New York, May 19, 2011 -- Moody's Investors Service has downgraded the ratings of 83 tranches,
upgraded the ratings of two tranches, and confirmed the ratings
of 35 tranches from 25 deals issued by GMAC-RFC. The collateral
backing these deals primarily consists of first-lien, fixed
and adjustable rate "scratch and dent" residential mortgages.
Scratch and Dent deals are classified outside of our primary categorizations
(Prime Jumbo, Subprime, Option ARMs and Alt-A) for
a number of reasons. The pools may include mortgages that have
been originated outside an originator's program guidelines in some way,
or mortgages where borrowers missed payments in the past. These
pools may also include loans with document defects at origination that
were since rectified. Due to the varied content of Scratch and
Dent mortgage pools, which can range from seasoned prime-like
loans to non-prime loans that were seriously delinquent at the
time of securitization, credit quality of these pools varies considerably.
RATINGS RATIONALE
The actions are a result of deteriorating performance of Scratch and Dent
pools under stressed housing and macroeconomic conditions. The
actions reflect Moody's updated loss expectations on Scratch and Dent
pools.
The principal methodology used in these ratings is described in the Monitoring
and Performance Review section in "Moody's Approach to Rating US
Residential Mortgage-Backed Securities" published in December 2008.
Other methodologies used include "US RMBS Surveillance Methodology for
Scratch and Dent" published in May 2011, which accounts for the
deteriorating performance and outlook.
Moody's final rating actions are based on current levels of credit enhancement,
collateral performance and updated pool-level loss expectations.
Moody's took into account credit enhancement provided by seniority,
cross-collateralization, excess spread, time tranching,
and other structural features within the senior note waterfalls.
The above mentioned approach " US RMBS Surveillance Methodology for Scratch
and Dent" is adjusted slightly when estimating losses on pools left with
a small number of loans to account for the volatile nature of small pools.
Even if a few loans in a small pool become delinquent, there could
be a large increase in the overall pool delinquency level due to the concentration
risk. To project losses on pools with fewer than 100 loans,
Moody's first estimates a "baseline" average rate of new delinquencies
ranging from 3% for prime-like loans to 11% for non-prime
loans in Scratch and Dent pools.. The baseline rate is generally
higher than the average rate of new delinquencies for larger pools.
Once the baseline rate is set, further adjustments are made based
on 1) the number of loans remaining in the pool and 2) the level of current
delinquencies in the pool. The fewer the number of loans remaining
in the pool, the higher the volatility in performance. Once
the loan count in a pool falls below 75, the rate of delinquency
is increased by 1% for every loan less than 75. For example,
for a near-prime Scratch and Dent pool with 74 loans , the
adjusted rate of new delinquency would be 3.03%.
In addition, if the current delinquency level in a small pool is
low, future delinquencies are expected to reflect this trend.
To account for that, the rate calculated above is multiplied by
a factor ranging from 0.75 to 2.50 for current delinquencies
ranging from less than 10% to greater than 50% respectively.
Delinquencies for subsequent years and ultimate expected losses are projected
using the approach described in the methodology publication.
Certain tranches in transactions serviced by GMAC Mortgage, LLC's
(GMACM), were placed on review for possible downgrade in 2010 due
to two concerns regarding the servicer's practices. Firstly,
GMACM used shared custodial bank accounts for multiple RMBS transactions
and secondly, GMACM had to suspend foreclosures in 25 states due
to irregularities in its foreclosure processes. As GMACM is a subsidiary
of C rated Residential Capital, LLC (RFC), in case of a default,
losses could have been absorbed by the trusts.
Since the tranches were placed on review, GMACM has eliminated the
use of a common bank account across RMBS deals and set up individual accounts
for each transaction. Also, GMACM has reviewed and revamped
its foreclosure process, and has lifted its suspension of foreclosure
sales and evictions on a case by case basis.
Today's ratings actions are based on recent pool performance and
the available credit enhancement. Moody's is not keeping
these bond under further review due to the two issues highlighted above
as they have been resolved.
However, the state attorneys general are engaged in ongoing discussions
with several servicers regarding loan modifications and foreclosure procedures.
The ultimate settlement of those discussions may entail fines, loan
forgiveness, cash payments to borrowers or other features that could
reduce future cash flows to RMBS investors. Moody's will
continue to monitor the outcome and assess future credit implications
on the ratings as the situation evolves.
Certain securities, as noted below, are insured by financial
guarantors. 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. RMBS securities wrapped by Ambac Assurance Corporation
are rated at their underlying rating without consideration of Ambac's
guaranty.
The primary source of assumption uncertainty is the current macroeconomic
environment, in which unemployment levels remain high, and
weakness persists in the housing market. Overall, Moody's
assumes a further 5% decline in home prices with stabilization
in late 2011, accompanied by continued stress in national employment
levels through that timeframe.
For more information please see www.moodys.com.
Moody's Investors Service received and took into account one or more third
party due diligence reports on the underlying assets or financial instruments
in this transaction and the due diligence reports had a neutral impact
on the rating.
Complete rating actions are as follows:
Issuer: GMACM Mortgage Loan Trust 2003-GH1
Cl. A-5, Downgraded to A1 (sf); previously on
Sep 27, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3,
Outlook Negative on Jun 25, 2009)
Cl. M-1, Downgraded to Baa1 (sf); previously
on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to B1 (sf); previously on
Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to Caa1 (sf); previously on Sep 27,
2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Issuer: GMACM Mortgage Loan Trust 2003-GH2
Cl. A-4, Downgraded to A1 (sf); previously on
Sep 27, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Baa1 (sf); previously
on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ba1 (sf); previously on
Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to Caa1 (sf); previously on Sep 27,
2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Issuer: GMACM Mortgage Loan Trust 2004-GH1
Cl. A-3, Confirmed at A1 (sf); previously on
Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-4, Downgraded to A2 (sf); previously on
Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-5, Downgraded to A2 (sf); previously on
Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-6, Downgraded to A2 (sf); previously on
Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Baa3 (sf); previously
on Sep 27, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to B3 (sf); previously on
Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Cl. B, Downgraded to Ca (sf); previously on Nov 18,
2010 Caa3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC 2006-SP2 Trust
Cl. A-2, Confirmed at Ba1 (sf); previously on
Sep 27, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Confirmed at B1 (sf); previously on
Sep 27, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2004-SP1 Trust
Cl. A-I-3, Downgraded to Baa3 (sf); previously
on Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-I-4, Downgraded to Baa2 (sf); previously
on Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to Baa3 (sf); previously
on Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B2 (sf); previously on
Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ca (sf); previously on
Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to Ca (sf); previously on
Nov 18, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2004-SP3 Trust
Cl. A-I-3, Downgraded to A3 (sf); previously
on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-4, Downgraded to Baa1 (sf); previously
on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to A3 (sf); previously
on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to A3 (sf); previously on
Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Downgraded to B1 (sf); previously
on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Downgraded to Ca (sf); previously
on Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-3, Downgraded to C (sf); previously
on Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-1, Downgraded to Baa3 (sf); previously
on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-2, Downgraded to Caa3 (sf); previously
on Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-3, Downgraded to C (sf); previously
on Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-II-4, Downgraded to C (sf); previously
on Mar 3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2005-RP1 Trust
Cl. M-1, Confirmed at Aa2 (sf); previously on
Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Confirmed at Ba3 (sf); previously on
Sep 27, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2005-RP2 Trust
Cl. A, Confirmed at Aaa (sf); previously on Mar 3,
2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at Aa2 (sf); previously on
Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to Ba2 (sf); previously on
Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2005-RP3 Trust
Cl. A-2, Confirmed at Aa1 (sf); previously on
Sep 27, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B2 (sf); previously on
Sep 27, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2005-SP2 Trust
Cl. A-I-3, Confirmed at Aaa (sf); previously
on Sep 27, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II, Confirmed at B3 (sf); previously on
Sep 27, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Cl. A-II-IO-A, Confirmed at B3 (sf);
previously on Sep 27, 2010 B3 (sf) Placed Under Review for Possible
Downgrade
Cl. M-I-1, Confirmed at A2 (sf); previously
on Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2005-SP3 Trust
Cl. A-2, Confirmed at A1 (sf); previously on
Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Confirmed at A2 (sf); previously on
Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Confirmed at B3 (sf); previously on
Sep 27, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2006-RP1 Trust
Cl. A-2, Confirmed at A1 (sf); previously on
Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Confirmed at A1 (sf); previously on
Sep 27, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to B2 (sf); previously on
Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2006-RP2 Trust
Cl. A, Confirmed at B2 (sf); previously on Sep 27,
2010 B2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2006-RP4 Trust
Cl. A, Confirmed at B3 (sf); previously on Sep 27,
2010 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2006-SP1 Trust
Cl. A-2, Confirmed at A2 (sf); previously on
Sep 27, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Confirmed at Baa1 (sf); previously on
Sep 27, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2006-SP3 Trust
Cl. A-2, Confirmed at Ba1 (sf); previously on
Sep 27, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade
Cl. A-3, Confirmed at B1 (sf); previously on
Sep 27, 2010 B1 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2007-SP1 Trust
Cl. A-1, Confirmed at B3 (sf); previously on
Sep 27, 2010 B3 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2007-SP3 Trust
Cl. A-1, Upgraded to Ba3 (sf); previously on
May 4, 2009 Downgraded to Caa1 (sf)
Issuer: RAMP Series 2004-SL1 Trust
Cl. A-I-2, Confirmed at Aaa (sf); previously
on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-I-1, Confirmed at Aa2 (sf); previously
on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-2, Confirmed at A1 (sf); previously
on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-3, Confirmed at A2 (sf); previously
on Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-4, Confirmed at A3 (sf); previously
on Mar 3, 2010 A3 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-5, Confirmed at Baa1 (sf); previously
on Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-6, Confirmed at Baa2 (sf); previously
on Mar 3, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-I-7, Confirmed at Ba2 (sf); previously
on Sep 27, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade
Issuer: RFSC Series 2003-RP1 Trust
M-1, Upgraded to Aaa (sf); previously on Mar 3,
2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RFSC Series 2003-RP2 Trust
A-1, Confirmed at Aa1 (sf); previously on Mar 3,
2010 Aa1 (sf) Placed Under Review for Possible Downgrade
Financial Guarantor: Ambac Assurance Corporation (Segregated Account
- Unrated)
M-1, Confirmed at Aa2 (sf); previously on Mar 3,
2010 Aa2 (sf) Placed Under Review for Possible Downgrade
M-2, Downgraded to B3 (sf); previously on Mar 3,
2010 A2 (sf) Placed Under Review for Possible Downgrade
Issuer: RFSC Series 2004-RP1 Trust
M-1, Confirmed at Aa2 (sf); previously on Mar 3,
2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAAC Series 2004-SP2 Trust
Cl. A-I, Downgraded to Ba3 (sf); previously on
Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II-1, Downgraded to B2 (sf); previously
on Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-II-2, Downgraded to B3 (sf); previously
on Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-II-IO, Downgraded to B2 (sf); previously
on Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-II-PO, Downgraded to B2 (sf); previously
on Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Ca (sf); previously on
May 4, 2009 Downgraded to Ba3 (sf)
Cl. M-2, Downgraded to C (sf); previously on
May 4, 2009 Downgraded to Ca (sf)
Issuer: RAAC Series 2005-SP1 Trust
Cl. A-I-1, Downgraded to Baa3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-2, Downgraded to Ba2 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-4, Downgraded to Aa1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-5, Downgraded to Baa3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-6, Downgraded to Baa3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-8, Downgraded to Baa2 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-9, Downgraded to Baa3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-IO, Downgraded to Aa1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-I-PO, Downgraded to Ba1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II-1, Downgraded to A3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II-2, Downgraded to Baa3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II-3, Downgraded to Ba1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II-7, Downgraded to Aa1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II-8, Downgraded to Baa3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II-9, Downgraded to Baa3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-II-11, Downgraded to Baa2 (sf);
previously on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible
Downgrade
Cl. A-II-12, Downgraded to Baa3 (sf);
previously on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible
Downgrade
Cl. A-II-PO, Downgraded to Ba1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-III-1, Downgraded to Ba1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-III-3, Downgraded to Aa2 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-III-4, Downgraded to Aa2 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-III-6, Downgraded to Aa3 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-III-7, Downgraded to Ba1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-III-9, Downgraded to Ba2 (sf); previously
on Nov 18, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade
Cl. A-III-IO, Downgraded to Aa2 (sf);
previously on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible
Downgrade
Cl. A-III-PO, Downgraded to Ba2 (sf);
previously on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible
Downgrade
Cl. A-IV-1, Downgraded to Ba1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-IV-2, Downgraded to Ba1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-IV-IO, Downgraded to Ba1 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. A-IV-PO, Downgraded to Ba2 (sf); previously
on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade
Cl. M-1, Downgraded to Caa2 (sf); previously
on Nov 18, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. M-2, Downgraded to C (sf); previously on
Nov 18, 2010 A2 (sf) Placed Under Review for Possible Downgrade
Cl. M-3, Downgraded to C (sf); previously on
Nov 18, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade
Issuer: RAMP Series 2004-SL2 Trust
Cl. A-I, Downgraded to A1 (sf); previously on
Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-II, Downgraded to A2 (sf); previously on
Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-III, Downgraded to A3 (sf); previously
on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-IV, Downgraded to A3 (sf); previously on
Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-I-IO, Downgraded to A1 (sf); previously
on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-I-PO, Downgraded to A1 (sf); previously
on Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-IO, Downgraded to A2 (sf); previously on
Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
Cl. A-PO, Downgraded to A3 (sf); previously on
Sep 27, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade
A list of these actions including CUSIP identifiers may be found at:
Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF246550
A list of updated estimated pool losses and sensitivity analysis is being
posted on an ongoing basis for the duration of this review period and
may be found at:
Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF247004
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service information, and confidential
and proprietary Moody's Analytics information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
New York
Maxim Pertsov
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Amita Shrivastava
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's takes action on $1.4 Billion of RMBS issued by GMAC-RFC in 2003 to 2007
