E-MAC Program III, E-MAC Program II warn they cannot pay upcoming put

New York, Nov. 28 - E-MAC Program II BV - Compartment NL 2008-IV and E-MAC Program III BV Compartment NL 2008-I warned they will not be able to pay the upcoming put option on their bonds.

Affected are the €230.6 million senior class A notes 2008 due 2048, €11.3 million mezzanine class B notes 2008 due 2048, €2.8 million junior class C notes 2008 due 2048, €11.55 million subordinated class D notes 2008 due 2048, €6.9 million subordinated class E notes 2008 due 2048 and €50,000 subordinated class F notes 2008 due 2048 of E-MAC Program II BV - Compartment NL 2008-IV and the €72.5 million senior class A1 notes due 2048, €160 million senior class A2 notes due 2048, €7.5 million mezzanine class B notes due 2048, €3.9 million junior class C notes due 2048 and €6.1 million subordinated class D notes due 2048 of E-MAC Program III BV Compartment NL 2008-I.

Both issuers said they lack the funds and do not expect to be able to find anyone willing to buy their mortgage receivables or provide a servicing advance loan before the put date. All the notes are putable on Jan. 25.

However noteholders should still deliver put notes.

Each of the transactions is backed by Dutch residential mortgages.

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