Seven certificates from three Residential Asset Mortgage Products Inc. Trust asset-backed securitization deals have been placed under review for possible downgrade by Moody's Investors Service.The affected classes are as follows: series 2002-RS1, classes M-I-2, M-I-3, and M-II-3; series 2002-RS2, classes M-I-2, M-I-3, and M-II-3; and series 2002-RS3, class M-II-3. The rating actions were based on the weaker-than-expected performance of the mortgage pools and the resulting erosion of credit support, Moody's said. "The overcollateralization in the 2002-RS1 and 2002-RS3 deals is being depleted, and pipeline losses for these deals could cause eventual losses on the most subordinate tranches," the rating agency said. "In addition, the overcollateralization in the 2002-RS2 deal has been fully exhausted and the class M-1-3 certificates have realized losses." The transactions consist of a fixed-rate pool and an adjustable-rate pool made up of mortgages that are not eligible for inclusion in Residential Funding Corp. specific loan program securitization because they do not satisfy the underlying guidelines for those programs. Moody's can be found online at http://www.moodys.com.
