Fitch Rates Wachovia Mortgage Loan Trust Series 2006-AMN1.

NEW YORK -- Fitch rates Wachovia Mortgage Loan Trust, Series 2006-AMN1, as follows:

-- $660.1 million classes A-1, A-2 and A-3 'AAA';

-- $9.6 million class M-1 'AA+';

-- $8.6 million class M-2 'AA+';

-- $5.4 million class M-3 'AA';

-- $5.0 million class M-4 'AA-';

-- $4.3 million class M-5 'A+';

-- $3.9 million class M-6 'A';

-- $2.5 million class B-1 'A-';

-- $2.5 million class B-2 'BBB+';

-- $3.6 million class B-3 'BBB'.

The 'AAA' rating on the senior certificates reflects the 7.60% total credit enhancement provided by the 1.35% class M-1, the 1.20% class M-2, the 0.75% class M-3, the 0.70% class M-4, the 0.60% class M-5, the 0.55% class M-6, the 0.35% class B-1, the 0.35% class B-2, the 0.50% class B-3 and the overcollateralization (OC). The initial and target OC is 1.25%. All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure as well as the capabilities of Wells Fargo (rated 'RPS1' by Fitch) as servicer and U.S. Bank National Association as Trustee.

The trust will contain 2481 conventional, adjustable-rate mortgage loans secured by first liens on one- to four-family residential properties, with an aggregate principal balance of $ 714,382,496.3 The average principal balance of the loans in this pool is approximately $ 287,941.4. The mortgage pool has a weighted average original loan-to-value ratio (OLTV) of 76.0%. Rate/Term and cash-out refinance loans account for 10.5% and 34.0% of the pool, respectively. The weighted average FICO score is 708. The states with the largest concentrations are California (34.8%), Florida (10.2%), Illinois (7.9%), Washington (6.2%) and Arizona (6.0%).

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 release issued May 1, 2003 entitled, 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings web site at 'www.fitchratings.com'.

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.