Baa3 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on 2/26/2009
Ba3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2005-RS3 Trust
Cl. A-I-A2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-A3, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-B1, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-B2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at A1; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-2, Confirmed at Baa1; previously on 2/26/2009
Baa1 Placed Under Review for Possible Downgrade
Cl. M-3, Confirmed at Ba1; previously on 2/26/2009
Ba1 Placed Under Review for Possible Downgrade
Cl. M-4, Confirmed at B1; previously on 2/26/2009
B1 Placed Under Review for Possible Downgrade
Cl. M-5, Confirmed at Caa2; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
Cl. M-6, Confirmed at Ca; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2005-RS4 Trust
Cl. A-3, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-4, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at Aa1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to A2; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Baa2; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Ba1; previously on 2/26/2009
A3 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to B3; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to Caa2; previously on 2/26/2009
Ba2 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
Caa1 Placed Under Review for Possible Downgrade
RAMP Series 2005-RS5 Trust
Cl. A-I-2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-3, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to A1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Baa1; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ba1; previously on 2/26/2009
Baa1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to B1; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to Caa2; previously on 2/26/2009
Ba1 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on 2/26/2009
B3 Placed Under Review for Possible Downgrade
RAMP Series 2005-RS6 Trust
Cl. A-I-2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-3, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II-1, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-II-2, Confirmed at Aaa; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to A1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Baa1; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ba3; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to B3; previously on 2/26/2009
Baa1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to Ca; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on 2/26/2009
Ba1 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
B2 Placed Under Review for Possible Downgrade
Cl. M-8, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2005-RS7 Trust
Cl. A-2, Downgraded to Baa1; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Baa2; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa2; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
A2 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on 2/26/2009
Ba3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
B2 Placed Under Review for Possible Downgrade
Cl. M-8, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2005-RS8 Trust
Cl. A-2, Downgraded to Ba2; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ba3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ca; previously on 2/26/2009
A3 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
Ba2 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on 2/26/2009
B1 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on 2/26/2009
B3 Placed Under Review for Possible Downgrade
Cl. M-7, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2005-RS9 Trust
Cl. A-I-4, Caa1; previously on 2/26/2009
Caa1 Placed Under Review for Possible Downgrade
Current Underlying Rating: Downgraded to Caa3; previously on
8/7/2008 Published at Caa1
Financial Guarantor: Financial Guaranty Insurance Company (Assigned
Caa1, Outlook Negative on 12/19/2008)
Cl. A-II, Caa1; previously on 2/26/2009 Caa1
Placed Under Review for Possible Downgrade
Current Underlying Rating: Downgraded to Caa2; previously on
11/11/2008 Published at Caa1
Financial Guarantor: Financial Guaranty Insurance Company (Assigned
Caa1, Outlook Negative on 12/19/2008)
RAMP Series 2006-EFC1 Trust
Cl. A-2, Downgraded to Aa1; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Aa3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Baa1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ba1; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ba3; previously on 2/26/2009
A3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to Caa2; previously on 2/26/2009
Ba1 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on 2/26/2009
B3 Placed Under Review for Possible Downgrade
Cl. M-6, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2006-EFC2 Trust
Cl. A-1, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-2, Downgraded to Baa3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ba2; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Ba3; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-1S, Downgraded to B1; previously on 2/26/2009
Baa1 Placed Under Review for Possible Downgrade
Cl. M-2S, Downgraded to Caa2; previously on 2/26/2009
Ba1 Placed Under Review for Possible Downgrade
Cl. M-3S, Downgraded to C; previously on 2/26/2009
B2 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2006-NC1 Trust
Cl. A-2, Downgraded to A3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Baa1; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba3; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to B3; previously on 2/26/2009
Baa1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca; previously on 2/26/2009
Ba1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
B3 Placed Under Review for Possible Downgrade
Cl. M-5, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2006-NC2 Trust
Cl. A-2, Downgraded to Baa3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ba1; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ba3; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Caa2; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on 2/26/2009
Ba3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2006-NC3 Trust
Cl. A-2, Downgraded to Ba3; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to B1; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Caa2; previously on 2/26/2009
Baa1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on 2/26/2009
Ba2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on 2/26/2009
B3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2006-RS1 Trust
Cl. A-I-2, Downgraded to B3; previously
on 2/26/2009 Aaa Placed Under Review for Possible Downgrade
Cl. A-I-3, Downgraded to Caa3; previously
on 2/26/2009 Aa1 Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to B3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on 2/26/2009
A2 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on 2/26/2009
Baa3 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on 2/26/2009
B2 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2006-RS2 Trust
Cl. A-2, Downgraded to B2; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3A, Downgraded to B2; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3B, Downgraded to B3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on 2/26/2009
B1 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2006-RS3 Trust
Cl. A-2, Downgraded to B3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Caa2; previously on 2/26/2009
B1 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Ca; previously on 2/26/2009
B2 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2006-RS4 Trust
Cl. A-1, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-2, Downgraded to A2; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ba3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to B1; previously on 2/26/2009
Aa1 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Caa2; previously on 2/26/2009
A1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on 2/26/2009
Ba3 Placed Under Review for Possible Downgrade
Cl. M-4, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
RAMP Series 2006-RS5 Trust
Cl. A-1, Confirmed at Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-2, Downgraded to Aa2; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to B3; previously on 2/26/2009
Aa3 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Caa3; previously on 2/26/2009
A2 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on 2/26/2009
Ba1 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on 2/26/2009
Caa1 Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C; previously on 2/26/2009
Ca Placed Under Review for Possible Downgrade
RAMP Series 2006-RS6 Trust
Cl. A-2, Downgraded to B3; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Caa3; previously on 2/26/2009
B3 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to Ca; previously on 2/26/2009
Caa1 Placed Under Review for Possible Downgrade
RAMP Series 2007-RS1 Trust
Cl. A-1, Confirmed Aaa; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-2, Confirmed Aa2; previously on 2/26/2009
Aa2 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Caa2; previously on 2/26/2009
Ba2 Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to C; previously on 2/26/2009
Caa3 Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to Ca; previously on 2/26/2009
Caa3 Placed Under Review for Possible Downgrade
RAMP Series 2007-RS2 Trust
Cl. A-1, Downgraded to B3; previously on 2/26/2009
Aaa Placed Under Review for Possible Downgrade
Cl. A-2, Downgraded to Caa2; previously on 2/26/2009
Baa2 Placed Under Review for Possible Downgrade
Cl. A-3, Downgraded to Ca; previously on 2/26/2009
Baa3 Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to C; previously on 2/26/2009
Ba3 Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C; previously on 2/26/2009
Caa2 Placed Under Review for Possible Downgrade
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF159807
A list of updated estimated pool losses is being updated regularly and
may be found at:
Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF159460
For more information please see www.moodys.com.
New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Joseph Rocco
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Correction to Text: March 20, 2009 Moody's takes action on certain RAMP (RFC) subprime RMBS