TEXT-Moody's release on EquiVantage Home Equity Loan Trusts

(The following statement was released by the rating agency)

June 6 - Moody's Investors Service announced today that it has published the underlying ratings on the following notes that are guaranteed by the financial guarantors identified below.

The underlying rating reflects the intrinsic credit quality of the notes in the absence of the guarantee. The current ratings on the below notes are consistent with Moody's practice of rating insured securities at the higher of the guarantor's insurance financial strength rating and any underlying rating that is public. Complete rating actions are as follows: Issuer: EquiVantage Home Equity Loan Trust 1995-2 Class Description: Class A-3 Notes Current Rating: Aaa Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: Aaa Issuer: EquiVantage Home Equity Loan Trust 1996-1 Class Description: Class A Notes Current Rating: Aaa Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: Aaa Issuer: EquiVantage Home Equity Loan Trust 1996-2 Class Description: Class A-4 Notes Current Rating: Aa3 Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: Aa3 Issuer: EquiVantage Home Equity Loan Trust 1996-3 Class Description: Class A-3 Notes Current Rating: A1 Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: A1 Issuer: EquiVantage Home Equity Loan Trust 1996-4 Class Description: Class A Notes Current Rating: A1 Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: A1 Issuer: EquiVantage Home Equity Loan Trust 1997-1 Class Description: Class A-3 Notes Current Rating: Baa1 Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: Baa1 Class Description: Class A-4 Notes Current Rating: Baa1 Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: Baa1 Class Description: Class A-5 Notes Current Rating: Baa1 Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: Baa1 Issuer: EquiVantage Home Equity Loan Trust 1997-2 Class Description: Class A-3 Notes Current Rating: A1 Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: A1 Class Description: Class A-4 Notes Current Rating: A1 Financial Guarantor: Financial Guaranty Insurance Company (Baa3, under review for possible downgrade) Underlying Rating: A1