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Rating Action:

Moody's downgrades certain RAMP RMBS.

18 Dec 2008
Moody's downgrades certain RAMP RMBS.

New York, December 18, 2008 -- Moody's Investors Service has downgraded the ratings of 94 tranches from 17 High-LTV RMBS transactions issued by RAMP. The collateral backing these

transactions consists primarily of first-lien, fixed and adjustable-rate, residential mortgage loans.

These actions are a result of updated loss expectations on the underlying collateral relative to available credit enhancement. Additionally some tranches with rating actions listed below are wrapped by a financial guarantor. The current rating on such certificates is consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and the underlying rating based on Moody's modified approach to rating structured finance securities wrapped by financial guarantors. Please see the press release dated November 10, 2008, titled "Moody's modifies approach to rating structured finance securities wrapped by financial guarantors".

The ratings on the notes were assigned by evaluating factors determined to be applicable to the credit profile of the notes, such as i) the nature, sufficiency, and quality of historical performance information regarding the asset class as well as for the transaction sponsor, ii) an analysis of the collateral being securitized, iii) an analysis of the policies, procedures and alignment of interests of the key parties to the transaction, most notably the originator and the servicer, iv) an analysis of the transaction's allocation of collateral cashflow and capital structure, v) an analysis of the transaction's governance and legal structure, and (vi) a comparison of these attributes against those of other similar transactions.

The principal methodology used in rating these transactions was "Subprime RMBS Loss Projection Update: September 2008", 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 this issue can also be found on this page.

Moody's approach to analyzing more seasoned pools i.e. prior to the 2nd half of 2005 takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO respectively. Moody's then applies deal-specific severity assumptions, in this case ranging from 40% to 88%. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

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 Credit Policy & Methodologies directory.

Complete rating actions are as follows:

Issuer: RAMP Series 2002-RZ2 Trust

Cl. M-3 Certificate, Downgraded to Ca, previously on 10/19/2007 Downgraded to Caa1

Issuer: RAMP Series 2003-RZ2 Trust

Cl. M-2 Certificate, Downgraded to A2, previously on 3/19/2007 Upgraded to Aa2

Cl. M-3 Certificate, Downgraded to Baa2, previously on 3/19/2007 Upgraded to A2

Issuer: RAMP Series 2003-RZ3 Trust

Cl. M-2 Certificate, Downgraded to A1, previously on 3/19/2007 Upgraded to Aa2

Issuer: RAMP Series 2003-RZ4 Trust

Cl. M-2 Certificate, Downgraded to Aa3, previously on 3/19/2007 Upgraded to Aa2

Issuer: RAMP Series 2003-RZ5 Trust

M-1 Certificate, Downgraded to Aa3, previously on 3/19/2007 Upgraded to Aaa

M-2 Certificate, Downgraded to Baa2, previously on 3/19/2007 Upgraded to Aa3

M-3 Certificate, Downgraded to B1, previously on 1/30/2004 Assigned to Baa1

Issuer: RAMP Series 2004-RZ1 Trust

M-3 Certificate, Downgraded to Baa3, previously on 5/21/2004 Assigned to Baa1

M-4 Certificate, Downgraded to Ba2, previously on 5/14/2008 Downgraded to Ba1

M-5 Certificate, Downgraded to B1, previously on 5/14/2008 Downgraded to Ba2

Issuer: RAMP Series 2004-RZ2 Trust

Cl. A-I-4 Certificate, Downgraded to Baa3, previously on 8/7/2008 Upgraded to Baa1

Cl. A-I-5 Certificate, Downgraded to Ba1, previously on 8/7/2008 Upgraded to Baa1

Cl. A-I-6 Certificate, Downgraded to Ba1, previously on 8/7/2008 Upgraded to Baa1

Issuer: RAMP Series 2004-RZ3 Trust

Cl. M-II-4 Certificate, Downgraded to Ba3, previously on 10/26/2004 Assigned to Baa2

Issuer: RAMP Series 2005-RZ2 Trust

Cl. M-5 Certificate, Downgraded to A3, previously on 8/24/2005 Assigned to A2

Cl. M-6 Certificate, Downgraded to Ba2, previously on 8/24/2005 Assigned to Baa1

Cl. M-7 Certificate, Downgraded to Caa3, previously on 8/24/2005 Assigned to Baa2

Cl. M-8 Certificate, Downgraded to C, previously on 8/24/2005 Assigned to Baa3

Cl. B-1 Certificate, Downgraded to C, previously on 8/24/2005 Assigned to Ba1

Issuer: RAMP Series 2005-RZ3 Trust

Cl. M-5 Certificate, Downgraded to Baa2, previously on 10/17/2008 Downgraded to Baa1

Cl. M-6 Certificate, Downgraded to B1, previously on 10/17/2008 Downgraded to Ba2

Cl. M-7 Certificate, Downgraded to C, previously on 10/17/2008 Downgraded to Ca

Issuer: RAMP Series 2005-RZ4 Trust

Cl. M-3 Certificate, Downgraded to A1, previously on 12/16/2005 Assigned to Aa3

Cl. M-4 Certificate, Downgraded to Ba1, previously on 12/16/2005 Assigned to A2

Cl. M-5 Certificate, Downgraded to B3, previously on 12/16/2005 Assigned to A3

Cl. M-6 Certificate, Downgraded to C, previously on 2/20/2008 Baa1 Placed Under Review for Possible Downgrade

Cl. M-7 Certificate, Downgraded to C, previously on 2/20/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. M-8 Certificate, Downgraded to C, previously on 2/20/2008 Baa3 Placed Under Review for Possible Downgrade

Cl. B Certificate, Downgraded to C, previously on 2/20/2008 Ba1 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RZ1 Trust

Cl. M-4 Certificate, Downgraded to A2, previously on 2/20/2008 A1 Placed Under Review for Possible Downgrade

Cl. M-5 Certificate, Downgraded to Baa3, previously on 2/20/2008 A2 Placed Under Review for Possible Downgrade

Cl. M-6 Certificate, Downgraded to B2, previously on 2/20/2008 A3 Placed Under Review for Possible Downgrade

Cl. M-7 Certificate, Downgraded to C, previously on 2/20/2008 Baa1 Placed Under Review for Possible Downgrade

Cl. M-8 Certificate, Downgraded to C, previously on 2/20/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. M-9 Certificate, Downgraded to C, previously on 2/20/2008 Baa3 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RZ2 Trust

Cl. A-2 Certificate, Downgraded to Aa2, previously on 5/26/2006 Assigned to Aaa

Cl. A-3 Certificate, Downgraded to A1, previously on 5/26/2006 Assigned to Aaa

Cl. M-1 Certificate, Downgraded to Baa3, previously on 5/26/2006 Assigned to Aa1

Cl. M-2 Certificate, Downgraded to Caa1, previously on 5/26/2006 Assigned to Aa2

Cl. M-3 Certificate, Downgraded to C, previously on 5/26/2006 Assigned to Aa3

Cl. M-4 Certificate, Downgraded to C, previously on 2/20/2008 A1 Placed Under Review for Possible Downgrade

Cl. M-5 Certificate, Downgraded to C, previously on 2/20/2008 A2 Placed Under Review for Possible Downgrade

Cl. M-6 Certificate, Downgraded to C, previously on 2/20/2008 A3 Placed Under Review for Possible Downgrade

Cl. M-7 Certificate, Downgraded to C, previously on 2/20/2008 Baa1 Placed Under Review for Possible Downgrade

Cl. M-8 Certificate, Downgraded to C, previously on 2/20/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. M-9 Certificate, Downgraded to C, previously on 2/20/2008 Baa3 Placed Under Review for Possible Downgrade

Cl. M-10 Certificate, Downgraded to C, previously on 2/20/2008 Ba1 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RZ3 Trust

Cl. A-3 Certificate, Downgraded to Aa1, previously on 8/14/2006 Assigned to Aaa

Cl. M-1 Certificate, Downgraded to Baa1, previously on 8/14/2006 Assigned to Aa1

Cl. M-2 Certificate, Downgraded to B1, previously on 8/14/2006 Assigned to Aa2

Cl. M-3 Certificate, Downgraded to Caa2, previously on 8/14/2006 Assigned to Aa3

Cl. M-4 Certificate, Downgraded to C, previously on 2/20/2008 A1 Placed Under Review for Possible Downgrade

Cl. M-5 Certificate, Downgraded to C, previously on 2/20/2008 A2 Placed Under Review for Possible Downgrade

Cl. M-6 Certificate, Downgraded to C, previously on 2/20/2008 A3 Placed Under Review for Possible Downgrade

Cl. M-7 Certificate, Downgraded to C, previously on 2/20/2008 Baa1 Placed Under Review for Possible Downgrade

Cl. M-8 Certificate, Downgraded to C, previously on 2/20/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. M-9 Certificate, Downgraded to C, previously on 2/20/2008 Baa3 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RZ4 Trust

Cl. A-2 Certificate, Downgraded to Aa2, previously on 10/4/2006 Assigned to Aaa

Cl. A-3 Certificate, Downgraded to A1, previously on 10/4/2006 Assigned to Aaa

Cl. M-1 Certificate, Downgraded to Baa2, previously on 10/4/2006 Assigned to Aa1

Cl. M-2 Certificate, Downgraded to B2, previously on 10/4/2006 Assigned to Aa2

Cl. M-3 Certificate, Downgraded to Caa2, previously on 2/20/2008 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4 Certificate, Downgraded to C, previously on 2/20/2008 A1 Placed Under Review for Possible Downgrade

Cl. M-5 Certificate, Downgraded to C, previously on 2/20/2008 A2 Placed Under Review for Possible Downgrade

Cl. M-6 Certificate, Downgraded to C, previously on 2/20/2008 A3 Placed Under Review for Possible Downgrade

Cl. M-7 Certificate, Downgraded to C, previously on 2/20/2008 Baa1 Placed Under Review for Possible Downgrade

Cl. M-8 Certificate, Downgraded to C, previously on 2/20/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. M-9 Certificate, Downgraded to C, previously on 2/20/2008 Baa3 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2006-RZ5 Trust

Cl. A-2 Certificate, Downgraded to Aa1, previously on 1/3/2007 Assigned to Aaa

Cl. A-3 Certificate, Downgraded to Aa3, previously on 1/3/2007 Assigned to Aaa

Cl. M-1 Certificate, Downgraded to Ba1, previously on 1/3/2007 Assigned to Aa1

Cl. M-2 Certificate, Downgraded to Caa2, previously on 1/3/2007 Assigned to Aa2

Cl. M-3 Certificate, Downgraded to C, previously on 2/20/2008 Aa3 Placed Under Review for Possible Downgrade

Cl. M-4 Certificate, Downgraded to C, previously on 2/20/2008 A1 Placed Under Review for Possible Downgrade

Cl. M-5 Certificate, Downgraded to C, previously on 2/20/2008 A2 Placed Under Review for Possible Downgrade

Cl. M-6 Certificate, Downgraded to C, previously on 2/20/2008 A3 Placed Under Review for Possible Downgrade

Cl. M-7 Certificate, Downgraded to C, previously on 2/20/2008 Baa1 Placed Under Review for Possible Downgrade

Cl. M-8 Certificate, Downgraded to C, previously on 2/20/2008 Baa2 Placed Under Review for Possible Downgrade

Cl. M-9 Certificate, Downgraded to C, previously on 2/20/2008 Baa3 Placed Under Review for Possible Downgrade

Issuer: RAMP Series 2007-RZ1 Trust

Cl. A-2 Certificate, Downgraded to Baa2, previously on 3/8/2007 Assigned to Aaa

Cl. A-3 Certificate, Downgraded to Baa3, previously on 3/8/2007 Assigned to Aaa

Cl. M-1S Certificate, Downgraded to B1, previously on 3/8/2007 Assigned to Aa1

Cl. M-2S Certificate, Downgraded to Caa2, previously on 3/8/2007 Assigned to Aa2

Cl. M-3S Certificate, Downgraded to C, previously on 3/8/2007 Assigned to Aa3

Cl. M-4 Certificate, Downgraded to C, previously on 3/8/2007 Assigned to A1

Cl. M-5 Certificate, Downgraded to C, previously on 3/8/2007 Assigned to A2

Cl. M-6 Certificate, Downgraded to C, previously on 3/8/2007 Assigned to A3

Cl. M-7 Certificate, Downgraded to C, previously on 3/8/2007 Assigned to A3

Cl. M-8 Certificate, Downgraded to C, previously on 3/8/2007 Assigned to Baa1

Cl. M-9 Certificate, Downgraded to C, previously on 3/8/2007 Assigned to Baa2

Cl. M-10 Certificate, Downgraded to C, previously on 3/8/2007 Assigned to Baa3

Cl. B Certificate, Downgraded to C, previously on 3/8/2007 Assigned to Ba2

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

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF151459

For more information please see www.moodys.com.

New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

No Related Data.
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