Correction: Fitch Takes Rtg Action On Various ContiMortgage Corporation Issues.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 10, 2003

(This is an amended version of a press release issued Tuesday Jan. 7, containing revised information on series 1997-2, Group 2, series 1997-3, Group 2 and series 1997-5.)

Fitch Ratings has performed a review of multiple ContiMortgage Transactions. Based on the review, the following rating actions have been taken:

Conti 1997-1:

-- Classes A-8 and A-9 affirmed at 'AAA'.

-- Class M-1 affirmed at 'AA'.

Conti 1997-2 Group 1:

-- Classes A-8 and A-9 affirmed at 'AAA'.

-- Class M-1F affirmed at 'AA+'.

Conti 1997-2 Group 2:

-- Class M-1A Affirmed at 'AA+'.

-- Class M-2A Affirmed at 'A+'.

-- Class B-1A downgraded to 'D' from 'CCC'.

Conti 1997-3 Group 1:

-- Classes A-7 to A-9 affirmed at 'AAA'.

-- Class M-1F affirmed at 'AA'.

Conti 1997-3 Group 2:

-- Class A-10 affirmed at 'AAA'.

-- Class M-1A affirmed at 'AA'.

-- Class M-2A affirmed at 'A'.

-- Class B-1A affirmed at 'BBB-' and removed from Rating Watch Negative.

Conti 1997-4:

-- Classes A-6, A-7 and A-9 affirmed at 'AAA'.

Conti 1997-5:

-- Classes A-5, A-6, A-8 and A-10 affirmed at 'AAA'.

-- Class B downgraded from 'BBB' to 'BBB-' and removed from Rating Watch Negative.

Conti 1998-1 Pool 1 & 2:

-- Classes A-6 to A-9 affirmed at 'AAA'.

-- Class B affirmed at 'BBB' and removed from Rating Watch Negative.

Conti 1998-2:

-- Classes A-5 to A-9 affirmed at 'AAA'.

-- Class B affirmed at 'BBB'.

Conti 1998-3 Pool 1:

-- Classes A-5 to A-8 affirmed at 'AAA'.

-- Class B-1 downgraded from 'BBB' to 'BBB-'.

Conti 1998-3 Pool 2:

-- Classes A-9, A-10, A-15 to A-20 affirmed at 'AAA'.

-- Class B-II affirmed at 'BBB'.

Conti 1998-4:

-- Class A affirmed at 'AAA'.

-- Class B affirmed at 'BBB'.

Conti 1999-1:

-- Classes A-3 to A-8 affirmed at 'AAA'.

-- Class B downgraded from 'BBB' to 'BB'.

Conti 1999-3:

-- Class B downgraded from 'BBB' to 'BB'.

ContiFinancial, the parent of ContiMortgage Corp., filed for Chapter 11 bankruptcy in May 2000. In August 2001, ContiMortgage's 180,000 loan servicing platform was acquired by Fairbanks Capital Corp. (Fairbanks). Fitch rates Fairbanks 'RPS1' and 'RSS1', the highest subprime servicer and special servicer ratings.

The negative rating actions are taken due to the level of losses incurred and the high delinquencies in relation to the applicable credit support levels as of the December, 2002 distribution. For specific delinquency and loss information, please visit the Fitch Ratings web site at 'www.fitchratings.com'.