OVERVIEW We have lowered our ratings on the junior notes in E-MAC 2007-IV, 2008-I, and 2008-IV. We have lowered our rating on the mezzanine notes in E-MAC 2008-I, and raised our ratings on the mezzanine notes in E-MAC 2007-IV and 2008-IV. We have affirmed our ratings on all other notes. E-MAC 2007-IV, 2008-I, 2008-II, and 2008-IV are backed by Dutch residential mortgages originated by GMAC-RFC Nederland, Quion 20, and Atlas Funding. LONDON (Standard&Poor's) Oct. 6, 2011--Standard&Poor's Ratings Services today took various rating actions in E-MAC Program II B.V. Compartment NL 2007-IV (E-MAC 2007-IV), E-MAC Program II B.V. Compartment NL 2008-IV (E-MAC 2008-IV), E-MAC Program III B.V. Compartment NL 2008-I (E-MAC 2008-I), and E-MAC Program III B.V.