Fitch Rates $881.5MM GE-WMC Asset-Backed Pass-Thru Ctfs, Series 2006-1.

NEW YORK -- GE-WMC asset-backed pass-through certificates, series 2006-1, which closed on Aug. 21, 2006, are rated as follows by Fitch Ratings:

--$188,621,000 privately offered classes A-1a and A-1b 'AAA';

--$539,050,000 classes A-2a thru A-2c 'AAA';

--$28,872,000 class M-1 'AA+';

--$25,714,000 class M-2 'AA+';

--$15,790,000 class M-3 'AA';

--$13,985,000 class M-4 'AA-';

--$13,985,000 class M-5 'A+';

--$13,083,000 class M-6 'A';

--$12,180,000 class B-1 'A-';

--$9,474,000 class B-2 'BBB+';

--$6,767,000 class B-3 'BBB';

--$5,413,000 privately offered class B-4 'BBB';

--$8,572,000 privately offered class B-5 'BB+'.

The 'AAA' rating on the senior certificates reflects the 19.35% total credit enhancement provided by the 3.20% class M-1, the 2.85% class M-2, the 1.75% class M-3, the 1.55% class M-4, the 1.55% class M-5, the 1.45% class M-6, the 1.35% class B-1, the 1.05% class B-2, the 0.75% class B-3, the 0.60% privately offered class B-4, the 0.95% privately offered class B-5, and the 2.30% initial and target overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capability of Litton Loan Servicing LLP as servicer.

The certificates are supported by two groups of collateral. Group I, which totals $233,876,071 as of the cut-off date, consists of fixed-rate and adjustable-rate mortgage loans secured by first and second liens on mortgaged properties that have original balances that conform to the guidelines of Fannie Mae and Freddie Mac. Approximately 28.18% of the mortgage loans are fixed-rate mortgage loans, 71.82% are adjustable-rate mortgage loans, and 8.24% are second lien mortgage loans. The weighted average loan rate is 8.159% and the weighted average remaining term to maturity is 341 months. The average principal balance of the loans is $145,174, the weighted average original combined loan-to-value (CLTV) ratio is 80.55% and the weighted average credit score is 625. The properties are primarily located in California (19.68%), Florida (10.24%) and Maryland (9.61%).

Group II, which totals $668,381,964 as of the cut-off date, consists of fixed-rate and adjustable-rate mortgage loans secured by first and second liens on mortgaged properties that have original principal balances that may or may not conform to Fannie Mae and Freddie Mac guidelines. Approximately 19.01% of the mortgage loans are fixed-rate mortgage loans, 80.99% are adjustable-rate mortgage loans and 11.95% are second lien mortgage loans. The weighted average loan rate is 8.169% and the weighted average remaining term to maturity is 336 months. The average principal balance of the loans is $219,357, the weighted average CLTV is 82.87%, and the weighted average credit score is 652. The properties are primarily located in California (47.43%), Florida (9.34%) and New York (8.15%).

WMC is a mortgage banking company incorporated in the state of California. WMC was owned by a subsidiary of Weyerhaeuser Company until May 1997 when it was sold to WMC Finance Co., a company owned principally by affiliates of Apollo Management, L.P., a private investment firm. On June 14, 2004, GE Consumer Finance acquired WMC Finance Co.

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

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.