Fitch Ratings has taken action on the following
Residential Accredit Loan, Inc. (RALI) mortgage-pass through
certificates:
Series 2001-QS13
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AAA';
-- Class M-2 upgraded to 'AAA' from 'AA';
-- Class M-3 affirmed at 'A';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2002-QS2
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA+';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class M-3 upgraded to 'A' from 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2002-QS5
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class M-3 upgraded to 'A' from 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2003-QS5
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS3
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS4
-- Class A affirmed at 'AAA'.
Series 2004-QS6
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS7
-- Class A affirmed at 'AAA'.
Series 2004-QS8
-- Class A affirmed at 'AAA'.
Series 2004-QS9
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS10
-- Class A affirmed at 'AAA'.
Series 2004-QS11
-- Class A affirmed at 'AAA'.
Series 2004-QS12
-- Class A affirmed at 'AAA'.
Series 2004-QS13
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS15
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS16, Group I
-- Class IA affirmed at 'AAA';
-- Class IM-1 affirmed at 'AA';
-- Class IM-2 affirmed at 'A';
-- Class IM-3 affirmed at 'BBB';
-- Class IB-1 affirmed at 'BB';
-- Class IB-2 affirmed at 'B'.
Series 2004-QS16, Group II
-- Class IIA affirmed at 'AAA';
-- Class IIM-1 affirmed at 'AA';
-- Class IIM-2 affirmed at 'A';
-- Class IIM-3 affirmed at 'BBB';
-- Class IIB-1 affirmed at 'BB';
-- Class IIB-2 affirmed at 'B'.
The mortgage loans in the aforementioned transactions consist of both 30-year fixed-rate and 15-year fixed-rate mortgages extended to both Prime and Alt-A borrowers, which are secured by first and second liens, primarily on one- to four-family residential properties.
The upgrades, affecting $27.56 million of outstanding certificates, are being taken as a result of low delinquencies and losses, as well as significantly increased credit support levels. As of the December 2005 distribution date, the credit enhancement (CE) levels for the upgraded classes have grown at least 8.0 times (x) original CE levels. The affirmations, affecting over $2.39 billion of certificates, indicate stable collateral performance and moderate growth in CE.
The mortgage loan performance of the RALI transactions has generally been consistent with expectations. The percentage of loans over 90 days delinquent ranges from 0.0% to 5.76%. The cumulative loss as a percentage of the initial pool balance ranges from 0.0% to only 0.20%.
As of the December 2005 distribution date, the transactions are seasoned from a range of 12 (2004-QS216) to 51 (2001-QS13) months. The pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from approximately 9% (2001-QS13) to 81% (2004-QS16). The master servicer for all aforementioned RALI deals is GMAC Residential Funding Corporation, which is rated 'RMS1' by Fitch.
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.
Series 2001-QS13
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AAA';
-- Class M-2 upgraded to 'AAA' from 'AA';
-- Class M-3 affirmed at 'A';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2002-QS2
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA+';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class M-3 upgraded to 'A' from 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2002-QS5
-- Class A affirmed at 'AAA';
-- Class M-1 upgraded to 'AAA' from 'AA';
-- Class M-2 upgraded to 'AA' from 'A';
-- Class M-3 upgraded to 'A' from 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2003-QS5
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS3
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS4
-- Class A affirmed at 'AAA'.
Series 2004-QS6
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS7
-- Class A affirmed at 'AAA'.
Series 2004-QS8
-- Class A affirmed at 'AAA'.
Series 2004-QS9
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS10
-- Class A affirmed at 'AAA'.
Series 2004-QS11
-- Class A affirmed at 'AAA'.
Series 2004-QS12
-- Class A affirmed at 'AAA'.
Series 2004-QS13
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS15
-- Class A affirmed at 'AAA';
-- Class M-1 affirmed at 'AA';
-- Class M-2 affirmed at 'A';
-- Class M-3 affirmed at 'BBB';
-- Class B-1 affirmed at 'BB';
-- Class B-2 affirmed at 'B'.
Series 2004-QS16, Group I
-- Class IA affirmed at 'AAA';
-- Class IM-1 affirmed at 'AA';
-- Class IM-2 affirmed at 'A';
-- Class IM-3 affirmed at 'BBB';
-- Class IB-1 affirmed at 'BB';
-- Class IB-2 affirmed at 'B'.
Series 2004-QS16, Group II
-- Class IIA affirmed at 'AAA';
-- Class IIM-1 affirmed at 'AA';
-- Class IIM-2 affirmed at 'A';
-- Class IIM-3 affirmed at 'BBB';
-- Class IIB-1 affirmed at 'BB';
-- Class IIB-2 affirmed at 'B'.
The mortgage loans in the aforementioned transactions consist of both 30-year fixed-rate and 15-year fixed-rate mortgages extended to both Prime and Alt-A borrowers, which are secured by first and second liens, primarily on one- to four-family residential properties.
The upgrades, affecting $27.56 million of outstanding certificates, are being taken as a result of low delinquencies and losses, as well as significantly increased credit support levels. As of the December 2005 distribution date, the credit enhancement (CE) levels for the upgraded classes have grown at least 8.0 times (x) original CE levels. The affirmations, affecting over $2.39 billion of certificates, indicate stable collateral performance and moderate growth in CE.
The mortgage loan performance of the RALI transactions has generally been consistent with expectations. The percentage of loans over 90 days delinquent ranges from 0.0% to 5.76%. The cumulative loss as a percentage of the initial pool balance ranges from 0.0% to only 0.20%.
As of the December 2005 distribution date, the transactions are seasoned from a range of 12 (2004-QS216) to 51 (2001-QS13) months. The pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from approximately 9% (2001-QS13) to 81% (2004-QS16). The master servicer for all aforementioned RALI deals is GMAC Residential Funding Corporation, which is rated 'RMS1' by Fitch.
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.