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Rating Action:

Moody's takes action on certain RAMP-RZ subprime RMBS

30 Apr 2009

New York, April 30, 2009 -- Moody's Investors Service has downgraded 57 ratings from 10 RAMP-RZ subprime residential mortgage-backed securities (RMBS) transactions.

The collateral backing these transactions consists primarily of first-lien, fixed- and adjustable-rate, subprime residential mortgage loans with higher than average loan-to-value (LTV) ratios. The actions are triggered by a combination of factors that can include increased delinquencies, higher loss severities, slower prepayments and mounting losses in the underlying collateral. Additionally, the continued deterioration of the housing market has also contributed to the increased loss expectations for subprime pools.

Moody's final rating actions are based on collateral performance and updated pool-level loss expectations relative to current levels of tranche-specific credit enhancement. Moody's took into account credit enhancement provided by subordination, cross-collateralization, excess spread, time tranching, and other structural features.

The principal methodology used in rating these transactions was "Subprime RMBS Loss Projection Update: March 2009." Given the high LTV collateral and observed trends in loss severity, Moody's average expected loss severity for these transactions is 85%. The published methodology referenced above can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found on this page.

Moody's approach to analyzing more seasoned pools (prior to the 2nd half of 2005) takes into account the annualized loss rate from last 12 months ("Recent Losses") and the projected loss rate over next 12 months ("Pipeline Losses"), and then translates these measures into lifetime losses based on a deal's expected remaining life. Recent Losses are calculated by assessing cumulative losses incurred over the past 12-months as a percentage of the average pool factor in the last year. For Pipeline Losses, Moody's uses annualized roll rates of 15%, 30%, 65% and 90% for loans that are delinquent 60-days, 90+ days, are in foreclosure, and REO, respectively. Moody's then applies deal-specific severity assumptions to arrive at projected losses. The results of these two calculations - Recent Losses and Pipeline Losses - are weighted to arrive at the lifetime cumulative loss projection.

Moody's Investors Service also reviewed underlying ratings of insured certificates as noted below. The underlying rating reflects the intrinsic credit quality of the certificate in the absence of the guarantee. The current ratings are consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and the underlying rating based on Moody's modified approach to rating structured finance securities wrapped by financial guarantors.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

Complete rating actions are as follows:

RAMP Series 2005-RZ1 Trust

Cl. M-4, Downgraded to A2; previously on 4/21/2005 Assigned Aa3

Cl. M-5, Downgraded to Baa1; previously on 4/21/2005 Assigned A1

Cl. M-6, Downgraded to Baa2; previously on 4/21/2005 Assigned A2

Cl. M-7, Downgraded to Baa3; previously on 4/21/2005 Assigned A3

Cl. M-8, Downgraded to Ba1; previously on 4/21/2005 Assigned Baa2

Cl. M-9, Downgraded to B1; previously on 4/21/2005 Assigned Ba1

RAMP SERIES 2005-RZ2 TRUST

Cl. M-2, Downgraded to Aa2; previously on 8/24/2005 Assigned Aa1

Cl. M-3, Downgraded to A2; previously on 8/24/2005 Assigned Aa2

Cl. M-4, Downgraded to Baa2; previously on 8/24/2005 Assigned Aa3

Cl. M-5, Downgraded to Ba2; previously on 12/18/2008 Downgraded to A3

Cl. M-6, Downgraded to Caa2; previously on 12/18/2008 Downgraded to Ba2

Cl. M-7, Downgraded to C; previously on 12/18/2008 Downgraded to Caa3

RAMP Series 2005-RZ3 Trust

Cl. A-3, Downgraded to Aa2; previously on 10/17/2005 Assigned Aaa

Cl. M-1, Downgraded to A2; previously on 10/17/2005 Assigned Aa1

Cl. M-2, Downgraded to Baa3; previously on 10/17/2005 Assigned Aa2

Cl. M-3, Downgraded to Ba2; previously on 10/17/2005 Assigned Aa3

Cl. M-4, Downgraded to Ba3; previously on 10/17/2005 Assigned A1

Cl. M-5, Downgraded to Caa2; previously on 12/18/2008 Downgraded to Baa2

Cl. M-6, Downgraded to C; previously on 12/18/2008 Downgraded to B1

RAMP Series 2005-RZ4 Trust

Cl. A-2, Downgraded to Aa2; previously on 12/16/2005 Assigned Aaa

Cl. A-3, Downgraded to A1; previously on 12/16/2005 Assigned Aaa

Cl. M-1, Downgraded to Baa1; previously on 12/16/2005 Assigned Aa1

Cl. M-2, Downgraded to Baa3; previously on 12/16/2005 Assigned Aa2

Cl. M-3, Downgraded to Ba3; previously on 12/18/2008 Downgraded to A1

Cl. M-4, Downgraded to Caa3; previously on 12/18/2008 Downgraded to Ba1

Cl. M-5, Downgraded to C; previously on 12/18/2008 Downgraded to B3

RAMP Series 2006-RZ1 Trust

Cl. A-2, Downgraded to Aa1; previously on 3/10/2006 Assigned Aaa

Cl. A-3, Downgraded to Aa3; previously on 3/10/2006 Assigned Aaa

Cl. M-1, Downgraded to A2; previously on 3/10/2006 Assigned Aa1

Cl. M-2, Downgraded to Baa3; previously on 3/10/2006 Assigned Aa2

Cl. M-3, Downgraded to Ba3; previously on 3/10/2006 Assigned Aa3

Cl. M-4, Downgraded to Ba1; previously on 12/18/2008 Downgraded to A2

Cl. M-5, Downgraded to Caa2; previously on 12/18/2008 Downgraded to Baa3

Cl. M-6, Downgraded to C; previously on 12/18/2008 Downgraded to B2

RAMP Series 2006-RZ2 Trust

Cl. A-2, Downgraded to Baa1; previously on 12/18/2008 Downgraded to Aa2

Cl. A-3, Downgraded to Baa2; previously on 12/18/2008 Downgraded to A1

Cl. M-1, Downgraded to Caa2; previously on 12/18/2008 Downgraded to Baa3

Cl. M-2, Downgraded to C; previously on 12/18/2008 Downgraded to Caa1

RAMP Series 2006-RZ3 Trust

Cl. A-2, Downgraded to Baa2; previously on 8/14/2006 Assigned Aaa

Cl. A-3, Downgraded to Baa3; previously on 12/18/2008 Downgraded to Aa1

Cl. M-1, Downgraded to B2; previously on 12/18/2008 Downgraded to Baa1

Cl. M-2, Downgraded to Ca; previously on 12/18/2008 Downgraded to B1

Cl. M-3, Downgraded to C; previously on 12/18/2008 Downgraded to Caa2

RAMP Series 2006-RZ4 Trust

Cl. A-2, Downgraded to Baa3; previously on 12/18/2008 Downgraded to Aa2

Cl. A-3, Downgraded to Ba1; previously on 12/18/2008 Downgraded to A1

Cl. M-1, Downgraded to B3; previously on 12/18/2008 Downgraded to Baa2

Cl. M-2, Downgraded to C; previously on 12/18/2008 Downgraded to B2

Cl. M-3, Downgraded to C; previously on 12/18/2008 Downgraded to Caa2

RAMP Series 2006-RZ5 Trust

Cl. A-2, Downgraded to Baa2; previously on 12/18/2008 Downgraded to Aa1

Cl. A-3, Downgraded to Baa3; previously on 12/18/2008 Downgraded to Aa3

Cl. M-1, Downgraded to Caa2; previously on 12/18/2008 Downgraded to Ba1

Cl. M-2, Downgraded to C; previously on 12/18/2008 Downgraded to Caa2

RAMP Series 2007-RZ1 Trust

Cl. A-1, Downgraded to Baa2; previously on 3/8/2007 Assigned Aaa

Cl. A-2, Downgraded to Ba2; previously on 12/18/2008 Downgraded to Baa2

Cl. A-3, Downgraded to Ba3; previously on 12/18/2008 Downgraded to Baa3

Cl. M-1S, Downgraded to Caa2; previously on 12/18/2008 Downgraded to B1

Cl. M-2S, Downgraded to C; previously on 12/18/2008 Downgraded to Caa2

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

Excel: www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF163932

For more information please see www.moodys.com.

New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Joseph Rocco
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on certain RAMP-RZ subprime RMBS
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