Fitch Affirms 10 Classes from C-BASS Mortgage Loan Asset-Backed Ctfs, 2005-RP1.

NEW YORK -- Fitch Ratings has affirmed the following classes from C-BASS Mortgage Loan Asset-Backed Certificates, series 2005-RP1:

-- Classes AF-1A, AF-1B, AF-2, AF-3 and AV at 'AAA';

-- Class M-1 at 'AA';

-- Class M-2 at 'A';

-- Class M-3 at 'A-';

-- Class B-1 at 'BBB+';

-- Class B-2 at 'BBB'.

The trust consists primarily of one- to four-family, adjusted-rate and fixed-rate mortgage loans, FHA insured and VA guaranteed mortgage loans, manufacturing housing installment contracts or installment loan agreements secured by first liens, second liens, or third liens on residential real properties. The mortgage loans include loans which had defaulted in the past and are re-performing or are performing under the provisions of a bankruptcy plan or a forbearance plan, or loans which are performing under the terms of the related original notes or such notes as modified. At issuance, approximately 31% of the pool was identified as re-performing or sub-performing.

The affirmations reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $94.17 million of outstanding certificates. The trust, seasoned 12 months, has a growing overcollateralization (OC) structure which relies on the remaining excess spread after losses to build the OC to the target amount. Although the OC amount is continuing to build, faster-than-expected prepayments have caused a decline in the monthly available excess spread resulting in slow growth of the OC amount. As of the May 2006 distribution date, the OC is approximately $1.15 million below the target amount. Fitch will continue to monitor OC trends and the relationship between monthly excess spread and losses.

The above transaction is being serviced by Litton Loan Servicing LP which is rated 'RPS1' by Fitch. 'RPS1' is the highest servicer rating available by Fitch.

Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch ratings web site at www.fitchratings.com.

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