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Rating Action:

Moody's announces impact of ResCap downgrade on EMEA RMBS

30 May 2008
Moody's announces impact of ResCap downgrade on EMEA RMBS

Approximately EUR 2,024 million of debt securities affected

London, 30 May 2008 -- Following the recent downgrade of ResCap to Ca, on review for downgrade, Moody's has reviewed EMEA RMBS transactions whereby entities ultimately owned by ResCap are performing servicing and cash management functions. The following actions are the result of this review. The ratings of all notes issued out of the E-MAC DE series were placed on review for downgrade. No action was taken on the ratings of the notes issued by the UK RMAC programme and no action was taken on notes issued by the Dutch E-MAC NL programme.

RATING ANNOUNCEMENTS

E-MAC DE series -- Review for downgrade

In the four outstanding transactions of the E-MAC DE series, GMAC-RFC Investments B.V. is the appointed servicer and cash bond administrator. GMAC-RFC Investments B.V. is an indirect wholly-owned subsidiaries of ResCap (Ca). GMAC-RFC Investment B.V. sub-delegates the day-to-day servicing of the loan portfolio to Kreditwerk Hypotheken Management GmbH ("HM") and part of the special servicing to Rechtsanwälte Paulus Westerwelle ("PW").

No back-up cash bond administrator or back-up servicer has been appointed as of closing for these transactions. According to the sub-servicing agreement, HM may continue to operate as a day-to-day servicer should the appointment of GMAC-RFC Investments B.V. be terminated. However, HM has no obligation to do so unless it agrees new terms of appointment with the trustee and the issuer. In addition, there are no back-up provisions in place for the special servicing of the portfolio, which involves making credit decisions on loan enforcements.Given the absence of any committed back-up servicer or back-up cash bond administrator, Moody's believes that there could be delays in the performance of certain issuer obligations in case the primary administrator were to be terminated. In particular, if the termination of the primary administrator occurs a short time before a note interest payment date, the issuer may be unable to perform its payment obligations in a timely manner. This could, in turn, lead to a termination of the swap agreements. Any swap termination payment payable by the issuer would rank senior to noteholders in the waterfall and could expose the notes to additional interest rate risks not previously accounted for in Moody's analysis.

Moody's notes that the originator has started the process to put in place a back-up cash bond administrator for these transactions which could mitigate some of the risks mentioned above. Moody's will monitor this process. However, even if back-up cash management arrangements are concluded, the absence of back-up servicing arrangements exposes these notes to a degree of linkage to the credit quality of the current servicer. The review for downgrade will focus on assessing the impact of a servicing disruption in terms of potential increased costs and credit losses for these four German RMBS transactions. Moody's will evaluate any plans to remedy the lack of back-up cash management and back-up servicing agreements. However, if no satisfactory plans were to be implemented over the period of the review, which Moody's would expect to conclude over the next few months, the ratings of the notes are likely to be subject to a downgrade.

RMAC Securities Programme and RMAC series -- No rating action

In the case of the five most recent series of notes issued out of the RMAC Securities Programme in the UK, GMAC RFC Limited is the appointed series servicer and series cash bond administrator. GMAC RFC Limited is a wholly-owned subsidiary of GMAC RFC (UK) Limited which in turn is a wholly-owned subsidiary of ResCap (Ca).

Homeloan Management Limited ("HML") (SQ2+) is the sub-delegated day-to-day servicer as well as the back-up servicer which will assume the role of primary servicer in case the appointment of GMAC RFC Limited is terminated by the trustee because of insolvency or default on its obligations. Unlike in other UK RMBS transactions originated by GMAC RFC Limited, no back-up cash bond administrator has been appointed as of closing for these series of notes. Moody's has been informed that GMAC RFC Limited is in the process to put in place a back-up cash bond administrator for these transactions, which would mitigate the risks described above.

Moody's also notes that for a number of other UK RMBS transactions of the RMAC series (RMAC 2003-NS1 plc, RMAC 2003-NS2 plc, RMAC 2003-NS3 plc, RMAC 2003-NS4 plc, RMAC 2004-NS1 plc, RMAC 2004-NSP2 plc, RMAC 2004-NS3 plc, RMAC 2004-NSP4 plc, RMAC 2005-NS1 plc and RMAC 2005-NSP2 plc) no back-up administration agreements were in place as of closing. However on the 9th of May 2008 GMAC RFC Limited and HML entered into a standby administration deed whereby HML assumed the obligation to continue performing servicing and cash bond administration functions in case the appointment of GMAC RFC Limited is terminated by the trustee. In Moody's view, the standby administration deed mitigates the risks of a servicing and administration transfer.

E-MAC NL series -- No rating action

Finally, for the transactions of the E-MAC NL series and for the series of notes issued out of the E-MAC Program, GMAC RFC Nederland B.V. is the appointed servicer and cash bond administrator. GMAC RFC Nederland B.V. is a company incorporated in the Netherlands in 2000 and it is an indirect wholly-owned subsidiary of ResCap. Stater Nederland B.V. ("Stater") and Quion Groep B.V. (SQ2) ("Quion") are the delegated day-to-day servicers of the mortgage loans according to the different origination channels. Stater and Quion are responsible for the daily loan administration as well as for the special servicing and foreclosure proceedings for the defaulted loans. Both Stater and Quion have committed to assume the role of primary servicer in case the appointment of GMAC RFC Nederland B.V. is terminated.

No back-up cash bond administrator has been appointed as of closing for the transactions of the E-MAC NL series and E-MAC Program. Moody's has been informed that GMAC RFC Nederland B.V. is in the process to put in place a back-up cash bond administrator for all the transactions of the E-MAC NL series and for the series of notes issued in 2006 and 2007 out of the E-MAC Program. In the latest two transactions issued in 2008 by the E-MAC Program, ATC Financial Services B.V. is the appointed third party issuer administrator performing the cash management functions.

Moody's will continue to closely monitor all these transactions, in particular the completion of the back-up cash bond administrator agreements and any other implications on the ratings of the notes due to weakening of the credit quality of the servicer.

LIST OF RATING ACTIONS

Issuer: E-MAC DE 2005-I B.V.

Senior Class A Mortgage-Backed Notes 2005 due 2047

Current Rating: Aaa, on review for downgrade

Mezzanine Class B Mortgage-Backed Notes 2005 due 2052

Current Rating: Aa2, on review for downgrade

Junior Class C Mortgage-Backed Notes 2005 due 2052

Current Rating: A1, on review for downgrade

Subordinated Class D Mortgage-Backed Notes 2005 due 2052

Current Rating: Baa2, on review for downgrade

Subordinated Class E Mortgage-Backed Notes 2005 due 2052

Current Rating: Ba1, on review for downgrade

Issuer: E-MAC DE 2006-I B.V.

Senior Class A Mortgage-Backed Notes 2006 due 2048

Current Rating: Aaa, on review for downgrade

Mezzanine Class B Mortgage-Backed Notes 2006 due 2057

Current Rating: Aa2, on review for downgrade

Junior Class C Mortgage-Backed Notes 2006 due 2057

Current Rating: A1, on review for downgrade

Subordinated Class D Mortgage-Backed Notes 2006 due 2057

Current Rating: A3, on review for downgrade

Subordinated Class E Mortgage-Backed Notes 2006 due 2057

Current Rating: Baa2, on review for downgrade

Subordinated Class F Mortgage-Backed Notes 2006 due 2057

Current Rating: Ba3, on review for downgrade

Issuer: E-MAC DE 2006-II B.V.

Senior Class A1 Mortgage-Backed Notes 2006 due 2048

Current Rating: Aaa, on review for downgrade

Senior Class A2 Mortgage-Backed Notes 2006 due 2058

Current Rating Aaa, on review for downgrade

Mezzanine Class B Mortgage-Backed Notes 2006 due 2058

Current Rating: Aa1, on review for downgrade

Junior Class C Mortgage-Backed Notes 2006 due 2058

Current Rating: Aa3, on review for downgrade

Subordinated Class D Mortgage-Backed Notes 2006 due 2058

Current Rating: A3, on review for downgrade

Subordinated Class E Mortgage-Backed Notes 2006 due 2058

Current Rating: Baa2, on review for downgrade

Subordinated Class F Mortgage-Backed Notes 2006 due 2058

Current Rating: Ba3, on review for downgrade

Issuer: E-MAC DE 2007-I B.V.

Senior Class A1 Mortgage-Backed Notes 2007 due 2054

Current Rating: Aaa, on review for downgrade

Senior Class A2 Mortgage-Backed Notes 2007 due 2054

Current Rating: Aaa, on review for downgrade

Mezzanine Class B Mortgage-Backed Notes 2007 due 2054

Current Rating: Aa1, on review for downgrade

Junior Class C Mortgage-Backed Notes 2007 due 2054

Current Rating: Aa3, on review for downgrade

Subordinated Class D Mortgage-Backed Notes 2007 due 2054

Current Rating: A3, on review for downgrade

Subordinated Class E Mortgage-Backed Notes 2007 due 2054

Current Rating: Baa3, on review for downgrade

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Barbara Rismondo
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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