Fitch Rates $1.047B Asset Backed Funding Asset-Backed Certificates, Series 2006-OPT1.

NEW YORK -- Fitch has rated the Asset Backed Funding Asset-Backed Certificates, $1.047 billion mortgage pass-through certificates, series 2006-OPT1, which closed on Aug. 10, 2006, as follows:

-- $785.65 million classes A1 through A3D 'AAA';

-- $57.35 million class M1 'AA+';

-- $55.19 million class M2 'AA';

-- $20.02 million class M3 'AA-';

-- $23.26 million class M4 'A+';

-- $21.11 million class M5 'A';

-- $16.23 million class M6 'A-';

-- $20.56 million class M7 'BBB+';

-- $12.45 million class M8 'BBB';

-- $15.15 million class M9 'BBB-';

-- $20.02 million non-offered class B 'BB+'.

The 'AAA' rating on the senior certificates reflects the 27.40% total credit enhancement provided by the 5.30% class M1, the 5.10% class M2, the 1.85% class M3, the 2.15% class M4, the 1.95% class M5, the 1.50% class M6, the 1.90% class M7, the 1.15% class M8, the 1.40% class M9, 1.85% privately offered class M10, and the initial and target overcollateralization (OC) of 3.25%. 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 Option One Mortgage Corp. as servicer and Wells Fargo Bank, N.A., as trustee.

The certificates are supported by three collateral groups. Group I will consist of 1,338 mortgage loans that have original principal balances that 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 $230,065,450. Approximately 2.72% of the mortgage loans are fixed-rate mortgage loans and 97.28% are adjustable-rate mortgage loans. The second lien amount is 2.72%. The weighted average current loan rate is approximately 8.558%. The weighted average remaining term to maturity is 359 months. The average principal balance of the loans is $171,947. The weighted average original combined loan-to-value ratio (CLTV) is 82.13%. The weighted average FICO score is 608. The properties are primarily located in California (19.33%), Florida (11.16%), and Massachusetts (8.16%).

Group II will consist of 1,270 mortgage loans that have original balances that 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 $229,953,819. Approximately 3.21% of the mortgage loans are fixed-rate mortgage loans and 96.79% are adjustable-rate mortgage loans. The second lien amount is 3.08%. The weighted average current loan rate is approximately 8.557%. The weighted average remaining term to maturity is 359 months. The average principal balance of the loans equals $181,066. The weighted average original CLTV is 82.02%. The weighted average FICO score is 608. The properties are primarily located in California (19.91%), Florida (13.94%), and New York (7.91%).

Group III will consist of 2,200 mortgage loans that have original balances that may or may not conform to Fannie Mae or Freddie Mac guidelines. The Group III mortgage pool consists of first and second lien, adjustable-rate and fixed-rate mortgage loans that have a cut-off date pool balance of $528,008,647. Approximately 3.35% of the mortgage loans are fixed-rate mortgage loans and 96.65% are adjustable-rate mortgage loans. The second lien amount is 3.22%. The weighted average current loan rate is approximately 8.561%. The weighted average remaining term to maturity is 359 months. The average principal balance of the loans equals $240,004. The weighted average original CLTV is 82.62%. The weighted average FICO score is 611. The properties are primarily located in California (29.52%), Florida (12.55%), and New York (8.30%).

The depositor will also deposit an amount equal to approximately $94,134,850, which will be held by the trustee in a pre-funding account for loan group III. The amount on deposit in the Group III pre-funding account will be reduced by the amount thereof used to purchase additional Group III mortgage loans during the period from the closing date up to and including Aug. 30, 2006. Any amounts remaining in the Group III pre-funding account after Aug. 30, 2006 will be distributed as principal on the next distribution date to the holders of the Group III certificates.

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

Option One was incorporated in 1992, and began originating and servicing subprime loans in February 1993. Option One is a subsidiary of Block Financial, which is in turn a subsidiary of H & R Block, Inc.

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.