Chase Funding Loan Acquisition Trust, Series 2003-C2 Rated by Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 19, 2003

Chase Funding Loan Acquisition Trust's $280.5 million mortgage loan asset-backed certificates, series 2003-C2 classes IA, IA-X, IA-P, IIA, IIA-X, IIA-P and R (senior certificates) are rated 'AAA' by Fitch. The class B-1 certificates ($6.0 million) are rated 'AA', the class B-2 certificates ($4.5 million) are rated 'A', the class B-3 certificates ($3.9 million) are rated 'BBB', the privately offered class B-4 certificates ($2.1 million) are rated 'BB', and the privately offered class B-5 ($0.45 million) are rated 'B'. The privately offered class B-6 certificates ($2.6 million) are not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 6.50% subordination provided by the 2.00% class B-1, the 1.50% class B-2, the 1.30% class B-3, the 0.70% privately offered class B-4, the 0.15% privately offered class B-5 and the 0.85% privately offered class B-6 certificate. Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, the strength of the legal and financial structures, and the capabilities of Chase Manhattan Mortgage Corporation as servicer, which is rated 'RPS1-' by Fitch Ratings.

The trust consists of two cross-collateralized groups of approximately 2,223 conventional, 15- and 30-year fixed rate, sub-prime mortgage loans secured by first liens on real properties with an aggregate principal balance of $300,000,333 as of the cut-off date, December 1, 2003. The average outstanding principal balance of the aggregate pool as of the cut-off date is $134,953. The weighted average original loan-to-value ratio (OLTV) is 71.54%.

Group I consists of up to 15-year fixed rate mortgage loans with an aggregate principal balance of $98,309,998 as of the cut-off date. The weighted average OLTV is 68.01%, the average outstanding principal balance is $117,315, the weighted average coupon is 5.13%, the weighted average remaining term is 171 months, and the weighted average FICO score is 730. 83.55% of the Group I mortgage loans have prepayment penalties. The loans are geographically concentrated in CA (22.10%), NY (7.30%), and FL (6.40%).

Group II consists of up to 30-year fixed rate mortgage loans with an aggregate principal balance of $201,690,335 as of the cut-off date. The weighted average OLTV is 73.27%, the average outstanding principal balance is $145,625, the weighted average coupon is 5.72%, the weighted average remaining term is 339 months, and the weighted average FICO score is 721. 84.88% of the Group II mortgage loans have prepayment penalties. The loans are geographically concentrated in CA (29.60%), MN (6.20%), and NY (5.90%).

None of the mortgage loans are 'High Cost Loans' as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings web site at 'www.fitchratings.com'.

Wachovia Bank, N.A. will serve as trustee. Chase Funding, Inc. will deposit the mortgage loans in the trust fund. The depositor is a New York corporation and a wholly owned, indirect subsidiary of JPMorgan Chase Bank, one of the underwriters.