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GMAC Servicer Ratings Lowered

Moody's cites ongoing viability among reasons

December 4, 2008

By MortgageDaily.com staff

Affiliates of Residential Capital LLC saw their servicer ratings lowered as a result of ongoing viability.

Moody's Investors Service said today it downgraded GMAC Mortgage LLC's primary servicer rating to SQ3 from SQ3+ for subprime loans, second liens and high loan-to-value loans. In addition, GMAC's special servicer ratings was also lowered to SQ3 from SQ3+, while its primary servicer ratings for prime loans was lowered to SQ3+ from SQ2.

The master servicer rating for GMAC RFC was also downgraded -- to SQ3+ from SQ2-.

An SQ1 rating is assigned to the strongest servicers while SQ5 is assigned to the weakest. A plus or minus sign further differentiates ratings.

Moody's said the downgrades reflect increasingly difficult market conditions the are stressing GMAC's servicing operations. Also cited was concern that GMAC cannot afford to support and continue to invest in ResCap's servicing operations.

Last month, GMAC warned about ResCap's ongoing viability.

Moody's said GMAC's collection ability is average and its loss-mitigation results are strong. Foreclosure and REO timeline management are above average on prime loans and strong on subprime.

But GMAC's servicing stability is below average.

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hard money lending. Home-equity loans and home-equity lines of credit.

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