Fitch Affirms 9 & Lowers 5 Classes From 3 Asset Backed Funding Corp Home Equity Transactions.

NEW YORK -- Fitch Ratings has taken rating actions on the following Asset Backed Funding Corporation's (ABFC) home equity loan asset-backed certificates:

ABFC series 2001-AQ1:

-- Class A-6 affirmed at 'AAA';

-- Class A-7 affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 downgraded to 'BB' from 'BBB';

-- Class B downgraded to 'C' from 'B-'.

ABFC series 2002-SB1:

-- Class A-II-1 affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A';

-- Class M-3 affirmed at 'BBB';

-- Class B downgraded to 'B' from 'BB'.

ABFC series 2002-WF1:

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A';

-- Class M-3 downgraded to 'BBB-' from 'BBB';

-- Class B downgraded to 'B+' from 'BB+'.

The affirmations of the above classes ($140,270,871 in aggregate), reflect credit enhancement consistent with future loss expectations. The downgrades affect about $9,639,261 of outstanding certificates and reflect the potential negative impact of loan performance issues on these bonds.

Series 2001-AQ1:

The monthly excess interest has averaged approximately $77,413 during the past three months, and the monthly losses have averaged $291,146 during the same period. This has resulted in an average monthly reduction of approximately $213,733 to the available credit support. In addition, the 90 plus delinquencies have averaged 23% of the current pool balances during this period.

As of the June 20, 2005 distribution date, the overcollateralization (OC) was $97,532.48, with a target of $1,167,565. The pool factor (loan principal outstanding as a percentage of the loan principal at closing) currently stands at 11.51%.

Series 2002-SB1:

The monthly excess interest has averaged approximately $219,378 during the past three months, and the monthly losses have averaged $493,129 during the same period. This has resulted in an average monthly reduction of approximately $273,751 to the available credit support. In addition, the 90 plus delinquencies have averaged 18.45% of the current pool balances during this period.

As of the June 27, 2005 distribution date, the OC was $2,361,113.85, with a target of $2,380,141. The pool factor currently stands at 25.13%.

Series 2002-WF1:

The monthly excess interest has averaged approximately $205,563 during the past three months, and the monthly losses have averaged $331,912 during the same period. This has resulted in an average monthly reduction of approximately $126,348 to the available credit support. In addition, the 90 plus delinquencies have averaged 19.07% of the current pool balances during this period.

As of the June 27, 2005 distribution date, the OC was $1,393,469, with a target of $1,709,821. The pool factor currently stands at 13.50%.

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