Fitch Affirms $683.2MM & Downgrades $106.3MM from 10 ABFC Subprime Transactions.

NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings

An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has taken the following rating actions on 10 Asset Backed Funding Corporation (ABFC ABFC Alaska Boreal Forest Council
ABFC Advanced Base Functional Component
ABFC Aviation Boatswain's Mate Fuels, Chief Petty Officer (US Navy Rating)
ABFC The Addison Brodrick Fan Club ) mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size . Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are now removed. Affirmations total $683.2 million and downgrades total $106.3 million.

ABFC 2003-AHL1 Total

--$11.5 million class AI affirmed af·firm
v. af·firmed, af·firm·ing, af·firms

v.tr.
1. To declare positively or firmly; maintain to be true.

2. To support or uphold the validity of; confirm.

v.intr. at 'AAA';

--$19.9 million class M-1 affirmed at 'AAA';

--$4.3 million class M-2 affirmed at 'AA';

--$2.3 million class M-3 affirmed at 'A+';

--$0.8 million class M-4 affirmed at 'A';

--$1.2 million class M-5 affirmed at 'BBB+'.

Deal Summary

--Originators: Accredited accredited

recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria.

accredited herds
cattle herds which have achieved a low level of reactors to, e.g. Home Lenders, Inc. 100%

--60+ day Delinquency delinquency

Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. : 15.34%

--Realized Losses to date (% of Original Balance): 1.34%

ABFC 2003-OPT1 Total

--$15.1 million class A-1 affirmed at 'AAA';

--$0.8 million class A-1A affirmed at 'AAA';

--$14.2 million class A-3 affirmed at 'AAA';

--$32.1 million class M-1 affirmed at 'AA+';

--$5.7 million class M-2 downgraded to 'A-' from 'A+';

--$1.5 million class M-3 downgraded to 'BBB+' from 'A';

--$1.5 million class M-4 downgraded to 'BBB-' from 'A-';

--$1.4 million class M-5 downgraded to 'BB' from 'BB+';

--$0.8 million class M-6 affirmed at 'B'.

Deal Summary

--Originators: Option One Mortgage Corporation 100%

--60+ day Delinquency: 16.98%

--Realized Losses to date (% of Original Balance): 0.98%

ABFC 2003-WF1

--$19.9 million class A-2 affirmed at 'AAA';

--$4.7 million class M-1 affirmed at 'AA';

--$2.4 million class M-2 affirmed at 'A+';

--$2.1 million class M-3 affirmed at 'BB';

--$0.1 million class M-4 affirmed at 'BB-'.

Deal Summary

--Originators: Wells Fargo Wells Fargo

armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147]

See : Protectiveness

Wells Fargo

company that handled express service to western states; often robbed. [Am. Hist. Home Mortgage, Inc 100%

--60+ day Delinquency: 12.71%

--Realized Losses to date (% of Original Balance): 1.20%

ABFC 2003-WMC1

--$23.0 million class M-1 affirmed at 'AAA';

--$8.0 million class M-2 affirmed at 'A+';

--$1.8 million class M-3 affirmed at 'A';

--$1.2 million class M-4 affirmed at 'BBB+';

--$1.1 million class M-5 affirmed at 'BBB';

--$0.6 million class M-6 affirmed at 'B'.

Deal Summary

--Originators: WMC WMC Winter Music Conference
WMC Weill Medical College (Cornell University)
WMC Wisconsin Manufacturers and Commerce (Madison, WI)
WMC Westchester Medical Center
WMC Western Mining Corporation Mortgage Corp. 100%

--60+ day Delinquency: 10.80%

--Realized Losses to date (% of Original Balance): 0.75%

ABFC 2004-FF1

--$42.9 million class M-1 affirmed at 'AA-';

--$21.7 million class M-2 affirmed at 'BBB+';

--$7.2 million class M-3 downgraded to 'BB+' from 'BBB-';

--$1.9 million class M-4 affirmed at 'B';

--$1.9 million class M-5 affirmed at 'CC/DR4';

--$0.8 million class M-6 affirmed at 'C/DR6'.

Deal Summary

--Originators: First Franklin Franklin, cities, United States
Franklin.

1 City (1990 pop. 12,907), seat of Johnson co., S central Ind., inc. 1823. It is a farm trade center. Manufactures include auto parts, aluminum doors and windows, and copper panels. Financial Corporation 100%

--60+ day Delinquency: 28.93%

--Realized Losses to date (% of Original Balance): 1.08%

ABFC 2004-OPT1

--$30.2 million class M-1 affirmed at 'AA+';

--$16.5 million class M-2 affirmed at 'A+';

--$2.0 million class M-3 affirmed at 'A';

--$1.9 million class M-4 downgraded to 'BBB+' from 'A-';

--$1.2 million class M-5 downgraded to 'BBB' from 'BBB+';

--$1.6 million class M-6 affirmed at 'B'.

Deal Summary

--Originators: Option One Mortgage Corporation 100%

--60+ day Delinquency: 18.44%

--Realized Losses to date (% of Original Balance): 1.12%

ABFC 2004-OPT2

--$4.2 million class A-1 affirmed at 'AAA';

--$0.5 million class A-1A affirmed at 'AAA';

--$0.4 million class A-2 affirmed at 'AAA';

--$27.0 million class M-1 affirmed at 'AA+';

--$21.6 million class M-2 affirmed at 'AA-';

--$3.8 million class M-3 affirmed at 'A+';

--$1.6 million class M-4 affirmed at 'A';

--$1.1 million class M-5 affirmed at 'BBB+';

--$1.5 million class M-6 affirmed at 'BBB';

--$0.3 million class B affirmed at 'BB+'.

Deal Summary

--Originators: Option One Mortgage Corporation 100%

--60+ day Delinquency: 11.91%

--Realized Losses to date (% of Original Balance): 0.64%

ABFC 2004-OPT3

--$13.8 million class A-1 affirmed at 'AAA';

--$9.2 million class A-4 affirmed at 'AAA';

--$34.3 million class M-1 affirmed at 'AA';

--$22.5 million class M-2 affirmed at 'A';

--$2.4 million class M-3 affirmed at 'A';

--$2.0 million class M-4 affirmed at 'A-';

--$1.2 million class M-5 affirmed at 'BBB'

--Zero balance class M-6 affirmed at 'BBB-'.

Deal Summary

--Originators: Option One Mortgage Corporation 100%

--60+ day Delinquency: 16.09%

--Realized Losses to date (% of Original Balance): 0.44%

ABFC 2004-OPT4

--$29.8 million class A1 affirmed at 'AAA';

--$6.1 million class A2 affirmed at 'AAA';

--$42.9 million class M1 affirmed at 'AA';

--$30.3 million class M2 downgraded to 'BBB+' from 'A-';

--$1.7 million class M3 downgraded to 'BBB' from 'BBB+';

--$2.6 million class M4 downgraded to 'BB+' from 'BBB-';

--$1.7 million class M5 downgraded to 'BB-' from 'BB+';

--$1.9 million class M6 downgraded to 'B' from 'BB-'.

Deal Summary

--Originators: Option One Mortgage Corporation 100%

--60+ day Delinquency: 18.58%

--Realized Losses to date (% of Original Balance): 0.63%

ABFC 2004-OPT5

--$86.0 million class A-1 affirmed at 'AAA';

--$29.7 million class A-4 affirmed at 'AAA';

--$53.9 million class M-1 affirmed at 'AA';

--$37.0 million class M-2 downgraded to 'BBB+' from 'A';

--$7.2 million class M-3 downgraded to 'BBB-' from 'A-';

--$3.4 million class M-4 downgraded to 'BB+' from 'BBB+'.

Deal Summary

--Originators: Option One Mortgage Corporation 100%

--60+ day Delinquency: 18.57%

--Realized Losses to date (% of Original Balance): 0.50%

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

--'Downgrade Criteria criteria (krītēr´ē

),
n. for Recent Vintage

For other uses, see vintage (disambiguation).

Vintage, in wine-making, is the process of picking grapes and creating the finished product. A vintage wine is one made from grapes that were all, or primarily, grown in a single specified year. U.S. Subprime RMBS' (Aug. 8, 2007);

All of Fitch's ratings criteria for U.S. subprime RMBS RMBS Residential Mortgage-Backed Securities
RMBS Rambus, Inc. (NASDAQ stock symbol)
RMBS Russian Mortgage-Backed Securities 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 Credit Enhancement

A method whereby a company attempts to improve its debt or credit worthiness.

Notes:
Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing statistics is also available at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings are designed to estimate recoveries on a forward-looking for·ward-look·ing
adj.
Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan.

Adj. 1. basis while taking into account the time value of money.

Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used.

In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Restrictions on the accessibility and dissemination of information. Confidentiality is one of the six fundamental components of information security (see Parkerian Hexad). , conflicts of interest, affiliate Affiliate

Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site.

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Date:	May 2, 2008
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