Fitch Dwngrs, Affs & Places On Rtg Watch Neg GE Home Equity Issues.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 6, 2002

Fitch Ratings downgrades, affirms and places on Rating Watch Negative the following GE Home Equity mortgage pass-through certificates:

GE Home equity 1996-HE 4:
Class A affirmed at 'AAA';
Class M rated 'A' remains on Rating Watch Negative; Class B-1
rated 'CCC' is downgraded to 'D'.

GE Home equity 1997-HE 2:
Class A affirmed at 'AAA';
Class M affirmed at 'AA';
Class B-1 rated 'BB' (RWN) is downgraded to 'CCC'.

GE Home equity 1997-HE 3:
Class A affirmed at 'AAA';
Class M affirmed at 'AA';
Class B-1 rated 'A' (RWN) is downgraded to 'A-' Class B-2 rated
'BB' (RWN) is downgraded to 'B'

GE Home equity 1997-HE 4:
Class A affirmed at 'AAA';
Class M affirmed at 'AA';
Class B-1 rated 'A' (RWN) is downgraded to 'BBB'; Class B-2 rated
'BB' (RWN) is downgraded to 'B'; Class B-3 rated 'CCC' is downgraded
to 'D'.

GE Home equity 1999-HE1:
Class A affirmed at 'AAA';
Class M affirmed at 'AA';
Class B-1 affirmed at 'A';
Class B-2 rated 'BBB' is downgraded to 'BBB-'
Class B-3 rated 'BB'(RWN) is downgraded to 'B-';
Class B-4 rated 'CCC' is downgraded to 'D'.

GE Home equity 1999-HE3:
Class A affirmed at 'AAA';
Class M affirmed at 'AA';
Class B-1 affirmed at 'A';
Class B-2 affirmed at 'BBB';
Class B-3 rated 'BB' is placed on Rating Watch Negative
Class B-4 rated 'B' (RWN) is downgraded to 'CCC'.

These actions are taken due to the level of losses incurred and the high delinquencies in relation to the applicable credit support levels as of the November 25, 2002 distribution date.

These deals will again be reviewed within the next six (6) months. For specific delinquency and loss information, please visit Fitch's web site at 'www.fitchratings.com'.