Fitch Rates C-BASS Mortgage Loan Asset-Backed Ctfs, 2007-RP1.

NEW YORK -- C-BASS mortgage loan asset-backed certificates, series 2007-RP1 are rated by Fitch Ratings as follows:

--$166,493,000 class A 'AAA';

--$22,896,000 class M-1 'AA+';

--$19,190,000 class M-2 'A+';

--$5,823,000 class M-3 'A';

--$6,088,000 class M-4 'A-';

--$4,235,000 class M-5 'BBB+';

--$7,544,000 class M-6 'BBB';

--$9,529,000 class B 'BBB-'.

The 'AAA' rating on the class A certificates reflects the 37.10% credit enhancement provided by the 8.65% privately offered class M-1, the 7.25% privately offered class M-2, the 2.20% privately offered class M-3, the 2.30% privately offered class M-4, the 1.60% privately offered class M-5, the 2.85% privately offered class M-6, and the 3.60% privately offered class B, along with a targeted overcollateralization (OC) of 8.65%. In addition, the ratings on the certificates reflect the quality of the underlying collateral, and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.

The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on one- to four-family residential properties, with an aggregate Legal Principal Balance of $264,694,349. As of the cut-off date, May 1, 2007, the mortgage loans had a weighted average combined loan-to-value ratio (LTV) of 79.56%, weighted average coupon (WAC) of 9.798%, weighted average remaining term to maturity (WAM) of 311 months and an average Legal Principal Balance of $109,468. Single-family properties account for approximately 73.38% of the mortgage pool, two- to four-family properties 4.63%, and condos 4.08%.

Approximately 0.35% of the loans may be subject to special rules, disclosure requirements and other provisions that were added to the federal Truth-in-Lending Act by the Home Ownership and Equity Protection Act of 1994, or HOEPA. As to approximately 99.65% of the mortgage loans, none of such 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, please see the press releases issued May 1, 2003 entitled, 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' and February 23, 2005 entitled, 'Fitch Revises RMBS Guidelines for Antipredatory Lending Laws', available on the Fitch Ratings web site at www.fitchratings.com.

C-BASS ABS, LLC deposited the loans into the trust, which issued the certificates, representing beneficial ownership in the trust. For federal income tax purposes, the Trust will consist of multiple real estate mortgage investment conduits (REMICs). US Bank National Association, N.A. will act as trustee. Litton Loan Servicing LP, rated 'RPS1' by Fitch will act as servicer for this transaction.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.