DBRS Upgrades Five Classes and Confirms Two Classes of Canada Mortgage Acceptance Corporation, Series 2004-C1

Dominion Bond Rating Service (DBRS) has today upgraded the ratings of five classes of Canada Mortgage Acceptance Corporation Pass-Through Certificates, Series 2004-C1 (the Certificates) as follows:

-- Class B upgraded to AAA from AA
-- Class C upgraded to AA from A
-- Class D upgraded to A from BBB
-- Class E upgraded to BBB from BB
-- Class F upgraded to BB from B

In addition, DBRS has also confirmed two classes of the Certificates as follows:

-- Class A at AAA
-- Class IO at AAA

The upgrade and confirmation are based on the following factors: Firstly, the high levels of structural enhancement, which are over twice the initial enhancement levels; Secondly, the continued high quality of the borrowers (the weighted average credit score on origination was 699, versus 701 as of August 31, 2006); and lastly, the experience of GMAC Residential Funding Company, LLC (RFC) in the residential mortgage market and the satisfactory servicing of this transaction.

The Class IO Certificates represent interest only “strips” and are sensitive to prepayment assumptions. The AAA rating reflects the requirement that interest payments are made as per the legal documentation and does not evaluate the risks associated with prepayment

GMAC Residential Funding of Canada (RFOC), the mortgage originator, is a wholly-owned subsidiary of RFC, which is owned by Residential Capital Corporation (rated BBB as of May 10, 2006). RFOC focuses on the origination of Alt-A and prime mortgages in Canada and has issued $1.5 billion RMBS since 2004. This was RFOC’s first public securitization transaction.

Note:
All figures are in Canadian dollars unless otherwise noted.
Market risk qualifier removed since December 3, 2004 for Class IO.