Fitch Rates $791.8MM RALI Mtge Asset-Backed P-T Ctfs, 2005-QO4.

NEW YORK -- Fitch rates Residential Accredit Loans, Inc. (RALI) mortgage pass-through certificates, series 2005-QO4, which closed on Nov. 29, 2005, as follows:

-- $722,860,300 classes I-A-1, I-A-2, II-A-1 through II-A-3, X-IO, X-PO, R-I, and R-II certificates (senior certificates) 'AAA';

-- $22,714,000 class M-1 'AA+';

-- $18,330,000 class M-2 'A+';

-- $12,353,000 class M-3 'BBB+';

In addition, the following privately offered subordinate certificates are rated by Fitch as follows:

-- $8,368,000 class B-1 'BB';

-- $7,172,000 class B-2 'B'.

The $5,182,668 class B-3 is not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 9.30% subordination provided by the 2.85% class M-1, the 2.30% class M-2, the 1.55% class M-3, the privately offered 1.05% class B-1, the 0.90% privately offered class B-2 and the 0.65% privately offered class B-3. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and Residential Funding Corp.'s (RFC) servicing capabilities (rated 'RMS1' by Fitch) as master servicer.

As of the cut-off date, Nov. 1, 2005, the mortgage pool consists of 2,306 conventional, fully amortizing, 30-year adjustable-rate, negative amortization mortgage loans secured by first liens on one- to four-family residential properties with an aggregate principal balance of $796,979,968. The mortgage pool has a weighted average original loan-to-value (OLTV) ratio of 74.25%. The pool has a weighted average FICO score of 703, and approximately 32.43% and 14.01% of the mortgage loans possess FICO scores greater than or equal to 720 and less than 660, respectively. Equity refinance loans account for 61.12%, and second homes account for 3.10%. The average loan balance of the loans in the pool is $345,611. The three states that represent the largest portion of the loans in the pool are California (63.89%), Florida (8.98%) and Arizona (4.54%).

All of the mortgage loans were purchased by the depositor through its affiliate, Residential Funding, from unaffiliated sellers as described in this prospectus supplement and in the prospectus, except in the case of 42.1% of the mortgage loans, which were purchased by the depositor through its affiliate, Residential Funding, from HomeComings Financial Network, Inc., or HomeComings, a wholly owned subsidiary of the master servicer. Approximately 17.0% of the mortgage loans were purchased from SCME Mortgage Bankers, Inc., an unaffiliated seller. Except as described in the preceding sentence, no unaffiliated seller sold more than 9.6% of the mortgage loans to Residential Funding.

None of the mortgage loans were subject to the Home Ownership and Equity Protection Act of 1994. Furthermore, none of the mortgage loans are loans that, under applicable state or local law in effect at the time of origination of the loan are referred to as (1) 'high-cost' or 'covered' loans or (2) any other similar designation if the law imposes greater restrictions or additional legal liability for residential mortgage loans with high interest rates, points and/or fees. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings web site at www.fitchratings.com.

The mortgage loans were originated under GMAC-RFC's Expanded Criteria Mortgage Program (Alt-A program). Alt-A program loans are often marked by one or more of the following attributes: a non-owner-occupied property; the absence of income verification; or a loan-to-value ratio or debt service/income ratio that is higher than other guidelines permit. In analyzing the collateral pool, Fitch adjusted its frequency of foreclosure and loss assumptions to account for the presence of these attributes.

Deutsche Bank Trust Company Americas will serve as trustee. RALI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. For federal income tax purposes, an election will be made to treat the trust fund as two real estate mortgage investment conduit (REMIC).

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.