C-BASS Mtge Loan A-B Ctfs Series 2002-CB2 Rated by Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 7, 2002

C-Bass Mortgage Loan Asset-Backed Certificates, series 2002-CB2, $233.6 million classes A-1, A-2, and A-IO (senior certificates) are rated 'AAA' by Fitch Ratings. In addition, Fitch rates $11.5 million class M-1 'AA', $10.8 million class M-2 'A', $8.8 million class B-1 'BBB' and $4.1 million class B-2 'BB+', collectively the subordinate certificates.

The 'AAA' rating on the senior certificates reflects the 13.50% credit enhancement provided by the 4.25% class M-1, the 4% class M-2, the 3.25% class B-1, the 1.50% class B-2 and an initial overcollateralization of 0.50%. All certificates have the benefit of excess interest, which is approximately 2.81% annually. In addition, the ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of Litton Loan Servicing LP, which is rated an 'RPS1' by Fitch, as servicer.

The class A-1 and A-2 certificates generally represent beneficial ownership interests in the Group I and Group II mortgage loans, respectively. The class M-1, class M-2, class B-1 and class B-2 certificates represent beneficial ownership interests in all of the mortgage loans. The mortgage loans were originated or acquired by various mortgage loans originators. Approximately 41.39%, 15.30% and 5.82% of the mortgage loans were originated or acquired by New Century Mortgage Corporation, Accredited Home Lenders, Inc., and Fremont Investment and Loan, respectively.

The Group I mortgage loans consist of a pool of conforming balance loans that total $194,563,310. The loans consist of FHA and VA mortgage loans, fixed-rate mortgage loans not covered by any FHA insurance or VA guaranty, and adjustable-rate mortgages. The weighted average combined loan-to-value ratio (CLTV) is 76.32%, the average outstanding principal balance is $98,264, the weighted average coupon (WAC) is 9.02% and the weighted average remaining term (WAM) is 324 months. 100% of the loans are performing loans. The loans are geographically concentrated in California (30.87%), Texas (7.16%) and Florida (6.82%).

The Group II mortgage loans consist of a pool of non-conforming balance loans that total $75,502,924. The loans consist of FHA and VA mortgage loans, fixed-rate mortgage loans not covered by any FHA insurance or VA guaranty, and adjustable-rate mortgages. The weighted average CLTV is 75.49%, the average outstanding principal balance is $152,839, the WAC is 8.70% and the WAM is 328 months. Approximately 66.86%, 21.82% and 11.32% of the loans are performing, re-performing and sub-performing loans, respectively. The loans are geographically concentrated in California (48.96%), Illinois (4.77%) and New York (4.33%).

Financial Asset Securities Corporation, a special purpose corporation, deposited the loans in the trust, which issued the certificates. For federal income tax purposes, an election will be made to treat the trust fund as multiple real estate mortgage investment conduits (REMICs).

U.S. Bank National Association will act as Trustee. Interest and principal payments will be distributed on the 25th day of each month commencing in May 2002. Interest will be paid to the class A certificates, followed by interest to the classes M-1, M-2, B-1 and B-2 certificates. Unless paid down to zero, principal will be paid exclusively to the class A certificates until the step-down date has been reached. After the step-down date, and provided that a trigger event has not occurred, principal payments may also be distributed to the subordinate certificates as long as the amount of principal allocated to any subordinate class does not cause that class to fall below a certain percentage.