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Rating Action:

Moody's takes action on $2.3 billion of Alt-A RMBS issued by RALI from 2001 to 2004

30 Mar 2011

New York, March 30, 2011 -- Moody's Investors Service has downgraded the ratings of 242 tranches and confirmed the ratings of 36 tranches from 44 Alt-A deals issued by RALI. The collateral backing these deals primarily consists of first-lien, fixed rate and adjustable rate residential mortgages.

Moody's is also reinstating the rating on Class A-9 issued by RALI Series 2003-QS11 Trust. The rating on this tranche was previously withdrawn due to an administrative error.

RATINGS RATIONALE

The actions are a result of deteriorating performance of Alt-A and Option ARM pools securitized before 2005. Although most of these pools have paid down significantly, the remaining loans are affected by the housing and macroeconomic conditions that remain under duress.

The actions reflect Moody's updated loss expectations on Alt-A pools issued from prior to 2005. The principal methodology used in these ratings was " Pre-2005 US RMBS Surveillance Methodology" published in January 2011.

Moody's final rating actions are based on current ratings, level of credit enhancement, collateral performance and updated pool-level loss expectations relative to current level of credit enhancement. 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 " Pre-2005 US RMBS Surveillance Methodology " 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 for the pool that is dependent on the vintage of loan origination (10%, 5% and 3% for the 2004, 2003 and 2002 and prior vintage respectively). The baseline rates are higher than the average rate of new delinquencies for larger pools for the respective vintages. .

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 pool with 74 loans from the 2004 vintage, the adjusted rate of new delinquency would be 10.10%. in addition, if current delinquency levels 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 0.5 to 2.0 for current delinquencies ranging from less than 2.5% to greater than 30% 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.

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: RALI Series 2001-QS13 Trust

A-1, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2001-QS18 Trust

Cl. A-1, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2001-QS19 Trust

Cl. A-2, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS1 Trust

Cl. A-9, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS13 Trust

A-1, Downgraded to Aa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-2, Downgraded to Aa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-7, Downgraded to Aa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-7A, Downgraded to Aa2 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

A-8, Downgraded to Aa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Aa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to Aa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS14 Trust

A-10, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-11, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-12, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS16 Trust

A-1, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-2, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-3, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS18 Trust

A-1, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS2 Trust

Cl. A-3, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS5 Trust

Cl. A-4, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-10, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-12, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS7 Trust

Cl. A-7, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-8, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-16, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2002-QS9 Trust

Cl. A-1, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-10, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Confirmed at Aaa (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS1 Trust

A-1, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-2, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-3, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-4, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-5, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-6, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-8, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: MBIA Insurance Corporation (Downgraded to B3, Outlook Negative on Jun 25, 2009)

Underlying Rating: Downgraded to A1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-9, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-10, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-13, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-14, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS10 Trust

Cl. A-1, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to A2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-7, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-8, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-9, Downgraded to A2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-10, Downgraded to A2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-11, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-12, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-13, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-14, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-15, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-16, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to A1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Aa3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS11 Trust

Cl. A-1, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-8, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-9, Reinstated to A3 (sf)

Cl. A-10, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-11, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-12, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-13, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-14, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS12 Trust

A-1, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-2, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-2A, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-3, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-4, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-5, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS13 Trust

A-1, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-2, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-5, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-6, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-7, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-8, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-9, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-10, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS14 Trust

A-1, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS15 Trust

A-1, Downgraded to A1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-2, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-3, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-5, Downgraded to A1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-6, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-7, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to A1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS16 Trust

A-1, Downgraded to Ba3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Ba3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to Ba3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS17 Trust

A-I-1, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-I-2, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

CB-4, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

CB-5, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

CB-6, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

NB-1, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

NB-2, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

NB-3, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

NB-4, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS18 Trust

A-1, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to A3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS19 Trust

A-I, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-P, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

A-V, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

CB, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

NB-1, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

NB-2, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

NB-4, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

NB-5, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

NB-6, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

NB-7, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS20 Trust

Cl. A-I, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. CB, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS23 Trust

Cl. A-1, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Baa2 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS3 Trust

Cl. A-4, Downgraded to A2 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QS9 Trust

Cl. A-1, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to A3 (sf); previously on Mar 3, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2003-QA1 Trust

Cl. A-I, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba3 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ca (sf); previously on Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QA1 Trust

Cl. A-I, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to Baa1 (sf); previously on Mar 3, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba3 (sf); previously on Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Mar 3, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Mar 3, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QA2 Trust

Cl. A-I, Downgraded to Baa2 (sf); previously on Apr 13, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to Baa2 (sf); previously on Apr 13, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Caa1 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Apr 13, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Apr 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QA3 Trust

Cl. CB-I, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. CB-II, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. NB-I-1, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. NB-I-2, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. NB-II-1, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. NB-II-2, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca (sf); previously on Apr 13, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Apr 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Apr 13, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QA4 Trust

Cl. CB-I, Downgraded to Ba2 (sf); previously on Apr 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-I, Downgraded to B1 (sf); previously on Apr 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-II-1, Downgraded to Ba2 (sf); previously on Apr 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-III, Downgraded to Ba2 (sf); previously on Apr 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-II-2, Downgraded to Ba1 (sf); previously on Apr 13, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-II-3, Downgraded to Ba2 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ca (sf); previously on Apr 13, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Apr 13, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Apr 13, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QA5 Trust

Cl. A-I, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-IO, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-III-1, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-III-2, Downgraded to Ba3 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. A-III-3, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-III-IO-1, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-III-IO-2, Downgraded to Ba3 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Apr 13, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Apr 13, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QA6 Trust

Cl. CB-I, Downgraded to Caa1 (sf); previously on Apr 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. CB-II, Downgraded to Caa1 (sf); previously on Apr 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-I, Downgraded to Caa1 (sf); previously on Apr 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-II, Downgraded to Caa1 (sf); previously on Apr 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-III-1, Downgraded to Caa1 (sf); previously on Apr 13, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. NB-III-2, Downgraded to Ca (sf); previously on Apr 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. NB-III-3, Downgraded to Caa1 (sf); previously on Apr 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. NB-IV, Downgraded to Caa1 (sf); previously on Apr 13, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Apr 13, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Apr 13, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS1 Trust

Cl. A-1, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Ba2 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to Ba1 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS13 Trust

Cl. A-P, Downgraded to Ba1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Ba1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. CB, Downgraded to Ba1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. NB, Downgraded to Ba1 (sf); previously on Apr 13, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS14 Trust

Cl. A-1, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS15 Trust

Cl. A-1, Downgraded to B3 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to B3 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Caa1 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-7, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS16 Trust

Cl. I-A-1, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-2, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-3, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-4, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-5, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-P, Downgraded to B3 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. I-A-V, Downgraded to B2 (sf); previously on Apr 13, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to Ba1 (sf); previously on Apr 13, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-P, Downgraded to Ba1 (sf); previously on Apr 13, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-V, Downgraded to Ba1 (sf); previously on Apr 13, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS2 Trust

Cl. A-I-1, Downgraded to Ba3 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-2, Downgraded to Ba3 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-3, Downgraded to Ba3 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-4, Downgraded to B1 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-I-5, Downgraded to B1 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to B1 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Ba3 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. CB, Downgraded to B1 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS3 Trust

Cl. A-I-1, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-II, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. CB, Downgraded to Baa3 (sf); previously on Mar 3, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS5 Trust

Cl. A-1, Downgraded to Baa2 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Baa2 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Baa3 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Baa3 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Baa2 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to Baa2 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-7, Downgraded to Baa2 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-8, Downgraded to Baa2 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to Baa2 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Baa2 (sf); previously on Mar 3, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS6 Trust

Cl. A-1, Downgraded to Ba1 (sf); previously on Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to Ba1 (sf); previously on Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to Ba1 (sf); previously on Mar 3, 2010 A2 (sf) Placed Under Review for Possible Downgrade

Issuer: RALI Series 2004-QS9 Trust

Cl. A-1, Downgraded to B1 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to B1 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to B1 (sf); previously on Apr 13, 2010 A3 (sf) Placed Under Review for Possible Downgrade

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

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF240865

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:

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF237256

For more information please see www.moodys.com.

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
Jipil Ha
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Deepika Kothari
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 $2.3 billion of Alt-A RMBS issued by RALI from 2001 to 2004
No Related Data.
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