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Rating Action:

Moody's takes action on $199 Million of Scratch and Dent RMBS issued by Goldman Sachs

19 May 2011

New York, May 19, 2011 -- Moody's Investors Service has downgraded the ratings of 18 tranches and confirmed the ratings of one tranche from five deals issued by Goldman Sachs. 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.

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: GSAMP Trust 2003-SEA2

Cl. A-1, Downgraded to Aa3 (sf); previously on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: Ambac Assurance Corporation (Segregated Account - Unrated)

Underlying Rating: Downgraded to Aa3 (sf); previously on Nov 18, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A3 (sf); previously on Nov 18, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba1 (sf); previously on Nov 18, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Nov 18, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: GSAMP Trust 2005-SEA2

Cl. A-1, Confirmed at Aa3 (sf); previously on Nov 18, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to A1 (sf); previously on Nov 18, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A3 (sf); previously on Nov 18, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa3 (sf); previously on Nov 18, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B1 (sf); previously on Nov 18, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B2 (sf); previously on Nov 18, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. B-3, Downgraded to Ca (sf); previously on Nov 18, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: GSAMP Trust 2006-SD2

Cl. A-1, Downgraded to Baa3 (sf); previously on Nov 18, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Caa3 (sf); previously on May 4, 2009 Downgraded to Caa1 (sf)

Cl. A-3, Downgraded to Ca (sf); previously on May 4, 2009 Downgraded to Caa2 (sf)

Issuer: GSRPM Mortgage Loan Trust 2003-1

Cl. B-1, Downgraded to Ba1 (sf); previously on Mar 17, 2003 Assigned Baa1 (sf)

Cl. B-2, Downgraded to Caa1 (sf); previously on Mar 17, 2003 Assigned Baa2 (sf)

Cl. B-3, Downgraded to Ca (sf); previously on Nov 18, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: GSRPM Mortgage Loan Trust 2003-2

Cl. M-1, Downgraded to A3 (sf); previously on May 4, 2009 Downgraded to A2 (sf)

Cl. M-2, Downgraded to Caa3 (sf); previously on May 4, 2009 Downgraded to B3 (sf)

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

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF246975

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
Qiuzi Huang
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 $199 Million of Scratch and Dent RMBS issued by Goldman Sachs
No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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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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