RMAC Securities No.1 2007 - NS1 plc

The fifth transaction to be launched off the RMAC Mortgage MTN programme which was established
in March 2006, and the first issue of 2007 for RMAC.

The collateral supporting the Notes is comprised of 4,446 first residential mortgage loans made to
individuals and secured on residential properties located in England, Scotland and Wales. Over 10%
of the provisional pool consists of loans called from previous RMAC securitised Series and almost
10% of the provision pool consists of mortgage loans in the Series Initial Mortgage pool from RMAC
2002-NS2 which was called on June 12th.

Of the collateral pool, 22.04% by outstanding balances have been granted to borrowers who have
been subject to at least one County Court Judgement, 1.56% of the pool balance are to discharged
bankrupts, and 6.73% missed payments of more than six months on previous mortgages. Almost 60%
of the provisional pool balance is made up of loans to self-certified borrowers whereby there has
been no verification of income, with the remaining %age of the pool comprising of loans with limited
verification of income. Buy-to-let mortgages make up a very small portion of the pool (1.73%).

65.45% of the loans (by balance) were granted for re-mortgage purposes, and Interest-Only loans
make up 59.17% of the pool. Geographically, the Sth East including London has the highest concent-
ration (35.25%), with other regional concentrations being: North West (11.12%), Scotland (10.36%),
and the West Midlands (8.86%).

All Classes hit their price talk (A1:+6/+7, A2:+15a, M1:mid/hi20s, M2mid/hi40s, B1:+110/+120). Although
what a difference 6mnths make ... while last December's RMAC deal managed slightly tighter pricing for
AAA notes (+7 and +13bps), the biggest shift has been seen in the BBB notes which priced at +85bps
last time against +120bps now. However, seen in context against recent issues, this is still a good
result for the new deal, given that BBB non-conforming RMBS has priced at +140 (Bluestone) and +170
(EuroMastr) recently.


Compare/contrast: RMAC Sec 2006-NS4, Bluestone Secs 2007-1, EuroMASTR 2007-1V