Fitch Rates AMSI's $1.2B A-B P-T Certificates Series 2003-10.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 16, 2003

Fitch rates Ameriquest Mortgage Securities Inc.'s (AMSI) asset-backed pass-through certificates, series 2003-10, as follows:

-- $1 billion class AV-1, AV-2 and AF-1 through AF-6 'AAA';

-- $63.6 million class M-1 'AA';

-- $54 million class M-2 'A';

-- $12 million class M-3 'A-';

-- $13.2 million class M-4 'BBB+';

-- $12 million class M-5 'BBB';

-- $13.2 million classes MV-6 and MF-6 'BBB-'.

Credit enhancement for the 'AAA' rated class A certificates reflects the 14% subordination provided by classes M-1 through M-6, MV-6, MF-6, monthly excess interest and target overcollateralization (OC) of 1.50%. Credit enhancement for the 'AA' rated class M-1 certificates reflects the 8.70% subordination provided by classes M-2 through M-6, MV-6, MF-6, monthly excess interest and target OC. Credit enhancement for the 'A' rated class M-2 certificates reflects the 4.20% subordination provided by classes M-3 through M-6, MV-6, MF-6, monthly excess interest and target OC. Credit enhancement for the 'A-' rated class M-3 certificates reflects the 3.20% subordination provided by classes M-4 through M-6, MV-6, MF-6, monthly excess interest and target OC. Credit enhancement for the 'BBB+' rated class M-4 certificates reflects the 2.10% subordination provided by classes M-5 and M-6, MV-6, MF-6, monthly excess interest and target OC. Credit enhancement for the 'BBB' rated class M-5 certificates reflects the 1.10% subordination provided by classes M-6, MV-6, MF-6, monthly excess interest and target OC. Credit enhancement for the 'BBB-' rated classes MV-6 and MF-6 certificates is supported by monthly excess interest and target OC of 1.50%. 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 (Oct. 1, 2003), the mortgage loans have an aggregate balance of $1,200,000,002. The weighted average loan rate is approximately 7.73%. The weighted average remaining term to maturity is 343 months. The average cut-off date principal balance of the mortgage loans is approximately $162,294. The weighted average original loan-to-value ratio (OLTV) is 79.35% and the weighted average Fair, Isaac & Co. (FICO) score was 644. The properties are primarily located in California (25.98%), New York (6.90%) and Florida (6.43%).

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