Class M-II-3 of Residential Asset Mortgage Products Inc. Trust's series 2003-RS7 asset-backed securitization deal has been downgraded from Baa2 to B3 by Moody's Investors Service.The downgrade was based on credit enhancement levels that are deemed to be low in view of projected losses on the underlying pools, Moody's said. The transaction consists of a fixed-rate and an adjustable-rate pool containing mortgages that are not eligible for inclusion in Residential Funding Co. loan program securitization because they do not satisfy the program guidelines. The mortgage loans were originated by affiliates of RFC and serviced by HomeComings Financial Network Inc., a wholly owned subsidiary of RFC. Moody's can be found online at http://www.moodys.com.

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