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Global Credit Research - 11 May 2010
London, 11 May 2010 -- Moody's notes that on 12 April 2010, GMAC announced it had
sold (subject to regulatory approval) its residential mortgage operations
in Europe to the U.S. hedge fund and private equity group
Fortress Investment. The full list of companies being acquired
includes: GMAC-RFC Limited in the UK, GMAC-RFC
Investments B.V., GMAC-RFC Nederland B.V.,
Atlas Funding B.V. and Quion 20 B.V. in the
Netherlands, and GMAC-RFC Deutschland GmbH and GMAC-RFC
Servicing GmbH in Germany. These companies originated the assets
securitised in the UK, Dutch, and German GMAC RMBS transactions
and retained various ongoing roles in the servicing and cash management
areas. Moody's believes that the change in ownership,
in of itself, will have no impact on the ratings of transactions
issued by the GMAC entities being acquired.
Moody's believes that the contractual obligations in the transaction
agreements will remain post the acquisition, e.g.
obligations to buy back loans in breach of representations and warranty.
Moody's notes that for most of the affected transactions,
key functions such as servicing and cash management have either been outsourced
to third parties or benefit from back-up agreements. Moody's
expects that the current delegation, for the UK transactions,
of servicing to Homeloan Management Limited (SQ2+), will continue.
However, if this changes, Moody's will reassess as appropriate.
For those transactions where servicing and cash management is still retained,
Moody's will closely monitor the evolution of the transaction and
the quality of the servicing.
Furthermore, Moody's believes that as the anticipated change
in ownership will not impact the acquired companies ability or willingness
to comply with their purchase obligations in certain transactions (with
regards to put and call options), the pending acquisition will not
have an impact on the ratings of the notes.
List of affected transactions:
RMAC 2003-NS1 PLC
RMAC 2003-NS2 PLC
RMAC 2003-NS3 PLC
RMAC 2003-NS4 PLC
RMAC 2004-NS1 PLC
RMAC 2004-NSP2 PLC
RMAC 2004-NS3 PLC
RMAC 2004-NSP4 PLC
RMAC 2005-NS1 PLC
RMAC 2005 NS3 PLC
RMAC 2005-NS4 PLC
RMAC 2005-NSP2 PLC
RMAC SECURITIES No. 1 PLC Series 2006-NS1
RMAC SECURITIES No. 1 PLC Series 2006-NS2
RMAC SECURITIES No. 1 PLC Series 2006-NS3
RMAC SECURITIES No. 1 PLC Series 2006-NS4
RMAC SECURITIES No. 1 PLC Series 2007-NS1
E-MAC NL 2003-II B.V.
E-MAC NL 2004-I B.V.
E-MAC NL 2004-II B.V.
E-MAC NL 2005-I B.V.
E-MAC NL 2005-NHG II B.V
E-MAC DE 2005-I B.V.
E-MAC NL 2005-III B.V.
E-MAC DE 2006-I B.V.
E-MAC NL 2006-II B.V.
E-MAC NL 2006-NHG I B.V.
E-MAC Program B.V./ Compartment NL 2006-III
E-MAC DE 2006-II B.V.
E-MAC Program B.V./ Compartment NL 2007-I
E-MAC DE 2007-I B.V.
E-MAC Program B.V. / Compartment NL 2007-NHG
Program B.V. / Compartment NL 2007-III
E-MAC Program II B.V. / Compartment NL 2007-IV
E-MAC Program B.V. / Compartment NL 2007-NHG
E-MAC Program III B.V. / Compartment NL 2008-I
E-MAC Program III B.V. / Compartment NL 2008-II
E-MAC Program II B.V. / Compartment NL 2008-IV
Moody's principal methodologies used monitoring the ratings of RMBS transactions
referred to in this press-release are "Moody's Methodology for
Rating RMBS in Europe, Middle East and Africa EMEA)", October
2008, "Cash Flow Analysis in EMEA RMBS: Testing Structural
Features with the MARCO Model", January 2006, and "Revising
Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction",
All of the above reports are available on www.moodys.com
in the Rating Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found in the
Rating Methodologies sub-directory 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.
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's update on RMBS transactions affected by Fortress' Acquisition of GMAC's European Mortgage Business
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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