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Fitch Rates GSR $505.2MM Mortgage Loan Trust 2004-3F.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 27, 2004

Fitch rates GSR Mortgage Loan Trust Series 2004-3F $491.8 million residential mortgage pass-through certificates, classes IA-1, IIA-1 through IIA-12, IIIA-1 through IIIA-8, A-P, and A-X certificates 'AAA'. In addition, class B1 ($4.6 million) is rated 'AA', class B2 ($2.8 million) is rated 'A', class B3 ($1.8 million) is rated 'BBB', and the privately offered class B4 ($1.3 million) is rated 'BB'.

The 'AAA' rating on the senior certificates reflects the 3.00% subordination provided by the 1.50% class B1, the 0.55% class B2, the 0.35% class B3 and the 0.60% privately offered classes B4, B5 and B6 certificates. Classes B1, B2, B3, B4, are rated 'AA', 'A', 'BBB', and 'BB' based on their respective subordination only. Classes B5 and B6 are not rated by Fitch. The ratings also reflect the quality of the underlying collateral, the capabilities of National City Mortgage Co.(rated 'RPS3+' by Fitch), Countrywide Home Loans Inc.(rated 'RPS1' by Fitch), Washington Mutual Bank, FA (rated 'RPS2' by Fitch), and Fifth Third Mortgage Company as servicers, Chase Manhattan Mortgage Corporation (rated 'RMS1-' by Fitch) as master serivcer, and Fitch's confidence in the integrity of the legal and financial structure of the transaction.

The mortgage loans are divided into three separate mortgage Loan Groups. Each Loan Group's Senior Certificates will receive interest and/or principal from its respective mortgage loan group. In certain very limited circumstances relating to a pool experiencing either rapid prepayments or disproportionately high realized losses, principal and interest collected from the other pools may be applied to pay principal or interest, or both, to the senior certificates of the pool experiencing such conditions. The subordinate certificates will be cross-collateralized and will receive interest and/or principal from available funds collected in the aggregate from all mortgage pools.

As of the cut-off date February 1, 2004 the mortgage pool consists of 30 year fixed-rate mortgage loans with an approximate balance of $507,011,817. The mortgage loans were originated by National City Mortgage Co. (6.27%), Washington Mutual Bank FA(27.60%), Countrywide Home Loans Inc. (30.97%), and Fifth Third Mortgage Company (35.16%). The mortgage pool has an average unpaid principal balance of $508,537 and a weighted average credit score of 730. The pool has approximately 60.1% and 7.5%, with credit scores above or equal to 720 and below 660, respectively. The weighted average loan to value ratio at origination was 68.90%. The three states with the highest loan concentrations are: California (46.6%), Ohio (11.9%) and Michigan (7.0%).

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'.

Goldman Sachs Mortgage Company deposited the loans in the trust, which issued the certificates, representing undivided and beneficial ownership in the trust. For federal income tax purposes, the trustee will cause multiple REMIC elections to be made for the trust. JPMorgan Chase Bank will serve as the master servicer/securities administrator and Wachovia Bank N.A will serve as the trustee.
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Publication:Business Wire
Geographic Code:1USA
Date:Feb 27, 2004
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