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Rating Action:

Moody's downgrades E-MAC NL 2002-I, confirms ratings of 10 other E-MAC RMBS;

10 Jul 2009

Approximately EUR5.2 billion and 37 classes of debt securities affected

Paris, July 10, 2009 -- Moody's Investors Service said today that following the execution of transaction amendments that introduced a back-up cash manager in all the Dutch E-MAC residential mortgage-backed securities (RMBS) transactions, it has concluded its review and confirmed the ratings of all the notes in the non-NHG transactions, except those of the E-MAC NL 2002-I, E-MAC NL 2003-I and E-MAC NL 2003-II transactions. A complete list of today's rating actions is included at the end of this press release.

Moody's has downgraded its ratings on all the notes in the E-MAC NL 2002-I transaction, following the 7 July 2009 announcement that as a result of the failure to obtain rating confirmations, the notes are due to be redeemed in full on 27 July 2009 and the publication of the step-up margins payable on the notes as from 27 July 2009, if they are not redeemed on that date. Moody's ratings do not address the likelihood of timely payments under this mandatory redemption. However, the rating agency believes that given the uncertainty regarding the obligation and ability of GMAC RFC Nederland B.V. (GMAC RFC NL) to provide funds for the notes to be redeemed on 27 July 2009, the transaction is now much likelier to move into enforcement, which will change the priority of payments and subordinate payments on each class of notes to the payments of the step up margins on higher ranking notes (see Moody's press release on 16 June 2009 and below for further details). As the ratings now incorporate the full probability of this scenario, as well as the execution of the back up cash management agreement, Moody's does not expect to further downgrade its ratings if the notes failed to be redeemed on 27 July 2009 and has therefore concluded its rating review.

Moody's has kept the ratings of the E-MAC 2003-I and E-MAC 2003-II transactions on review for possible downgrade, reflecting their exposure to a similar risk of a change in the priority of payments upon enforcement if they became subject to a mandatory redemption, as in the E-MAC NL 2002-I transaction. As the two E-MAC NL 2003 transactions now benefit from a back-up cash manager, Moody's rating review no longer reflects cash management related risks. Moody's expects to conclude its review after revising its assessment of the probability of a mandatory redemption of the notes and a subsequent enforcement scenario.

Moody's has also maintained the ratings of the four E-MAC NL NHG transactions on review for possible downgrade while it completes its analysis of transaction-specific features unrelated to cash management. The conclusion of this review will reflect methodology updates detailed in "Moody's Updated Approach to NHG Mortgages in Rating Dutch RMBS" published on 17 March 2009.

Moody's placed the ratings of all the notes in the E-MAC NL non-NHG transactions issued prior to April 2008 on review for possible downgrade on 3 December 2008 and those of the four Dutch E-MAC NHG transactions on 10 July 2008. As detailed in press releases issued then, Moody's rating review reflected the exposure of the affected transactions to the ability of GMAC RFC NL to fulfil its role as cash manager in these transactions, if it were to become insolvent. GMAC RFC NL is an indirect wholly-owned subsidiary of Residential Capital, LLC, which was downgraded to Moody's lowest rating of C, on 20 November 2008. Moody's rating review of the 4 E-MAC NL NHG transactions was also prompted by NHG guarantee-related concerns.

In addition, on 16 June 2009, Moody's downgraded the ratings of all the notes in the E-MAC NL 2002-I and those of the non-senior classes of notes in the E-MAC NL 2003-I and 2003-II transactions, due to structural features that Moody's believed might affect the likelihood of an event of default (E-MAC 2002-I) and the severity of potential losses to noteholders after the notes are subject to a step-up of interest. A step-up of interest occurs if the notes remain outstanding after the relevant put option date. All the Dutch E-MAC NL transactions are subject to a similar put option process and interest step-up mechanism but Moody's believes that not all of them are exposed to the same credit risks as the affected transactions, due to different structural features (see press release issued on 16 June 2009 and below for further details).

On July 10 back-up agreements for the role of issuer administrator (performing the tasks generally associated with a cash manager), were entered into by the relevant parties in all the E-MAC NL transactions that closed prior to April 2008. Under these agreements, ATC Financial Services B.V. (ATC) must step in as third-party cash manager, within a short time from the termination of GMAC RFC NL's role as cash manager. In particular, ATC has committed that within two business days from termination of GMAC RFC NL's role as cash manager, it would take over GMAC RFC NL's obligations with respect to payments to be made under the swap and interest payments under the notes. As the E-MAC NL 2003-I and E-MAC NL 2003-II and the four E-MAC NL NHG transactions are also subject to the back-up agreements, Moody's continued review is no longer driven by the risk of a cash management disruption.

Moody's notes that in the two most recent Dutch E-MAC transactions issued in 2008 (E-MAC NL 2008-II and E-MAC NL 2008-IV), ATC is the appointed third-party issuer administrator performing most of the cash management functions, although GMAC RFC NL still performs administrative activities at the programme level. Despite their residual exposure to GMAC RFC NL, the ratings of these transactions have not been downgraded or placed on review due to the limited scope of GMAC RFC NL's role.

In all of the E-MAC NL transactions, the interest rate on any notes not redeemed at the put option date is subject to a step up. Because this step-up interest (referred to as the "extension margin") is calculated with reference to market prevailing rates, it can be significantly higher than the current interest rate level. This was evidenced by the extension margins published on 7 July 2009 for E-MAC NL 2002-I (for instance, for Class A, the extension margin is 6.87% per annum). The step-up component of the interest on the notes, which is unrated by Moody's, is generally deeply subordinated in the waterfall. In E-MAC NL 2002-I and the EMAC NL 2003-I and 2003-II transactions, in a post-enforcement scenario, the step-up component of the interest on each class of notes would rank higher in the priority of payments than the interest and principal on more junior notes, which could significantly affect the severity of losses on the less senior notes in the transaction. In addition, in that scenario, the step-up component of the interest on each class of notes -- including the senior notes -- would also rank higher than principal payments on the same class of notes, which would affect the severity of principal losses for that class.

While Moody's rating downgrades for E-MAC NL 2002-I on 16 June 2009 incorporated the uncertainty as to the outcome of the credit agency confirmation process and the potential consequences of a mandatory redemption, today's downgrades incorporate the much higher likelihood of an enforcement process actually occurring after 27 June 2009, given the uncertainty of whether GMAC RFC NL will provide funds to redeem the notes on that date under the mandatory redemption announced on 7 June 2009. However, it should be noted that with respect to principal payments, Moody's ratings address the ultimate payment at par on or before the rated final legal maturity date and not the likelihood of timely payments under a mandatory redemption.

Moody's ratings address only the credit risks associated with the transaction. Other risks have not been addressed, but may have a significant effect on yield to investors.

The principal methodology Moody's used in rating these transactions is described in the Rating Methodology reports: "Moody's Updated MILAN methodology for Rating Dutch RMBS", published on 16 March 2009, and "Cash Flow Analysis in EMEA RMBS: Testing Structural Features with the MARCO Model", published in January 2006, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating these transactions can also be found in the Credit Policy & Methodologies directory.

For further information, please refer to www.moodys.com or contact Moody's Client Service Desk on +44-20 7772 5454.

DETAILED LIST OF RATING ACTIONS

E-MAC NL 2002-I B.V.

Class A, downgraded to Baa1; previously on 18 June 2009 Aa3 placed under review for possible downgrade

Class B, downgraded to Ca; previously on 18 June 2009 downgraded to Ba1 and maintained under review for possible downgrade

Class C, downgraded to C; previously on 18 June 2009 downgraded to Ba2 and maintained under review for possible downgrade

Class D, downgraded to C; previously on 18 June 2009 downgraded to B2 and maintained under review for possible downgrade

E-MAC NL 2004-I B.V.

Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at A2; previously on 03 December 2008 A2 placed under review for possible downgrade

Class C, confirmed at Baa2; previously on 03 December 2008 Baa2 placed under review for possible downgrade

E-MAC NL 2004-II B.V.

Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade

Class C, confirmed at Baa1; previously on 03 December 2008 Baa1 placed under review for possible downgrade

E-MAC NL 2005-I B.V.

Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade

Class C, confirmed at Baa1; previously on 03 December 2008 Baa1 placed under review for possible downgrade

E-MAC NL 2005-III B.V.

Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade

Class C, confirmed at Baa1; previously on 03 December 2008 Baa1 placed under review for possible downgrade

E-MAC NL 2006-II B.V.

Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade

Class C, confirmed at Baa1; previously on 03 December 2008 Baa1 placed under review for possible downgrade

E-MAC Program B.V./ Compartment NL 2006-III

Class A1, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class A2, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade

E-MAC Program B.V./ Compartment NL 2007-I

Class A1, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class A2, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade

E-MAC Program B.V. / Compartment NL 2007-III

Class A1, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class A2, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa2; previously on 03 December 2008 Aa2 placed under review for possible downgrade

Class C, confirmed at A2; previously on 03 December 2008 A2 placed under review for possible downgrade

E-MAC Program II B.V. / Compartment NL 2007-IV

Class A, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa3; previously on 03 December 2008 Aa3 placed under review for possible downgrade

Class C, confirmed at A2; previously on 03 December 2008 A2 placed under review for possible downgrade

Class D, confirmed at Baa3; previously on 03 December 2008 Baa3 placed under review for possible downgrade

E-MAC Program III B.V. / Compartment NL 2008-I

Class A1, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class A2, confirmed at Aaa; previously on 03 December 2008 Aaa placed under review for possible downgrade

Class B, confirmed at Aa2; previously on 03 December 2008 Aa2 placed under review for possible downgrade

Class C, confirmed at A2; previously on 03 December 2008 A2 placed under review for possible downgrade

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF172891

For more information please see www.moodys.com.

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

Paris
Ariel Weil
Vice President - Senior Analyst
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades E-MAC NL 2002-I, confirms ratings of 10 other E-MAC RMBS;
No Related Data.
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