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Rating Action:

Moody's takes action on $324 million of Jumbo RMBS issued by RFMSI Series Trust in 2005

10 Dec 2010

New York, December 10, 2010 -- Moody's Investors Service has downgraded the ratings of 18 tranches and has placed the ratings of 12 tranches on review for possible downgrade from two deals that are issued by RFMSI Series Trust. The collateral backing these deals consists primarily of first-lien, prime residential mortgages.

Issuer: RFMSI Series 2005-S5 Trust

Cl. A-1, Downgraded to B3 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to B1 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to B1 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to A3 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to B2 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-7, Downgraded to Caa2 (sf); previously on Dec 17, 2009 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. A-8, Downgraded to B3 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-P, Downgraded to B2 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-V, Downgraded to A3 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Aa3 (sf) Placed Under Review for Possible Downgrade

Issuer: RFMSI Series 2005-SA2 Trust

Cl. I-A, Downgraded to Caa2 (sf); previously on Dec 17, 2009 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-1, Downgraded to B2 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A-2, Downgraded to Caa2 (sf); previously on Dec 17, 2009 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. III-A-2, Downgraded to B3 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. III-A-3, Downgraded to B3 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. IV-A, Downgraded to B3 (sf) and Remains On Review for Possible Downgrade; previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. V-A, Downgraded to Caa1 (sf); previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. VI-A-1, Downgraded to Caa1 (sf); previously on Dec 17, 2009 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on May 13, 2009 Downgraded to Ca (sf)

RATINGS RATIONALE

The ratings were downgraded because these tranches did not have sufficient credit enhancement to maintain the current ratings compared to the revised loss expectations on the deals. The ratings on eight tranches of RFMSI Series 2005-S5 Trust and on four tranches of RFMSI Series 2005-SA2 Trust continue to be under review for possible downgrade due to the irregularities in GMAC Mortgage, LLC's (GMACM) foreclosure process that have recently come to light.

To assess the rating implications of the updated loss levels on prime RMBS, each individual pool was run through a variety of scenarios in the Structured Finance Workstation® (SFW), the cash flow model developed by Moody's Wall Street Analytics. This individual pool level analysis incorporates performance variances across the different pools and the structural features of the deal including priorities of payment distribution among the different tranches, average life of the tranches, current balances of the tranches and future cash flows under expected and stressed scenarios. The scenarios include ninety-six different combinations comprising of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to small increments in losses on the underlying mortgage pool is taken into consideration when assigning ratings.

The principal methodology used in rating these tranches was "Prime Jumbo RMBS Loss Projection Update: January 2010", rating methodology published in January 2010. In addition, for the deals affected by today's actions, when calculating the rate of new delinquencies (as described on page 4 of the methodology publication referenced above), Moody's took into account loans that were reclassified from delinquent to current due to modification in order to not understate the rate of new delinquencies.

Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment remains at high levels, and weakness persists in the housing market. Moody's notes an increasing potential for a double-dip recession, which could cause a further 20% decline in home prices (versus its baseline assumption of roughly 5% further decline). Overall, Moody's assumes a further 5% decline in home prices with stabilization in early 2011, accompanied by continued stress in national employment levels through that timeframe.

A list of updated estimated pool losses, sensitivity analysis, and tranche recovery details may be found at: http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF196023

Moody's Investors Service took into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of these transactions.

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

http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF227988

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, 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
Jayesh Joseph
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Bruce D. Fabrikant
Senior Vice President
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 $324 million of Jumbo RMBS issued by RFMSI Series Trust in 2005
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