Fitch Rates C-BASS Mortgage Loan Asset-Backed Ctfs, Series 2007-SP1.

NEW YORK -- C-BASS mortgage loan asset-backed certificates, series 2007-SP1, are rated by Fitch Ratings as follows:

--$166,062,000 class A senior certificates 'AAA';

--$6,276,000 class M-1 'AA+';

--$5,877,000 class M-2 'AA+';

--$2,989,000 class M-3 'AA+';

--$2,988,000 class M-4 'AA';

--$2,790,000 class M-5 'AA-';

--$2,291,000 class M-6 'A+';

--$2,391,000 class M-7 'A';

--$1,494,000 class M-8 'BBB+';

--$1,494,000 class M-9 'BBB';

--$996,000 class M-10 'BBB-';

--$1,495,000 class M-11 'BB'.

The 'AAA' rating on the senior certificates reflects the 16.65% initial credit enhancement provided by the 3.15% privately offered class M-1, the 2.95% privately offered class M-2, the 1.50% privately offered class M-3, the 1.50% privately offered class M-4, the 1.40% privately offered class M-5, the 1.15% privately offered class M-6, the 1.20% privately offered class M-7, the 0.75% privately offered class M-8, the 0.75% privately offered class M-9, the 0.50% privately offered class M-10, the 0.75% privately offered class M-11 and over-collateralization (OC). The initial and target OC is 1.05%. All certificates have the benefit of excess interest. In addition, the ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capability of Litton Loan Servicing LLP (rated 'RPS1' by Fitch) as servicer.

The collateral pool consists of 3,798 fixed- and adjustable-rate seasoned mortgage loans and totals $199.24 million as of the cut-off date. The weighted average seasoning of the mortgage loans is 69 months. The weighted average loan-to-value (OLTV) ratio is 67.30%. The average outstanding principal balance, as of the cut-off date, is approximately $52,458, the weighted average coupon (WAC) is 8.66%, and the weighted average remaining term to maturity (WAM) is 211 months. The weighted average credit score is 646. The loans are geographically concentrated in Pennsylvania (23.87%), California (11.35%) and Texas (7.05%).

Approximately 74.75% of the mortgage loans were acquired in connection with the termination of prior securitizations of mortgage loans. Approximately 94.50% of those mortgage loans were acquired in connection with the termination of the following securitizations: Mellon Residential Funding Corporation, mortgage pass-through certificates, series 2001-HEIL 1; Ameriquest Mortgage Securities Inc., asset-backed pass-through certificates, series 2002-1; The Provident Bank, home equity loan asset-backed Certificates, series 1999-2; Soundview home equity loan asset-backed certificates, series 2000-1; and Paine Webber Mortgage Acceptance Corporation IV, home equity asset-backed certificates, series 2000-HE1.

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.