Fitch Rates $1.016B ABSC Home Equity Loan Trust, Series AMQ 2006-HE7.

NEW YORK -- Asset Backed Securities Corporation (ABSC) Home Equity Loan Trust, $1.016 billion Asset-Backed Pass-Through Certificates, Series AMQ 2006-HE7, are rated by Fitch Ratings as follows:

--$788.44 million classes A1 through A5 'AAA';

--$55.84 million class M1 'AA+';

--$47.57 million class M2 'AA';

--$13.44 million class M3 'AA-';

--$22.23 million class M4 'A+';

--$18.61 million class M5 'A';

--$9.82 million class M6 'A-';

--$11.37 million class M7 'BBB+';

--$9.31 million class M8 'BBB';

--$11.89 million class M9 'BBB-';

--$13.44 million class M10 'BB+';

--$13.96 million privately offered class M11 'BB'.

The 'AAA' rating on the senior certificates reflects the 23.75% total credit enhancement provided by the 5.4% class M1, the 4.60% class M2, the 1.30% class M3, the 2.15% class M4, the 1.80% class M5, the 0.95% class M6, the 1.10% class M7, the 0.90% class M8, the 1.15% class M9, 1.30% class M10, 1.35% privately offered class M-11 and the initial and target overcollateralization (OC) of 1.75%. All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the capabilities of Select Portfolio Servicing, Inc. as servicer and U.S. bank National Association, as Trustee.

The certificates are supported by two collateral groups. Group I will consist of 2,166 mortgage loans that have original principal balances that conform to Fannie Mae or Freddie Mac guidelines. The Group I mortgage pool consists of first lien, second liens, adjustable-rate and fixed-rate mortgage loans that have a cut-off date pool balance of $387,668,377. There are approximately 76% adjustable-rate mortgages and 1.7% second lien mortgages. The weighted average current loan rate is approximately 8.505%. The weighted average remaining term to maturity is 357 months. The average principal balance of the loans is $178,979. The weighted average original combined loan-to-value ratio (CLTV) is approximately 85%. The weighted average FICO score is 615. The properties are primarily located in California (21.61%), Illinois (11.03%), and Florida (10.3%).

Group II will consist of 2,368 mortgage loans that have original balances that may or may not conform to Fannie Mae or Freddie Mac guidelines. The Group II mortgage pool consists of first and second lien, adjustable-rate and fixed-rate mortgage loans that have a cut-off date pool balance of $646,345,500. Approximately 15.38% of the mortgage loans are fixed rate mortgage loans and 84.62% are adjustable-rate mortgage loans. The second lien amount is 0.66%. The weighted average current loan rate is approximately 8.133%. The weighted average remaining term to maturity is 357 months. The average principal balance of the loans equals $272,950. The weighted average original combined loan-to-value ratio (CLTV) is approximately 82%. The weighted average FICO score is 612. The properties are primarily located in California (40.02%), Florida (14.01%), and New York (6.97%).

For federal income tax purposes, multiple real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust estate.

The mortgage loans were originated or acquired by Argent Mortgage Company, L.L.C and Ameriquest Mortgage Company. Argent Mortgage Company LLC is a subsidiary of Ameriquest Mortgage Company. Ameriquest Mortgage Company is a specialty finance company engaged in the business of originating, purchasing and selling retail and wholesale sub prime mortgage loans.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.