C-Bass $167.0MM Mtge Ln A-B Ctfs Ser 2000-CB3 Rtd By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 15, 2000

C-Bass mortgage loan asset- backed certificates, series 2000-CB3, $139.2 million classes A-1F, A-2F and A-1A, (`senior certificates') are rated 'AAA' by Fitch. In addition, the $10.1 million class M-1 certificates are rated 'AA', the $8.8 million class M-2 certificates are rated 'A', and the $8.8 million class B certificates are rated 'BBB' (`junior certificates').

The rating on the senior certificates reflects the 21.00% subordination provided by the 5.75% class M-1, the 5.00% class M-2, the 5.00% class B, initial overcollateralization (OC) of 5.25% and monthly excess interest. In addition, the ratings on the certificates reflect the quality of the underlying collateral, the capabilities of Litton Loan Servicing LP as servicer, and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.

The mortgage loans will be divided into two loan groups, loan group 1 and loan group 2. Loan group 1 is further divided into two sub-groups, sub-group 1A and 1B. Sub-group 1A will consist of FHA insured and VA guaranteed fixed-rate mortgage loans; sub-group 1B will consist of conventional fixed-rate mortgage loans. Sub-group 2 will consist of conventional adjustable-rate mortgage loans. Loan group 1 will have a weighted average CLTV (combined loan-to-value) of approximately 85.8%, an average balance of $82,519 and a weighted average loan rate of 9.5%. Additionally, the loans are primarily located in New York (21.0%), Texas (12.0%), and California (11.9%). Loan group 2 will have a weighted average CLTV (combined loan-to-value) of approximately 80.3%, an average balance of $114,379 and a weighted average loan rate of 10.3%. Additionally, the loans are primarily located in California (25.5%), Florida (8.0%), and Washington (6.8%).

Distributions of principal and interest will be made on the 25th day of each month commencing on Sept. 25th. Principal and interest distributions will be made first to the holders of the senior certificates and will then be distributed sequentially among the junior certificates. Principal will not be distributed to the junior certificates until the required step down date has been reached and certain performance tests have been met.

Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.