Fitch Rates EMC Mortgage Loan Trust $143.1MM Mtge P-T Ctfs, Series 2005-A.

NEW YORK -- Fitch rates EMC Mortgage Loan Trust 2005-A, mortgage pass-through certificates, series 2005-A, as follows:

-- $120,000,000 class A 'AAA';

-- $11,692,000 class M-1 'AA';

-- $8,535,000 class M-2 'A';

-- $2,941,000 class B 'BBB'.

The 'AAA' rating on the class A certificates reflects the 18.10% initial credit enhancement provided by 8.15% class M-1, 5.95% class M-2, 2.05% class B, along with overcollateralization (OC). The initial OC is 0.20% growing to a target OC of 1.35%. 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 principal balance of $143,455,016. As of the cut-off date, April 1, 2005, the mortgage loans had a weighted average loan-to-value ratio (LTV) of 87.83%, weighted average coupon (WAC) of 8.773%, weighted average remaining term to maturity (WAM) of 281 months and an average principal balance of $89,102. Single-family properties account for approximately 87.49% of the mortgage pool, 2-4 family properties 3.80%, and condos 1.99%. The three largest state concentrations are California (7.43%), New York (7.04%), and Pennsylvania (6.97%).

None of the mortgage 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 Feb. 23, 2005 entitled, 'Fitch Revises RMBS Guidelines for Antipredatory Lending Laws', available on the Fitch Ratings web site at www.fitchratings.com.

SACO I Inc. 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). La Salle Bank National Association will act as trustee. EMC, (rated 'RSS1' by Fitch) will act as master servicer for this transaction.