GMAC-RFC disclosed last week data errors with respect to four RMBS deals it services from the RMAC series of RMBS deals. Fitch Ratings, Moody's Investors Service and Standard & Poor's responded by placing the ratings of the four RMAC transactions, totaling GBP3.4 billion ($4 billion), on review.

The errors relate to the information provided in the offering circular and information given to the rating agencies with regards to the basis for certain loans in the portfolio, such as an overstatement of LIBOR-based loans and a corresponding understatement of loans indexed to the Bank Base Rate in certain portfolios.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.