Fitch Rates AMSI's $787.2MM A-B P-T Ctfs Series 2004-R2.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 6, 2004

Ameriquest Mortgage Securities Inc.'s (AMSI) asset backed mortgage pass-through certificates, series 2004-R2, are rated by Fitch Ratings as follows:

-- $692 million class A-1A, A-1B, A-2, A-3 and A-4 'AAA';

-- $20 million class M-1 'AA+';

-- $18 million class M-2 'AA';

-- $10 million class M-3 'AA-';

-- $12 million class M-4 'A+';

-- $10 million class M-5 'A';

-- $9.2 million class M-6 'A-';

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

-- $8 million class M-8 'BBB' .

Credit enhancement for the 'AAA' rated class A certificates reflects the 12.90% 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 0.60%. Credit enhancement for the 'AA+' rated class M-1 certificates reflects the 10.40% 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 8.15% 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 6.90% 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 5.40% 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 4.15% 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 3% 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 2% 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 1% subordination provided by class M-9, monthly excess interest and initial OC. Credit enhancement for the non-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 closing date, the mortgage loans have an aggregate balance of $800,000,585. The weighted-average loan rate is approximately 7.53%. The weighted-average remaining term to maturity (WAM) is 349 months. The average cut-off date principal balance of the mortgage loans is approximately $162,503. The weighted-average original loan-to-value (OLTV) ratio is 78.20% and the weighted-average Fair, Isaac & Co. (FICO) score was 621. The properties are primarily located in California (23.55%), Florida (11.62%) and New York (8.17%). Approximately 52.02% 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 60% down to an effective LTV of 60%.

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.