Fitch Takes Various Rating Actions on 7 Chase Subprime Securitizations.

NEW YORK -- Fitch has taken various rating actions on the following Chase Funding mortgage pass-through certificates:

Series 2001-AD1 Group 1:

--Class A affirmed at 'AAA';

--Class 1M-1 affirmed at 'AA+';

--Class 1M-2 affirmed at 'A';

--Class 1B affirmed at 'BBB'.

Series 2001-AD1 Group 2:

--Class A affirmed at 'AAA';

--Class 2M-1 affirmed at 'AA+';

--Class 2M-2 rated 'AA-', is placed on Rating Watch Negative;

--Class 2B rated 'A', is placed on Rating Watch Negative.

Series 2001-C2 Group 1:

--Class A affirmed at 'AAA';

--Class 1M-1 downgraded to 'A+' from 'AA';

--Class 1M-2 downgraded to 'BB+' from 'A-';

--Class 1B downgraded to 'B' from 'BB-'.

Series 2003-1 Group 1:

--Class A affirmed at 'AAA';

--Class 1M-1 affirmed at 'AA+';

--Class 1M-2 affirmed at 'A+';

--Class 1B affirmed at 'BBB+'.

Series 2003-1 Group 2:

--Class A affirmed at 'AAA';

--Class 2M-1 affirmed at 'AA+';

--Class 2M-2 rated 'A+', is placed on Rating Watch Negative;

--Class 2B rated 'BBB+', is placed on Rating Watch Negative.

Series 2003-6 Group 1:

--Class A affirmed at 'AAA';

--Class 1M-1 affirmed at 'AA+';

--Class 1M-2 affirmed at 'AA-';

--Class 1B affirmed at 'BBB+'.

Series 2003-6 Group 2:

--Class A affirmed at 'AAA';

--Class 2M-1 affirmed at 'AA+';

--Class 2M-2 affirmed at 'A+';

--Class 2B affirmed at 'BBB+'.

All of the mortgage loans in the aforementioned transactions were either originated or acquired by Chase Manhattan Mortgage Corporation, Chase Manhattan Bank USA, N.A., The Chase Manhattan Bank and Chase Mortgage Holdings, Inc. The collateral consists of fixed- and adjustable-rate subprime mortgage loans and is secured by first and second lien mortgages or deeds of trust on residential properties. Chase Home Finance, LLC, rated 'RPS1' by Fitch, is the servicer for all of the mortgage loans.

The affirmations reflect a stable relationship between credit enhancement (CE) and expected losses, and affect approximately $12.26 million in outstanding certificates. The negative actions reflect deterioration in the relationship between CE and expected losses, and affect approximately $769.53 million in outstanding certificates.

All transactions, with the exception of 2001-C2 Group 1, contain two groups. The first and second groups comprise 100% fixed-rate and adjustable-rate loans, respectively. Each group benefits from its own overcollateralization (OC), as well as from shared excess spread. Generally, excess spread is ample enough in the fixed-rate pools to supply the adjustable-rate pools with excess. In cases where negative action was taken, the excess spread amounts, including the shared amount from the fixed-rate pools, were not great enough to cover the realized losses. As a result, the OC amounts have been declining, further diminishing the pools' levels of CE.

For further information regarding delinquencies, losses, and collateral attributes please visit the Fitch Ratings website 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.