TEXT-Fitch takes various actions on GCCFC 2006-FL4

June 14 - Fitch Ratings has downgraded five nonpooled classes, upgraded two
pooled classes, and affirmed 14 classes of Greenwich Capital Commercial Funding
Corporation (GCCFC), series 2006-FL4. Downgrades to the nonpooled classes
associated with the 260 East 161st Street and 2600 West Olive Avenue loans were
due to increased loss expectations on those loans. Upgrades to two of the senior
classes reflect higher credit enhancement levels due to principal paydown. A
detailed list of rating actions follows at the end of this press release.

Under Fitch's methodology, approximately 70% of the pool is modeled to default
in the base case stress scenario, defined as the 'B' stress. In this scenario,
the modeled average cash flow decline is 14.4% from generally year-end 2011
servicer-reported financial data, or from recent appraised values. To determine
a sustainable Fitch cash flow and stressed value, Fitch analyzed
servicer-reported operating statements and rent rolls, updated property
valuations, and comparisons with properties' competitive sets. Fitch estimates
average recoveries on the pooled loans will be approximately 80% in the base
case.

The transaction is collateralized by seven assets, which includes three loans
secured by hotels (68.3% of the pooled and nonpooled trust balance), two loans
by office properties (17.6%), one real estate owned (REO) regional mall (12.3%),
and one loan by a multifamily/condominium project (1.8%). All of the original
final maturity dates, including all extension options, have passed. Each of the
remaining loans has been further extended through a modification and/or
forbearance, with the exception of one asset (12.3% by scheduled loan balance)
that has been REO since 2009. Of the remaining loans, 19.4% are scheduled to
mature in 2013, with 68.3% scheduled to mature in 2014.

With respect to the pooled classes, four loans were modeled to take a loss in
the base case: PGA National Resort and Spa (33.8% of the pooled trust balance),
Northwest Plaza (11%), 260 East 161st Street (8.5%) and 2600 West Olive Avenue
(7%). The 10 junior non-pooled component classes have all either incurred or are
expected to incur losses.

The primary contributor to loss under the 'B' stress is the specially serviced
Northwest Plaza, an REO asset consisting of an approximately 1.7 million square
foot (sf) regional mall and an attached 12-story, 153,000 sf office building
located in St. Ann, MO. The loan transferred to special servicing in October
2008 for payment default and in September 2009, the property became REO.
Following a failed redevelopment effort, the interior of the mall was shuttered
in December 2010. The last information available on the property indicated that
the mall was only 8% occupied by several tenants with exterior access, with the
attached office building 49% occupied. Within the past 12 months, a new, local
broker was engaged to market and sell the property and it is now under contract
with closing slated for mid-July. However, Fitch modeled no recoveries on both
the pooled and nonpooled trust assets.

Fitch downgrades the following classes and assigns or revises Recovery Estimates
(REs) as indicated:

--$770,025 class N-E161 to 'Csf' from 'Bsf'; RE 0%;

--$1.4 million class N-2600 to 'Csf' from 'CCCsf'; RE 0%;

--$2 million class O-2600 to 'Csf' from 'CCCsf'; RE 0%;

--$1.3 million class P-2600 to 'Csf' from 'CCCsf'; RE 0%;

--$1.7 million class Q-2600 to 'Csf' from 'CCsf'; RE 0%.

Fitch upgrades the following classes and revises Rating Outlooks as indicated:

--$35.4 million class B to 'AAAsf' from 'AAsf'; Outlook revised to Stable from
Positive;

--$30.7 million class C to 'AAsf' from 'Asf', Outlook revised to Stable from
Positive.

Fitch affirms the following class and revises the Rating Outlook as indicated:

--$11.3 million class F at 'BBsf'; Outlook revised to Stable from Negative.

Fitch affirms the following classes and revises REs as indicated:

--$53.1 million class A2 at 'AAAsf'; Outlook Stable;

--$18 million class D at 'BBBsf'; Outlook Stable;

--$16.7 million class E at 'BBB-sf'; Outlook Stable;

--$15 million class G at 'CCCsf'; RE 100%;

--$17.6 million class H at 'CCsf'; RE 70%;

--$14.2 million class J at 'Csf'; RE 0%;

--$7.2 million class K at 'Csf'; RE 0%;

--$5.1 million class L at 'Dsf'; RE 0%;

--$2 million class N-NZH at 'Dsf'; RE 85%;

--$1.6 million class N-NW at 'Csf'; RE 0%;

--$894,510 class O-NW at 'Csf'; RE 0%;

--$956,200 class P-NW at 'Csf'; RE 0%;

--$1.2 million class Q-NW at 'Csf'; RE 0%.

In addition, the following classes originally rated by Fitch have paid in full:
A1, N-MET, O-MET, N-LAX, N-SCR, O-SCR, N-PDS, O-PDS, N-WYN, N-HAP, O-HAP, P-HAP,
N-CPH, O-CPH, P-CPH, Q-CPH, S-CPH, N-LJS, N-LDC, O-LDC, P-LDC, N-444, O-444, and
X-1.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and