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Rating Action:

MOODY'S RATES GMAC-RFC'S RAMP SERIES 2003-RS8 TRUST

10 Dec 2003
MOODY'S RATES GMAC-RFC'S RAMP SERIES 2003-RS8 TRUST

Approximately $1.46 Billion of Mortgage-Backed Securities Rated.

New York, December 10, 2003 -- Moody's Investors Service has assigned a Aaa rating to the Class A certificates issued by RAMP Series 2003-RS8 Trust, a securitization of fixed- and adjustable-rate residential mortgage loans. In addition, Moody's has assigned ratings ranging from Aa2 to Baa2 to the subordinate classes of certificates. The ratings on the certificates are based primarily on credit enhancement available from subordination, overcollateralization and 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 (66%), followed by the subprime exceptions (18%), the Jumbo-A exceptions (9%), and the Home Solution exceptions (4%). In addition, the loan group contains about 3% of seasoned loans. Therefore, the overall credit quality is comparable to that of a weak Alt-A loan pool. The loans' weighted-average credit score of 691 is about 30-35 points lower than that in RFC's 30-year Alt-A pools; the weighted-average LTV ratio of 84% is about 8%-10% higher.

The transaction's ARM loan pools contain predominantly subprime exceptions (84%), followed by the Alt-A exceptions (11%) and Jumbo-A exceptions (4%). The overall credit quality of the ARM loans is slightly weaker than that of an average subprime ARM pool. While the loans' weighted-average LTV ratio of 93% is about 11%-13% higher than that in RFC's subprime ARM pools, the weighted-average FICO of 641 is also about 20-30 points higher.

The complete rating action is as following:

Issuer: RAMP Series 2003-RS8 Trust

Securities: Mortgage Asset-Backed Pass-Through Certificates, Series 2003-RS8

$219,800,000 Adjustable Rate Class A-I-1 rated Aaa

$41,900,000 2.904% Class A-I-2 rated Aaa

$85,500,000 3.479% Class A-I-3 rated Aaa

$22,100,000 4.223% Class A-I-4 rated Aaa

$49,400,000 4.864% Class A-I-5 rated Aaa

$56,450,000 5.960% Class A-I-6A rated Aaa

$30,000,000 5.880% Class A-I-6B rated Aaa

$56,100,000 5.015% Class A-I-7 rated Aaa

$125,000,000 4.568% Class A-I-8 rated Aaa

$350,000,000 Adjustable Rate Class A-II-A rated Aaa

$233,975,000 Adjustable Rate Class A-II-B rated Aaa

$26,250,000 5.683% Class M-I-1 rated Aa2

$20,625,000 6.200% Class M-I-2 rated A2

$16,875,000 6.200% Class M-I-3 rated Baa2

$51,475,000 Adjustable Rate Class M-II-1 rated Aa2

$42,600,000 Adjustable Rate Class M-II-2 rated A2

$10,650,000 Adjustable Rate Class M-II-3 rated A3

$10,650,000 Adjustable Rate Class M-II-4 rated Baa1

$10,650,000 Adjustable Rate Class M-II-5 rated Baa2

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 95% of the FRM loan group and 100% of the ARM loan groups. HomeComings is a highly capable servicer of residential mortgage loans and currently 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.

New York
Pramila Gupta
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Dana S. Skelton
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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