Fitch Affirms $348.5MM and Downgrades $269.7MM from 5 2005 RASC Subprime Transactions

Business Wire, April 17, 2008

NEW YORK -- Fitch Ratings has taken the following rating actions on Residential Asset Securities Corporation (RASC) mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are now removed. Affirmations total $348.5 million and downgrades total $269.7 million. Additionally, $8.0 million was placed on Rating Watch Negative. Break Loss percentages (BL) and Loss Coverage Ratios (LCR) for each class are included with the rating actions as follows:

RASC 2005-KS1

--$12.4 million class A-3 affirmed at 'AAA', (BL: 98.21, LCR: 4.89);

--$48.6 million class M-1 affirmed at 'AA ', (BL: 59.93, LCR: 2.98);

--$37.1 million class M-2 downgraded to 'BB' from 'A ' (BL: 25.37, LCR: 1.26);

--$10.8 million class M-3 downgraded to 'B' from 'A' (BL: 22.34, LCR: 1.11);

--$9.7 million class M-4 downgraded to 'B' from 'A-' (BL: 19.54, LCR: 0.97);

--$8.6 million class M-5 downgraded to 'CCC' from 'BBB' (BL: 16.86, LCR: 0.84);

--$7.2 million class M-6 downgraded to 'CC/DR4' from 'BBB-' (BL: 14.80, LCR: 0.74);

--$5.1 million class B downgraded to 'CC/DR5' from 'BB ' (BL: 13.66, LCR: 0.68);

Deal Summary

--Originators: EFC Holding Corporation (32.0%), Fremont Investment & Loan (21.0%) HomeComings Financial Network, Inc. (22.4%)

--60 day Delinquency: 24.59%

--Realized Losses to date (% of Original Balance): 1.92%

--Expected Remaining Losses (% of Current balance): 20.08%

--Cumulative Expected Losses (% of Original Balance): 5.94%

RASC 2005-KS2 Total Groups 1 & 2

--$4.6 million class A-I-3 affirmed at 'AAA', (BL: 98.86, LCR: 4.06);

--$8.4 million class A-II-1 affirmed at 'AAA', (BL: 98.29, LCR: 4.04);

--$0.9 million class A-II-2 affirmed at 'AAA', (BL: 98.29, LCR: 4.04);

--$37.1 million class M-1 affirmed at 'AA ', (BL: 62.53, LCR: 2.57);

--$28.9 million class M-2 downgraded to 'B' from 'A ' (BL: 27.31, LCR: 1.12);

--$8.2 million class M-3 downgraded to 'B' from 'A' (BL: 24.35, LCR: 1);

--$8.8 million class M-4 downgraded to 'CCC' from 'BBB ' (BL: 21.10, LCR: 0.87);

--$5.2 million class M-5 downgraded to 'CCC' from 'BBB' (BL: 19.08, LCR: 0.78);

--$4.4 million class M-6 downgraded to 'CC/DR3' from 'BBB-' (BL: 17.55, LCR: 0.72);

--$5.5 million class B downgraded to 'CC/DR5' from 'BB' (BL: 16.53, LCR: 0.68);

Deal Summary

--Originators: Fremont Investment & Loan (28.9%), HomeComings Financial Network, Inc. (20.9%)

--60 day Delinquency: 33.92%

--Realized Losses to date (% of Original Balance): 1.85%

--Expected Remaining Losses (% of Current balance): 24.32%

--Cumulative Expected Losses (% of Original Balance): 7.01%

RASC 2005-KS4

--$8.4 million class A-2 affirmed at 'AAA', (BL: 98.80, LCR: 4.71);

--$16.2 million class A-3 affirmed at 'AAA', (BL: 98.80, LCR: 4.71);

--$4.0 million class A-4B affirmed at 'AAA', (BL: 88.74, LCR: 4.23);

--$20.9 million class M-1 affirmed at 'AA', (BL: 70.72, LCR: 3.37);

--$17.4 million class M-2 affirmed at 'AA-', (BL: 50.01, LCR: 2.38);

--$7.9 million class M-3 affirmed at 'A', (BL: 37.00, LCR: 1.76);

--$5.6 million class M-4 downgraded to 'BB' from 'A' (BL: 28.75, LCR: 1.37);

--$7.0 million class M-5 downgraded to 'B' from 'BBB ' (BL: 24.95, LCR: 1.19);

--$4.4 million class M-6 downgraded to 'B' from 'BBB' (BL: 22.74, LCR: 1.08);

--$5.2 million class M-7 downgraded to 'B' from 'BBB' (BL: 20.12, LCR: 0.96);

--$5.8 million class B-1 downgraded to 'CCC' from 'BB ' (BL: 17.05, LCR: 0.81);

Deal Summary

--Originators: New Century Mortgage Corp. (20.5%), HomeComings Financial Network, Inc. (36.6%)

--60 day Delinquency: 24.82%

--Realized Losses to date (% of Original Balance): 2.00%

--Expected Remaining Losses (% of Current balance): 20.99%

--Cumulative Expected Losses (% of Original Balance): 7.60%

RASC 2005-KS6

--$31.3 million class A-3 affirmed at 'AAA', (BL: 91.56, LCR: 3.74);

--$42.4 million class A-4 affirmed at 'AAA', (BL: 77.63, LCR: 3.17);

--$19.8 million class M-1 affirmed at 'AA ', (BL: 67.68, LCR: 2.76);

--$21.9 million class M-2 affirmed at 'AA ', (BL: 55.28, LCR: 2.26);

--$7.2 million class M-3 affirmed at 'AA', (BL: 52.05, LCR: 2.13);

--$15.9 million class M-4 affirmed at 'AA-', (BL: 44.36, LCR: 1.81);

--$9.9 million class M-5 downgraded to 'BBB' from 'A ' (BL: 39.26, LCR: 1.6);

--$7.2 million class M-6 downgraded to 'BB' from 'A' (BL: 35.49, LCR: 1.45);

--$11.1 million class M-7 downgraded to 'B' from 'A' (BL: 29.56, LCR: 1.21);

--$7.5 million class M-8 downgraded to 'B' from 'BBB ' (BL: 25.51, LCR: 1.04);

--$6.6 million class M-9 downgraded to 'CCC' from 'BBB' (BL: 18.85, LCR: 0.77);

--$6.0 million class M-10 downgraded to 'CC/DR5' from 'BBB-' (BL: 16.77, LCR: 0.68);

--$6.0 million class M-11 downgraded to 'CC/DR5' from 'BB' (BL: 14.74, LCR: 0.6);

--$4.5 million class B-1 downgraded to 'CC/DR6' from 'B' (BL: 13.25, LCR: 0.54);

--$3.0 million class B-2 downgraded to 'CC/DR6' from 'B' (BL: 12.81, LCR: 0.52);

Deal Summary

--Originators: Decision One Mortgage Comp LLC (22.9%), Home Loan Corporation (12.7%), HomeComings Financial Network, Inc. (26.0%)

--60 day Delinquency: 29.36%

--Realized Losses to date (% of Original Balance): 2.12%