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Bulletin: Ratings Unaffected In GMAC-RFC Ltd.'s Nonconforming U.K. RMBS Transactions Apr 08
Standard & Poors, April 2008
Abstract
LONDON (Standard & Poor's) April 22, 2008-Standard & Poor's Ratings Services said today that it does not expect its ratings on any class of notes backed by collateral originated by GMAC-RFC Ltd. to be affected following an announcement of intended job losses within GMAC-RFC. GMAC-RFC originates mortgage loans across the U.K. nonconforming and near-prime sectors. These loans are used as collateral to back various RMBS transactions originated and issued by GMAC-RFC (see list 1 below). Other loans originated by GMAC-RFC have also been included in other transactions, where they were purchased as part of a whole loan sale and subsequently securitized. GMAC-RFC is the primary servicer for all of the RMAC transactions; however, this was outsourced to Homeloan Management Ltd....
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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