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Rating Action:

Moody's downgrades $7.6 bn of Subprime RMBS issued by RASC

06 Apr 2010

New York, April 06, 2010 -- Moody's Investors Service has downgraded the ratings of 209 tranches from 43 RMBS transactions issued by RASC. Additionally, Moody's has confirmed the existing ratings of 27 tranches from these same transactions. The collateral backing these deals primarily consist 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tranches included in this action, noted below, are wrapped by Financial Guaranty Insurance Company (Insured Rating Withdrawn 3/25/2009).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: RASC Series 2005-AHL1 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 B2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

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

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B2 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: RASC Series 2005-AHL2 Trust

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

Cl. A-3, Downgraded to Caa2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 A2 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 B1 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: RASC Series 2005-AHL3 Trust

Cl. A-2, Downgraded to B2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ca; previously on Jan 13, 2010 A3 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: RASC Series 2005-EMX1 Trust

Cl. M-1, Downgraded to Baa2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

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

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

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Caa2 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: RASC Series 2005-EMX2 Trust

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

Cl. M-1, Confirmed at Aa3; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba3; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa2; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba3 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

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

Issuer: RASC Series 2005-EMX3 Trust

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

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

Cl. M-1, Downgraded to Ba1; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa2; 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

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

Issuer: RASC Series 2005-EMX4 Trust

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

Cl. A-3, Downgraded to Baa3; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa1; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

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

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

Issuer: RASC Series 2005-EMX5 Trust

Cl. A-2, Confirmed at Caa3; previously on Jan 13, 2010 Caa3 Placed Under Review for Possible Downgrade

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

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

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

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

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

Issuer: RASC Series 2005-KS1 Trust

Cl. A-3, Confirmed at Aaa; 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 B1 Placed Under Review for Possible Downgrade

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

Issuer: RASC Series 2005-KS10 Trust

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

Cl. A-I-3, Downgraded to Ba3; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to Ba3; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca; previously on Jan 13, 2010 A2 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 B2 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: RASC Series 2005-KS11 Trust

Cl. A-I-3, Downgraded to Aa3; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. A-I-4, Downgraded to B2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

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

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

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

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B1 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: RASC Series 2005-KS12 Trust

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

Cl. A-3, Downgraded to B3; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C; 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 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: RASC Series 2005-KS2 Trust

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

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

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

Cl. M-1, Downgraded to Caa3; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

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

Issuer: RASC Series 2005-KS3 Trust

Cl. M-2, Confirmed at Aa1; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba1; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RASC Series 2005-KS4 Trust

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

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

Cl. M-1, Downgraded to Baa2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

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

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 Ba3 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: RASC Series 2005-KS5 Trust

Cl. M-2, Downgraded to Aa3; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba1; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 A3 Placed Under Review for Possible Downgrade

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

Cl. M-7, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2005-KS6 Trust

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

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

Cl. M-2, Downgraded to Ba2; 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 Ca; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

Cl. M-8, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

Issuer: RASC Series 2005-KS7 Trust

Cl. A-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 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B2; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa3; previously on Jan 13, 2010 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to C; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to C; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Cl. M-7, Downgraded to C; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2005-KS8 Trust

Cl. A-4, Downgraded to Aa1; 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 A1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 Baa3 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 B3 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2005-KS9 Trust

Cl. A-2, Confirmed at Aaa; 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 Ba1; previously on Jan 13, 2010 Aa1 Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa1; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ca; previously on Jan 13, 2010 A2 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 Ba2 Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to C; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

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

Issuer: RASC Series 2006-EMX1 Trust

Cl. A-2, Downgraded to Ba2; 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 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: RASC Series 2006-EMX2 Trust

Cl. A-2, Downgraded to B2; previously on Jan 13, 2010 Ba1 Placed Under Review for Possible Downgrade

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

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B3 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: RASC Series 2006-EMX3 Trust

Cl. A-2, Downgraded to Caa2; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

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

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

Issuer: RASC Series 2006-EMX4 Trust

Cl. A-3, Downgraded to Caa2; previously on Jan 13, 2010 B3 Placed Under Review for Possible Downgrade

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

Issuer: RASC Series 2006-EMX5 Trust

Cl. A-3, Downgraded to Caa3; 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

Cl. A-2, Confirmed at A2; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2006-EMX6 Trust

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

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

Cl. A-2, Confirmed at Ba3; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2006-EMX7 Trust

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

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

Cl. A-2, Confirmed at Ba3; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2006-EMX8 Trust

Cl. A-I-2, Confirmed at B3; 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-I-4, Downgraded to C; previously on Jan 13, 2010 Ca Placed Under Review for Possible Downgrade

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

Issuer: RASC Series 2006-EMX9 Trust

Cl. A-I-2, Confirmed at B2; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

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

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

Cl. A-II, Downgraded to Caa3; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2006-KS1 Trust

Cl. A-3, Downgraded to Ba1; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Caa2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

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

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

Cl. M-3, Downgraded to C; previously on Jan 13, 2010 B1 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: RASC Series 2006-KS2 Trust

Cl. A-3, Downgraded to Ba1; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Caa2; previously on Jan 13, 2010 A1 Placed Under Review for Possible Downgrade

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

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

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

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

Issuer: RASC Series 2006-KS3 Trust

Cl. A-I-3, Downgraded to Ba1; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. A-I-4, Downgraded to Ca; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to Caa1; 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 Caa2 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2006-KS4 Trust

Cl. A-3, Downgraded to B2; previously on Jan 13, 2010 Baa1 Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ca; previously on Jan 13, 2010 Baa2 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

Issuer: RASC Series 2006-KS5 Trust

Cl. A-2, Confirmed at A2; previously on Jan 13, 2010 A2 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. 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: RASC Series 2006-KS6 Trust

Cl. A-2, Confirmed at A2; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa2; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

Cl. A-4, 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 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: RASC Series 2006-KS7 Trust

Cl. A-2, Confirmed at A2; previously on Jan 13, 2010 A2 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa1; previously on Jan 13, 2010 Baa3 Placed Under Review for Possible Downgrade

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

Cl. M-1, Downgraded to C; previously on Jan 13, 2010 B2 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: RASC Series 2006-KS8 Trust

Cl. A-2, Downgraded to Ba2; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa3; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

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

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

Issuer: RASC Series 2006-KS9 Trust

Cl. A-I-2, Confirmed at B2; previously on Jan 13, 2010 B2 Placed Under Review for Possible Downgrade

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

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

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

Issuer: RASC Series 2007-EMX1 Trust

Cl. A-I-2, Downgraded to Caa3; previously on Jan 13, 2010 Caa2 Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Caa3; previously on Oct 17, 2008 Downgraded to Caa2

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

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

Underlying Rating: Downgraded to Ca; previously on Oct 17, 2008 Downgraded to Caa3

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

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

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

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 Oct 17, 2008 Downgraded to Caa2

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

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

Underlying Rating: Confirmed at B3; previously on Oct 17, 2008 Downgraded to B3

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

Issuer: RASC Series 2007-KS1 Trust

Cl. A-1, Downgraded to A1; previously on Jan 13, 2010 Aa2 Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to B2; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ca; 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-1S, Downgraded to C; previously on Jan 13, 2010 Caa1 Placed Under Review for Possible Downgrade

Issuer: RASC Series 2007-KS2 Trust

Cl. A-I-1, Confirmed at Baa2; previously on Jan 13, 2010 Baa2 Placed Under Review for Possible Downgrade

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

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

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

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

Issuer: RASC Series 2007-KS3 Trust

Cl. A-I-1, Confirmed at Ba2; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

Cl. A-I-2, Downgraded to B3; previously on Jan 13, 2010 Ba3 Placed Under Review for Possible Downgrade

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

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

Cl. A-II, Downgraded to Caa3; previously on Jan 13, 2010 B1 Placed Under Review for Possible Downgrade

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

Issuer: RASC Series 2007-KS4 Trust

Cl. A-1, Confirmed at Ba2; previously on Jan 13, 2010 Ba2 Placed Under Review for Possible Downgrade

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

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

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

Cl. M-1S, 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_SF199196

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
Bruce D. Fabrikant
Senior Vice President
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 $7.6 bn of Subprime RMBS issued by RASC
No Related Data.
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