Correction: Fitch Rates SAMI $289.0MM Mortgage P-T Ctfs Series 2004-1.

NEW YORK -- (This is an amended version of a press release issued July 30, 2004, containing revised rating information on the classes being rated and the issuance amount.)

Structured Asset Mortgage Investments II Inc. (SAMI) Prime Mortgage Trust, mortgage pass-through certificates, series 2004-1 is rated by Fitch Ratings as follows:

--$289,048,997 classes I-A-1 through I-A-8, I-PO, II-A-1 through II-A-3, II-PO, II-X-1 and R-I through R-III (senior certificates) 'AAA'.

The 'AAA' rating on the senior certificates reflects the 1.80% subordination provided by the class B certificates which are not rated by Fitch. 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, strength of the legal and financial structures and the servicing capabilities of EMC Mortgage Corporation, rated 'RPS1' by Fitch. Wells Fargo Bank, National Association, rated 'RMS1' by Fitch, will act as master servicer.

The certificates represent in the aggregate the entire beneficial ownership interest in the trust. Loan group I consists of 30-year fixed-rate mortgage loans totaling $136,404,967, as of the cut-off date (July 1, 2004), secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates an approximate weighted-average loan-to-value ratio (OLTV) of 67.14%. The weighted average FICO credit score is approximately 758. Cash-out refinance loans represent 22.46% of the mortgage pool and second homes 2.34%. The average loan balance is $460,828. The three states that represent the largest portion of mortgage loans are California (28.90%), Virginia (14.15%) and Maryland (12.64%).

Loan group II consists of 15-year fixed-rate mortgage loans totaling $157,942,780, as of the cut-off date, secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates an approximate weighted-average OLTV of 57.73%. The weighted average FICO credit score is approximately 741. Cash-out refinance loans represent 23.48% of the mortgage pool and second homes 4.34%. The average loan balance is $470,068. The three states that represent the largest portion of mortgage loans are Maryland (16.75%), California (15.08%) and Texas (13.78%).

Approximately 66.31% and 83.61% of the group I mortgage loans and group II mortgage loans and, approximately 75.59% of the mortgage loans in the aggregate, were originated by National City Mortgage Company.

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 at 'www.fitchratings.com'.

SAMI deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, an election will be made to treat the trust as three separate real estate mortgage investment conduits (REMICs). U.S. Bank National Association will act as trustee.