RAMP MBS Class Downgraded

Class M-3 of Residential Asset Mortgage Products Inc. series 2003-RP1 has been downgraded from BBB-plus to BB by Fitch Ratings.Fitch also affirmed the ratings on three other classes in the transaction. The downgrade reflects a deterioration in the relationship between the bond’s credit enhancement and Fitch’s expected future losses on the loans, the rating agency said. Losses to date have been higher than Fitch initially expected and have generally exceeded excess spread over the past 12 months, resulting in a reduction of the overcollateralization amount. The collateral consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on one- to four-family residential properties. Fitch can be found online at http://www.fitchratings.com.