Fitch Affirms $587.7MM & Downgrades $44MM from 3 C-BASS 2005 Subprime Deals.

NEW YORK -- Fitch Ratings has taken rating actions on the following 3 Credit-Based Asset Servicing & Securitization (C-BASS) transactions. Affirmations total $587.7 million and downgrades total $44 million. In addition, $4.9 million was placed on Rating Watch Negative. Break Loss percentages (BL) and Loss Coverage Ratios (LCR) for each class are included with the rating actions as follows:

Series 2005-CB5

--$129.8 million class A affirmed at 'AAA' (BL: 46.12, LCR: 3.73);

--$13.1 million class M-1 affirmed at 'AA+' (BL: 39.61, LCR: 3.21);

--$12 million class M-2 affirmed at 'AA' (BL: 33.78, LCR: 2.73);

--$8.1 million class M-3 affirmed at 'AA-' (BL: 29.83, LCR: 2.41);

--$6 million class M-4 affirmed at 'A+' (BL: 26.90, LCR: 2.18);

--$6.2 million class M-5 affirmed at 'A' (BL: 23.87, LCR: 1.93);

--$5.6 million class M-6 affirmed at 'A-' (BL: 21.12, LCR: 1.71);

--$5.6 million class B-1 affirmed at 'BBB+' (BL: 18.31, LCR: 1.48);

--$3.8 million class B-2 affirmed at 'BBB+' (BL: 16.41, LCR: 1.33);

--$3.6 million class B-3 downgraded to 'BBB-' from 'BBB' (BL: 14.74, LCR: 1.19);

--$4 million class B-4 downgraded to 'BB' from 'BBB-' (BL: 11.80, LCR: 0.95);

--$4.3 million class B-5 downgraded to 'B' from 'BB+' (BL: 10.77, LCR: 0.87).

Deal Summary

--Originators: G1: First NLC Financial Services 64.18%, Wilmington Finance Inc. 16.73%

G2: NC Capital Corporation 48.92%, Wilmington Finance 27.96%, First NLC 15.07%;

--60+ day Delinquency: 16.65%;

--Realized Losses to date (% of Original Balance): 0.96%;

--Expected Remaining Losses (% of Current Balance): 12.36%;

--Cumulative Expected Losses (% of Original Balance): 7.06%.

Series 2005-CB6

--$132.3 million class A affirmed at 'AAA' (BL: 55.57, LCR: 3.45);

--$15.9 million class M-1 affirmed at 'AA+' (BL: 47.72, LCR: 2.96);

--$15.9 million class M-2 affirmed at 'AA+' (BL: 41.10, LCR: 2.55);

--$11.2 million class M-3 affirmed at 'AA+' (BL: 36.37, LCR: 2.26);

--$8.4 million class M-4 affirmed at 'AA' (BL: 32.79, LCR: 2.04);

--$8.2 million class M-5 affirmed at 'AA-' (BL: 29.32, LCR: 1.82);

--$6.9 million class M-6 affirmed at 'A+' (BL: 26.33, LCR: 1.64);

--$7.9 million class B-1 downgraded to 'A-' from 'A' (BL: 22.83, LCR: 1.42);

--$5.7 million class B-2 downgraded to 'BBB' from 'A-' (BL: 20.36, LCR: 1.26);

--$5.7 million class B-3 downgraded to 'BBB-' from 'BBB+' (BL: 17.97, LCR: 1.12);

--$7.2 million class B-4 downgraded to 'BB' from 'BBB' (BL: 15.37, LCR: 0.95);

--$5.2 million class B-5 downgraded to 'B' from 'BBB-' (BL: 13.66, LCR: 0.85).

Deal Summary

--Originators: Wilmington Finance Inc. (22.15%), First NLC (19.45%), Lime Financial Services (19.13%), Millennium Funding (15.24%);

--60+ day Delinquency: 23.17%;

--Realized Losses to date (% of Original Balance): 1.30%;

--Expected Remaining Losses (% of Current Balance): 16.10%;

--Cumulative Expected Losses (% of Original Balance): 9.08%.

Series 2005-CB7

--$114.7 million class A affirmed at 'AAA' (BL: 58.27, LCR: 4.26);

--$14.1 million class M-1 affirmed at 'AA+' (BL: 50.17, LCR: 3.66);

--$14.1 million class M-2 affirmed at 'AA+' (BL: 44.10, LCR: 3.22);

--$9.7 million class M-3 affirmed at 'AA+' (BL: 39.49, LCR: 2.88);

--$7.6 million class M-4 affirmed at 'AA' (BL: 35.89, LCR: 2.62);

--$7.6 million class M-5 affirmed at 'AA-' (BL: 32.30, LCR: 2.36);

--$6.3 million class M-6 affirmed at 'A+' (BL: 29.29, LCR: 2.14);

--$6.7 million class B-1 affirmed at 'A' (BL: 26.00, LCR: 1.90);

--$5.4 million class B-2 affirmed at 'A-' (BL: 23.39, LCR: 1.71);

--$4.9 million class B-3 affirmed at 'BBB+' (BL: 21.15, LCR: 1.54);

--$6.3 million class B-4 affirmed at 'BBB' (BL: 18.75, LCR: 1.37);

--$4.9 million class B-5 rated 'BBB-' (BL: 16.97, LCR: 1.24), placed on Rating Watch Negative.

Deal Summary

--Originators: Wilmington Finance Inc. (31.4%), First NLC (18.15%), Lime Financial Services (15.44%);

--60+ day Delinquency: 17.27%;

--Realized Losses to date (% of Original Balance): 1.29%;

--Expected Remaining Losses (% of Current Balance): 13.69%;

--Cumulative Expected Losses (% of Original Balance): 8.03%.

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 2007, 2006 and late 2005 with regard to continued poor loan performance and home price weakness. Additional details are available in the following research, also available 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.