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was previously withdrawn due to an administrative error.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