Fitch Rates $171.77MM RFMSI Mortgage Pass-Through Ctfs, Series 2007-S9

--$165,049,398 classes I-A-1, I-A-2, II-A-1, II-A-2, II-A-3, I-A-P, I-A-V, II-A-P, II-A-V, R-I, R-II and the non-offered P certificates (senior certificates) 'AAA';

--$3,449,000 class M-1 'AA';

--$1,465,000 class M-2 'A';

--$603,000 class M-3 'BBB';

--$949,000 non-offered class B-1 'BB';

--$258,500 non-offered class B-2 'B'.

The 'AAA' rating on the senior certificates reflects the 4.25% credit enhancement provided by the 2.00% class M-1, the 0.85% class M-2, the 0.35% class M-3, the 0.55% non-offered class B-1, the 0.15% non-offered class B-2, and the 0.35% non-offered and non-rated class B-3. Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures, and the master servicing capabilities of Residential Funding Company, LLC (RFC), rated 'RMS2+' by Fitch and the primary servicing capabilities of GMAC Mortgage, LLC, rated 'RPS1-' by Fitch.

This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. The class II-A-1, II-A-2, and II-A-3 certificates are exchangeable certificates. The other classes are regular certificates.

The certificates represent ownership in a trust fund, which consists primarily of 318 one-to four-family conventional, fixed-rate mortgage loans secured by first liens on residential mortgage properties. As of the cut-off date (Nov. 1, 2007), the mortgage pool has an aggregate principal balance of approximately $172,377,289, a weighted average original loan-to-value ratio (OLTV) of 73.20%, a weighted average coupon (WAC) of 6.58%, a weighted average remaining term (WAM) of 323 months, and an average balance of $542,067. The mortgage loans consist of 100% fixed-rate loans. The weighted average credit score of the mortgage loans is expected to be approximately 742. The loans are primarily located in California (21.90%), Virginia (11.24%) and Illinois (6.05%).

All of the mortgage loans were purchased by the depositor through its affiliate, Residential Funding, from unaffiliated sellers as described in the prospectus supplement, except in the case of approximately 10.2% and 68.0% of the mortgage loans, which were purchased by the depositor through its affiliate, Residential Funding, from Homecomings and GMAC Mortgage, LLC, respectively. First Savings Mortgage Corp. sold approximately 11.7% of the mortgage loans by stated principal balance to Residential Funding. No unaffiliated seller sold more than approximately 4.7% of the mortgage loans. RFMSI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. US Bank National Association (AA-/F1+) will serve as trustee. For federal income tax purposes, an election will be made to treat the trust fund as two real estate mortgage investment conduit (REMICs).

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