Fitch Affirms $555.8MM & Downgrades $235.9MM From 8 Aegis Subprime Transactions.

NEW YORK -- Fitch Ratings has taken the following rating actions on the eight Aegis Mortgage Corporation transactions listed below. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed. Affirmations total $555.8 million and downgrades total $235.9 million.

Aegis 2003-1

--$13.5 million class M1 affirmed at 'BBB-';

--$1.8 million class M2 affirmed at 'B-/DR1';

--$800,000 class B1 revised to 'C/DR6' from C/DR5'.

Deal Summary

--Originators: Aegis Mortgage Corporation

--60+ day Delinquency: 31.04%

--Realized Losses to date (% of Original Balance): 3.32%

Aegis 2003-2

--$4 million class M1 affirmed at 'AA+';

--$20.3 million class M2 downgraded to 'BB+' from 'A-';

--$6.9 million class B downgraded to 'C/DR4' from 'CCC/DR2'.

Deal Summary

--Originators: Aegis Mortgage Corporation

--60+ day Delinquency: 29.67%

--Realized Losses to date (% of Original Balance): 4.33%

Aegis 2003-3

--$4 million class M1 affirmed at 'AA';

--$22.7 million class M2 downgraded to 'BBB+' from 'A';

--$7.3 million class M3 downgraded to 'B' from 'BBB';

--$4 million class B downgraded to 'C/DR5' from 'B'.

Deal Summary

--Originators: Aegis Mortgage Corporation

--60+ day Delinquency: 23.73%

--Realized Losses to date (% of Original Balance): 4.19%

Aegis 2004-1

--$24.7 million class M1 affirmed at 'AA';

--$28.8 million class M2 downgraded to 'BBB-' from 'A';

--$4.2 million class M3 downgraded to 'B' from 'A-';

--$3.5 million class B1 downgraded to 'B-/DR2' from 'BB';

--$2.8 million class B2 downgraded to 'CC/DR4' from 'B';

--$1.9 million class B3 revised to 'C/DR6' from C/DR5'.

Deal Summary

--Originators: Aegis Mortgage Corporation

--60+ day Delinquency: 21.87%

--Realized Losses to date (% of Original Balance): 3.65%

Aegis 2004-2

--$3.4 million class A1 affirmed at 'AAA';

--$5.3 million class A3 affirmed at 'AAA';

--$3.9 million class A5 affirmed at 'AAA';

--$52 million class M1 affirmed at 'AA';

--$44 million class M2 downgraded to 'BBB+' from 'A';

--$13.8 million class M3 downgraded to 'BB' from 'A-';

--$5.3 million class B1 downgraded to 'B' from 'BBB-';

--$7.1 million class B2 downgraded to 'CCC/DR2' from 'BB-';

--$5.6 million class B3 revised to 'C/DR5' from C/DR4'.

Deal Summary

--Originators: Aegis Mortgage Corporation

--60+ day Delinquency: 29.66%

--Realized Losses to date (% of Original Balance): 3.05%

Aegis 2004-3

--$22.8 million class A1 affirmed at 'AAA';

--$22.8 million class A2-B affirmed at 'AAA';

--$51.4 million class M1 affirmed at 'AA';

--$43.9 million class M2 affirmed at 'A';

--$7.1 million class M3 downgraded to 'BB' from 'BBB';

--$5.2 million class B1 downgraded to 'B' from 'BB';

--$5.1 million class B2 downgraded to 'CCC/DR2' from 'B';

--$3.9 million class B3 downgraded to 'C/DR5' from 'B-'.

Deal Summary

--Originators: Aegis Mortgage Corporation

--60+ day Delinquency: 19.93%

--Realized Losses to date (% of Original Balance): 3.88%

Aegis 2004-4

--$53.5 million class A1 affirmed at 'AAA';

--$33.3 million class A2B affirmed at 'AAA';

--$50.3 million class M1 affirmed at 'AA';

--$39.5 million class M2 affirmed at 'A';

--$5.6 million class M3 affirmed at 'A-';

--$4.2 million class B1 affirmed at 'BBB+';

--$4.6 million class B2 affirmed at 'BBB';

--$4.9 million class B3 downgraded to 'BB' from 'BBB-'.

Deal Summary

--Originators: Aegis Mortgage Corporation

--60+ day Delinquency: 15.41%

--Realized Losses to date (% of Original Balance): 2.89%

Aegis 2004-5

--$1.4 million class IA3 affirmed at 'AAA';

--$10.5 million class IIA affirmed at 'AAA';

--$54 million class M1 affirmed at 'AA';

--$44.6 million class M2 affirmed at 'A-';

--$11.9 million class M3 downgraded to 'BB' from 'BBB';

--$11.1 million class B1 downgraded to 'B' from 'BB+';

--$8.9 million class B2 downgraded to 'B' from 'BB';

--$7.1 million class B3 downgraded to 'CCC/DR1' from 'B'.

Deal Summary

--Originators: Aegis Mortgage Corporation

--60+ day Delinquency: 39.21%

--Realized Losses to date (% of Original Balance): 3.58%

Additional details are available in the following research, available at www.fitchratings.com:

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

Further information regarding current delinquency, loss, and credit enhancement statistics is also available at www.fitchratings.com.

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.