DBRS Rates RBSSP Resecuritization Trust 2010-12

DBRS has today assigned the following ratings to the Resecuritization Trust Securities, Series 2010-12 issued by RBSSP Resecuritization Trust 2010-12 (the Trust).

-- $20.88* million Class 3-A1 rated at A (sf)
-- $20.88** million Class 3-A4 rated at A (sf)
-- $7.54* million Class 4-A1 rated at A (sf)
-- $115.05* million Class 7-A1 rated at A (sf)
-- $115.05** million Class 7-A3 rated at A (sf)
-- $115.05** million Class 7-A5 rated at A (sf)
-- $115.05** million Class 7-A7 rated at A (sf)
-- $105.46** million Class 7-A9 rated at AAA (sf)
-- $105.46** million Class 7-A12 rated at AAA (sf)
-- $9.70* million Class 8-A1 rated at A (sf)

There are a total of eight groups in this resecuritization trust. DBRS rates Groups 3, 4, 7 and 8, each consisting of one previously issued seasoned senior residential mortgage-backed securities (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.

The ratings assigned to the Offered Securities address the likelihood of the receipt by holders of the Offered Securities of all payments to which such holders are entitled, as such entitlements may be reduced by (i) the allocation of certain net interest shortfalls allocated the Underlying Securities, including but not limited to net interest shortfalls resulting from prepayments of the related Underlying Mortgage Loans, application of the relief act in respect of the related Underlying Mortgage Loans or reductions in the interest rate on the related Underlying Mortgage Loans as a result of modifications or Underlying Servicer’s failure to make any required advances of interest and (ii) any Extraordinary Expenses that may be incurred or due to other non credit events. 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 January 2010. Within the DBRS-rated groups, interest and principal will be paid sequentially until the principal 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 various real estate mortgage investment conduits (REMICs). Within the DBRS-rated groups, the REMICs are backed by pools of seasoned prime, Alt-A or S&D, fixed- or adjustable-rate, first lien, one- to four-family residential mortgages.

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.