Fitch Rates $958MM ABFC Asset-Backed Ctfs, Series 2005-WMC1.

NEW YORK -- ABFC asset-backed certificates, series 2005-WMC1, which closed on Sept. 30, 2005, are rated as follows by Fitch Ratings:

-- $780,398,000 class A-1, A-2A through A-2D and A-2MZ 'AAA';

-- $37,257,000 class M-1 'AA+';

-- $33,734,000 class M-2 'AA+';

-- $23,160,000 class M-3 'AA';

-- $16,111,000 class M-4 'AA';

-- $16,615,000 class M-5 'AA-';

-- $14,098,000 class M-6 'A+';

-- $15,104,000 class M-7 'A';

-- $11,580,000 class M-8 'A-';

-- $10,070,000 class M-9 'BBB+'.

The 'AAA' rating on the senior certificates reflects the 22.50% initial credit enhancement provided by the 3.70% class M-1, the 3.35% class M-2, the 2.30% class M-3, the 1.60% class M-4, the 1.65% class M-5, the 1.40% class M-6, the 1.50% class M-7, the 1.15% class M-8, the 1.00% class M-9, 1.50% non-rated class M-10, 0.60% non-rated class M-11, 0.90% non-rated class M-12, 1.05% non-rated, privately offered class B-1, 0.30% non-rated, privately offered class B-2, 0.50% initial and target overcollateralization (OC). All certificates have the benefit of excess interest. In addition, the ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capability of HomEq Servicing Corporation as servicer, which is rated 'RPS1' by Fitch.

The certificates are supported by two groups of collateral. Group I Mortgage Loans, which total $273,512,842 as of the cut-off date, consist of fixed-rate and adjustable-rate mortgage loans with original principal balances that conform to Fannie Mae and Freddie Mac guidelines. Approximately 19.54% of the mortgage loans are fixed-rate mortgage loans and 80.46% are adjustable-rate mortgage loans. The weighted average loan rate is 7.095% and the weighted average remaining term to maturity (WAM) is 341 months. The average principal balance of the loans is $140,479 and the weighted average original loan-to-value (OLTV) ratio of 82.48%. The properties are primarily located in California (28.48%), Maryland (7.18%) and New York (5.98%).

Group II Mortgage Loans, which total $631,313,842 as of the cut-off date, consist of fixed-rate and adjustable-rate mortgage loans with original principal balances that may or may not conform to Fannie Mae and Freddie Mac guidelines. Approximately 18.20% of the mortgage loans are fixed-rate mortgage loans and 81.80% are adjustable-rate mortgage loans. The weighted average loan rate is 7.088% and the WAM is 336 months. The average principal balance of the loans is $220,585 and the weighted average OLTV ratio is 82.37%. The properties are primarily located in California (57.20%), New York (6.12%) and Texas (3.56%).

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 a private investment firm. On June 14, 2004, GE Consumer Finance acquired WMC Finance Co.

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.