Fitch Affirms $1.4B and Downgrades $545.8MM from 6 ABFC Subprime Transactions

NEW YORK--(Business Wire)--
Fitch Ratings has taken the following rating actions on six Asset
Back Funding Corp (ABFC) mortgage pass-through certificates. Unless
stated otherwise, any bonds that were previously placed on Rating
Watch Negative are now removed. Affirmations total $1.4 billion and
downgrades total $509.6 million. . Break Loss percentages (BL) and
Loss Coverage Ratios (LCR) for each class are included with the rating
actions as follows:

ABFC, Series 2005-AQ1

--$83.3 million class A-2 affirmed at 'AAA', (BL: 78.45, LCR:
20.59);

--$42.4 million class A-3 affirmed at 'AAA', (BL: 67.23, LCR:
17.65);

--$165.8 million class A-4 affirmed at 'AAA', (BL: 29.67, LCR:
7.79);

--$52.3 million class A-5 affirmed at 'AAA', (BL: 19.62, LCR:
5.15);

--$74.5 million class A-6 affirmed at 'AAA', (BL: 20.63, LCR:
5.42);

--$36.8 million class M-1 affirmed at 'AA', (BL: 11.98, LCR:
3.14);

--$13.5 million class M-2 affirmed at 'A', (BL: 9.14, LCR: 2.4);

--$3.3 million class M-3 affirmed at 'A-', (BL: 8.45, LCR: 2.22);

--$2.9 million class M-4 affirmed at 'BBB+', (BL: 7.86, LCR:
2.06);

--$2.9 million class M-5 affirmed at 'BBB', (BL: 7.28, LCR: 1.91);

--$3.3 million class M-6 affirmed at 'BBB-', (BL: 6.62, LCR:
1.74);

--$3.3 million class B-1 affirmed at 'BB+', (BL: 5.93, LCR: 1.56);

--$3.7 million class B-2 affirmed at 'BB', (BL: 5.23, LCR: 1.37);

Deal Summary

--Originators: Ameriquest Mortgage Company (100%);

--60+ day Delinquency: 4.20%

--Realized Losses to date (% of Original Balance): 0.28%

--Expected Remaining Losses (% of Current balance): 3.81%

--Cumulative Expected Losses (% of Original Balance): 2.57%

ABFC, Series 2005-HE1

--$90.8 million class M-1 affirmed at 'AA+', (BL: 80.13, LCR:
3.87);

--$57.0 million class M-2 affirmed at 'AA', (BL: 59.72, LCR:
2.88);

--$31.2 million class M-3 downgraded to 'BBB' from 'AA-' (BL:
33.55, LCR: 1.62);

--$31.2 million class M-4 downgraded to 'BB' from 'A+' (BL: 28.24,
LCR: 1.36);

--$31.2 million class M-5 downgraded to 'B' from 'A' (BL: 24.54,
LCR: 1.18);

--$26.7 million class M-6 downgraded to 'B' from 'A-' (BL: 21.40,
LCR: 1.03);

--$20.5 million class M-7 downgraded to 'CCC' from 'BBB+' (BL:
18.96, LCR: 0.92);

--$18.7 million class M-8 downgraded to 'CCC' from 'BBB' (BL:
16.73, LCR: 0.81);

--$12.5 million class M-9 downgraded to 'CC/DR3' from 'BBB-' (BL:
15.19, LCR: 0.73);

--$8.2 million class B-1 downgraded to 'CC/DR5' from 'BB' (BL:
13.67, LCR: 0.66);

--$8.3 million class B-2 downgraded to 'CC/DR5' from 'B+' (BL:
11.80, LCR: 0.57);

--$7.1 million class B-3 downgraded to 'CC/DR6' from 'B' (BL:
11.06, LCR: 0.53);

Deal Summary

--Originators: Option One Mortgage Corporation (81.2%); and
Accredited Home Lenders, Inc. (18.8%)

--60+ day Delinquency: 31.08%

--Realized Losses to date (% of Original Balance): 1.06%

--Expected Remaining Losses (% of Current balance): 20.72%

--Cumulative Expected Losses (% of Original Balance): 5.14%

ABFC, Series 2005-HE2

--$24.0 million class A1 affirmed at 'AAA', (BL: 87.56, LCR:
4.15);

--$41.2 million class A2C affirmed at 'AAA', (BL: 94.34, LCR:
4.48);

--$57.0 million class A2D affirmed at 'AAA', (BL: 83.02, LCR:
3.94);

--$46.7 million class M1 affirmed at 'AA+', (BL: 71.47, LCR:
3.39);

--$41.7 million class M2 affirmed at 'AA+', (BL: 60.72, LCR:
2.88);

--$23.9 million class M3 affirmed at 'AA', (BL: 54.43, LCR: 2.58);

--$36.2 million class M4 affirmed at 'AA-', (BL: 41.70, LCR:
1.98);

--$18.4 million class M5 affirmed at 'BBB', (BL: 38.34, LCR:
1.82);

--$18.4 million class M6 affirmed at 'BBB-', (BL: 34.01, LCR:
1.61);

--$12.9 million class M7 affirmed at 'BB', (BL: 30.67, LCR: 1.46);

--$13.5 million class M8 affirmed at 'BB-', (BL: 26.90, LCR:
1.28);

Deal Summary

--Originators: WMC Mortgage Corporation (79.10%); and Ownit
Mortgage Solutions, Inc (20.9%)

--60+ day Delinquency: 40.19%

--Realized Losses to date (% of Original Balance): 1.89%

--Expected Remaining Losses (% of Current balance): 21.08%

--Cumulative Expected Losses (% of Original Balance): 8.72%

ABFC, Series 2005-OPT1

--$7.4 million class A-1MZ affirmed at 'AAA', (BL: 62.50, LCR:
2.06);

--$29.7 million class A-1SS affirmed at 'AAA', (BL: 70.69, LCR:
2.33);

--$32.8 million class A-2B affirmed at 'AAA', (BL: 71.56, LCR:
2.36);

--$23.9 million class A-2C affirmed at 'AAA', (BL: 61.75, LCR:
2.04);

--$22.1 million class M1 downgraded to 'BBB' from 'AA+' (BL:
48.94, LCR: 1.62);

--$19.9 million class M2 downgraded to 'BB' from 'AA' (BL: 38.17,
LCR: 1.26);

--$6.2 million class M3 downgraded to 'B' from 'AA-' (BL: 34.66,
LCR: 1.14);

--$6.5 million class M4 downgraded to 'B' from 'A+' (BL: 30.96,
LCR: 1.02);

--$6.0 million class M5 downgraded to 'CCC' from 'BBB+' (BL:
27.42, LCR: 0.91);

--$6.2 million class M6 downgraded to 'CC/DR5' from 'BBB-' (BL:
20.33, LCR: 0.67);

--$5.5 million class M7 downgraded to 'CC/DR5' from 'BBB-' (BL:
17.69, LCR: 0.58);

--$3.5 million class M8 downgraded to 'CC/DR5' from 'B' (BL:
15.93, LCR: 0.53);

--$5.2 million class M9 downgraded to 'C/DR6' from 'B' (BL: 13.23,
LCR: 0.44);

--$4.2 million class B1 downgraded to 'C/DR6' from 'CC/DR2' (BL:
11.82, LCR: 0.39);

--$3.0 million class B2 revised to 'C/DR6' from C/DR4' (BL: 11.66,
LCR: 0.38);

Deal Summary

--Originators: Option One Mortgage Corp. (100%)

--60+ day Delinquency: 32.43%

--Realized Losses to date (% of Original Balance): 1.02%

--Expected Remaining Losses (% of Current balance): 30.29%

--Cumulative Expected Losses (% of Original Balance): 12.41%

ABFC, Series 2005-WF1:

--$13.2 million class A-1 affirmed at 'AAA', (BL: 78.73, LCR:
6.54);

--$5.4 million class A-2B affirmed at 'AAA', (BL: 100.00, LCR:
8.31);

--$96.0 million class A-2C affirmed at 'AAA', (BL: 72.66, LCR:
6.04);

--$54.4 million class M-1 affirmed at 'AA+', (BL: 53.94, LCR:
4.48);

--$34.3 million class M-2 affirmed at 'AA', (BL: 29.10, LCR:
2.42);

--$16.5 million class M-3 affirmed at 'AA-', (BL: 25.44, LCR:
2.11);

--$11.8 million class M-4 downgraded to 'A' from 'A+' (BL: 23.10,
LCR: 1.92);

--$11.8 million class M-5 downgraded to 'BBB' from 'A' (BL: 20.75,
LCR: 1.72);

--$12.4 million class M-6 downgraded to 'BBB' from 'A-' (BL:
18.43, LCR: 1.53);

--$11.8 million class M-7 downgraded to 'BBB' from 'A-' (BL:
16.29, LCR: 1.35);

--$10.0 million class M-8 downgraded to 'B' from 'BBB+' (BL:
14.48, LCR: 1.2);

--$11.8 million class M-9 downgraded to 'B' from 'BBB' (BL: 11.97,
LCR: 0.99);

--$8.9 million class M-10 downgraded to 'CCC' from 'BB+' (BL:
10.43, LCR: 0.87);

--$4.7 million class B-1 downgraded to 'CC/DR3' from 'BB' (BL:
9.88, LCR: 0.82);

--$5.3 million class B-2 downgraded to 'CC/DR3' from 'BB-' (BL:
9.54, LCR: 0.79);

Deal Summary

--Originators: Wells Fargo Bank, N.A. (100%)

--60+ day Delinquency: 17.99%

--Realized Losses to date (% of Original Balance): 0.49%

--Expected Remaining Losses (% of Current balance): 12.04%

--Cumulative Expected Losses (% of Original Balance): 3.76%

ABFC, Series 2005-WMC1

--$39.3 million class A1 affirmed at 'AAA', (BL: 76.03, LCR:
2.39);

--$35.8 million class A2C affirmed at 'AAA', (BL: 89.31, LCR:
2.81);

--$45.9 million class A2D affirmed at 'AAA', (BL: 89.31, LCR:
2.81);

--$9.1 million class A2MZ affirmed at 'AAA', (BL: 76.36, LCR:
2.4);

--$37.3 million class M1 affirmed at 'AA+', (BL: 65.23, LCR:
2.05);

--$33.7 million class M2 downgraded to 'A' from 'AA+' (BL: 54.47,
LCR: 1.72);

--$23.2 million class M3 downgraded to 'BBB' from 'AA' (BL: 48.16,
LCR: 1.52);

--$16.1 million class M4 downgraded to 'BB' from 'AA' (BL: 43.48,
LCR: 1.37);

--$16.6 million class M5 downgraded to 'B' from 'AA-' (BL: 38.54,
LCR: 1.21);

--$14.1 million class M6 downgraded to 'B' from 'A+' (BL: 34.27,
LCR: 1.08);

--$15.1 million class M7 downgraded to 'CCC' from 'A-' (BL: 29.56,
LCR: 0.93);

--$11.6 million class M8 downgraded to 'CCC' from 'B+' (BL: 25.91,
LCR: 0.82);

--$10.1 million class M9 downgraded to 'CC/DR5' from 'B' (BL:
22.65, LCR: 0.71);

Deal Summary

--Originators: WMC Mortgage Corp. (100%)

--60+ day Delinquency: 39.16%

--Realized Losses to date (% of Original Balance): 2.09%

--Expected Remaining Losses (% of Current balance): 31.76%

--Cumulative Expected Losses (% of Original Balance): 13.11%

The rating actions are based on changes that Fitch has made to its
subprime loss forecasting assumptions. The updated assumptions better
capture the deteriorating performance of pools from 2007, 2006 and
2005 with regard to continued poor loan performance and home price
weakness. Additional details are available in the following research,
available at www.fitchratings.com:

--'Fitch Places $139B U.S. Subprime RMBS On Watch Negative on
Worsening Mortgage Performance' (Feb. 1, 2008);

--'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug.
8, 2007);

--'U.S. Subprime RMBS/HEL Upgrade/Downgrade Criteria' (June 12,
2007).

All of Fitch's ratings criteria for US subprime RMBS available at
www.fitchratings.com/subprime. For a list of deals currently under
analysis please visit www.fitchratings.com/smartview.

Further information regarding current delinquency, loss, and
credit enhancement statistics is also available at
www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings are designed to estimate
recoveries on a forward-looking basis while taking into account the
time value of money.

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, +1-212-908-0347
Michele Patterson, +1-212-908-0779
Sandro Scenga, +1-212-908-0278 (Media Relations)

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