Fitch Rates $990.0MM AMSI Asset-Backed Pass-Through Certificates 2004-R9.

NEW YORK -- Ameriquest Mortgage Securities Inc. 2004-R9 is rated by Fitch as follows:

--$870.0 million class A-1, A-2, A-3, and A-4 certificates 'AAA';

--$25.0 million class M-1 certificates 'AA+';

--$24.0 million class M-2 certificates 'AA';

--$17.5 million class M-3 certificates 'AA-';

--$16.0 million class M-4 certificates 'A';

--$7.5 million class M-5 certificates 'A-';

--$7.5 million class M-6 certificates 'BBB+';

--$7.5 million class M-7 certificates 'BBB';

--$8.0 million class M-8 certificates 'BBB-';

--$7.0 million non-offered class M-9 certificates 'BB+'.

Credit enhancement for the 'AAA' rated class A certificates reflects the 12.00% subordination provided by classes M-1 through M-9, monthly excess interest, and initial overcollateralization (OC) of 1.00%. Credit enhancement for the 'AA+' rated class M-1 certificates reflects the 9.50% subordination provided by classes M-2 through M-9, monthly excess interest, and initial OC. Credit enhancement for the 'AA' rated class M-2 certificates reflects the 7.10% subordination provided by classes M-3 through M-9, monthly excess interest, and initial OC. Credit enhancement for the 'AA-' rated class M-3 certificates reflects the 5.35% subordination provided by classes M-4 through M-9, monthly excess interest, and initial OC. Credit enhancement for the 'A' rated class M-4 certificates reflects the 3.75% subordination provided by classes M-5 through M-9, monthly excess interest, and initial OC. Credit enhancement for the 'A-' rated class M-5 certificates reflects the 3.00% subordination provided by classes M-6 through M-9, monthly excess interest, and initial OC. Credit enhancement for the 'BBB+' rated class M-6 certificates reflects the 2.25% subordination provided by classes M-7 through M-9, monthly excess interest, and initial OC. Credit enhancement for the 'BBB' rated class M-7 certificates reflects the 1.50% subordination provided by classes M-8 and M-9, monthly excess interest, and initial OC. Credit enhancement for the 'BBB-' rated class M-8 certificates reflects the 0.70% subordination provided by class M-9, monthly excess interest, and initial OC. Credit enhancement for the non-offered 'BB+' class M-9 certificates reflects the monthly excess interest and initial OC. In addition, the ratings reflect the integrity of the transaction's legal structure, as well as the capabilities of Ameriquest Mortgage Company as master servicer. Deutsche Bank National Trust Company will act as trustee.

As of the cut-off date, the mortgage loans have an aggregate balance of $1,000,000,175. The weighted average loan rate is approximately 7.499%. The weighted average remaining term to maturity is 352 months. The average cut-off date principal balance of the mortgage loans is approximately $156,495. The weighted average original loan-to-value ratio is 77.60% and the weighted average Fair, Isaac & Co. (FICO) score was 608. The properties are primarily located in California (20.12%), Florida (10.77%), and New York (6.01%). Approximately 68.2% of the mortgage loans will be insured by a mortgage insurance policy issued by Mortgage Guaranty Insurance Corporation. The policy will insure mortgage loans covered by the policy with an LTV in excess of 60% down to an effective LTV of 60%

The mortgage loans were originated or acquired by Ameriquest Mortgage Company. Ameriquest Mortgage Company is a specialty finance company engaged in the business of originating, purchasing, and selling retail and wholesale subprime mortgage loans.