Fitch Rates CBASS $122.8MM Mortgage Loan Asset-Backed Ctfs 2006-SC1.

NEW YORK -- CBASS mortgage loan asset-backed certificates (CBASS) are rated by Fitch Ratings as follows:

-- $98,484,000 class X-1 and A certificates (the 'senior certificates') 'AAA';

-- $9,179,000 class M-1 certificates 'AA';

-- $1,912,000 class M-2 certificates 'AA-';

-- $3,060,000 class M-3 certificates 'A';

-- $1,275,000 class M-4 certificates 'A';

-- $2,422,000 class M-5 certificates 'A-';

-- $2,677,000 class B-1 certificates 'BBB';

-- $2,040,000 class B-2 certificates 'BBB-'; and

-- $1,721,000 class B-3 certificates 'BBB-'.

The 'AAA' rating on the senior securities reflects the 22.75% initial subordination provided by the 7.20% class M-1, the 1.5% class M-2, the 2.4% class M-3, the 1.0% class M-4, the 1.9% class M-5, the 2.1% class B-1, the 1.60% class B-2, the 1.35% class B-3, and initial overcollateralization (OC) of 3.7%. 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. In addition, the ratings reflect the capabilities of Litton Loan Servicing LP as servicer and US Bank National Association as trustee.

The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by senior liens on commercial, multifamily, and mixed-use properties and unimproved land with an aggregate principal balance of $127,487,697.64. As of the cut-off date of May 1, 2006, the mortgage loans had a weighted average current loan-to-value ratio (CLTV) of 62.25%, weighted average coupon (WAC) of 7.821%, weighted average remaining term to maturity (WAM) of 346 months and an average principal balance of $422,144.69. Property types include multifamily (27.89%), mixed-use (14.16%), retail (20.62%), and office (14.91%), among others with concentrations under 10%. The three largest state concentrations are California (50.62%), Washington (6.01%), Florida (5.13%), and Nevada (4.61%).

Distributions of principal and interest will be made on the 25th day of each month commencing in June 2006. Interest will be distributed to all classes sequentially. Principal distributions will be made concurrently to all notes on a pro-rata basis.

The mortgage loans were originated by Velocity Commercial Capital, LLC which was formed in the state of California in July of 2004 for the purpose of originating and selling small balance commercial mortgage loans. Velocity maintains its principal offices Westlake Village, California. C-BASS made an equity investment in Velocity in May of 2005. Velocity originates first lien commercial and multifamily mortgage loans through its network of independent mortgage brokers, mortgage bankers and a network of financial institutions.

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.