Fitch Ratings Affirms ABN AMRO's 'RPS2+' Resi Servicer Rating.

NEW YORK -- Fitch Ratings affirms ABN AMRO Mortgage Group's, Inc. (AAMG) residential primary servicer rating for prime product of 'RPS2+'. The rating is based on the financial strength of the parent, experienced management team, and solid internal control environment. The rating also reflects the company's broad training program and its continuing investments in technology.

AAMG, a leading originator and servicer of residential mortgage loans, is a wholly owned subsidiary of LaSalle Bank Corporation (formerly ABN AMRO North America, Inc.) and its ultimate parent, ABN AMRO N.V. (ABN AMRO Bank), one of the world's largest banks, whose long-term debt is rated 'AA-' by Fitch. Headquartered in Ann Arbor, MI, and operating three servicing platforms in Troy, MI, Norridge, IL, and Jacksonville, FL, AAMG originates prime residential mortgage loans nationwide through its retail and wholesale channels. As of April 30, 2004, AAMG serviced more than 1.5 million mortgage loans totaling over $204 billion.

Since Fitch's last review, AAMG has reorganized its executive management team to drive the company's six sigma initiatives and process improvements that have become the impetus of organizational realignment and cultural change. The customer service function was placed with a separate senior vice president within loan administration. The move was made to provide a cohesive focus to the company's customer service strategy. The company also hired a new senior manager of default management, and as a result, additional functional managers were hired to head various default departments. The new management team brings extensive experience and depth to the organization and substantially strengthens the default management unit.

Fitch is pleased with the changes and anticipates the improved performance of AAMG's default servicing operations. However, Fitch will continue to monitor the new management's progress in achieving planned improvements, as well as its ability to maintain portfolio performance during the company's continued efforts to refine its operations while focusing on improved customer service and enhanced servicing quality. Fitch believes AAMG will remain an effective servicer and will continue to monitor the company's servicing platform for further strategic and operational changes.

Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within some of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information on Fitch's residential servicer rating program, see Fitch's report 'Residential Mortgage Servicer Ratings,' dated Feb. 21, 2003, available on Fitch's web site at 'www.fitchratings.com'.