OVERVIEW We have taken various rating actions in E-MAC 2007-I, 2008-I, 2008-II, and 2008-IV following our performance review, our credit and cash flow analysis, and the application of our Dutch RMBS criteria. E-MAC 2007-I, 2008-I, 2008-II, and 2008-IV are backed by Dutch residential mortgages originated by CMIS Nederland (previously GMAC-RFC Nederland). LONDON (Standard&Poor's) Feb. 12, 2013--Standard&Poor's Ratings Services today took various credit rating actions in in E-MAC Program B.V. Compartment NL 2007-I (E-MAC 2007-I), E-MAC Program III B.V. Compartment NL 2008-I (E-MAC 2008-I), E-MAC Program III B.V. Compartment NL 2008-II (E-MAC 2008-II), and E-MAC Program II B.V. Compartment NL 2008-IV (E-MAC 2008-IV) (see list below). Specifically, we have: Lowered our rating on E-MAC 2007-I's class D