Chase Funding Mortgage Loan Certificates Series 2004-2 Rated by Fitch.

NEW YORK -- Chase Funding Mortgage loan asset-backed certificates, series 2004-2, are rated by Fitch as follows:

-- $415.13 million group I class A (senior certificates) 'AAA';

-- $11.25 million group I class IM-1 'AA';

-- $11.25 million group I class IM-2 'A';

-- $12.38 million group I class IB 'BBB' (collectively the subordinate certificates).

Chase Funding mortgage loan asset-backed certificates, series 2004-1:

-- $267.75 million group II class A (senior certificates) 'AAA';

-- $13.50 million group II class IIM-1 'AA';

-- $11.25 million group 2 class IIM-2 'A';

-- $7.50 million group II class IIB 'BBB' (collectively the subordinate certificates).

The 'AAA' rating on the group I senior certificates reflects the 10.60% initial credit enhancement provided by the 2.50% class IM-1, the 2.50% class IM-2, and the 2.75% class IB, and target overcollateralization (OC). The group I initial OC is 0.00% with a target OC of 2.85%. The 'AAA' rating on the group II senior certificates reflects the 12.00% initial credit enhancement provided by the 4.50% class IIM-1, the 3.75% class IIM-2, and the 2.50% class IIB, and target OC. The group II initial OC is 0.00% with a target OC of 1.25%. All certificates have the benefit of excess interest. In addition, the ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of Chase Manhattan Mortgage Corporation as servicer, which is rated 'RPS1' by Fitch.

The collateral pool consists of fixed- and adjustable-rate collateral totaling $750 million as of the cut-off date.

Group I consists of fixed-rate mortgage loans totaling $450 million as of the cut-off date. The weighted average OLTV is 71.65%, the average outstanding principal balance is $144,000, the weighted average coupon is 6.77%, and the weighted average remaining term is 307 months. Fixed loans of 84.6% have prepayment penalties. The loans are geographically concentrated in California (24.00%), New York (14.40%), and Florida (14.40%).

Group II consists of adjustable-rate mortgage loans totaling $300 million as of the cut-off date. The weighted average OLTV is 77.20%, the average outstanding principal balance is $160,428, the weighted average coupon is 6.51%, and the weighted average remaining term is 355 months. Adjustable rate loans of 60.2% have prepayment penalties. The loans are geographically concentrated in California (21.60%), New Jersey (11.40%), and Florida (9.70%).

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.