Fitch Rates $965.4MM GSR Mortgage Loan Trust 2004-9.

NEW YORK -- Fitch rates GSR Mortgage Loan Trust, series 2004-9, $965.4 million residential mortgage pass-through certificates as follows:

-- Classes 1A1, 1AX, 1A2, 2A1, 3A1, 3A2, 4A1, 5A1 through 5A8, 6A1, 7A1, and R (senior certificates, $929,041,100) 'AAA';

-- Class B1 ($16,480,000) 'AA';

-- Class B2 ($9,208,000) 'A';

-- Class B3 ($4,846,000) 'BBB';

-- Class B4 ($3,877,000) 'BB';

-- Class B5 ($1,938,000) 'B'.

The 'AAA' rating on the senior certificates reflects the 4.15% subordination provided by the 1.70% class B1, the 0.95% class B2, the 0.50% class B3, and the 1.00% privately offered classes B4, B5, and B6 certificates. The ratings on class B1 through B5 certificates reflect each certificates' respective level of subordination. The ratings also reflect the quality of the underlying collateral, the strength of the legal and financial structures, and the master servicing capabilities of Chase Manhattan Mortgage Corporation, which is rated 'RMS1-' by Fitch.

The mortgage loans are divided into seven separate mortgage loan groups. Each loan group's senior certificates will receive interest and/or principal from its respective mortgage loan group. In certain, very limited circumstances relating to a pool experiencing either rapid prepayments or disproportionately high realized losses, principal and interest collected from the other pools may be applied to pay principal or interest, or both, to the senior certificates of the pool experiencing such conditions. The subordinate certificates will be cross-collateralized and will receive interest and/or principal from available funds collected in the aggregate from all mortgage pools. The mortgage loan groups are aggregated for statistical purposes as represented below.

As of the cut-off date July 1, 2004, the mortgage pool consists of hybrid adjustable-rate mortgage loans with an approximate balance of $969,268,711. After an initial fixed-interest rate period of either six months, three, five, seven, or 10 years, the interest rate will adjust annually based on the sum of either the six-month LIBOR, one-year LIBOR, or one-year CMT index and a gross margin specified in the applicable mortgage note. Some of the loans are interest-only mortgage loans, which require interest-only payments until the month following the first adjustment date. The mortgage loans were originated by Countrywide Home Loans Inc. (65.20%), Wells Fargo Bank, N.A. (9.60%), Washington Mutual Bank (8.90%), National City Mortgage Co. (7.50%), IndyMac Bank, FSB (3.40%), Bank of America, N.A. (3.30%), Bank One, N.A (1.60%), and ABN AMRO Mortgage Group, Inc. (0.60%). The mortgage pool has an average unpaid principal balance of $490,521 and a weighted average credit score of 728. The pool has approximately 60.1% and 6.0% with credit scores above or equal to 720 and below 660, respectively. The weighed average months to the first adjustment date is 36 months. The state that represents the largest geographic concentration of mortgaged properties is California (53.10%). All other states constitute fewer than 5% of properties in the pool.

None of the mortgage loans are 'high cost' loans as defined under any local, state, or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, see the press release, 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003 on the Fitch Ratings web site at 'www.fitchratings.com'.

GS Mortgage Securities Corp. deposited the loans in the trust, which issued the certificates, representing undivided and beneficial ownership in the trust. For federal income tax purposes, the trustee will cause multiple REMIC elections to be made for the trust. Chase Manhattan Mortgage Corporation will serve as the master servicer. JPMorgan Chase Bank will act as securities administrator and Wachovia Bank, N.A will serve as the trustee.