Fitch Rates AMSI's $686.7MM A-B P-T Ctfs Series 2004-FR1.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 14, 2004

Fitch has assigned ratings to the Ameriquest Mortgage Securities Inc.'s (AMSI) $686.7 million asset-backed pass-through certificates, series 2004-FR1, as follows:

-- $611.1 million class A-1, A-2, A-3, A-4, A-5, A-6 and A-7

'AAA';

-- $13.3 million class M-1 'AA+';

-- $13.3 million class M-2 'AA';

-- $7 million class M-3 'AA-';

-- $8.1 million class M-4 'A+';

-- $7 million class M-5 'A';

-- $7 million class M-6 'A-';

-- $7 million class M-7 'BBB+';

-- $7 million class M-8 'BBB';

-- $6 million class M-9 'BBB-'.

Credit enhancement for the 'AAA' rated class A certificates reflects the 10.80% subordination provided by classes M-1, M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, monthly excess interest and initial overcollateralization (OC) of 1.90%. Credit enhancement for the 'AA+' rated class M-1 certificates reflects the 8.90% subordination provided by classes M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, monthly excess interest and initial OC. Credit enhancement for the 'AA' rated class M-2 certificates reflects the 7% subordination provided by classes M-3, M-4, M-5, M-6, M-7, M-8, M-9, monthly excess interest and initial OC. Credit enhancement for the 'AA-' rated class M-3 certificates reflects the 6% subordination provided by classes M-4, M-5, M-6, M-7, M-8, M-9, monthly excess interest and initial OC. Credit enhancement for the 'A+' rated class M-4 certificates reflects the 4.85% subordination provided by classes M-5, M-6, M-7, M-8, M-9, monthly excess interest and initial OC. Credit enhancement for the 'A' rated class M-5 certificates reflects the 3.85% subordination provided by classes M-6, M-7, M-8, M-9, monthly excess interest and initial OC. Credit enhancement for the 'A-' rated class M-6 certificates reflects the 2.85% subordination provided by classes M-7, M-8, M-9, monthly excess interest and initial OC. Credit enhancement for the 'BBB+' rated class M-7 certificates reflects the 1.85% 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 0.85% subordination provided by class M-9, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rated class M-9 certificates reflects 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 $700,000,096. The weighted average loan rate is approximately 6.60%. The weighted average remaining term to maturity (WAM) is 342 months. The average cut-off date principal balance of the mortgage loans is approximately $185,480. The weighted average original loan-to-value (OLTV) ratio is 80.55% and the weighted average Fair, Isaac & Co. (FICO) score was 656. The properties are primarily located in California (24.52%), Florida (10.85%) and New York (10.59%). Approximately 53.68% of the mortgage loans will be insured by a mortgage insurance policy issued by Mortgage Guaranty Insurance Corporation. The policy will insure covered loans with an LTV in excess of 80% down to an effective LTV of 80%.

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.