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Rating Action:

Moody's Rates New Classes in the RESI Finance Limited Partnership 2003-A Synthetic Transaction

30 Jan 2009

Approximately $1.06 Billion of Synthetic Senior Securities Rated; No Negative Rating Impact on Existing Classes

New York, January 30, 2009 -- Moody's Investors Service has assigned Aaa ratings to the multiple classes of Class A tranche risk exposures that were created by the execution of the Limited Omnibus Supplemental Indenture and Amendment, dated December 22, 2008 (the "Amendment"), related to the above-captioned transaction. The Amendment restructured the existing Class A tranche risk exposure into multiple classes of Class A tranche risk exposures.

Furthermore, Moody's Investors Service stated on December 22, 2008 that its ratings on the Moody's-rated non-Class A tranche risk exposure and securities were not being downgraded or withdrawn as of that date, solely as a result of the execution of the Amendment. Moody's believes that the Amendment does not have an adverse effect on credit quality of the rated non-Class A tranche risk exposures and securities. However, Moody's did not express an opinion as to whether the Amendment has or could have other, non credit-related effects that investors may or may not view positively.

The new ratings are based on current ratings, level of credit enhancement, collateral performance and updated pool-level loss expectations relative to current level of credit enhancement available in the deal. Moody's took into account credit enhancement provided by seniority, and other structural features within the Class A tranche risk exposure waterfalls. Moody's calculates estimated losses for Jumbo RMBS in a two-stage process as outlined below.

First, serious delinquencies were projected through late 2009, primarily based upon recent historical performance. These projected delinquencies were converted into projected losses using lifetime roll rates (the probability of transition to default) averaging 40% for 60-day delinquencies, 75% for delinquencies greater than 90 days, and 90-100% for foreclosure or REO, and severity assumptions averaging 35%.

The second step was to determine losses for the remaining life of the deal, following the projection period, which was determined in accordance with the following general methodology. Depending on a deal's performance, including delinquency, default, and prepayment rates, as well as collateral characteristics, such as loan type (fixed or adjustable), or loan-to-value ratios and geographic concentrations of remaining current loans, Moody's assumes varying degrees of slowing in the loss rate (which is measured by loss-to-liquidation) for the remaining life of the deal. Typical degrees of reduction in loss rate after late 2009 range from 0% to 40%. To take an example, a deal with very poor early performance due to relatively high loan-to-value ratios and dropping regional home values would be expected to see markedly high delinquency and loss rates for the next year. However, the high rate of losses may be expected to slow afterwards, as economic factors and real estate values begin to stabilize, and a slowing of 20-40% may be used in the projection. On the other hand, a deal with stronger early performance that is demonstrating relative resiliency in the current market environment may not be expected to have high losses in the near-term, but may be expected to sustain a similar level of losses for the life of the deal, as the pool continues to be subject to factors that have more historically driven prime performance such as borrower life events, unemployment, and so on.

Loss estimates are subject to variability and, as a result, realized losses could ultimately turn out higher or lower than our current expectations.

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, in the Ratings Methodologies subdirectory.

The complete rating actions are as follows:

Issuer: RESI Finance Limited Partnership 2003-A and RESI Finance DE Corporation 2003-A

Real Estate Synthetic Investment Notes, Series 2003-A

Class A-1, Assigned Aaa

Class A-2, Assigned Aaa

Class A-3, Assigned Aaa

Class A-4, Assigned Aaa

Class A-5, Assigned Aaa

Additional research is available on http://www.moodys.com.

New York
Debashish Chatterjee
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Arif Bekiroglu
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Rates New Classes in the RESI Finance Limited Partnership 2003-A Synthetic Transaction
No Related Data.
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