DBRS Rates RBSSP Resecuritization Trust 2010-8

DBRS has today assigned the following ratings to the Resecuritization Trust Securities, Series 2010-8 issued by RBSSP Resecuritization Trust 2010-8 (the Trust).

-- $ 18.3 million Class 5-A1* rated at “A”
-- $ 15.1 million Class 5-A3** rated at AA
-- $ 12.3 million Class 6-A1* rated at “A”
-- $ 10.5 million Class 6-A3** rated at AA
-- $ 1.8 million Class 6-A4** rated at “A”
-- $ 8.8 million Class 6-A5** rated at AAA
-- $ 1.8 million Class 6-A6** rated at “A”
-- $ 16.1 million Class 7-A1 rated at AAA

There are a total of six groups in this resecuritization trust. DBRS rates Groups 5 through 7, each consisting of one previously issued seasoned senior residential mortgage-backed security (RMBS). The ratings on the securities reflect the credit enhancement provided by subordination within their respective groups. The ratings on the DBRS-rated groups also reflect the quality of the underlying assets. Initial Exchangeable Notes may be exchanged for subsequent Exchangeable Notes, and vice versa, in the combinations described in the private placement memorandum.

The ratings assigned to the securities address the likelihood of the receipt by note holders of all distributions to which such note holders are entitled and as such the entitlements may be reduced by (i) the allocation of certain interest shortfalls that may include interest shortfalls resulting from prepayments, application of the any Relief Act reductions and interest rate modifications on the underlying collateral and (ii) any extraordinary trust expenses that may be incurred. For more details on the ratings, please refer to the offering documents.

Other than the specified classes above, DBRS does not rate any other securities in this transaction.

Interest and principal payments on the securities will be made one business day following the underlying distribution date (the 25th day of each month), commencing in August 2010. Within the DBRS-rated groups, interest and principal will be paid sequentially until the note balances thereof 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 DBRS-rated groups within the Trust are resecuritizations, each consisting of one senior RMBS represented by one real estate mortgage investment conduit (REMIC). Within the DBRS-rated groups, the REMICs are backed by pools of seasoned prime or Alt-A, fixed- or adjustable-rate, first lien, one- to four-family residential mortgages.

Note:

• denotes Initial Exchangeable Note.
  ** denotes Exchangeable Note.

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.