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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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Rating Action:

Correction to Text: March 20, 2009 Moody's takes action on certain RAMP (RFC) subprime RMBS

24 Mar 2009

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
No Related Data.
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