California Home Loan, California Home Loans, Home Buyers, Refinancing, Equity Loan, Debt Consolidation, Refinance, New Purchase

NEW YORK--(BUSINESS WIRE)--Sept. 13, 2005--Fitch rates the publicly offered SACO I Trust mortgage-backed notes, series 2005-GP1, as follows::

-- $273.3 million class A-1 and A-2 'AAA';

-- $57.8 million class M-1 'AAA';

-- $3.6 million class M-2 'BBB';

-- $2.6 million class B-1 'BBB-'.

Credit enhancement (CE) for the 'AAA' rated senior class A certificates reflects the 21.00% subordination provided by the 16.70% M-1 class, 1.05% M-2 class, 0.75% B-1 class, 1.00% privately offered B-2 class, 0.50% privately offered B-3 class and 0.50% privately offered B-4 class. The payment structure of this securitization includes excess cashflow, overcollateralization (OC) of 0.50%, subordination, and an insurance policy by Assured Guaranty Corp. with respect to A-1 and M-1 notes. The ratings on the Class A-1 notes is based primarily on the structure of and the credit characteristics of the HELOCs (home equity line of credit), and not upon the financial strength rating of the note insurer.

Fitch's analysis indicates that the above CE will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings reflect the strength of the transaction's legal and financial structures, the attributes of the mortgage collateral and the strength of the servicing capabilities represented by GMAC Mortgage Corp., rated 'RPS1' by Fitch, as servicer.

Wilmington Trust Company will act as owner trustee. Citibank, N.A. will act as indenture trustee.

As of the cut-off date, the mortgage loans have an aggregate balance of $345,978,146. The weighted average loan rate is approximately 8.053%. The weighted average remaining term to maturity is 198 months. The average cut-off date principal balance of the mortgage loans is approximately $57,395. The weighted average original combined loan-to-value ratio is 88.5%, and the weighted average FICO score was 716. The properties are primarily located in California (59.94%).

The mortgage loans were originated or acquired by Greenpoint Mortgage Funding, Inc. For federal income tax purposes, real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust estate.

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.