Fitch Affirms 4; Upgrades 2; & Downgrades 2 Classes of 3 Impac SAC RMBS Securitizations.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 20, 2003

Fitch Ratings affirms 4 classes, upgrades 2 classes & downgrades 2 classes of the following Impac SAC RMBS securitizations:

Impac Secured Assets Corp., mortgage pass-through certificates, series 2000-1:

-- Class A affirmed at 'AAA'

-- Class M1 upgraded to 'AAA' from 'AA'

-- Class M2 upgraded to 'AA' from 'A'

-- Class M3 affirmed at 'BBB'

-- Class B1 downgraded to 'B' from 'BB' and removed from Rating

Watch Negative

-- Class B2 downgraded to 'CC' from 'CCC'

Impac Secured Assets Corp., mortgage pass-through certificates, series 2000-2:

-- Class A affirmed at 'AAA'

Impac Secured Assets Corp., mortgage pass-through certificates, series 2000-3:

-- Class A affirmed at 'AAA'

These rating actions are being taken as a result of low delinquencies and losses, as well as increased credit support.

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