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Rating Action:

Moody's downgrades 5.2 bn of Subprime RMBS issued by RAMP

06 Apr 2010

New York, April 06, 2010 -- Moody's Investors Service has downgraded the ratings of 130 tranches from 30 RMBS transactions issued by RAMP. Additionally, Moody's confirmed the existing ratings of 16 tranches and upgraded the rating of one tranche from these transactions. The collateral backing these deal primarily consists of first-lien, fixed and adjustable-rate subprime residential mortgages.

The actions are a result of the continued performance deterioration in Subprime pools in conjunction with home price and unemployment conditions that remain under duress. The actions reflect Moody's updated loss expectations on subprime pools issued from 2005 to 2007. For details regarding Moody's approach to estimating losses on subprime pools originated in 2005, 2006, and 2007, please refer to the methodology publication "Subprime RMBS Loss Projection Update: February 2010" available on Moodys.com.

To assess the rating implications of the updated loss levels on subprime RMBS, each individual pool was run through a variety of scenarios in the Structured Finance Workstation® (SFW), the cash flow model developed by Moody's Wall Street Analytics. This individual pool level analysis incorporates performance variances across the different pools and the structural features of the transaction including priorities of payment distribution among the different tranches, average life of the tranches, current balances of the tranches and future cash flows under expected and stressed scenarios. The scenarios include ninety-six different combinations comprising of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to small increments in losses on the underlying mortgage pool is taken into consideration when assigning ratings.

Certain tranches included in this action, noted below, are wrapped by Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009). For securities insured by a financial guarantor, the rating on the securities is the higher of (i) the guarantor's financial strength rating and (ii) the current underlying rating (i.e., absent consideration of the guaranty) on the security. The principal methodology used in determining the underlying rating is the same methodology for rating securities that do not have a financial guaranty and is as described earlier.

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 Rating Methodologies sub-directory. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck

Complete rating actions are as follows:

Issuer: RAMP Series 2005-EFC1 Trust

Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B1; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-EFC2 Trust

Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa1; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-EFC3 Trust

Cl. M-1, Confirmed at Aa1; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa1; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. A-II, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-I-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-EFC4 Trust

Cl. A-2, Downgraded to Aa1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Aa2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba2; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-EFC5 Trust

Cl. A-2, Downgraded to A1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Baa1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B3; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-EFC6 Trust

Cl. A-I-2, Downgraded to Aa3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-I-3, Downgraded to A3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to A1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-EFC7 Trust

Cl. A-I-3, Downgraded to Caa3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Caa3; previously on Mar 20, 2009 Downgraded to B3

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-I-4, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to C; previously on Apr 8, 2008 Downgraded to B3

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-II, Downgraded to Ca; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Ca; previously on Mar 20, 2009 Downgraded to B3

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RAMP Series 2005-NC1 Trust

Cl. A-I-3, Downgraded to Caa3; previously on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Caa3; previously on Mar 20, 2009 Downgraded to Caa1

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-I-4, Downgraded to C; previously on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to C; previously on Oct 17, 2008 Downgraded to Caa1

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-II, Downgraded to Ca; previously on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Ca; previously on Mar 20, 2009 Downgraded to Caa1

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RAMP Series 2005-RS1 Trust

Cl. A-I-4, Downgraded to B1; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. A-I-5, Downgraded to Caa2; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. A-I-6, Downgraded to Ba2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-II-1, Downgraded to Caa2; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. M-II-2, Downgraded to C; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. M-I-1, Downgraded to C; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. M-I-2, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-I-3, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS2 Trust

Cl. A-I-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-II-3, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa1; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS3 Trust

Cl. A-I-A3, Downgraded to Aa3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-I-B1, Downgraded to Aa3; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-I-B2, Downgraded to A1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to Aa2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS4 Trust

Cl. A-4, Downgraded to Aa2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa3; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa1; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS5 Trust

Cl. A-I-2, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-I-3, Downgraded to A2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to A2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa1; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS6 Trust

Cl. A-I-3, Downgraded to Aa1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-II-1, Downgraded to Aa1; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. A-II-2, Downgraded to Aa2; previously on Jan 13, 2010 Aaa Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B1; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS7 Trust

Cl. A-2, Downgraded to Baa2; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa1; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS8 Trust

Cl. A-2, Confirmed at Ba2; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa2; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2005-RS9 Trust

Cl. A-I-3, Downgraded to Caa2; previously on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Caa2; previously on Oct 17, 2008 Downgraded to Caa1

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-I-4, Downgraded to Ca; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Ca; previously on Mar 20, 2009 Downgraded to Caa3

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Cl. A-II, Downgraded to Ca; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Ca; previously on Mar 20, 2009 Downgraded to Caa2

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009)

Issuer: RAMP Series 2006-EFC1 Trust

Cl. A-2, Downgraded to Baa2; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to B2; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-EFC2 Trust

Cl. A-2, Confirmed at Baa3; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa2; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-1S, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-2S, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-NC1 Trust

Cl. A-2, Downgraded to B2; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to C; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-NC2 Trust

Cl. A-2, Downgraded to Caa1; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to C; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-NC3 Trust

Cl. A-2, Downgraded to Caa1; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RS1 Trust

Cl. A-I-2, Downgraded to Caa1; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. A-I-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to Caa3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RS2 Trust

Cl. A-2, Downgraded to Caa1; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. A-3A, Downgraded to Ca; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Cl. A-3B, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RS3 Trust

Cl. A-2, Confirmed at B3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa3; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. A-4, Confirmed at Ca; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RS4 Trust

Cl. A-2, Upgraded to Aa1; previously on Mar 20, 2009 Downgraded to A2

Cl. A-3, Downgraded to Caa2; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RS5 Trust

Cl. A-3, Confirmed at B3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to C; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RS6 Trust

Cl. A-2, Downgraded to Caa1; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2007-RS1 Trust

Cl. A-1, Confirmed at Aaa; previously on Jan 13, 2010 Aaa Remained On Review for Possible Downgrade

Cl. A-2, Confirmed at Aa2; previously on Jan 13, 2010 Aa2 Remained On Review for Possible Downgrade

Cl. A-3, Downgraded to Ca; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2007-RS2 Trust

Cl. A-1, Confirmed at B3; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Ca; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198822

A list of updated estimated pool losses and tranche recovery details is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF198689

For more information please see www.moodys.com.

New York
Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph Rocco
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades 5.2 bn of Subprime RMBS issued by RAMP
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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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