Moody’s Investors Services placed the ratings of $7.6 billion worth of residential mortgage-backed securities serviced by GMAC Mortgage, now Ally Financial, up for review. It’s the latest development after issues have come to light in the company’s foreclosure process. Moody’s will review 319 tranches of 114 deals done on GMAC-serviced RMBS. These will be in addition to the 462 tranches of 80 other GMAC-serviced deals Moody’s put up for review in March. According to Moody’s, the action comes after GMAC foreclosure affidavits were found to be faulty on cases in 23 states. Since then, several state attorneys general offices have launched investigations, some not in those 23 states, and Moody’s has put the GMAC servicer rating up for review. Moody’s said the improper affidavit signings could cause higher losses in RMBS serviced by the company due to extended foreclosure and liquidation timelines and litigation costs that will come from class-action suits. To determine the potential impact of the revelations, Moody’s is reviewing balance of loans in GMAC-serviced deals. This includes REO properties still on the market or have been sold in the last three years. Also, Moody’s placed the rating of Class A notes issued by GMAC Mortgage Loan trust 2010-1, which is a transaction that includes Federal Housing Administration-backed mortgages that are guaranteed by the U.S. Department of Housing and Urban Development. In order to qualify for these insurance benefits, HUD requires GMAC to meet certain underwriting and servicing standards, which have been called into question. “As the collateral consists of non-performing mortgage loans, the FHA transaction has significant exposure to claim denials,” according to Moody’s. Based on Moody’s estimates, 11% of the original balance on that FHA transaction consisted of mortgage loans had gone through the foreclosure process in those 23 states were subject to the GMAC suspension. Write to Jon Prior.