Fitch Ratings Affirms 17 Classes from RAMP 2005-RS3 Groups 1-A, 1-B & 2.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch has affirmed the following classes from Residential Asset Mortgage Products, Inc (RAMP), series 2005-RS3 Groups 1-A, 1-B & 2: --Classes A-I-A2, A-I-A3, A-I-B1, A-I-B2 and A-II A-II Adults and Adolescents (Catholic movie rating) affirmed at 'AAA'; --Class M-1 affirmed at 'AA+'; --Class M-2 affirmed at 'AA'; --Class M-3 affirmed at 'AA-'; --Class M-4 affirmed at 'A+'; --Class M-5 affirmed at 'A'; --Class M-6 affirmed at 'A-'; --Class M-7 affirmed at 'BBB+'; --Class M-8 affirmed at 'BBB'; --Class M-9 affirmed at 'BBB-'; --Class B-1 affirmed at 'BB+'; --Class B-2 affirmed at 'BB'; --Class B-3 rated 'BB-'; placed on Rating Watch Negative. The collateral consists of fixed rate and adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. loans secured by first liens on one- to four- family residential properties. The loans were sold by RFC (Request For Comments) A document that describes the specifications for a recommended technology. Although the word "request" is in the title, if the specification is ratified, it becomes a standards document. to RAMP, the depositor. Prior to assignment to the depositor, RFC reviewed the underwriting standards for the mortgage loans. The mortgage loans included in the trust were acquired and evaluated under Residential Funding's 'Negotiated Conduit Asset Program' or NCA (Network Computing Architecture) An architecture from Oracle for developing applications within a networked computing environment. It provides a three-tier distributed environment based on CORBA that uses program components known as "cartridges. Program. The negotiated conduit asset program allows for loans which are not eligible for Residential Funding's other programs. Examples of reasons for exclusion from Residential Funding's other programs include, but are not limited to, higher debt-to-income ratios or higher loan-to-value ratios. The affirmations reflect satisfactory credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing (CE) relationships to future loss expectations and affect about $335.95 million of outstanding certificates. The negative rating action reflects deterioration in the relationship between CE and future loss expectations and affects approximately $7.45 million in outstanding certificates. The overcollateralization (OC) amount is currently off its target by approximately $1.1 million, and realized losses have exceeded available excess spread amounts for three consecutive months. As of the June 2007 remittance period, the trust is seasoned 27 months and has a pool factor (current principal balance as a percentage of original balance) of 46%. GMAC-RFC (rated 'RMS1' by Fitch), is the master servicer for these loans. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch web site at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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