Fifty-eight tranches from seven transactions issued under the RAMP 2005-RS shelf have been placed on review for possible downgrade by Moody's Investors Service. The negative rating actions were based on reductions in projected available credit enhancement from a significant build-up of delinquent loans, Moody's said. The collateral consists primarily of first-lien mortgage loans acquired by Residential Funding Corp. under the Negotiated Conduit Asset Program. The NCA Program was established to buy loans that do not comply with some of the criteria of RFC's standard programs.
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