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Rating Action:

Moody's assigns definitive ratings to RMBS Notes issued by E-MAC Program / Compartment NL 2007-NHG II

28 Jun 2007
Moody's assigns definitive ratings to RMBS Notes issued by E-MAC Program / Compartment NL 2007-NHG II

Approx EUR 607 Million of debt securities rated

London, 28 June 2007 -- Moody's Investors Service has assigned the following definitive ratings to two classes of notes issued by E-MAC Program B.V., Compartment NL 2007-NHG II:

- Aaa to EUR 600,000,000 Senior Class A Mortgage-Backed Notes 2007 due 2046; and

- Baa3 to EUR 7,200,000 Mezzanine Class B Notes 2007 due 2046.

E-MAC Program B.V., Compartment NL 2007-NHG II is the third transaction of Dutch NHG mortgages originated by GMAC RFC Nederland.

All the loans in the underlying portfolio are prime mortgages and benefit of an NHG-guarantee provided by Stichting WEW, a foundation mortgage guarantee fund for home ownership in the Netherlands supported by the Dutch government.

The issuer is a multi-issuance vehicle and this transaction represents the third series to be issued under this RMBS Program. For this transaction GMAC RFC Nederland uses the E-MAC program for the first time for an NHG issuance. E-MAC Program B.V. may from time to time issue notes and for each new issue a new Compartment of Notes shall be used to finance the purchase of a pool of mortgage receivables. All Compartments will be set up bankruptcy-remote, ring fenced from each other and the assets in each compartment will be fully segregated.

Approximately EUR 130.6 Million (21.8 per cent of Class A) of the Notes proceeds at closing date will be applied in purchasing pre-funded loans from the originators in the first six months after closing. The pre-funded loans will be subject to Moody's prior review and affirmation of the ratings. Any amounts that are retained for pre-funding will, to the extent not applied in the purchase of further loans, be applied to the redemption of the Notes in January 2008. The affirmation of the rating of the Notes by Moody's on the pre-funding dates is depending on several conditions including the available excess spread in the transaction.

The transaction benefits from four swaps with Credit Suisse International (Aa1/P-1) to hedge interest rate risk over the entire term of the transaction. Credit enhancement to the Class A notes is provided at closing by the Reserve Account, which is funded by the Class B notes at EUR 7,200,000 (1.2 per cent of the initial Class A note balance). The Reserve Account will accrue up to 1.3 per cent of the initial Class A note balance by trapping excess spread after closing. From July 2010 the Reserve Account will amortise to 1.2 per cent of the outstanding Class A note balance, with a floor of 0.3 per cent of the initial Class A Notes balance As additional credit enhancement the Class A and Class B notes benefit from excess spread. The GIC and the Liquidity Facility are provided by Rabobank.

The transaction will use the Dutch notification law whereby the perfection of the legal title has been achieved through the registration of a Deed of Assignment with the Dutch tax authorities.

The transaction is serviced by GMAC RFC Nederland B.V. that delegates certain duties to Quion Groep N.V. and STATER Nederland B.V..

The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for the timely payment of interest and ultimate payment of principal by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

To obtain a copy of the New Issue Report please contact Moody's Client Service Desk in London at +44 (0) 20 7772 5454 or visit our website at www.moodys.com

London
Ivo Raschl
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Annick Poulain
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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