OVERVIEW We have carried out our credit and cash flow analysis, applying our December 2011 U.K. RMBS criteria. Cumulative losses for both transactions are above our nonconforming index and keep increasing, showing a worsening portfolio quality. 90+ day delinquencies, especially for series 2007-2, are high and not expected to decrease in the near future. The notes are paying down slowly, especially for series 2007-1, with slight increases in credit enhancement, not offsetting the losses arising from the portfolio, which causes the downgrades of the junior notes, unable to stand further portfolio deterioration. We have taken various rating actions based on our credit and cash flow analysis of the most recent transaction information that we have received. Eurohome UK Mortgages 2007-1
