In light of surveillance process changes and the continued deterioration in the mortgage market, Standard & Poor’s expects negative rating actions on rated RMBS transactions to continue.

In February 2009, Standard & Poor’s Ratings Services announced that, in the interest of enhancing transparency, we would review our surveillance criteria for rated U.S. residential mortgage-backed securities (RMBS) and issue a series of publications to explain our criteria for rating transactions backed by various types of mortgage collateral.