Fitch Affirms $304.9MM & Downgrades $178.8MM from 5 MLMI Second Lien Deals.

NEW YORK -- Fitch Ratings has taken the following rating actions on Merrill Lynch Mortgage Investors (MLMI) mortgage pass-through certificates. Affirmations total $304.9 million and downgrades total $178.8 million. Break Loss percentages (BL) and Loss Coverage Ratios (LCR) for each class, rated B or higher, are included with the rating actions as follows:

Merrill Lynch Mortgage Investors 2005-NCA

--$11.3 million class M-2 affirmed at 'A+' (BL: 77.51, LCR: 2.84);

--$10 million class B-1 affirmed at 'A-' (BL: 55.33, LCR: 2.03);

--$4 million class B-2 affirmed at 'BBB+' (BL: 45.63, LCR: 1.67);

--$4.2 million class B-3 downgraded to 'BBB-' from 'BBB' (BL: 35.10, LCR: 1.29);

--$4.8 million class B-4 downgraded to 'B+' from 'BBB-' (BL: 23.29, LCR: 0.85);

--$4.7 million class B-5 downgraded to 'C/DR6' from 'BB+'.

Deal Summary

--Originators: 100% New Century

--60+ day Delinquency: 15.55%;

--Realized Losses to date (% of Original Balance): 5.30%;

--Expected Remaining Losses (% of Current Balance): 27.25%;

--Cumulative Expected Losses (% of Original Balance): 10.04%.

Merrill Lynch Mortgage Investors 2005-NCB

--$21.6 million class A-1B affirmed at 'AAA' (BL: 86.69, LCR: 2.9);

--$21.8 million class M-1 affirmed at 'AA' (BL: 65.09, LCR: 2.18);

--$18.4 million class M-2 affirmed at 'A' (BL: 46.33, LCR: 1.55);

--$10.6 million class B-1 downgraded to 'BBB-' from 'BBB+' (BL: 35.17, LCR: 1.18);

--$4.5 million class B-2 downgraded to 'BB' from 'BBB' (BL: 30.38, LCR: 1.02);

--$4.2 million class B-3 downgraded to 'B+' from 'BBB-' (BL: 26.17, LCR: 0.88);

--$4.3 million class B-4 downgraded to 'B' from 'BB+' (BL: 22.29, LCR: 0.75);

--$4.2 million class B-5 downgraded to 'C/DR5' from 'BB'.

Deal Summary

--Originators: 100% New Century

--60+ day Delinquency: 12.75%;

--Realized Losses to date (% of Original Balance): 4.85%;

--Expected Remaining Losses (% of Current Balance): 29.89%;

--Cumulative Expected Losses (% of Original Balance): 17.22%.

Merrill Lynch Mortgage Investors 2005-SL1

--$20.6 million class M-3 affirmed at 'AA-' (BL: 84.22, LCR: 3.64);

--$14.2 million class B-1 affirmed at 'A+' (BL: 70.33, LCR: 3.04);

--$11.6 million class B-2 affirmed at 'A' (BL: 58.18, LCR: 2.52);

--$15.6 million class B-3 affirmed at 'A-' (BL: 41.80, LCR: 1.81);

--$12.8 million class B-4 downgraded to 'BBB-' from 'BBB' (BL: 28.00, LCR: 1.21);

--$25.1 million class B-5 downgraded to 'C/DR4' from 'B+'.

Deal Summary

--Originators: 16.89% Freemont, 15.29% MILA, 13.38% Decision One;

--60+ day Delinquency: 14.14%;

--Realized Losses to date (% of Original Balance): 7.39%;

--Expected Remaining Losses (% of Current Balance): 23.13%;

--Cumulative Expected Losses (% of Original Balance): 11.46%.

Merrill Lynch Mortgage Investors 2005-SL2

--$11.9 million class M-1 affirmed at 'AA+' (BL: 93.76, LCR: 3.26);

--$39 million class M-2 affirmed at 'A+' (BL: 63.02, LCR: 2.19);

--$23.6 million class B-1 downgraded to 'BBB' from 'A-' (BL: 42.51, LCR: 1.48);

--$9.4 million class B-2 downgraded to 'BBB-' from 'BBB+' (BL: 33.74, LCR: 1.17);

--$9.2 million class B-3 downgraded to 'BB-' from 'BBB' (BL: 25.48, LCR: 0.89);

--$8.5 million class B-4 downgraded to 'C/DR6' from 'BBB-';

--$8.5 million class B-5 downgraded to 'C/DR6' from 'B+'.

Deal Summary

--Originators: Various originators

--60+ day Delinquency: 17.6%;

--Realized Losses to date (% of Original Balance): 7.34%;

--Expected Remaining Losses (% of Current Balance): 28.75%;

--Cumulative Expected Losses (% of Original Balance): 14.30%.

Merrill Lynch Mortgage Investors 2005-SL3

--$46.6 million class A-1, A-2A, A-2B, R affirmed at 'AAA' (BL: 77.28, LCR: 2.92);

--$31.7 million class M-1 affirmed at 'AA' (BL: 56.68, LCR: 2.14);

--$25.9 million class M-2 affirmed at 'A' (BL: 39.69, LCR: 1.5);

--$15.2 million class B-1 downgraded to 'BBB-' from 'BBB+' (BL: 29.42, LCR: 1.11);

--$6.3 million class B-2 downgraded to 'BB' from 'BBB' (BL: 25.03, LCR: 0.95);

--$6.2 million class B-3 downgraded to 'B' from 'BBB-' (BL: 20.87, LCR: 0.79);

--$6 million class B-4 downgraded to 'C/DR5' from 'BB+';

--$5.6 million class B-5 downgraded to 'C/DR5' from 'B+'.

Deal Summary

--Originators: 28.28% Option One Mortgage Corporation, 18.20% Accredited, 16.33% Acoustic

--60+ day Delinquency: 10.18%;

--Realized Losses to date (% of Original Balance): 6.09%;

--Expected Remaining Losses (% of Current Balance): 26.46%;

--Cumulative Expected Losses (% of Original Balance): 17.18%.

In addition, all of the above classes are removed from Rating Watch Negative.

The rating actions are based on changes that Fitch has made to its subprime loss forecasting assumptions. The updated assumptions better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness. Minimum LCR's specifically for subprime second lien transactions are as follows: 'AAA': 2.00; 'AA': 1.75; 'A': 1.50; 'BBB': 1.20; 'BB' 0.95; 'B': 0.75. Additional details are available in the following research, available on the Fitch Ratings web site at www.fitchratings.com:

--'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug. 8, 2007);

--'U.S. Subprime RMBS/HEL Upgrade/Downgrade Criteria' (June 12 ,2007).

All of Fitch's ratings criteria for US subprime RMBS available at www.fitchratings.com/subprime. For a list of deals currently under analysis please visit www.fitchratings.com/smartview.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.