DBRS Rates RBSSP Resecuritization Trust 2010-1

DBRS has today assigned the following ratings to the Resecuritization Trust Securities, Series 2010-1 issued by RBSSP Resecuritization Trust 2010-1 (the Trust).

-- $58.5 million Class 1-A1 rated at BBB

There are a total of seven groups in this resecuritization trust. DBRS rates Group 1 only, which consists of a previously issued senior residential mortgage-backed security (RMBS), Nationstar Home Equity Loan Trust 2009-A, Class A. The BBB rating on the rated security reflects an additional 30% of credit enhancement provided by subordination within Group 1. The rating also reflects the quality of the underlying assets.

Interest and principal payments on the securities will generally be made on the 26th day of each month, commencing in February 2010. Within Group 1 interest payments will be distributed on a sequential basis, followed by principal payments on a sequential basis to the notes until the note balances have been reduced to zero.

Any losses realized from the underlying securities will be allocated reverse sequentially within each group until the class principal balances have been reduced to zero.

The Trust is a resecuritization consisting of seven senior RMBS securities represented by various real estate mortgage investment conduits (REMICs). Within the DBRS-rated group, the trust is backed primarily by a pool of seasoned sub-prime performing and non-performing, first lien, one- to four-family residential mortgages.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Residential Mortgage-Backed Securities Transactions, which can be found on our website under Methodologies.

This is a Structured Finance rating.