E-MAC DE 2006-II B.V.

The third German RMBS from GMAC-RFC following on from the original E-MAC DE 2005-I which priced
in June05. GMAC-RFC's presence in Germany has evolved through the acquisition of CreditWeb (an on-
line mortgage broker) in 2002 and DFH Eigenheimbank in 2004.

The underlaying collateral consists of 4,686 first and sequentially ranking mortgage loans to 3,178
private individuals. The average size loan is Eur173,091, with average seasoning of 9mnths (the
original deal featured 7mnths seasoning), and an average LTV of 111.1%. This high LTV could result
in an above market average default frequency.

The geographical diversity also raises questions, where large concentrations are seen in Baden-
Wuerrtemberg (23.6%) and Saxony (10.7%), with 21.1% of the pool secured on properties in East
Germany (excluding Berlin).

The senior and mezzanine tranches all hit their price guidance levels of 12-13/17-18/low20s/40-45bps.
Overall, the AAA notes give an average cost of funding of 16.76bp for a 5.46yrs average life, which is
slightly wider than the EMAC DE 2006-1 which priced the AAA notes at 16bps for a similar average life.
All tranches were well subscribed with the main buyers coming from France, UK and Germany.


Compare/contrast: previous E-Mac DE issues, GRAND, Provide-A 2006-1.