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21.05.12

May 18 - OVERVIEW -- We have carried out our credit and cash flow analysis, applying our December 2011 U.K. RMBS criteria. -- Delinquencies in these transactions remain at high levels above our U.K. nonconforming RMBS index. 90+ day delinquencies, although stable, remain above 30%. -- Credit enhancement continues to increase for all three transactions, the reserve funds are now fully funded, and excess spread is robust. -- We have taken various rating actions based on our credit and cash flow analysis of the most recent transaction information that we have received. -- Money Partners Securities 1, 2, and 3 are U.K. nonconforming RMBS transactions with loans originated by Money Partners and Kensington Mortgages. The transactions closed between August 2005 and May 2006. LONDON (Standard & Poor's) May 18, 2012--Standard & Poor's Ratings Services today took various credit rating actions on the notes issued by Money Partners Securities 1 PLC, Money Partners Securities 2 PLC, and Money Partners Securities 3 PLC (see list below). Today's rating actions follow our credit and cash flow analysis of the most recent transaction information that we have received (February 2012). Our analysis reflects our December 2011 U.K. residential mortgage-backed securities (RMBS) criteria (see "U.K. RMBS Methodology And Assumptions," published on Dec. 9, 2011). We have also applied our 2010 counterparty criteria, taking into account our recent downgrades of the transaction counterparties (see "Counterparty And Supporting Obligations Methodology And Assumptions," published on Dec. 6, 2010). The main counterparties in these transactions are Barclays Bank PLC (A+/Stable/A-1) and Royal Bank of Scotland PLC (A/Stable/A-1), acting as account bank and currency swap provider (see below), and the sections below explain the impact of their Nov. 29, 2011 downgrades (see "RELATED CRITERIA AND RESEARCH -- U.K. Nonconforming RMBS Index Report Q1 2012: Low Interest Rates Keep Defaults At Bay As The Economy Contracts, May 9, 2012 -- European Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, March 14, 2012 -- 122 Ratings In 43 European RMBS Transactions Placed On CreditWatch Negative After Expiry Of Counterparty Remedy Periods, Feb. 7, 2012 -- European RMBS CreditWatch Placements Linked To Recent Bank Rating Actions--Dec. 21, 2011, Dec. 21, 2011 -- Ratings On 764 Tranches In 119 U.K. RMBS Transactions Placed On CreditWatch Negative After U.K. RMBS Criteria Update, Dec. 12, 2011 -- U.K. RMBS Methodology And Assumptions, Dec. 9, 2011 -- Barclays Bank PLC Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Bank Criteria Change; Outlook Stable, Nov. 29, 2011 -- Royal Bank of Scotland Long-Term Rating Lowered To 'A' On Bank Criteria Change; S-T Rating Affirmed; Outlook Stable, Nov. 29, 2011 -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 -- Counterparty And Supporting Obligations Update, Jan. 13, 2011 -- Counterparty And Supporting Obligations Methodology And Assumptions, Dec. 6, 2010 -- Methodology: Credit Stability Criteria, May 3, 2010 RATINGS LIST Class Rating To From Money Partners Securities 1 PLC EUR255 Million, GBP199.8 Million, And $60 Million Mortgage-Backed Floating-Rate Notes Ratings Remaining On CreditWatch Negative A2a AAA (sf)/Watch Neg A2b AAA (sf)/Watch Neg A2c AAA (sf)/Watch Neg M1 AA- (sf)/Watch Neg These ratings are no longer on CreditWatch for credit and cash flow reasons, but they remain on CreditWatch negative for counterparty reasons. Ratings Raised And Removed From CreditWatch Negative M2a A+ (sf) A (sf)/Watch Neg M2b A+ (sf) A (sf)/Watch Neg B1 A- (sf) BBB (sf)/Watch Neg B2 BBB (sf) BB+ (sf)/Watch Neg Money Partners Securities 2 PLC EUR191.2 Million, GBP234.7 Million, And $78 Million Mortgage-Backed Floating-Rate Notes Ratings Affirmed And Removed From CreditWatch Negative A2a A+ (sf) A+ (sf)/Watch Neg A2c A+ (sf) A+ (sf)/Watch Neg M1a A+ (sf) A+ (sf)/Watch Neg M1b A+ (sf) A+ (sf)/Watch Neg M2a A- (sf) A- (sf)/Watch Neg M2b A- (sf) A- (sf)/Watch Neg B1 BB (sf) BB (sf)/Watch Neg Money Partners Securities 3 PLC EUR298 Million, GBP382.95 Million, And $50 Million Mortgage-Backed Floating-Rate Notes Ratings Affirmed And Removed From CreditWatch Negative A2a A+ (sf) A+ (sf)/Watch Neg A2b A+ (sf) A+ (sf)/Watch Neg A2c A+ (sf) A+ (sf)/Watch Neg M1a A+ (sf) A+ (sf)/Watch Neg M1b A+ (sf) A+ (sf)/Watch Neg M2a A- (sf) A- (sf)/Watch Neg M2b A- (sf) A- (sf)/Watch Neg B1a BBB- (sf) BBB- (sf)/Watch Neg B1b BBB- (sf) BBB- (sf)/Watch Neg Ratings Lowered And Removed From CreditWatch Negative B2a B- (sf) B+ (sf)/Watch Neg B2b B- (sf) B+ (sf)/Watch Neg Surveillance Credit Analyst: Neil Monro, London (44) 20-7176-6733; neil_monro@standardandpoors.com Additional Contact: Structured Finance Europe; StructuredFinanceEurope@standardandpoors.com

Source: Reuters 21.05.12

The taxpayer could lose about £2bn once the assets of collapsed bank Northern Rock are wound down, the National Audit Office estimates.

The NAO also expects the taxpayer to lose £480m of its original £1.4bn investment in Northern Rock plc as a result of its sale to Virgin at the end of 2011.

Source: Money Marketing 21.05.12

--Fortress Investment Group's Nationstar is making $2.4 billion for majority of ResCap's assets

--ResCap has reached agreements with key creditors to release certain liability claims

--Ally to take $1.3 billion charge from ResCap's bankruptcy

(Updates with details throughout, including from Monday's bankruptcy hearing.)

Source: NASDAQ

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