Fitch Takes Rating Actions on Fairbanks' Serviced Transactions.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 9, 2003

Fitch Ratings Fitch Ratings

An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has reviewed 90 subprime and specialty A contract under seal.

A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. transactions, entirely or partially serviced by Fairbanks Fairbanks, city (1990 pop. 30,843), Fairbanks North Star Borough, E central Alaska, on the Chena River near its confluence with the Tanana; inc. 1903. Fairbanks is the only sizable urban center in the vast Alaskan interior. . Fitch fitch: see polecat. has affirmed af·firm
v. af·firmed, af·firm·ing, af·firms

v.tr.
1. To declare positively or firmly; maintain to be true.

2. To support or uphold the validity of; confirm.

v.intr. 381 classes, downgraded eleven classes, and currently has eleven classes on Rating Watch Negative (RWN RWN Right Wing News (weblog)
RWN Rural Women's Network (Australia)
RWN Arens Field Airport (Winamac, Indiana, USA)
RWN Reconfigurable Wireless Network ). The review was conducted based upon the ratings actions taken on Fairbanks Capital Corp. (Fairbanks) on June June: see month. 17, 2003. Fitch downgraded and placed on Rating Watch Evolving Fairbanks' residential primary servicer ratings for subprime and home equity to 'RPS3-' from 'RPS2-', the Alt-A An Alt-A mortgage is a type of U.S. mortgage that, for various reasons, is considered riskier than "prime" and less risky than "subprime," the riskiest category. Alt-A interest rates, which are determined by credit risk, therefore tend to be between that of prime and subprime home primary servicer rating to 'RPS3' from 'RPS2-', and the special servicer rating to 'RSS3' from 'RSS2-'.

Fitch analyzed an·a·lyze
tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es
1. To examine methodically by separating into parts and studying their interrelations.

2. Chemistry To make a chemical analysis of.

3. each transaction and determined that the lowering of the servicer rating raised loss expectation levels for these transactions. If Fitch's opinion were solely based upon the Fairbanks rating actions, many classes would have been downgraded. However, in the recent environment the consideration of seasoning, performance and most notably LIBOR LIBOR

See: London Interbank Offered Rate

LIBOR

See London interbank offered rate (LIBOR). movements were significant mitigants and resulted in the following rating actions:

Affirmations: 381 classes were affirmed by Fitch.

-- 251 classes were affirmed. The key mitigating mit·i·gate
v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates

v.tr.
To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve.

v.intr.
To become milder. factor was the

declining interest rates: one month LIBOR has fallen 75 basis

points in the last eighteen months. This has increased excess

spread in these transactions, which had the effect of

increasing 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 over the original transactions'

enhancements. This increased excess spread primarily offset

the revised higher loss expectations for the

Fairbanks-serviced transactions. Without this offset, the

change in Fairbanks' rating might have resulted in a greater

number of rating actions, most notably with recent

transactions;

-- 43 classes were affirmed based on the bond insurance policies

provided by monoline companies, whose insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual.

An insurer is frequently an insurance company and is also known as an underwriter. financial

strength is rated 'AAA' by Fitch;

-- 21 classes were affirmed due to the recent placement of Wells

Fargo Fargo, city (1990 pop. 74,111), seat of Cass co., E N.Dak., at the head of navigation on the Red River, opposite Moorhead, Minn.; inc. 1875. A railroad hub and regional financial and medical center, Fargo is also the trade and distribution center of a spring-wheat Bank Minnesota Minnesota, state, United States
Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces , N.A., rated 'RMS1/RPS1' by Fitch as a

hot backup Backing up a database that is in active use. Contrast with cold backup. servicer;

-- 66 classes were affirmed due to the small percentages of

Fairbanks serviced collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although in the transactions, which

therefore had minimal impact to loss expectations.

Downgrades: Eleven classes were downgraded by Fitch.

-- These classes, although possibly benefiting from decreases in

LIBOR, have been already experiencing significant credit

problems and have experienced prior negative rating actions.

The downgrades are a result of poor performance, continued

deterioration de·te·ri·o·ra·tion
n.
The process or condition of becoming worse. of credit enhancement as well as issues relating

to Fairbanks servicing.

Rating Watch Negative: Eleven classes are either placed or remain on Rating Watch Negative by Fitch.

-- These classes also suffer from poor performance of the

collateral and deteriorating de·te·ri·o·rate
v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates

v.tr.
To diminish or impair in quality, character, or value: credit enhancement. While not as

extreme as the classes which were downgraded, these classes

may be subject to further action depending on the future

performance of Fairbanks' collection and loss mitigation MITIGATION. To make less rigorous or penal.
     2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy

efforts on the collateral.

For more information, go to the Fitch Ratings web site at 'www.fitchratings.com'. For a complete list of the rating actions taken by Fitch, see the chart below.


Deal         Series  Current Rating   Action   New Rating

ABSC       2002-HE1

--A-1                'AAA'            Affirm      'AAA'

--A-2                'AAA'            Affirm      'AAA'

--A-IO               'AAA'            Affirm      'AAA'

--M-1                'AA'             Affirm      'AA'

--M-2                'A'              Affirm      'A'

--B                  'BBB'            Affirm      'BBB'

ABSC         2002-HE2

--A-1                'AAA'            Affirm      'AAA'

--A-2                'AAA'            Affirm      'AAA'

--A-IO               'AAA'            Affirm      'AAA'

--M-1                'AA'             Affirm      'AA'

--M-2                'A'              Affirm      'A'

--B                  'BBB'            Affirm      'BBB'

ABSC         2003-HE1

--A-1                'AAA'            Affirm      'AAA'

--A-2                'AAA'            Affirm      'AAA'

--A-3                'AAA'            Affirm      'AAA'

--A-4                'AAA'            Affirm      'AAA'

--A-IO               'AAA'            Affirm      'AAA'

--M-1                'AA'             Affirm      'AA'

--M-2                'A'              Affirm      'A'

--M-3                'BBB'            Affirm      'BBB'

--M-4                'BBB-'           Affirm      'BBB-'

ABSC         2003-HE2

--A-1                'AAA'            Affirm      'AAA'

--A-2                'AAA'            Affirm      'AAA'

--A-IO               'AAA'            Affirm      'AAA'

--A-INV-IO           'AAA'            Affirm      'AAA'

--M-1                'AA'             Affirm      'AA'

--M-2                'A'              Affirm      'A'

--M-3                'A-'             Affirm      'A-'

--M-4                'BBB'            Affirm      'BBB'

--M-5                'BBB-'           Affirm      'BBB-'

BofA/EQCC    2001-1F

--A-1                'AAA'            Affirm       'AAA'

--A-2                'AAA'            Affirm       'AAA'

--A-3                'AAA'            Affirm       'AAA'

--A-4                'AAA'            Affirm       'AAA'

BofA/EQCC    2001-2

--A-1                'AAA'            Affirm       'AAA'

--A-2                'AAA'            Affirm       'AAA'

--A-3                'AAA'            Affirm       'AAA'

--A-4                'AAA'            Affirm       'AAA'

--A-5                'AAA'            Affirm       'AAA'

--A-6                'AAA'            Affirm       'AAA'

--A-7                'AAA'            Affirm       'AAA'

BofA/EQCC    2002-1

--IA                 'AAA'            Affirm       'AAA'

--2A                 'AAA'            Affirm       'AAA'

CDC          2002-HE3

--A                  'AAA'            Affirm       'AAA'

--M-1                'AA'             Affirm       'AA'

--M-2                'A'              Affirm       'A'

--B-1                'BBB'            Affirm       'BBB'

--B-2                'BBB-'           Affirm       'BBB-'

CDC          2003-HE1

--A-1                'AAA'            Affirm       'AAA'

--A-2                'AAA'            Affirm       'AAA'

--M-1                'AA'             Affirm       'AA'

--M-2                'A+'             Affirm       'A+'

--M-3                'A'              Affirm       'A'

--B-1                'BBB'            Affirm       'BBB'

--B-2                'BBB-'           Affirm       'BBB-'

ContiMortgage 1996-4 GROUP 1

--A-8                'AAA'            Affirm       'AAA'

--A-9                'AAA'            Affirm       'AAA'

ContiMortgage 1996-4 GROUP 2

--A-10               'AAA'            Affirm       'AAA'

ContiMortgage 1997-1

--A-8                'AAA'            Affirm       'AAA'

--A-9                'AAA'            Affirm       'AAA'

--M-1                'AA'             Affirm       'AA'

ContiMortgage 1997-2 GROUP 1

--A-8                'AAA'            Affirm       'AAA'

--A-9                'AAA'            Affirm       'AAA'

--M1-F               'AA+'            Affirm       'AA+'

ContiMortgage 1997-2 GROUP 2

--M1-A               'AA+'            Affirm       'AA+'

--M2-A               'A+'             Affirm       'A+'

ContiMortgage 1997-3 GROUP 1

--A-8                'AAA'            Affirm       'AAA'

--A-9                'AAA'            Affirm       'AAA'

--M1-F               'AA'             Affirm       'AA'

ContiMortgage 1997-3 GROUP 2

--A-10               'AAA'            Affirm       'AAA'

--M1-A               'AA'             Affirm       'AA'

--M2-A               'A'              Affirm       'A'

--B1-A               'BBB-'           on RWN       'BBB-'

ContiMortgage 1997-4

--A-7                'AAA'            Affirm       'AAA'

--A-9                'AAA'            Affirm       'AAA'

ContiMortgage 1997-5

--A-5                'AAA'            Affirm       'AAA'

--A-6                'AAA'            Affirm       'AAA'

--A-8                'AAA'            Affirm       'AAA'

--A-10               'AAA'            Affirm       'AAA'

--B                  'BBB-'           On RWN       'BBB-'

ContiMortgage 1998-1 GROUP 1

--A-6                'AAA'            Affirm       'AAA'

--A-7                'AAA'            Affirm       'AAA'

--A-8                'AAA'            Affirm       'AAA'

--B                  'BBB'            Affirm       'BBB'

ContiMortgage 1998-1 GROUP 2

--A-9                'AAA'            Affirm       'AAA'

ContiMortgage 1998-2

--A-6                'AAA'            Affirm       'AAA'

--A-7                'AAA'            Affirm       'AAA'

--A-8                'AAA'            Affirm       'AAA'

--A-9                'AAA'            Affirm       'AAA'

--B                  'BBB'            Affirm       'BBB'

ContiMortgage 1998-3 GROUP 1

--A-5                'AAA'            Affirm       'AAA'

--A-6                'AAA'            Affirm       'AAA'

--A-7                'AAA'            Affirm       'AAA'

--A-8                'AAA'            Affirm       'AAA'

--B                  'BBB-'           On RWN       'BBB-'

ContiMortgage 1998-3 GROUP 2

--A-9                'AAA'            Affirm       'AAA'

--A-10               'AAA'            Affirm       'AAA'

--A-15               'AAA'            Affirm       'AAA'

--A-16               'AAA'            Affirm       'AAA'

--A-18               'AAA'            Affirm       'AAA'

--A-20               'AAA'            Affirm       'AAA'

--B-II               'BBB'            Affirm       'BBB'

ContiMortgage 1998-4

--A                  'AAA'            Affirm       'AAA'

--B                  'BBB'            Affirm       'BBB'

ContiMortgage 1999-1

--A-4                'AAA'            Affirm       'AAA'

--A-5                'AAA'            Affirm       'AAA'

--A-6                'AAA'            Affirm       'AAA'

--A-7                'AAA'            Affirm       'AAA'

--A-8                'AAA'            Affirm       'AAA'

--B                  'BB'             On RWN       'BB'

ContiMortgage 1999-3

--B                  'BB'             On RWN       'BB'

CSFB          2001-HE8

--A1 & P             'AAA'            Affirm       'AAA'

--A2                 'AAA'            Affirm       'AAA'

--M1                 'AA'             Affirm       'AA'

--M2                 'A'              Affirm       'A'

--B                  'BBB-'           Affirm       'BBB-'

CSFB          2001-HS27

--A,P                'AAA'            Affirm       'AAA'

--M1                 'AA'             Affirm       'AA'

--M2                 'A'              Affirm       'A'

--B                  'BBB'            Affirm       'BBB'

CSFB/HEAT     2002-1

--B-1                'A-'             Affirm       'A-'

CSFB/HEAT     2002-3

--B-1                'BBB+'           Affirm       'BBB+'

CSFB/HEAT     2002-4

--A-1                'AAA'            Affirm       'AAA'

--A-2                'AAA'            Affirm       'AAA'

--A-3                'AAA'            Affirm       'AAA'

--M-1                'AA'             Affirm       'AA'

--M-2                'A'              Affirm       'A'

--B-1                'BBB+'           Affirm       'BBB+'

--B-2                'BBB'            Affirm       'BBB'

CSFB/HEAT     2002-5

--A-1                'AAA'            Affirm       'AAA'

--A-2                'AAA'            Affirm       'AAA'

--A-3                'AAA'            Affirm       'AAA'

--M-1                'AA'             Affirm       'AA'

--M-2                'A'              Affirm       'A'

--B-1                'BBB+'           Affirm       'BBB+'

--B-2                'BBB'            Affirm       'BBB'

CSFB/HEAT     2003-1

--A-1, A-2, A-IO     'AAA'            Affirm       'AAA'

--M-1                'AA'             Affirm       'AA'

--M-2                'A+'             Affirm       'A+'

--M-3                'A'              Affirm       'A'

--B-1                'BBB+'           Affirm       'BBB+'

--B-2                'BBB'            Affirm       'BBB'

--B-3                'BBB-'           Affirm       'BBB-'

CSFB/HEAT    2003-2

--A-1- A-3, A-IO     'AAA'            Affirm       'AAA'

--M-1                'AA'             Affirm       'AA'

--M-2                'A+'             Affirm       'A+'

--M-3                'A'              Affirm       'A'

--B-1                'BBB+'           Affirm       'BBB+'

--B-2                'BBB'            Affirm       'BBB'

--B-3                'BBB-'           Affirm       'BBB-'

CSFB/HEAT    2003-3

--A-1 - A-4, A-IO    'AAA'            Affirm       'AAA'

--M-1                'AA'             Affirm       'AA'

--M-2                'A+'             Affirm       'A+'

--M-3                'A-'             Affirm       'A-'

--B-1                'BBB+'           Affirm       'BBB+'

--B-2                'BBB'            Affirm       'BBB'

--B-3                'BBB-'           Affirm       'BBB-'

DB Ace       2002-HE3

--A-1, A-IO          'AAA'            Affirm       'AAA'

--A-2A               'AAA'            Affirm       'AAA'

--A-2B               'AAA'            Affirm       'AAA'

--A-2C               'AAA'            Affirm       'AAA'

--M-1                'AA+'            Affirm       'AA+'

--M-2                'A'              Affirm       'A'

--M-3                'BBB'            Affirm       'BBB'

DLJ          1993-Q3

--A-2                'AAA'            Affirm       'AAA'

--A-3                'BBB'            Affirm       'BBB'

DLJ          1993-Q6

--A-2                'AAA'            Affirm       'AAA'

--A-3                'AA'             Affirm       'AA'

DLJ          1993-Q9

--A-2                'AA'             Affirm       'AA'

DLJ          1993-Q13

--A-1                'AAA'            Affirm       'AAA'

--A-2                'A'              Affirm       'A'

DLJ          1993-Q15

--A-1                'AAA'            Affirm       'AAA'

--A-2                'A'              Affirm       'A'

DLJ          1993-Q16

--I-A1               'AAA'            Affirm        'AAA'

--II-A1              'AAA'            Affirm        'AAA'

--I-A2               'AA              Affirm        'AA'

--II-A2              'AA'             Affirm        'AA'

DLJ          1993-Q18 P1

--I-A1               'AAA'            Affirm        'AAA'

--I-A2               'AA'             Affirm        'AA'

DLJ          1993-Q18 P2

--II-B1              'B'         Remains on RWN     'B'

DLJ          1993-QE5

--A-2               'AAA'             Affirm        'AAA'

--A-3               'BBB-'            Affirm        'BBB-'

DLJ          1993-QE11

--A-1, S            'AAA'             Affirm        'AAA'

--A-2               'B'               Affirm        'B'

DLJ          1994-Q1 P2

--IIB-1             'CCC'             Affirm        'CCC'

DLJ          1994-Q7

--B-1               'B', RWN         Downgrade      'CCC'

DLJ          1994-Q8 P1

--IB-1              'BB', RWN        Downgrade      'B'

DLJ          1994-Q8 P2

--IIA-1, IIS        'AAA'            Affirm         'AAA'

--IIA-2             'AA'             Affirm         'AA'

--IIB-1             'BBB'            Affirm         'BBB'

DLJ          1994-Q9 P1

--IA-1, IS          'AAA'            Affirm         'AAA'

--IA-2              'AA'             Affirm         'AA'

DLJ          1994-Q9 P2

--IIA-2             'AA'             Affirm         'AA'

--IIB-1             'A-'             Affirm         'A-'

DLJ          1994-Q12

--A-2               'AA'             Affirm         'AA'

DLJ          1994-Q13 P1

--IA-2              'A'              Affirm         'A'

DLJ          1994-Q13 P2

--IIA-1, IIS-1      'AAA'            Affirm         'AAA'

--IIA-2             'AA+'            Affirm         'AA+'

DLJ          1994-Q13 P3

--IIIA-2            'AA+'            Affirm         'AA+'

DLJ          1994-Q16 P1

--IA-2              'AA'             Affirm         'AA'

DLJ          1994-Q16 P2

--IIA-2             'A'              Affirm         'A'

DLJ          1995-Q1

--A-2, A-2S         'AA'             Affirm         'AA'

DLJ          1995-Q3 P2

--IIA-1, IIS        'AAA'            Affirm         'AAA'

--IIA-2             'AA+'            Affirm         'AA+'

DLJ          1995-Q6

--A-1, S            'AAA'            Affirm         'AAA'

--A-2               'AA'             Affirm         'AA'

DLJ          1995-Q7

--A-1, SP           'AAA'            Affirm         'AAA'

--A-2, P            'AA'             Affirm         'AA'

--B                 'BB'             On RWN         'BB'

DLJ          1995-Q8

--A-1, S            'AAA'            Affirm         'AAA'

--M                 'AA'             Affirm         'AA'

DLJ          1995-Q10

--A1                'AAA'            Affirm         'AAA'

--A2                'AA'             Affirm         'AA'

--B1                'A+'             Affirm         'A+'

--B2                'CCC'           Downgrade       'C'

DLJ          1995-Q11

--A-1, S            'AAA'            Affirm         'AAA'

--M                 'AA'             Affirm         'AA'

DLJ          1996-QA

--A                 'AAA'            Affirm         'AAA'

--M                 'AA'             Affirm         'AA'

DLJ          1996-Q2

--A-1               'AAA'            Affirm         'AAA'

--A-2               'AA'             Affirm         'AA'

--B-1               'CCC'           Downgrade       'D'

--B-2               'CCC'           Downgrade       'D'

DLJ          1996-Q4

--A-3               'AAA'            Affirm         'AAA'

--B-1               'AA'             Affirm         'AA'

--B-2               'BB-'           Downgrade       'D'

DLJ          1996-Q6

--A-1               'AAA'            Affirm         'AAA'

--A-2               'AA'             Affirm         'AA'

--B-1               'A+'             Affirm         'A+'

Equifirst    2003-1

--I-F1              'AAA'            Affirm         'AAA'

--II-A1             'AAA'            Affirm         'AAA'

--M-1               'AA'             Affirm         'AA'

--M-2               'A'              Affirm         'A'

--M-3               'BBB'            Affirm         'BBB'

Fairbanks    1999-1

--A                 'AAA'            Affirm         'AAA'

--M-1               'AA'             Affirm         'AA'

--M-2               'A'              Affirm         'A'

--B                 'BBB'            Affirm         'BBB'

Fairbanks    2000-1

--A-F               'AAA'            Affirm         'AAA'

--A-V               'AAA'            Affirm         'AAA'

Fidelity     1997-1

--M-1               'AAA'            Affirm         'AAA'

--M-2               'AA'             Affirm         'AA'

--B                 'BBB'            Affirm         'BBB'

Goldman      GSRPM 2002-1

--A                 'AAA'            Affirm         'AAA'

--M-1               'AA'             Affirm         'AA'

--M-2               'A'              Affirm         'A'

--B                 'BBB'            Affirm         'BBB'

IMC          1997-3

--A-6               'AAA'            Affirm         'AAA'

--A-7               'AAA'            Affirm         'AAA'

--M-1               'AA+'            Affirm         'AA+'

--M-2               'BBB-'          Downgrade       'BB'

IMC          1997-5

--A-8               'AAA'            Affirm         'AAA'

--A-9               'AAA'            Affirm         'AAA'

--A-10              'AAA'            Affirm         'AAA'

--M-1               'AA+'            Affirm         'AA+'

--M-2               'BBB-'          Downgrade       'BB'

IMC          1998-1

--A-4               'AAA'            Affirm         'AAA'

--A-5               'AAA'            Affirm         'AAA'

--A-6               'AAA'            Affirm         'AAA'

--M-1               'AA+'            Affirm         'AA+'

--M-2               'A+'             Affirm         'A+'

--B                 'BBB-'          Downgrade       'BB-'

IMC          1998-5

--A-4               'AAA'            Affirm         'AAA'

--A-5               'AAA'            Affirm         'AAA'

--A-6               'AAA'            Affirm         'AAA'

--M-1               'AA'             Affirm         'AA'

--M-2               'A+'             On RWN         'A+'

--B                 'BBB'           Downgrade       'BB-'

Lehman       ARC 2001-BC6

--A                 'AAA'            Affirm         'AAA'

--A-IO              'AAA'            Affirm         'AAA'

--M1                'AA'             Affirm         'AA'

--M2                'A'              Affirm         'A'

--B                 'BBB'            Affirm         'BBB'

Lehman       ARC 2002-BC6

--A1                'AAA'            Affirm         'AAA'

--A2                'AAA'            Affirm         'AAA'

--A3                'AAA'            Affirm         'AAA'

--A4                'AAA'            Affirm         'AAA'

--AIO               'AAA'            Affirm         'AAA'

--M1                'AA'             Affirm         'AA'

--M2                'A+'             Affirm         'A+'

--M3                'BBB+'           Affirm         'BBB+'

--B                 'BBB-'           Affirm         'BBB-'

Lehman       ARC 2002-BC7

--A1                'AAA'            Affirm         'AAA'

--A-IO              'AAA'            Affirm         'AAA'

--A-SIO             'AAA'            Affirm         'AAA'

--A2                'AAA'            Affirm         'AAA'

--A3                'AAA'            Affirm         'AAA'

--M1                'AA+'            Affirm         'AA+'

--M2                'AA'             Affirm         'AA'

--M3                'AA-'            Affirm         'AA-'

--M4                'A+'             Affirm         'A+'

--M5                'A'              Affirm         'A'

--M6                'A-'             Affirm         'A-'

--B1                'BBB+'           Affirm         'BBB+'

--B2                'BBB'            Affirm         'BBB'

--B3                'BBB-'           Affirm         'BBB-'

Lehman       ARC 2002-BC8

--A1                'AAA'            Affirm         'AAA'

--A-IO              'AAA'            Affirm         'AAA'

--A-SIO             'AAA'            Affirm         'AAA'

--A2                'AAA'            Affirm         'AAA'

--A3                'AAA'            Affirm         'AAA'

--M1                'AA+'            Affirm         'AA+'

--M2                'AA'             Affirm         'AA'

--M3                'A'              Affirm         'A'

--M4                'BBB'            Affirm         'BBB'

--B1                'BBB-'           Affirm         'BBB-'

Lehman       SAIL 2003-BC1 POOL 1

--A-1, A-IO         'AAA'            Affirm         'AAA'

--M1                'AA'             Affirm         'AA'

--M2                'A'              Affirm         'A'

--M3                'BBB+'           Affirm         'BBB+'

--M4                'BBB'            Affirm         'BBB'

--B                 'BBB'            Affirm         'BBB'

Lehman       SAIL 2003-BC1 POOL 2

--A-2               'AAA'            Affirm         'AAA'

Lehman       SAIL 2003-BC2 POOL 1

--A-1, A-IO         'AAA'            Affirm         'AAA'

--M-1               'AA'             Affirm         'AA'

--M-2               'A'              Affirm         'A'

--M-3               'BBB+'           Affirm         'BBB+'

--M-4A              'BBB'            Affirm         'BBB'

--M-4F              'BBB'            Affirm         'BBB'

--B                 'BBB-'           Affirm         'BBB-'

Lehman       SAIL 2003-BC2 POOL 2

--A-2               'AAA'            Affirm         'AAA'

Lehman       SAIL 2003-BC2 POOL 3

--A-3               'AAA'            Affirm         'AAA'

Lehman       SASCO 2002-BC1

--A1                'AAA'            Affirm         'AAA'

--A2                'AAA'            Affirm         'AAA'

--A3                'AAA'            Affirm         'AAA'

--A4                'AAA'            Affirm         'AAA'

--M1                'AA'             Affirm         'AA'

--M2                'A'              Affirm         'A'

--M3                'BBB'            Affirm         'BBB'

Lehman       SASCO 2002-HF2

--A1                'AAA'            Affirm         'AAA'

--A2                'AAA'            Affirm         'AAA'

--A3                'AAA'            Affirm         'AAA'

--A4                'AAA'            Affirm         'AAA'

--A5                'AAA'            Affirm         'AAA'

--M1                'AA'             Affirm         'AA'

--M2                'A'              Affirm         'A'

--M3                'BBB'            Affirm         'BBB'

--B1                'BBB-'           Affirm         'BBB-'

--B2                'BBB-'           Affirm         'BBB-'

Lehman       SASCO 2003-BC1

--A                 'AAA'            Affirm         'AAA'

--M-1               'AA'             Affirm         'AA'

--M-2               'A'              Affirm         'A'

--B-1               'BBB'            Affirm         'BBB'

--B-2               'BBB-'           Affirm         'BBB-'

Lehman       SASCO 2003-BC2

--M2                'A'              Affirm          'A'

--M3                'BBB+'           Affirm          'BBB+'

--M4                'BBB+'           Affirm          'BBB+'

--B1                'BBB-'           Affirm          'BBB-'

--B2                'BB+'            Affirm          'BB+'

MLMI         2002-AFC1 GROUP 1

--AF-1              'AAA'            Affirm          'AAA'

--AF-2              'AAA'            Affirm          'AAA'

--AF-3              'AAA'            Affirm          'AAA'

--MF-1              'AA'             Affirm          'AA'

--MF-2              'A'              Affirm          'A'

--BF-1              'BBB'            Affirm          'BBB'

MLMI         2002-AFC1 GROUP 2

--AV-1              'AAA'            Affirm          'AAA'

--MV-1              'AA'             Affirm          'AA'

--MV-2              'A'              Affirm          'A'

--BV-1              'BBB'            Affirm          'BBB'

MSDW I       2001-AM1

--A-1               'AAA'            Affirm          'AAA'

--A-2               'AAA'            Affirm          'AAA'

--M-1               'AA'             Affirm          'AA'

--M-2               'A'              Affirm          'A'

--B-1               'BBB-'           Affirm          'BBB-'

MSDW I       2002-AM1

--A-1               'AAA'            Affirm          'AAA'

--A-2               'AAA'            Affirm          'AAA'

--M-1               'AA'             Affirm          'AA'

--M-2               'A'              Affirm          'A'

--B-1               'BBB-'           Affirm          'BBB-'

Option One   1999-1 GROUP 1

--A-1               'AAA'            Affirm          'AAA'

Option One   1999-1 GROUP 2

--A-2               'AAA'            Affirm          'AAA'

Option One   1999-2

--A-4               'AAA'            Affirm          'AAA'

--A-5               'AAA'            Affirm          'AAA'

--A-6               'AAA'            Affirm          'AAA'

--A-7               'AAA'            Affirm          'AAA'

--A-8               'AAA'            Affirm          'AAA'

Truman       2002-1

--A-1              'AAA'             Affirm          'AAA'

--A-2              'AAA'             Affirm          'AAA'

--M-1              'AA'              Affirm          'AA'

--M-2              'A'               Affirm          'A'

--B                'BBB'             Affirm          'BBB'

Truman       2002-2

--A-1              'AAA'             Affirm          'AAA'

--A-2              'AAA'             Affirm          'AAA'

--M-1              'AA'              Affirm          'AA'

--M-2              'A'               Affirm          'A'

--B                'BBB'             Affirm          'BBB'

WMC          1997-1

--M-1              'AA'              Affirm          'AA'

--M-2              'A+'              Affirm          'A+'

--B                'BB'          Remains on RWN      'BB'

WMC          1997-2

--M-1              'AA'              Affirm          'AA'

--M-2              'A'               Affirm          'A'

--B                'BB', RWN        Downgrade        'B'

WMC          1998-1

--M1               'AA'              Affirm          'AA'

--M2               'A'               Affirm          'A'

--B                'BB'              On RWN          'BB'

WMC          1999-A

--A               'AAA'              Affirm          'AAA'

--M-1             'AA'               Affirm          'AA'

--M-2             'A'                Affirm          'A'

--M-3             'BBB'              On RWN          'BBB'

WMC          2000-A

--A               'AAA'              Affirm          'AAA'

--M1              'AA'               Affirm          'AA'

--M2              'A'                Affirm          'A'

--B               'BBB'              Affirm          'BBB'

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