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10 Nov 2003
MOODY'S ASSIGNS Aaa RATING TO GMAC-RFC'S RAMP SERIES 2003-RS10 TRUST
Approximately $1.25 Billion of Mortgage-Backed Securities Rated.
New York, November 10, 2003 -- Moody's Investors Service has assigned a Aaa rating to the senior certificates
issued in Residential Funding Corporation's 2003-RS9 mortgage loan
securitization, as well as ratings ranging from Aa2 to Baa2 to the
mezzanine classes of the deal. The senior Class A-I-B6
certificates are insured by a certificate guaranty insurance policy from
Ambac Assurance Corporation (Ambac), whose insurance financial strength
is rated Aaa by Moody's.
According to Moody's analysts, the rating on the senior Class A-6
certificates is based primarily on the Ambac policy. Ambac receives
some protection against losses through a combination of excess spread
and overcollateralization. Based on these features, Moody's
concluded that the risk to Ambac from insuring the certificates is "investment
grade." The ratings on the remaining senior certificates and the
mezzanine certificates are based primarily on the credit quality of the
underlying mortgage loans, the structure of the transaction and
the credit enhancement provided through subordination, excess spread
The underlying assets consist of fixed-rate mortgage (FRM) and
adjustable-rate mortgage (ARM) loans acquired by Residential Funding
Corporation (RFC) through their Negotiated Conduit Asset (NCA) Program.
The NCA Program was established for acquisition of loans that do not comply
with some criteria of RFC's standard programs, such as Jumbo-A,
Expanded Criteria (Alt-A), Alternet (subprime), and
Home Solution, which is RFC's prime-quality first-lien
high loan-to-value (LTV) program. Typically the loans
are exceptions from the standard programs because they have high LTV ratios,
lower credit scores, missing documentation, or a lack of mortgage
insurance. In addition, the loan pool contains a small percentage
of seasoned loans that generally come from previously called deals.
The credit quality of RFC's NCA pools generally depends on the relative
concentrations of the programs' exceptions. This transaction's
FRM loan pool contains predominantly Alt-A exceptions (64%%),
followed by Subprime exceptions (21%), Home Solution exceptions
(9%), and Jumbo loan exceptions (7%). Therefore,
the overall credit quality is comparable to that of a weak Alt-A
loan pool. The loans' weighted-average credit score of 688
is about 40-45 points lower than that in RFC's 30-year Alt-A
pools; the weighted-average LTV ratio of 86.86%
is about 8%-10% higher.
The transaction's ARM loan pools contain predominantly subprime exceptions
(79%), followed by Jumbo loan exceptions (8.5%),
and Alt-A exceptions (6%). The overall credit quality
of the ARM loans is slightly weaker than that of an average subprime ARM
loan pool. While the loans' weighted-average LTV ratio of
93% is about 10%-12% higher than RFC's subprime
ARM pools, the weighted-average FICO of 642 is about 25-30
The complete rating action is as following:
Issuer: RAMP Series 2003-RS9 Trust
Securities: Mortgage Asset-Backed Pass-Through Certificates,
$189,545,000 Adjustable Rate Class A-I-1,
$37,504,000 3.110% Class A-I-2,
$71,592,000 3.610% Class A-I-3,
$17,824,000 4.320% Class A-I-4,
$39,871,000 4.990% Class A-I-5,
$42,000,000 6.110% Class A-I-6A,
$28,095,000 6.040% Class A-I-6B,
$47,381,000 5.060% Class A-I-7,
$327,000,000 Adjustable Rate Class A-II-A,
$265,687,000 Adjustable Rate Class A-II-B,
$22,313,000 5.800% Class M-I-1,
$15,750,000 6.300% Class M-I-2,
$13,125,000 6.300% Class M-I-3,
$61,626,000 Adjustable Rate Class M-II-1,
$38,062,000 Adjustable Rate Class M-II-2,
$10,875,000 Adjustable Rate Class M-II-3,
$10,875,000 Adjustable Rate Class M-II-4,
$10,875,000 Adjustable Rate Class M-II-5,
RFC, the transaction's master servicer, is rated SQ1,
Moody's top master servicer rating. HomeComings Financial Network,
Inc., a wholly owned subsidiary of RFC, will provide
primary servicing for about 93% of the FRM loan group and approximately
95% of the ARM loan groups. HomeComings is a highly capable
servicer of residential mortgage loans and has Moody's ratings of SQ1
and SQ2 in the primary servicer and the special servicer categories respectively.
A New Issue Report will be available on http://www.moodys.com.
Structured Finance Group
Moody's Investors Service
Arthur R. Heffner
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
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