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Rating Action:

Moody's upgrades $919 Million of Subprime RMBS issued by RFC

11 Jul 2013

New York, July 11, 2013 -- Moody's Investors Service has upgraded the ratings of 44 tranches from 15 transactions, backed by Subprime mortgage loans

Complete rating actions are as follows:

Issuer: RAMP Series 2005-EFC1 Trust

Cl. M-2, Upgraded to A1 (sf); previously on Aug 1, 2012 Upgraded to A2 (sf)

Cl. M-3, Upgraded to Baa2 (sf); previously on Aug 1, 2012 Upgraded to Ba2 (sf)

Cl. M-4, Upgraded to B1 (sf); previously on Aug 1, 2012 Upgraded to Caa1 (sf)

Issuer: RAMP Series 2005-EFC2 Trust

Cl. M-3, Upgraded to Baa1 (sf); previously on Jul 15, 2011 Upgraded to Ba2 (sf)

Cl. M-4, Upgraded to Ba2 (sf); previously on Jul 15, 2011 Upgraded to B3 (sf)

Issuer: RAMP Series 2005-EFC3 Trust

Cl. M-2, Upgraded to A1 (sf); previously on Aug 1, 2012 Upgraded to A2 (sf)

Cl. M-3, Upgraded to Baa2 (sf); previously on Aug 1, 2012 Upgraded to Ba1 (sf)

Cl. M-4, Upgraded to Ba3 (sf); previously on Aug 1, 2012 Upgraded to B2 (sf)

Cl. M-5, Upgraded to Ca (sf); previously on Apr 6, 2010 Downgraded to C (sf)

Issuer: RAMP Series 2005-EFC4 Trust

Cl. M-1, Upgraded to A1 (sf); previously on Aug 1, 2012 Upgraded to A2 (sf)

Cl. M-2, Upgraded to Baa3 (sf); previously on Aug 1, 2012 Upgraded to Ba2 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Jul 15, 2011 Upgraded to Caa2 (sf)

Issuer: RAMP Series 2005-EFC5 Trust

Cl. A-3, Upgraded to A1 (sf); previously on Aug 1, 2012 Confirmed at A2 (sf)

Cl. M-1, Upgraded to Baa1 (sf); previously on Aug 1, 2012 Upgraded to Baa3 (sf)

Cl. M-2, Upgraded to B1 (sf); previously on Aug 1, 2012 Upgraded to B3 (sf)

Issuer: RAMP Series 2005-EFC6 Trust

Cl. M-1, Upgraded to Baa2 (sf); previously on Aug 1, 2012 Upgraded to Ba3 (sf)

Cl. M-2, Upgraded to B3 (sf); previously on Aug 1, 2012 Upgraded to Caa3 (sf)

Issuer: RAMP Series 2005-RS1 Trust

Cl. A-I-4, Upgraded to Ba2 (sf); previously on Jul 15, 2011 Confirmed at B1 (sf)

Cl. A-I-5, Upgraded to B2 (sf); previously on Aug 1, 2012 Confirmed at Caa2 (sf)

Cl. A-I-6, Upgraded to Ba3 (sf); previously on Jul 15, 2011 Downgraded to B1 (sf)

Issuer: RAMP Series 2005-RS2 Trust

Cl. M-2, Upgraded to Baa2 (sf); previously on Aug 1, 2012 Upgraded to Ba3 (sf)

Cl. M-3, Upgraded to Ba3 (sf); previously on Aug 1, 2012 Upgraded to Caa1 (sf)

Cl. M-4, Upgraded to Caa2 (sf); previously on Aug 1, 2012 Confirmed at C (sf)

Issuer: RAMP Series 2005-RS3 Trust

Cl. M-1, Upgraded to A2 (sf); previously on Aug 1, 2012 Upgraded to Baa2 (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Aug 1, 2012 Upgraded to B2 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Aug 1, 2012 Upgraded to Caa3 (sf)

Cl. M-4, Upgraded to Ca (sf); previously on Aug 1, 2012 Confirmed at C (sf)

Issuer: RAMP Series 2005-RS4 Trust

Cl. M-2, Upgraded to Baa1 (sf); previously on Aug 1, 2012 Upgraded to Ba1 (sf)

Cl. M-3, Upgraded to Ba2 (sf); previously on Aug 1, 2012 Upgraded to B2 (sf)

Cl. M-4, Upgraded to B3 (sf); previously on Aug 1, 2012 Upgraded to Caa2 (sf)

Issuer: RAMP Series 2005-RS5 Trust

Cl. A-I-3, Upgraded to A1 (sf); previously on Jul 15, 2011 Confirmed at A2 (sf)

Cl. A-II, Upgraded to A1 (sf); previously on Jul 15, 2011 Confirmed at A2 (sf)

Cl. M-1, Upgraded to A2 (sf); previously on Aug 1, 2012 Upgraded to Baa3 (sf)

Cl. M-2, Upgraded to Ba1 (sf); previously on Aug 1, 2012 Upgraded to B1 (sf)

Issuer: RAMP Series 2005-RS6 Trust

Cl. M-1, Upgraded to A1 (sf); previously on Aug 1, 2012 Upgraded to Baa1 (sf)

Cl. M-2, Upgraded to Baa3 (sf); previously on Aug 1, 2012 Upgraded to Ba2 (sf)

Cl. M-3, Upgraded to B2 (sf); previously on Aug 1, 2012 Upgraded to Caa1 (sf)

Issuer: RAMP Series 2005-RS7 Trust

Cl. A-3, Upgraded to Ba1 (sf); previously on Aug 1, 2012 Upgraded to Ba3 (sf)

Cl. M-1, Upgraded to B3 (sf); previously on Aug 1, 2012 Upgraded to Caa2 (sf)

Issuer: RAMP Series 2005-RS8 Trust

Cl. A-2, Upgraded to A2 (sf); previously on Aug 1, 2012 Upgraded to Baa2 (sf)

Cl. A-3, Upgraded to Ba1 (sf); previously on Aug 1, 2012 Upgraded to B2 (sf)

Cl. M-1, Upgraded to Caa1 (sf); previously on Aug 1, 2012 Upgraded to Caa3 (sf)

Issuer: RAMP Series 2005-RZ3 Trust

Cl. M-1, Upgraded to Baa1 (sf); previously on Aug 1, 2012 Upgraded to Baa2 (sf)

Cl. M-2, Upgraded to Ba3 (sf); previously on Jul 15, 2011 Downgraded to B2 (sf)

RATINGS RATIONALE

The rating actions reflect recent performance of the underlying pools and Moody's updated expected losses on the pools. The upgrades are due to improvement in collateral performance, and/ or build-up in credit enhancement.

The principal methodology used in these ratings was "US RMBS Surveillance Methodology" published in June 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The primary sources of assumption uncertainty are our central macroeconomic forecast and performance volatility as a result of servicer-related activity such as modifications. The unemployment rate fell from 8.2% in May 2012 to 7.6% in May 2013. Moody's forecasts an unemployment central range of 7.0% to 8.0% for 2013. Moody's expects housing prices to continue to rise in 2013. Performance of RMBS continues to remain highly dependent on servicer activity such as modification-related principal forgiveness and interest rate reductions. Any change resulting from servicing transfers or other policy or regulatory change can also impact the performance of these transactions.

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

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF335520

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://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_SF198689

REGULATORY DISCLOSURES

Moody's received and took into account a third party assessment on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessment had a neutral impact on the rating.

In conducting surveillance of these credits, Moody's considered performance data contained in servicer and remittance reports. Moody's obtains servicer reports on these transactions on a periodic basis, at least annually.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Siddharth Jain
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Amita Shrivastava
VP - Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's upgrades $919 Million of Subprime RMBS issued by RFC
No Related Data.
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