Amendment: Fitch Lowers 5, Upgrades 18, RMBS Classes from 44 Ameriquest Issues.

NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is an amended a·mend
v. a·mend·ed, a·mend·ing, a·mends

v.tr.
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.

2. version of a press release issued Feb. 7, 2007. The rating on the series 2005-R4 class M10 has been corrected.)

Fitch fitch: see polecat. has taken rating actions on the following Ameriquest Mortgage Ameriquest was one of the United States's leading wholesale subprime lenders. Ameriquest was founded in 1979, in Orange County, California, as a bank, Long Beach Savings & Loan. Securities Inc. home equity issues:

Series 2001-A

--Class A affirmed af·firm
v. af·firmed, af·firm·ing, af·firms

v.tr.
1. To declare positively or firmly; maintain to be true.

2. To support or uphold the validity of; confirm.

v.intr. at 'AAA'.

Series 2002-A

--Class A affirmed at 'AAA'.

Series 2002-B

--Class A affirmed at 'AAA'.

Series 2002-D

--Class A affirmed at 'AAA'.

--Class M1 upgraded to 'A+' from 'A';

--Class M2 affirmed at 'BBB+'.

Series 2002-4

--Class M2 upgraded to 'AA+' from 'AA';

--Class M3 affirmed at 'BBB';

--Class M4 downgraded to 'B' from 'BB-'.

Series 2002-AR1

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A';

--Class M3 affirmed at 'BBB';

--Class M4 affirmed at 'BBB-'.

Series 2003-AR1

--Class M1 upgraded to 'AAA' from 'AA+';

--Class M2 upgraded to 'AA' from 'AA-';

--Class M3 upgraded to 'A' from 'BBB';

--Class M4 upgraded to 'BBB' from 'BBB-'.

Series 2003-AR2

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A';

--Class M3 affirmed at 'BB';

--Class M4 downgraded to 'B' from 'BB-'.

Series 2003-AR3

--Class M2 upgraded to 'AA' from 'AA-';

--Class M3 upgraded to 'AA-' from 'A+';

--Class M4 upgraded to 'A+' from 'A-';

--Class M5 upgraded to 'A' from 'BBB';

--Class M6 affirmed at 'BBB-'.

Series 2003-1

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A+';

--Class MF-3 downgraded to 'BB' from 'BBB-';

--Class MV-3 downgraded to 'BB' from 'BBB-';

--Class M4 downgraded to 'B' from 'BB'.

Series 2003-3

--Class M2 upgraded to 'AA' from 'AA-';

--Class M3 upgraded to 'A+' from 'A';

--Class M4 upgraded to 'BBB+' from 'BBB'.

Series 2003-4

--Class M2 upgraded to 'AAA' from 'AA-';

--Class M3 upgraded to 'AA-' from 'A+';

--Class M4 upgraded to 'A' from 'BBB';

--Class M5 upgraded to 'BBB+' from 'BBB-'.

Series 2003-5

--Class A affirmed at 'AAA';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'A+'.

Series 2003-6

--Class M1 upgraded to 'AAA' from 'AA+';

--Class M2 affirmed at 'AA-';

--Class M3 affirmed at 'A+';

--Class M4 affirmed at 'A'.

--Class M5 affirmed at 'BBB';

--Class M6 downgraded to 'BB-' from 'BBB-'.

Series 2003-9

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A';

--Class M3 affirmed at 'A-';

--Class M4 affirmed at 'BBB+';

--Class M5 affirmed at 'BBB'.

Series 2003-10

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A';

--Class M3 affirmed at 'A-';

--Class M4 affirmed at 'BBB+';

--Class M5 affirmed at 'BBB';

--Class M6 affirmed at 'BBB-'.

Series 2003-11

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A';

--Class M3 affirmed at 'A-';

--Class M4 affirmed at 'BBB+';

--Class M5 affirmed at 'BBB';

--Class M6 affirmed at 'BBB-'.

Series 2003-12

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A';

--Class M3 affirmed at 'A-';

--Class M4 affirmed at 'BBB+';

--Class M5 affirmed at 'BBB';

--Class M6 affirmed at 'BBB-'.

Series 2003-13

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A';

--Class M3 affirmed at 'A-';

--Class M4 affirmed at 'BBB+';

--Class M5 affirmed at 'BBB'.

Series 2004-R1

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-';

--Class M10 affirmed at 'BB+'.

Series 2004-R2

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB'.

Series 2004-R5

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'A';

--Class M3 affirmed at 'A-';

--Class M4 affirmed at 'BBB+';

--Class M5 affirmed at 'BBB';

--Class M6 affirmed at 'BBB-';

--Class M7 rated 'BB+' placed on Rating Watch Negative.

Series 2004-R6

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'A-';

--Class M2 affirmed at 'BBB+';

--Class M3 affirmed at 'BBB';

--Class M4 affirmed at 'BBB-';

--Class M5 affirmed at 'BB+'.

Series 2004-R7

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AAA';

--Class M2 affirmed at 'AA+';

--Class M3 affirmed at 'AA+;

--Class M4 affirmed at 'AA;

--Class M5 affirmed at 'AA-

--Class M6 affirmed at 'A+;

--Class M7 affirmed at 'A;

--Class M8 affirmed at 'A-'

--Class M9 affirmed at 'BBB+;

--Class M10 affirmed at 'BBB.

Series 2004-R8

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-';

--Class M10 affirmed at 'BB+'.

Series 2004-R9

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A';

--Class M5 affirmed at 'A-';

--Class M6 affirmed at 'BBB+';

--Class M7 affirmed at 'BBB';

--Class M8 affirmed at 'BBB-';

--Class M9 affirmed at 'BB+'.

Series 2004-R10

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-';

--Class M10 affirmed at 'BB+'.

Series 2004-R11

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-';

--Class M10 affirmed at 'BB+'.

Series 2004-IA1

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A';

--Class M5 affirmed at 'A-';

--Class M6 affirmed at 'BBB+';

--Class M7 affirmed at 'BBB';

--Class M8 affirmed at 'BBB-';

--Class M9 affirmed at 'BB+'.

Series 2004-FR1

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-'.

Series 2005-R1

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BB+';

--Class M10 affirmed at 'BB'.

Series 2005-R2

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB';

--Class M10 affirmed at 'BB+';

--Class M11 affirmed at 'BB'.

Series 2005-R3

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-';

--Class M10 affirmed at 'BB+'.

Series 2005-R4

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA+';

--Class M3 affirmed at 'AA';

--Class M4 affirmed at 'AA-';

--Class M5 affirmed at 'A+';

--Class M6 affirmed at 'A';

--Class M7 affirmed at 'A';

--Class M8 affirmed at 'A-';

--Class M9 affirmed at 'BBB';

--Class M10 affirmed at 'BBB-';

--Class M11 affirmed at 'BB+'.

Series 2005-R5

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA+';

--Class M3 affirmed at 'AA';

--Class M4 affirmed at 'AA-';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB';

--Class M10 affirmed at 'BB+';

--Class M11 affirmed at 'BB'.

Series 2005-R6

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-';

--Class M10 affirmed at 'BB+';

--Class M11 affirmed at 'BB'.

Series 2005-R7

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA+';

--Class M3 affirmed at 'AA';

--Class M4 affirmed at 'AA-';

--Class M5 affirmed at 'A+';

--Class M6 affirmed at 'A';

--Class M7 affirmed at 'A-';

--Class M8 affirmed at 'BBB+';

--Class M9 affirmed at 'BBB';

--Class M10 affirmed at 'BBB';

--Class M11 affirmed at 'BBB-';

--Class M12 affirmed at 'BB+'.

Series 2005-R8

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA+';

--Class M3 affirmed at 'AA';

--Class M4 affirmed at 'AA-';

--Class M5 affirmed at 'A+';

--Class M6 affirmed at 'A';

--Class M7 affirmed at 'A-';

--Class M8 affirmed at 'BBB+';

--Class M9 affirmed at 'BBB+';

--Class M10 affirmed at 'BBB';

--Class M11 affirmed at 'BB+';

--Class M12 affirmed at 'BB'.

Series 2005-R9

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-';

--Class M10 affirmed at 'BB+';

--Class M11 affirmed at 'BB'.

Series 2006-R1

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB';

--Class M10 affirmed at 'BBB-';

--Class M11 affirmed at 'BB'.

Series 2006-R2

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'AA-';

--Class M4 affirmed at 'A+';

--Class M5 affirmed at 'A';

--Class M6 affirmed at 'A-';

--Class M7 affirmed at 'BBB+';

--Class M8 affirmed at 'BBB';

--Class M9 affirmed at 'BBB-';

--Class M10 affirmed at 'BB+';

--Class M11 affirmed at 'BB'.

The affirmations, affecting approximately ap·prox·i·mate
adj.
1. Almost exact or correct: the approximate time of the accident.

2. $19.49 billion of the outstanding balances, are taken due to a satisfactory relationship of credit enhancement Credit Enhancement

A method whereby a company attempts to improve its debt or credit worthiness.

Notes:
Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing to expected losses. The upgrades, affecting approximately $395.32 million of the outstanding balances, are taken due to improved credit enhancement in relation to expected losses. The downgrades, affecting approximately $64.19 million of the outstanding balances, are taken due to a deteriorating de·te·ri·o·rate
v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates

v.tr.
To diminish or impair in quality, character, or value: relationship between expected losses and credit enhancement.

The upgrades are taken due to an improvement in the relationship between credit enhancement and expected losses. The transactions that contain upgraded classes (Series 2002-D, 2002-4, 2003-AR1, 2003-AR3, 2003-3, 2003-4, 2003-6) are structured with a fixed 60+ delinquency delinquency

Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. trigger (1) A mechanism that initiates an action when an event occurs such as reaching a certain time or date or upon receiving some type of input. A trigger generally causes a program routine to be executed. of either 16% or 16.5%. All of these deals are currently failing the delinquency trigger and are expected to continue to fail, which will generally allow credit enhancement to continue to grow relative to the remaining pool balance.

In AMSI AMSI Australian Mathematical Sciences Institute
AMSI Ambient Surround Imaging
AMSI Atlantic Merchant Shipping Instructions
AMSI Ameritech Message Signal Interface series 2002-4, class M4, monthly losses have exceeded the available excess spread in recent months, which has caused deterioration de·te·ri·o·ra·tion
n.
The process or condition of becoming worse. in the overcollateralization Overcollateralization

The posting of more collateral than is needed to obtain financing.

Notes:
This is often done in order to get a better debt rating from a credit rating agency.
See also: Collateral, Overcapitalization (OC) amount. As of the January January: see month. 2007 distribution, the OC amount of $5.2 million (4.75%) is below the target amount of $9.75 million (8.9%). As of the cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date, the collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although for series 2002-4 had a weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio
OLTV on Line Television ) of 79.3%, and virtually all of the loans from the trust were for the purpose of refinance Refinance

1. When a business or person revises their payment schedule for repaying debt.

2. Replacing an older loan with a new loan offering better terms.

Notes:
When a business refinances they typically extend the maturity date. . The balance of collateral in states which have averaged annual home price appreciation below the national average has increased from 32% of current balance at origination Origination

The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property.

Notes:
Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real to 60% of current balance in December December: see month. 2006.

In AMSI series 2003-1, classes M3 and M4 (approximately $21.5 million outstanding in aggregate), monthly losses have exceeded the available excess spread in recent months, which has caused deterioration in the OC amount. As of the January 2007 distribution, the OC amount of $4.4 million (2.45%) is below the target amount of $8.5 million (4.76%). As of the cut-off date, the collateral for series 2003-1 had an OLTV of 79.81%, and virtually all of the loans from the trust were for the purpose of refinance. The balance of collateral in states which have averaged annual home price appreciation below the national average has increased from 36% of current balance at origination to 63% of current balance in December, 2006.

In AMSI series 2003-6, class M4, monthly losses have exceeded excess spread in recent months, which has caused deterioration in the OC amount. As of the January 2007 distribution, the OC amount of $2.9 million (3.16%) is below the target amount of $5 million (5.51%). As of the cut-off date, the collateral for series 2003-6 had an OLTV of 78.93%, and virtually all of the loans from the trust were for the purpose of refinance. The balance of collateral in states which have averaged annual home price appreciation below the national average has increased from 35% of current balance at origination to 58% of current balance in December 2006.

In AMSI series 2003-AR2, class M4 (approximately $21.5 million outstanding in aggregate), monthly losses have exceeded excess spread in recent months, which has caused deterioration in the OC amount. As of the January 2007 distribution, the OC amount of $6.5 million (2.6%) is below the target amount of $8.9 million (3.58%). As of the cut-off date, the collateral for series 2003-AR2 had an OLTV of 82.41%, and virtually all of the loans from the trust were for the purpose of refinance. The balance of collateral in states which have averaged annual home price appreciation below the national average has increased from 26% of current balance at origination to 48% of current balance in December 2006.

In AMSI series 2004-R5, class M7 is placed on Rating Watch Negative due to deterioration in the relationship between credit enhancement and expected losses. Monthly losses have exceeded excess spread in recent months, which has caused deterioration in the OC amount. As of the January 2007 distribution, the OC amount of $14.4 million (5.97%) is below the target amount of $15 million (6.21%). Fitch expects the performance triggers to pass at the stepdown date of July July: see month. 2007 and the OC target amount to continue to decrease, preventing CE as a percentage of the current pool balances to build for the most subordinate class.

For all 44 transactions, the underlying collateral consists of fully amortizing 15- to 30-year fixed- and adjustable-rate mortgages Adjustable-rate mortgage (ARM)

A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or secured by first liens extended to subprime borrowers. As of the December distribution date, the transactions listed above are seasoned from 9 months (2006-R2) to 60 months (2001-A). The pool factors (current principal balance as a percentage of original) range approximately from 5% (2002-AR1) to 80% (2006-R2).

The Ameriquest Securities (AMSI) loans, the retail sector for Ameriquest Mortgage Securities Inc., were either originated or acquired by Ameriquest Mortgage Company. Ameriquest Mortgage Company acts as the servicer for the loans and is rated 'RPS2+' by Fitch.

Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings Fitch Ratings

An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used.

In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria criteria (krītēr´ē

),
n. and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality Restrictions on the accessibility and dissemination of information. Confidentiality is one of the six fundamental components of information security (see Parkerian Hexad). , conflicts of interest, affiliate Affiliate

Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site.

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Publication:	Business Wire
Date:	Feb 8, 2007
Words:	2698
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