Fitch Affirms Litton Loan Servicing's `RPS1' & `RSS1' Rtgs.

Business Editors & Analysts

NEW YORK--(BUSINESS WIRE)--Dec. 20, 2001

Fitch affirms Litton Loan Servicing L.P.'s (Litton) residential primary servicer ratings of `RPS1' for subprime and high loan to value (HLTV) mortgages and `RSS1' for residential special servicer. The ratings are based on the company's highly experienced management team, sophisticated default management system and lengthy experience in servicing defaulted residential loans.

Litton, a wholly owned subsidiary of Credit Based Asset Servicing and Securitization LLC (C-Bass), is a mortgage servicing company specializing in loss mitigation and default management for sub-performing and non-performing mortgages. Headquartered in Houston, Texas, Litton has been servicing mortgages since 1988. Litton began servicing subprime mortgages in 1995 and HLTV mortgages since 1997. The company's parent, C-Bass, has significantly contributed to Litton's expansion and technological enhancement initiatives. Litton performs servicing for C-Bass as well as third party clients.

As of Oct. 31, 2001, Litton's primary servicing portfolio consisted of 116,635 loans totaling $8.5 billion, of which $6.5 billion were subprime loans and $843 million were HLTV loans. The company was specially servicing over 2,200 loans totaling $327 million. Fitch will continue to monitor the company's progress in maintaining performance as servicing operations continue to expand and the company pursues its growth initiatives.

Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information on the review and rating process for servicers, see Fitch Research on `Rating Residential Loan Servicers', dated Aug. 3, 1999 and available on Fitch's web site at `www.fitchratings.com'.