Correction - Fitch Takes Various Rating Actions on 15 AMSI Securitizations

NEW YORK--(Business Wire)--
This is a correction for a message issued on April 16, 2008. It
corrects the class names in series 2002-D.

Fitch Ratings has taken rating actions on the following Ameriquest
Mortgage Securities Inc. (AMSI) mortgage-backed pass-through
certificates:

Series 2001-A

--Class A affirmed at 'AAA'.

Series 2002-A

--Classes A & IO affirmed at 'AAA'.

Series 2002-B

--Classes A & IO affirmed at 'AAA'.

Series 2002-C

--Classes AF-6, AV, & PO affirmed at 'AAA';

--Class M-1 affirmed at 'BBB';

--Class M-2 affirmed at 'CC/DR4'.

Series 2002-D

--Classes AF & AV affirmed at 'AAA';

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

--Class M-2 downgraded to 'BB' from 'BBB+'.

Series 2002-4

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

--Class M-3 affirmed at 'BBB';

--Class M-4 downgraded to 'C/DR4' from 'B'.

Series 2003-5

--Classes A-5 & A-6 affirmed at 'AAA';

--Class M1 affirmed at 'AA+';

--Class M2 affirmed at 'AA';

--Class M3 affirmed at 'A+'.

Series 2003-9

--Classes AF-2, AF-3, AV-1, & AV-2 affirmed at 'AAA';

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

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

--Class M-3 affirmed at 'A-';

--Class M-4 affirmed at 'BBB+';

--Class M-5 affirmed at 'BBB'.

Series 2003-13

--Class AF-4, AF-5, AF-6, AV-1, & AV-2 affirmed at 'AAA';

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

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

--Class M-3 affirmed at 'A-';

--Class M-4 affirmed at 'BBB+';

--Class M-5 downgraded to 'BB' from 'BBB'.

Series 2003-AR1

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

--Class M-3 affirmed at 'A';

--Class M-4 affirmed at 'BBB'.

Series 2004-FR1

--Class A-5 to A-7 affirmed at 'AAA';

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

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

--Class M-3 affirmed at 'AA-';

--Class M-4 affirmed at 'A+';

--Class M-5 affirmed at 'A';

--Class M-6 affirmed at 'A-';

--Class M-7 affirmed at 'BBB+';

--Class M-8 affirmed at 'BBB';

--Class M-9 affirmed at 'BBB-'.

Series 2004-R7

--Classes A-1, A-4 & A-6 affirmed at 'AAA';

--Class M-1 affirmed at 'AAA';

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

--Class M-3 affirmed at 'AA+';

--Class M-4 affirmed at 'AA';

--Class M-5 affirmed at 'AA-';

--Class M-6 affirmed at 'A+';

--Class M-7 downgraded to 'A-' from 'A';

--Class M-8 downgraded to 'BBB+' from 'A-';

--Class M-9 downgraded to 'BBB' from 'BBB+';

--Class M-10 downgraded to 'BB' from 'BBB'.

Series 2004-R8

--Classes A-1, A-4 & A-5 affirmed at 'AAA';

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

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

--Class M-3 affirmed at 'AA-';

--Class M-4 downgraded to 'A' from 'A+';

--Class M-5 downgraded to 'BBB+' from 'A';

--Class M-6 downgraded to 'BBB' from 'A-';

--Class M-7 downgraded to 'BBB-' from 'BBB+';

--Class M-8 downgraded to 'BB' from 'BBB', placed on Rating Watch
Negative;

--Class M-9 downgraded to 'B' from 'BBB-', placed on Rating Watch
Negative;

--Class M-10 downgraded to 'B' from 'BB+', placed on Rating Watch
Negative.

Series 2004-R10

--Classes A-1, A-4 & A-5 affirmed at 'AAA';

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

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

--Class M-3 affirmed at 'AA-';

--Class M-4 downgraded to 'A' from 'A+';

--Class M-5 downgraded to 'A-' from 'A';

--Class M-6 downgraded to 'BBB' from 'A-';

--Class M-7 downgraded to 'BBB-' from 'BBB+';

--Class M-8 downgraded to 'BB' from 'BBB', placed on 'Rating Watch
Negative;

--Class M-9 downgraded to 'BB' from 'BBB-', placed on Rating Watch
Negative;

--Class M-10 downgraded to 'B' from 'BB+', placed on Rating Watch
Negative.

The affirmations, affecting approximately $2.1 billion of the
outstanding certificates, reflect a stable relationship between credit
enhancement and expected loss. The downgrades, affecting approximately
$283.4 million of the outstanding certificates, are taken as a result
of a deteriorating relationship between credit enhancement and
expected loss. In addition, $47.1 million of the outstanding
certificates are placed on 'Rating Watch Negative.'

The collateral of the above transactions generally consists of
fully-amortizing fixed-rate and adjustable-rate mortgage loans
extended to subprime borrowers and secured by first-liens on one- to
four-family residential properties. The loans were originated or
purchased by Ameriquest Mortgage Company and are serviced by Citi
Residential Lending Inc., which is rated 'RPS3+' by Fitch.

As of the March 2008 remittance date, the pool factors (current
mortgage loan principal outstanding as a percentage of the initial
pool) of the above transactions range from 4% (series 2001-A) to 39%
(series 2004-FR1). In addition, the seasoning ranges from 42 months
(series 2004-R10) to 76 months (series 2001-A). Further information
regarding current delinquencies, losses, and credit enhancement is
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.

Fitch Ratings, New York
Tara Sweeney, 212-908-0347
Michele Patterson, 212-908-0779
or
Media Relations:
Sandro Scenga, 212-908-0278

Copyright Business Wire 2008