Fitch Downgrades $4.6MM Ryland Acceptance Corp. IV, Series 99

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has taken the following rating action on Ryland Acceptance Corp. IV:

Ryland Acceptance Corp. IV, series 99

--Class F downgraded to 'C/RR6' from 'AAA'.

The December 2009 remittance report indicates the class F certificate is significantly under-collateralized. The December 2009 remittance reports the balance of the class F bond as $4,569,156. The collateral pool supporting class F currently consists of 11 FHLMC and FNMA bonds with a total current bond balance of $203,014. The downgrade to 'C/RR6' was based on the large level of under-collateralization and the limited recovery prospects.

The remittance report indicates original balance of the class F certificate to be $24,749,902. At origination the collateral pool consisted of eight FHLMC certificates, 29 FNMA certificates, and Structured Asset Securities Corporation (SASCO) series 1991-1 class NB. SASCO 1991-1 class NB was secured by GNMA certificates. The original collateral balance of these certificates was $24,886,437.

Additional details are available in the following research, also available at 'www.fitchratings.com':

--'U.S. RMBS Criteria for Recovery Ratings' (Dec. 16, 2009);

--'U.S. RMBS Rating Criteria (Dec. 3, 2009);

--'Global Structured Finance Rating Criteria' (Sept. 30, 2009);

--'Criteria for Structured Finance Recovery Ratings'(Aug. 17, 2009).

Additional information is available at www.fitchratings.com.

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