Fitch Rates FFMLT $769.8MM Mtge P-T Ctfs, Series 2006-FF17.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch rates First Franklin Mortgage Loan Trust mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 2006-FF17, as follows: --$651.6 million classes A1 through A6 (senior certificates) 'AAA'; --$24.9 million class M1 'AA+'; --$21.8 million class M2 'AA'; --$13.2 million class M3 'AA-'; --$11.7 million class M4 'A+'; --$11.3 million class M5 'A'; --$9.3 million class M6 'A-'; --$6.6 million class M7 'BBB+'; --$4.7 million class M8 'BBB'; --$7.8 million class M9 'BBB-'; --$7 million class B 'BB+' (144A). The 'AAA' rating on the senior certificates reflects the 16.15% total credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing provided by the 3.20% class M1, the 2.80% class M2, the 1.70% class M3, the 1.50% class M4, the 1.45% class M5, the 1.20% class M6, the 0.85% class M7, the 0.60% class M8, the 1.00% class M9, the privately offered 0.90% class B, and the 0.95% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. An interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. agreement and an interest rate cap agreement, both with ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Bank N.V. (rated 'AA-/F1+' by Fitch), are also available to cover interest shortfalls and losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the primary servicing capabilities of National City Home Loan Services, Inc. (rated 'RPS2' by Fitch) and Wells Fargo Bank, N.A. as Trustee. The mortgage loans are divided into three groups of first-lien, fixed-rate and adjustable mortgage loans. The Pool I mortgage loans had an aggregate principal balance of $167,725,366 as of the cut-off date, Nov. 1, 2006. The weighted average loan rate of the Pool I mortgage loans is approximately 8.178%. The weighted average remaining term to maturity is 356 months. The average cut-off date principal balance of the mortgage loans is approximately $138,501. The weighted average original loan-to-value (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) ratio is 82.96% and the weighted average Fair, Isaac & Co. (FICO FICO See: Financing corporation ) score was 640. The properties are primarily located in California (8.63), Florida (7.49%) and Illinois (6.44%). The Pool II mortgage loans had an aggregate principal balance of $135,283,691 as of the cut-off date. The weighted average loan rate of the Pool II mortgage loans is approximately 8.198%. The weighted average remaining term to maturity is 358 months. The average cut-off date principal balance of the mortgage loans is approximately $146,569. The weighted average OLTV ratio is 84.07% and the weighted average FICO score FICO Score A standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. was 636. The properties are primarily located in California (10.10%), Florida (7.96%) and Illinois (7.89%). The Pool III mortgage loans had an aggregate principal balance of $474,133,363 as of the cut-off date. The weighted average loan rate of the Pool III mortgage loans is approximately 8.037%. The weighted average remaining term to maturity is 357 months. The average cut-off date principal balance of the mortgage loans is approximately $248,237. The weighted average OLTV ratio is 83.80% and the weighted average FICO score was 656. The properties are primarily located in California (28.81%), Florida (11.23%) and New York (7.58%) Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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. 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