DBRS Rates Nomura Resecuritization Trust 2010-5R

DBRS has today assigned the following ratings to the Resecuritization Trust Securities, Series 2010-5R issued by Nomura Resecuritization Trust 2010-5R (the Trust).

-- $27.47* million Class 1A1 rated at AAA (sf)
-- $2.64* million Class 1A2 rated at AA (sf)
-- $30.11** million Class 1A5 rated at AA (sf)
-- $27.47** million Class 1A1-1 rated at AAA (sf)
-- $2.64** million Class 1A2-1 rated at AA (sf)
-- $30.11** million Class 1A5-1 rated at AA (sf)
-- $27.47** million Class 1A1-2 rated at AAA (sf)
-- $2.64** million Class 1A2-2 rated at AA (sf)
-- $30.11** million Class 1A5-2 rated at AA (sf)
-- $27.47** million Class 1A1-3 rated at AAA (sf)
-- $2.64** million Class 1A2-3 rated at AA (sf)
-- $30.11** million Class 1A5-3 rated at AA (sf)
-- $25.07* million Class 2A1 rated at AAA (sf)
-- $2.02* million Class 2A2 rated at AA (sf)
-- $27.09** million Class 2A5 rated at AA (sf)
-- $25.07** million Class 2A1-1 rated at AAA (sf)
-- $2.02** million Class 2A2-1 rated at AA (sf)
-- $27.09** million Class 2A5-1 rated at AA (sf)
-- $25.07** million Class 2A1-2 rated at AAA (sf)
-- $2.02** million Class 2A2-2 rated at AA (sf)
-- $27.09** million Class 2A5-2 rated at AA (sf)
-- $25.07** million Class 2A1-3 rated at AAA (sf)
-- $2.02** million Class 2A2-3 rated at AA (sf)
-- $27.09** million Class 2A5-3 rated at AA (sf)

This resecuritization trust consists of two seasoned senior residential mortgage-backed securities (RMBS). The ratings on the securities reflect the credit enhancement provided by subordination within the respective group. The ratings also reflect the quality of the underlying assets. Certain classes of securities (Initial Exchangeable Securities) are exchangeable for certain other classes of securities (Subsequent Exchangeable Securities) 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 the security holders of all distributions to which such security holders are entitled, as such entitlements may be reduced by (i) the allocation of certain net interest shortfalls allocated the underlying securities, including net interest shortfalls resulting from prepayments of the related mortgage loans, application of the relief act in respect of the related mortgage loans or reductions in the interest rate on the related mortgage loans as a result of modifications on such mortgage loans and (ii) related extraordinary trust expenses.

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

Interest and principal payments on the securities will be made on the business day following the underlying distribution date, commencing in December 2010. Interest payments will be distributed on a pro rata basis to the securities within their respective groups. Principal will be distributed on a sequential basis to the securities within their respective groups until the principal balances thereof are reduced to zero.

Any losses realized from the underlying securities will be allocated in a reverse sequential order to the securities within their respective groups.

The groups within the Trust are resecuritizations, each consisting of one senior RMBS represented by various real estate mortgage investment conduits (REMICs). The REMICs are backed by pools of seasoned prime, fixed-rate, first lien, one- to four-family residential mortgages.

Notes:

• denotes Initial Exchangeable Securities.
  ** denotes Subsequent Exchangeable Securities.

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.