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16 Jul 2003
MOODY'S ASSIGNS Aaa RATING TO RALI SERIES 2003-QS12 TRUST
Approximately $251.7 Million of Mortgage-Backed Securities Rated.
New York, July 16, 2003 -- Moody's Investors Service has assigned a rating of Aaa to the senior certificates
issued in RALI Series 2003-QS12 Trust, GMAC-RFC's
securitization of 15-year, fixed-rate, Alternative-A
(Alt-A) residential mortgage loans.
The loans underlying the transaction have better-than-average
credit quality for the Alt-A product. Also, the loans
have slightly less risk compared to the loans in GMAC-RFC's previous
15-year Alt-A securitizations.
The ratings are based on the credit quality of the underlying mortgage
loans, the credit enhancement available from subordination,
the structure of the transaction, and RFC's ability as master servicer.
The loans were purchased from various sellers under RFC's Expanded Criteria
Program, which was established primarily for reduced documentation
loans, loans backed by non-owner-occupied properties,
loans having higher loan-to-value (LTV) ratios, and
loans that otherwise do not conform to RFC's Jumbo-A Loan Program's
guidelines. However, according to Moody's, strong borrower
quality, a relatively low average LTV, and the rapid amortization
term of the loans reduce the risk associated with the weaker pool characteristics.
Strong borrower quality, evident in the borrowers' clean mortgage
histories and their high FICO scores, sufficiently offsets the risk
of reduced documentation. The pool's weighted-average FICO
of 729 is relatively high for the Alt-A product. The scores'
distribution is also favorable. Less than 1% of the loan
pool has a FICO score lower than 640, while the scores of 75%
are greater than 700.
The pool's weighted-average LTV of about 65% is low for
the Alt-A sector. Also, all the loans with an LTV
greater than 80% (about 6% of the pool) are covered by mortgage
insurance, which will reduce severity of loss if the loans should
In addition, the loans' rapid amortization term, which quickly
reduces their LTV ratio, makes the loans less risky than comparable
The loans backed by non-owner-occupied properties constitute
approximately 13% of the pool. These loans tend to be more
risky than similar loans backed by owner-occupied properties.
Especially under stressed economic conditions, the performance of
non-owner-occupied property loans may be more volatile.
However, the strong borrower quality and relatively low LTV ratios
partially offset the risk associated with the non-owner-occupied
While the percentage of the loans backed by non-owner-occupied
properties is slightly higher than that in a typical Alt-A pool,
it is similar to many GMAC-RFC's previous "RALI" 15-year
Despite the more risky characteristics of the Alt-A product,
GMAC-RFC's pools have experienced low rates of loss and delinquency.
The performance of the 15-year Alt-A product, in particular,
has been similar to GMAC-RFC's 30-year jumbo-A loans.
The good performance of the deals is largely attributable to the strong
credit quality of the collateral, GMAC-RFC's effective business
practices and risk management processes, as well as to RFC's ability
as master servicer of the mortgage loans.
The complete rating actions are as follows:
Depositor: Residential Accredit Loans, Inc.
Issuer: RALI Series 2003-QS12 Trust
Securities: Mortgage Asset-Backed Pass-Through Certificates,
$100,000,000 3.75% Class A-1 rated
$45,000,000 Adjustable Rate Class A-2 rated
Interest Only Adjustable Rate Class A-2A rated Aaa
$10,000,000 4.00% Class A-3 rated
$95,102,000 3.35% Class A-4 rated
Interest Only 5.00% Class A-5 rated Aaa
$1,563,922 Principal Only Class A-P rated Aaa
Interest Only Variable Rate Class A-V rated Aaa
$100 5.00% Class R-I, rated Aaa
$100 5.00% Class R-II, rated Aaa
RFC, the master servicer in the transaction, will manage the
subservicers that provide primary servicing of the loans. RFC has
Moody's highest master servicer rating of SQ1. HomeComings Financial
Network, Inc, a wholly owned subsidiary of RFC, is subservicing
approximately 78% of the loan pool. HomeComings is considered
a highly capable primary servicer of residential mortgage loans and is
rated SQ1 by Moody's as a primary servicer of residential mortgage loans.
Additional research will be available on www.moodys.com.
Structured Finance Group
Moody's Investors Service
Dana S. Skelton
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
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