Carrington Mortgage Loan Trust, Series 2006-FRE1 Inactive
Filed: 21 Jun 06, 12:00am
FREE WRITING PROSPECTUS FILED PURSUANT TO RULE 433 REGISTRATION STATMENT NO.: 333-130210 [CCM LOGO] CARRINGTON CAPITAL MANAGEMENT MBS NEW ISSUE TERM SHEET MBS NEW ISSUE TERM SHEET $1,153,121,000 (APPROXIMATE) - -------------------------------------------------------------------------------- CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 ASSET-BACKED PASS-THROUGH CERTIFICATES - -------------------------------------------------------------------------------- CARRINGTON SECURITIES, LP Sponsor FREMONT INVESTMENT & LOAN Originator & Servicer STANWICH ASSET ACCEPTANCE COMPANY, L.L.C. Depositor CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 Issuing Entity JUNE 19, 2006 - -------------------------------------------------------------------------------- Barclays Capital Inc. [BARCLAYS CAPITAL LOGO] CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- STATEMENT REGARDING THIS FREE WRITING PROSPECTUS The information in this free writing prospectus, if conveyed prior to the time of your contractual commitment to purchase any of the Offered Certificates described herein, supersedes any information contained in any prior similar materials relating to the Offered Certificates. The information in this free writing prospectus is preliminary, and is subject to completion or change. This free writing prospectus is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. This free writing prospectus is being delivered to you solely to provide you with information about the offering of the Offered Certificates referred to in this free writing prospectus and to solicit an offer to purchase the Offered Certificates, when, as and if issued. Any such offer to purchase made by you will not be accepted and will not constitute a contractual commitment by you to purchase any of the Offered Certificates, until we have accepted your offer to purchase Offered Certificates. This free writing prospectus is not an offer to sell or a solicitation of an offer to buy these securities in any state where such offer, solicitation or sale is not permitted. IMPORTANT NOTICE REGARDING THE CONDITIONS FOR THIS OFFERING OF ASSET-BACKED SECURITIES The Offered Certificates referred to in these materials are being offered when, as and if issued. The depositor is not obligated to issue such Offered Certificates or any similar security and the underwriter's obligation to deliver such Offered Certificates is subject to the terms and conditions of the underwriting agreement with the depositor and the availability of such Offered Certificates when, as and if issued by the issuing entity. You are advised that the terms of the Offered Certificates, and the characteristics of the mortgage loan pool backing them, may change (due, among other things, to the possibility that mortgage loans that comprise the pool may become delinquent or defaulted or may be removed or replaced and that similar or different mortgage loans may be added to the pool, and that one or more classes of Offered Certificates may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. You are advised that Offered Certificates may not be issued that have the characteristics described in these materials. The underwriter's obligation to sell such Offered Certificates to you is conditioned on the mortgage loans and Offered Certificates having the characteristics described in these materials. If for any reason the issuing entity does not deliver such Offered Certificates, the underwriter will notify you, and neither the issuer nor any underwriter will have any obligation to you to deliver all or any portion of the Offered Certificates which you have committed to purchase, and none of the issuing entity nor any underwriter will be liable for any costs or damages whatsoever arising from or related to such non-delivery. THE DEPOSITOR HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS THE DEPOSITOR HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT THE DEPOSITOR AND THE OFFERING. YOU MAY GET THESE DOCUMENTS AT NO CHARGE BY VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV. ALTERNATIVELY, THE DEPOSITOR, ANY UNDERWRITER OR ANY DEALER PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS AT NO CHARGE IF YOU REQUEST IT BY CALLING TOLL-FREE 1-888-227- 2275 ext.2663. 1 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- $1,153,121,000 (APPROXIMATE) - -------------------------------------------------------------------------------- CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 ASSET-BACKED PASS-THROUGH CERTIFICATES - -------------------------------------------------------------------------------- CARRINGTON SECURITIES, LP Sponsor FREMONT INVESTMENT & LOAN Originator & Servicer STANWICH ASSET ACCEPTANCE COMPANY, L.L.C. Depositor CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 Issuing Entity TRANSACTION HIGHLIGHTS - ---------------------------------------------------------------------------------------------------------------------------------- PRINCIPAL DISTRIBUTION INITIAL OFFERED EXPECTED RATINGS AVG LIFE(1)(2) WINDOW(1)(2) SUBORDINATION CLASSES(4) BALANCE(3) DESCRIPTION BENCHMARK (S&P/MOODY'S/FITCH) CALL / MAT CALL / MAT LEVEL (%) - ---------------------------------------------------------------------------------------------------------------------------------- A-1 487,374,000 FLT/SEN 1M LIBOR AAA / Aaa / AAA 1.00 / 1.00 1 - 21 / 1 - 21 26.10 A-2 201,960,000 FLT/SEN 1M LIBOR AAA / Aaa / AAA 2.00 / 2.00 21 - 28 / 21 - 28 26.10 A-3 153,884,000 FLT/SEN 1M LIBOR AAA / Aaa / AAA 3.00 / 3.00 28 - 70 / 28 - 70 26.10 A-4 59,968,000 FLT/SEN 1M LIBOR AAA / Aaa / AAA 5.91 / 8.17 70 - 71 / 70 - 162 26.10 M-1 50,109,000 FLT/MEZZ 1M LIBOR AA+ / Aa1 / AA+ 5.04 / 5.48 52 - 71 / 52 - 142 22.00 M-2 46,443,000 FLT/MEZZ 1M LIBOR AA+ / Aa2 / AA 4.65 / 5.09 47 - 71 / 47 - 137 18.20 M-3 28,110,000 FLT/MEZZ 1M LIBOR AA+ / Aa3 / AA- 4.48 / 4.91 45 - 71 / 45 - 131 15.90 M-4 25,666,000 FLT/MEZZ 1M LIBOR AA / A1 / A+ 4.40 / 4.81 43 - 71 / 43 - 127 13.80 M-5 24,443,000 FLT/MEZZ 1M LIBOR AA / A2 / A+ 4.33 / 4.73 42 - 71 / 42 - 122 11.80 M-6 21,999,000 FLT/MEZZ 1M LIBOR AA- / A3 / A 4.29 / 4.67 41 - 71 / 41 - 117 10.00 M-7 20,777,000 FLT/MEZZ 1M LIBOR A+ / Baa1 / A- 4.25 / 4.61 40 - 71 / 40 - 112 8.30 M-8 18,333,000 FLT/MEZZ 1M LIBOR A+ / Baa2 / BBB+ 4.22 / 4.55 39 - 71 / 39 - 107 6.80 M-9 14,055,000 FLT/MEZZ 1M LIBOR A / Baa3 / BBB+ 4.21 / 4.50 39 - 71 / 39 - 101 5.65 M-10(5) 15,277,000 FLT/MEZZ 1M LIBOR BBB- / Ba1 / BBB 4.18 / 4.42 38 - 71 / 38 - 95 4.40 (1.) Certificates are priced to the 10% optional clean-up call. (2.) Based on the pricing prepayment assumption described herein. (3.) Certificate sizes subject to a variance of +/- 5%. (4.) On any Distribution Date after the date on which the Optional Termination is in effect and not exercised the related margin shall increase to 2.0 times the related margin for each Class A Certificate, and 1.5 times for any Mezzanine Certificate. (5.) The Class M-10 Certificates are not offered hereby. PRICING PREPAYMENT ASSUMPTION ADJUSTABLE-RATE MORTGAGE LOANS: 2.0% CPR in month 1, building to 30.0% CPR by month 12; 30.0% CPR for months 13-22; 50.0% CPR for months 23-27; 35.0% CPR for months 28 and thereafter. FIXED-RATE MORTGAGE LOANS: 4.6% CPR in month 1, building to 23.0% CPR by month 12 and remaining at 23.0% CPR thereafter. 2 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TRANSACTION OVERVIEW - -------------------------------------------------------------------------------- ISSUING ENTITY: Carrington Mortgage Loan Trust, Series 2006-FRE1. DEPOSITOR: Stanwich Asset Acceptance Company, L.L.C. SPONSOR: Carrington Securities, LP. ORIGINATOR & SERVICER: Fremont Investment & Loan. TRUSTEE & CUSTODIAN: Wells Fargo Bank, N.A. LEAD MANAGER: Barclays Capital Inc. CO-MANAGERS: Bear, Stearns & Co. Inc. Northeast Securities, Inc. CAP CONTRACTS PROVIDER: Swiss Re Financial Products Corporation. RESPONSIBLE PARTY: Fremont Investment & Loan, as responsible party, makes certain representations and warranties with respect to the Mortgage Loans and has certain obligations with respect to the repurchase and substitution of the Mortgage Loans. OFFERED CERTIFICATES: Approximately $903,186,000 senior floating-rate certificates consisting of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates (together the "Class A Certificates") and approximately $249,935,000 mezzanine floating rate certificates consisting of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates (together with the Class M-10 Certificates, the "Class M Certificates" or the "Mezzanine Certificates"). The Class A Certificates and the Mezzanine Certificates (other than the Class M-10 Certificates) are referred to herein as the "Offered Certificates". The Offered Certificates and the Class M-10 Certificates are backed by adjustable-rate and fixed-rate, interest-only, balloon and fully-amortizing, first lien and second lien, closed-end, subprime, mortgage loans (the "Mortgage Loans"). NON-OFFERED CERTIFICATES: The Class M-10, Class CE, Class P and Class R Certificates will not be offered pursuant to the prospectus. 3 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TRANSACTION OVERVIEW - -------------------------------------------------------------------------------- MORTGAGE LOANS: As of June 1, 2006, the Mortgage Loans will consist of approximately 4,722 adjustable-rate and fixed-rate, interest-only, balloon and fully-amortizing, first and second lien, closed-end, subprime mortgage loans, with a scheduled principal balance of approximately $1,222,172,881. As of the Cut-off Date, approximately 0.24% of the Mortgage Loans were 30 to 59 days delinquent in the payment of principal and/or interest, however, no Mortgage Loan that is 30 to 59 days delinquent or 60 or more days delinquent in the payment of principal and/or interest as of the Cut-off Date will be included in the mortgage pool as of the Closing Date. For purposes of categorizing Mortgage Loans as delinquent, the Cut-off Date shall mean the close of business on May 31, 2006. To the Sponsor's knowledge, approximately 44.42% of the first lien mortgage loans are secured by mortgaged properties with respect to which second lien mortgage loans were originated at the same time as the first lien mortgage loan. These second lien mortgage loans may or may not be part of the mortgage pool. The owners of the mortgaged properties may obtain second lien mortgage loans at any time without the Sponsor's knowledge and, thus, more mortgaged properties than described above may also secure second lien mortgage loans. EXPECTED PRICING DATE: On or about June 22, 2006. CLOSING DATE: On or about June 28, 2006. CUT-OFF DATE: June 1, 2006. DISTRIBUTION DATE: The 25th day of each month (or if such 25th day is not a business day, the next succeeding business day) commencing in July 2006. RECORD DATE: The business day immediately preceding each Distribution Date. DELAY DAYS: Zero days on all Class A and Mezzanine Certificates. DUE PERIOD: The Due Period with respect to any Distribution Date commences on the second day of the month immediately preceding the month in which such Distribution Date occurs and ends on the first day of the month in which such Distribution Date occurs. INTEREST ACCRUAL PERIOD: The Interest Accrual Period for any Distribution Date and for the Class A Certificates and Mezzanine Certificates is the period commencing on the Distribution Date of the month immediately preceding the month in which the Distribution Date occurs or, in the case of the first Distribution Date, commencing on the Closing Date, and ending on the day preceding the Distribution Date. All distributions of interest on the Class A Certificates and Mezzanine Certificates will be based on a 360-day year and the actual number of days in the applicable Interest Accrual Period. 4 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TRANSACTION OVERVIEW - -------------------------------------------------------------------------------- PREPAYMENT PERIOD: The Prepayment Period with respect to any distribution date and principal prepayments in full is the period beginning on the 16th day of the calendar month immediately preceding the month in which the distribution date occurs to the 15th day of the then current calendar month and, with respect to principal prepayments in part, the Prepayment Period is the preceding calendar month. ERISA CONSIDERATIONS: Subject to the considerations in the Prospectus Supplement, it is expected that the Offered Certificates will be eligible for purchase by certain ERISA plans as of the Closing Date. However, investors should consult with their counsel with respect to the consequences under ERISA and the Internal Revenue Code of an ERISA plan's acquisition and ownership of such Certificates. LEGAL INVESTMENT: The Offered Certificates will NOT constitute "mortgage related securities" for the purposes of the Secondary Mortgage Market Enhancement Act of 1984 ("SMMEA"). TAX STATUS: For federal income tax purposes, each Offered Certificate will represent beneficial ownership of a REMIC regular interest and an interest in an interest rate cap agreement. FORM OF REGISTRATION: Book-entry form through DTC, Clearstream and Euroclear. MINIMUM DENOMINATIONS: Class A and Class M-1 Certificates: $100,000 and integral multiples of $1 in excess thereof. Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates: $250,000 and integral multiples of $1 in excess thereof. OPTIONAL TERMINATION: At its option, the majority holder of the Class CE Certificates, in accordance with the terms of the Pooling and Servicing Agreement, may purchase all of the Mortgage Loans, together with any properties in respect of such Mortgage Loans acquired on behalf of the trust, and thereby effect termination and early retirement of the certificates, after the aggregate principal balance of (i) the Mortgage Loans remaining in the trust at the time of such purchase, and (ii) properties acquired in respect of such Mortgage Loans has been reduced to less than 10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date. ADMINISTRATIVE FEE RATES: The sum of (i) the "Servicing Fee", calculated at the "Servicing Fee Rate" of 0.50% per annum, and (ii) the "Trustee Fee" calculated at the "Trustee Fee Rate" of 0.0025% per annum. Administrative Fees will be paid monthly on the stated principal balance of the Mortgage Loans. PRINCIPAL & INTEREST ADVANCES: The Servicer is required to advance delinquent payments of principal and interest on the Mortgage Loans to the extent such amounts are deemed recoverable. The Servicer is entitled to be reimbursed for such advances, and therefore these advances are not a form of credit enhancement. 5 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TRANSACTION OVERVIEW - -------------------------------------------------------------------------------- SERVICING ADVANCES: The Servicer will pay all out-of-pocket costs related to its obligations, including, but not limited to: (i) expenses in connection with a foreclosed Mortgage Loan prior to the liquidation of such loan, (ii) the costs of any judicial proceedings, including foreclosures and (iii) the cost of managing and liquidating property acquired in relation to the Mortgage Loans, as long as it deems all such costs to be recoverable. The Servicer is entitled to be reimbursed for these advances, and therefore these advances are not a form of credit enhancement. COMPENSATING INTEREST: The Servicer is required to pay Compensating Interest up to the amount of the Servicing Fee to cover Prepayment Interest Shortfalls due to principal prepayments in full on the Mortgage Loans. - -------------------------------------------------------------------------------- CREDIT ENHANCEMENT - -------------------------------------------------------------------------------- CREDIT ENHANCEMENT: 1. Excess Spread 2. Overcollateralization 3. Subordination OVERCOLLATERALIZATION AMOUNT: The Overcollateralization Amount with respect to any Distribution Date is the excess, if any, of (a) the aggregate principal balance of the Mortgage Loans (including Mortgage Loans related to any REO Property) as of the last day of the related Due Period over (b) the sum of the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates, after giving effect to distributions to be made on such Distribution Date. OVERCOLLATERALIZATION TARGET The Overcollateralization Target Amount with AMOUNT: respect to any Distribution Date is (a) prior to the Stepdown Date, an amount equal to 4.40% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date; (b) on or after the Stepdown Date, provided a Trigger Event is not in effect, the greater of (i) 8.80% of the then current aggregate outstanding principal balance of the Mortgage Loans as of the last day of the related Due Period and (ii) the Overcollateralization Floor Amount; or (c) on or after the Stepdown Date and if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Distribution Date. Notwithstanding the foregoing, on and after any Distribution Date following the reduction of the aggregate Certificate Principal Balance of the Class A Certificates, Mezzanine Certificates and Class P Certificates to zero, the Overcollateralization Target Amount will be zero. OVERCOLLATERALIZATION FLOOR An amount equal to 0.50% of the aggregate AMOUNT: principal balance of the Mortgage Loans as of the Cut-off Date. 6 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CREDIT ENHANCEMENT - -------------------------------------------------------------------------------- OVERCOLLATERALIZATION INCREASE An Overcollateralization Increase Amount with AMOUNT: respect to any Distribution Date equals the lesser of (a) the Net Monthly Excess Cashflow for such Distribution Date and (b) the amount, if any, by which the Overcollateralization Target Amount exceeds the Overcollateralization Amount on such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed). OVERCOLLATERALIZATION An Overcollateralization Reduction Amount with REDUCTION AMOUNT: respect to any Distribution Date is the lesser of (a) the Principal Remittance Amount on such Distribution Date and (b) the excess, if any, of (i) the Overcollateralization Amount for such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed) over (ii) the Overcollateralization Target Amount for such Distribution Date. STEPDOWN DATE: The later to occur of (x) the Distribution Date occurring in July 2009 and (y) the first Distribution Date on which the Credit Enhancement Percentage (calculated for this purpose only prior to any distribution of the Principal Distribution Amount to the holders of the Certificates then entitled to distributions of principal on the related Distribution Date) is greater than or equal to approximately 52.20%. CREDIT ENHANCEMENT PERCENTAGE: The Credit Enhancement Percentage for any Distribution Date is the percentage obtained by dividing (x) the aggregate Certificate Principal Balance of the Mezzanine Certificates and the Class CE Certificates, calculated after taking into account payments of principal on the Mortgage Loans and distribution of the Principal Distribution Amount to the holders of the certificates then entitled to distributions of principal on the related Distribution Date, by (y) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period. TARGETED ON AND AFTER CLASS INITIAL STEPDOWN DATE ----- ------- --------------------- A 26.10 52.20 M-1 22.00 44.00 M-2 18.20 36.40 M-3 15.90 31.80 M-4 13.80 27.60 M-5 11.80 23.60 M-6 10.00 20.00 M-7 8.30 16.60 M-8 6.80 13.60 M-9 5.65 11.30 M-10 4.40 8.80 7 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CREDIT ENHANCEMENT - -------------------------------------------------------------------------------- TRIGGER EVENT: With respect to any Distribution Date on or after the Stepdown Date, a Trigger Event is in effect if: 1) the percentage obtained by dividing (i) the Rolling Three-Month Delinquency Average plus the aggregate principal balance of the Mortgage Loans that, as of the last day of the previous calendar month, are in foreclosure, have been converted to REO Properties or have been discharged due to bankruptcy, by (ii) the aggregate principal balance of the Mortgage Loans (including Mortgage Loans related to REO Property) as of the last day of the previous calendar month, exceeds 30.65% of the then Credit Enhancement Percentage for the prior Distribution Date; or 2) the aggregate amount of Realized Losses incurred since the Cut-Off Date through the last day of the related Due Period (reduced by the aggregate amount of Subsequent Recoveries received since the Cut-Off Date through the last day of the related Due Period) divided by the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date exceeds the applicable percentages set forth below with respect to such Distribution Date. DISTRIBUTION DATE OCCURRING IN PERCENTAGE --------------------------- ---------- July 2009 through June 2010 3.90% July 2010 through June 2011 5.25% July 2011 through June 2012 6.25% July 2012 and thereafter 6.75% SUBSEQUENT RECOVERIES: Subsequent Recoveries are unanticipated amounts received on a liquidated Mortgage Loan that resulted in a Realized Loss in a prior month. If Subsequent Recoveries are received, they will be included as part of the Principal Remittance Amount for the following Distribution Date and distributed in accordance with the priorities described in this term sheet. In addition, after giving effect to all distributions on a Distribution Date, the amount of such Subsequent Recoveries will increase the Certificate Principal Balance first, of the Class A Certificates then outstanding, if a Realized Loss has been allocated to the Class A Certificates, on a pro-rata basis by the amount of such Subsequent Recoveries, and second, of the class of Mezzanine Certificates then outstanding with the highest distribution priority to which a Realized Loss was allocated. Thereafter, such class of Class A and Mezzanine Certificates will accrue interest on the increased Certificate Principal Balance. REO PROPERTY: REO Property is mortgaged property acquired by the Servicer through foreclosure or deed-in-lieu of foreclosure. ROLLING THREE-MONTH With respect to any Distribution Date, the DELINQUENCY AVERAGE: average aggregate principal balance of the Mortgage Loans delinquent 60 days or more for each of the three (or one and two, in the case of the first and second Distribution Dates, respectively) immediately preceding months. 8 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DISTRIBUTION OF INTEREST - -------------------------------------------------------------------------------- INTEREST DISTRIBUTION On each Distribution Date, the Interest PRIORITY: Remittance Amount will be distributed in the following order of priority: 1) To the holders of each class of Class A Certificates, on a pro rata basis based on the entitlement of each such class, the Senior Interest Distribution Amount allocable to such class of Class A Certificates; and 2) Sequentially to the holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates in that order, the Interest Distribution Amount allocable to each such class. - -------------------------------------------------------------------------------- PRINCIPAL WATERFALL PRIOR TO STEPDOWN DATE OR IF A TRIGGER EVENT IS IN EFFECT - -------------------------------------------------------------------------------- PRINCIPAL DISTRIBUTION On each Distribution Date (a) prior to the PRIORITY: Stepdown Date or (b) on which a Trigger Event is in effect, the Principal Distribution Amount will be distributed in the following order of priority: 1) Sequentially, to the holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in that order, until the aggregate Certificate Principal Balance of each class of Class A Certificates has been reduced to zero; and 2) Sequentially, to the holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, until the Certificate Principal Balance of each such class has been reduced to zero. Nothwithstanding the foregoing, if the Mezzanine Certificates and the Class CE Certificates are reduced to zero, principal distributions on the Class A Certificates will be allocated concurrently on a pro rata basis. 9 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PRINCIPAL WATERFALL ON OR AFTER STEPDOWN DATE AND WHEN NO TRIGGER EVENT IS IN EFFECT - -------------------------------------------------------------------------------- PRINCIPAL DISTRIBUTION On each Distribution Date (a) on or after the PRIORITY: Stepdown Date and (b) on which a Trigger Event is not in effect, the Principal Distribution Amount will be distributed in the following order of priority: 1) Sequentially, to the holders of the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, in that order, up to an amount equal to the Class A Principal Distribution Amount, until the aggregate Certificate Principal Balances of each class of Class A Certificates has been reduced to zero; and 2) Sequentially, to the holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates in that order, up to an amount equal to the related class Principal Distribution Amount until the Certificate Principal Balance of each such class has been reduced to zero. Nothwithstanding the foregoing, if the Mezzanine Certificates are reduced to zero, principal distributions on the Class A Certificates will be allocated concurrently on a pro rata basis. 10 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- EXCESS CASHFLOW WATERFALL AND OVERCOLLATERALIZATION - -------------------------------------------------------------------------------- NET MONTHLY EXCESS CASHFLOW With respect to any Distribution Date, any Net DISTRIBUTIONS: Monthly Excess Cashflow shall be paid as follows: o first, to the holders of the class or classes of Class A Certificates and Mezzanine Certificates then entitled to receive distributions in respect of principal, in an amount equal to the Overcollateralization Increase Amount, distributable as part of the Principal Distribution Amount; o second, sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, in each case up to the related Interest Carry Forward Amount related to such certificates for such Distribution Date; o third, concurrently, on a pro rata basis to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, and then sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, in each case up to the related Allocated Realized Loss Amount for such class of certificates for such Distribution Date; o fourth, to the reserve account, for distribution to the holders of the Class A Certificates and Mezzanine Certificates, the aggregate amount of any Net WAC Rate Carryover Amounts for such classes, after taking into account amounts, if any, received under the cap contracts; o fifth, to the holders of the Class CE Certificates as provided in the Pooling and Servicing Agreement; and o sixth, to the holders of the Residual Certificates, any remaining amounts; provided that if such Distribution Date is the Distribution Date immediately following the expiration of the latest prepayment charge term or any Distribution Date thereafter, then any such remaining amounts will be distributed first, to the holders of the Class P Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and second, to the holders of the Residual Certificates. 11 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ALLOCATION OF LOSSES - -------------------------------------------------------------------------------- ALLOCATION OF LOSSES: Any Realized Losses on the Mortgage Loans will be allocated or covered on any Distribution Date as follows: o first, by Net Monthly Excess Cash Flow; o second, by the Class CE Certificates, until the Certificate Principal Balance of the Class CE Certificates has been reduced to zero; o third, to the Class M-10 Certificates, until the Certificate Principal Balance of the Class M-10 Certificates has been reduced to zero; o fourth, to the Class M-9 Certificates, until the Certificate Principal Balance of the Class M-9 Certificates has been reduced to zero; o fifth, to the Class M-8 Certificates, until the Certificate Principal Balance of the Class M-8 Certificates has been reduced to zero; o sixth, to the Class M-7 Certificates, until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero; o seventh, to the Class M-6 Certificates, until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero; o eighth, to the Class M-5 Certificates, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; o ninth, to the Class M-4 Certificates, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; o tenth, to the Class M-3 Certificates, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero; o eleventh, to the Class M-2 Certificates, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; o twelfth, to the Class M-1 Certificates, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero; and o thirteenth, concurrently, to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates on a pro rata basis based on the Certificate Principal Balance of each such class, until their respective Certificate Principal Balances have been reduced to zero. Once Realized Losses are allocated to the Class A and Mezzanine Certificates, such amounts with respect to such certificates will no longer accrue interest and such amounts will not be reinstated thereafter (except in the case of Subsequent Recoveries). However, the amount of any Realized Losses allocated to the certificates may be distributed to the holders of the Class A and Mezzanine Certificates from Net Monthly Excess Cashflow, according to the priorities set forth under "Monthly Excess Cashflow Distributions" above. 12 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DERIVATIVES - -------------------------------------------------------------------------------- CAP CONTRACTS: The holders of the Class A Certificates and the holders of the Mezzanine Certificates may benefit from a series of interest rate cap payments from Swiss Re Financial Products Corporation pursuant to two separate cap contracts. The cap contracts are intended to partially mitigate for the first 40 Distribution Dates with respect to the Class A Certificates, beginning with the Distribution Date in July 2006, and for the first 40 Distribution Dates with respect to the Mezzanine Certificates, beginning with the Distribution Date in July 2006, the interest rate risk that could result from the difference between (a) One Month LIBOR plus the related margin and (b) the Net WAC Pass-Through Rate. With respect to the Class A Certificates and each Distribution Date, payments under the related cap contract will be made based on (a) an amount equal to the Class A Cap Contract Notional Balance for that Distribution Date and (b) the positive excess of (i) the lesser of (x) One-Month LIBOR and (y) the Class A Ceiling Rate, over (ii) the Class A Monthly Strike Rate for that Distribution Date, calculated on an actual/360-day basis. With respect to the Mezzanine Certificates and each Distribution Date, payments under the related cap contract will be made based on (a) an amount equal to the Class M Cap Contract Notional Balance for that Distribution Date and (b) the positive excess of (i) the lesser of (x) One-Month LIBOR and (y) the Class M Ceiling Rate, over (ii) the Class M Monthly Strike Rate for that Distribution Date, calculated on an actual/360-day basis. 13 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DERIVATIVES - -------------------------------------------------------------------------------- CLASS A CAP CONTRACT NOTIONAL With respect to any Distribution Date specified BALANCE: below and the cap contract relating to the Class A Certificates, the lesser of (1) the aggregate Certificate Principal Balance of the Class A Certificates immediately prior to that Distribution Date, and (2) the amount specified below for that Distribution Date: DISTRIBUTION DATE NOTIONAL -------------- -------------- July 2006 903,186,000.00 August 2006 895,222,040.12 September 2006 884,594,298.32 October 2006 871,297,824.27 November 2006 855,345,000.48 December 2006 836,765,407.55 January 2007 815,606,271.38 February 2007 791,932,752.12 March 2007 765,828,061.76 April 2007 737,393,398.22 May 2007 706,756,268.69 June 2007 676,994,020.91 July 2007 648,096,885.94 August 2007 620,039,674.34 September 2007 592,797,931.19 October 2007 566,347,914.60 November 2007 540,666,574.93 December 2007 515,731,534.56 January 2008 491,521,068.27 February 2008 468,014,084.24 March 2008 445,136,193.64 April 2008 404,334,432.19 May 2008 365,741,164.02 June 2008 329,357,762.97 July 2008 294,974,372.11 August 2008 262,510,777.89 September 2008 242,639,127.03 October 2008 223,479,440.64 November 2008 204,981,338.03 December 2008 187,143,610.49 January 2009 169,920,742.50 February 2009 153,291,355.75 March 2009 137,234,821.97 April 2009 121,731,233.98 May 2009 106,761,424.55 June 2009 92,307,474.13 July 2009 78,350,778.45 August 2009 78,350,778.45 September 2009 78,350,778.45 October 2009 78,350,778.45 14 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DERIVATIVES - -------------------------------------------------------------------------------- CLASS A MONTHLY STRIKE RATE With respect to each Distribution Date and the AND CLASS A CEILING RATE: cap contract relating to the Class A Certificates, the Class A Monthly Strike Rate is the per annum rate set forth next to such Distribution Date in the applicable table below, in each case, subject to the related Class A Ceiling Rate: CLASS A MONTHLY CLASS A STRIKE CEILING DISTRIBUTION DATE RATE RATE ----------------- ------- ------- July 2006 9.182 11.407 August 2006 7.990 11.406 September 2006 7.995 11.406 October 2006 8.271 11.405 November 2006 8.009 11.404 December 2006 8.289 11.403 January 2007 8.030 11.402 February 2007 8.043 11.401 March 2007 8.933 11.399 April 2007 8.077 11.397 May 2007 8.372 11.395 June 2007 8.122 11.392 July 2007 8.421 11.390 August 2007 8.171 11.387 September 2007 8.199 11.384 October 2007 8.506 11.381 November 2007 8.258 11.378 December 2007 8.572 11.374 January 2008 8.326 11.371 February 2008 8.364 11.367 March 2008 8.993 11.362 April 2008 8.492 11.355 May 2008 10.944 11.350 June 2008 10.726 11.345 July 2008 11.258 11.338 August 2008 11.084 11.331 September 2008 11.231 11.325 October 2008 11.787 12.287 November 2008 13.201 13.701 December 2008 13.913 14.413 January 2009 13.757 14.257 February 2009 14.110 14.610 March 2009 16.112 16.612 April 2009 15.055 15.555 May 2009 18.215 18.715 June 2009 18.535 19.035 July 2009 18.535 19.035 August 2009 18.535 19.035 September 2009 18.535 19.035 October 2009 18.535 19.035 15 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DERIVATIVES - -------------------------------------------------------------------------------- CLASS M CAP CONTRACT NOTIONAL With respect to any Distribution Date specified BALANCE: below and the cap contract relating to the Mezzanine Certificates, the lesser of (1) the aggregate Certificate Principal Balance of the Mezzanine Certificates immediately prior to that Distribution Date, and (2) the amount specified below for that Distribution Date: DISTRIBUTION DATE NOTIONAL ----------------- -------------- July 2006 265,212,000.00 August 2006 265,212,000.00 September 2006 265,212,000.00 October 2006 265,212,000.00 November 2006 265,212,000.00 December 2006 265,212,000.00 January 2007 265,212,000.00 February 2007 265,212,000.00 March 2007 265,212,000.00 April 2007 265,212,000.00 May 2007 265,212,000.00 June 2007 265,212,000.00 July 2007 265,212,000.00 August 2007 265,212,000.00 September 2007 265,212,000.00 October 2007 265,212,000.00 November 2007 265,212,000.00 December 2007 265,212,000.00 January 2008 265,212,000.00 February 2008 265,212,000.00 March 2008 265,212,000.00 April 2008 265,212,000.00 May 2008 265,212,000.00 June 2008 265,212,000.00 July 2008 265,212,000.00 August 2008 265,212,000.00 September 2008 265,212,000.00 October 2008 265,212,000.00 November 2008 265,212,000.00 December 2008 265,212,000.00 January 2009 265,212,000.00 February 2009 265,212,000.00 March 2009 265,212,000.00 April 2009 265,212,000.00 May 2009 265,212,000.00 June 2009 265,212,000.00 July 2009 265,212,000.00 August 2009 265,212,000.00 September 2009 259,862,872.77 October 2009 248,402,562.75 16 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DERIVATIVES - -------------------------------------------------------------------------------- CLASS M MONTHLY STRIKE RATE With respect to each Distribution Date and the AND CEILING RATE: cap contract relating to the Mezzanine Certificates, the Class M Monthly Strike Rate is the per annum rate set forth next to such Distribution Date in the applicable table below, in each case, subject to the related Class M Ceiling Rate: CLASS M CLASS M MONTHLY CEILING DISTRIBUTION DATE STRIKE RATE RATE ----------------- ----------- ------- July 2006 8.093 10.838 August 2006 6.964 10.838 September 2006 6.964 10.838 October 2006 7.218 10.838 November 2006 6.963 10.838 December 2006 7.217 10.838 January 2007 6.963 10.838 February 2007 6.963 10.838 March 2007 7.780 10.838 April 2007 6.963 10.838 May 2007 7.216 10.838 June 2007 6.962 10.838 July 2007 7.216 10.838 August 2007 6.962 10.838 September 2007 6.961 10.838 October 2007 7.215 10.838 November 2007 6.961 10.838 December 2007 7.215 10.838 January 2008 6.960 10.838 February 2008 6.960 10.838 March 2008 7.485 10.838 April 2008 6.962 10.838 May 2008 9.010 10.838 June 2008 8.693 10.838 July 2008 8.997 10.838 August 2008 8.678 10.838 September 2008 8.676 10.838 October 2008 8.986 10.838 November 2008 9.943 10.838 December 2008 10.293 10.838 January 2009 9.934 10.838 February 2009 9.930 10.838 March 2009 11.059 11.559 April 2009 9.924 10.838 May 2009 11.594 12.094 June 2009 11.193 11.693 July 2009 11.580 12.080 August 2009 11.178 11.678 September 2009 11.209 11.709 October 2009 11.648 12.148 17 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DISTRIBUTIONS OF NET WAC RATE CARRYOVER AMOUNTS - -------------------------------------------------------------------------------- DISTRIBUTION OF NET WAC RATE On the Closing Date, the Trustee will establish CARRYOVER AMOUNTS: a reserve account from which distributions in respect of the Net WAC Rate Carryover Amount on the Class A or Mezzanine Certificates will be made. The reserve account will be an asset of the trust but not of any REMIC. On each Distribution Date, to the extent required following the distribution of the Available Distribution Amount, the Trustee will withdraw from amounts in the reserve account to distribute to the holders of the Class A Certificates and Mezzanine Certificates any Net WAC Rate Carryover Amounts in the following order of priority, in each case to the extent of amounts remaining in the reserve account: (A) concurrently, to the Class A Certificates, on a pro rata basis based on the outstanding balance of each such class immediately prior to the Distribution Date, but only to the extent of amounts paid under the cap contract with respect to the Class A Certificates and only up to the related Net WAC Rate Carryover Amount; (B) concurrently, to the Mezzanine Certificates, on a pro rata basis based on the outstanding balance of each such class immediately prior to the Distribution Date, but only to the extent of amounts paid under the cap contract with respect to the Mezzanine Certificates and only up to the related Net WAC Rate Carryover Amount; (C) to the Class A Certificates, any related unpaid Net WAC Rate Carryover Amount (after taking into account distributions pursuant to (A) above), distributed on a pro rata basis based on the remaining undistributed Net WAC Rate Carryover Amount, but only to the extent of amounts remaining under the cap contract with respect to the Class A Certificates; (D) to the Mezzanine Certificates, any related unpaid Net WAC Rate Carryover Amount (after taking into account distributions pursuant to (B) above), distributed on a pro rata basis based on the remaining undistributed Net WAC Rate Carryover Amount, but only to the extent of amounts remaining under the cap contract with respect to the Mezzanine Certificates; (E) to the Class A Certificates and Mezzanine Certificates from Net Monthly Excess Cash Flow, any related undistributed Net WAC Rate Carryover Amount (after taking into account distributions pursuant to (A) through (D) above), distributed in the following order of priority: (i) to the Class A Certificates, on a pro rata basis based first on the outstanding certificate principal balance immediately prior to the Distribution Date, and second on such remaining undistributed Net WAC Rate Carryover Amount and (ii) sequentially to the Mezzanine Certificates any such remaining undistributed Net WAC Rate Carryover Amount for each class. 18 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- AVAILABLE DISTRIBUTION AMOUNT: For any Distribution Date, an amount equal to the sum of the following amounts, net of certain expenses of the trust including amounts reimbursable to the servicer and the trustee: o the aggregate amount of scheduled monthly payments on the Mortgage Loans due during the related Due Period and received on or prior to the related Determination Date, after deduction of the servicing fee and the trustee fee in respect of the Mortgage Loans for that Distribution Date; o unscheduled payments in respect of the Mortgage Loans, including mortgagor prepayments, insurance proceeds, liquidation proceeds and Subsequent Recoveries from the Mortgage Loans, amounts received in respect of REO Property and proceeds from repurchases of and substitutions for the Mortgage Loans occurring during the related Prepayment Period; o all payments of Compensating Interest made by the servicer with respect to the Mortgage Loans; and o all Advances made for that Distribution Date in respect of the Mortgage Loans. CERTIFICATE PRINCIPAL BALANCE: With respect to any class of Class A Certificates and Mezzanine Certificates and any date of determination, an amount equal to its initial certificate principal balance, reduced by the aggregate of (a) all amounts allocable to principal previously distributed with respect to that class of certificates and (b) with respect to any Class A Certificate and Mezzanine Certificate, any reductions in its certificate principal balance in connection with the allocation of Realized Losses in the manner described under "Allocation of Losses" above (taking into account any increases in the certificate principal balance thereof due to the receipt of Subsequent Recoveries). The Certificate Principal Balance of the Class CE Certificates as of any date of determination is equal to the excess, if any, of the then aggregate principal balance of the Mortgage Loans over the then aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class P Certificates. CLASS A PRINCIPAL DISTRIBUTION The Class A Principal Distribution Amount is an AMOUNT: amount equal to the excess of: o the aggregate Certificate Principal Balance of the Class A Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. 19 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- CLASS M-1 PRINCIPAL The Class M-1 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date and (ii) the Certificate Principal Balance of the Class M-1 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. CLASS M-2 PRINCIPAL The Class M-2 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date and (iii) the Certificate Principal Balance of the Class M-2 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. 20 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- CLASS M-3 PRINCIPAL The Class M-3 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date, (iii) the Certificate Principal Balance of the Class M-2 Certificates after taking into account the distribution of the Class M-2 Principal Distribution Amount on the related Distribution Date and (iv) the Certificate Principal Balance of the Class M-3 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. CLASS M-4 PRINCIPAL The Class M-4 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date, (iii) the Certificate Principal Balance of the Class M-2 Certificates after taking into account the distribution of the Class M-2 Principal Distribution Amount on the related Distribution Date, (iv) the Certificate Principal Balance of the Class M-3 Certificates after taking into account the distribution of the Class M-3 Principal Distribution Amount on the related Distribution Date and (v) the Certificate Principal Balance of the Class M-4 Certificate immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. 21 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- CLASS M-5 PRINCIPAL The Class M-5 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date, (iii) the Certificate Principal Balance of the Class M-2 Certificates after taking into account the distribution of the Class M-2 Principal Distribution Amount on the related Distribution Date, (iv) the Certificate Principal Balance of the Class M-3 Certificates after taking into account the distribution of the Class M-3 Principal Distribution Amount on the related Distribution Date, (v) the Certificate Principal Balance of the Class M-4 Certificates after taking into account the distribution of the Class M-4 Principal Distribution Amount on the related Distribution Date and (vi) the Certificate Principal Balance of the Class M-5 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. 22 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- CLASS M-6 PRINCIPAL The Class M-6 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date, (iii) the Certificate Principal Balance of the Class M-2 Certificates after taking into account the distribution of the Class M-2 Principal Distribution Amount on the related Distribution Date, (iv) the Certificate Principal Balance of the Class M-3 Certificates after taking into account the distribution of the Class M-3 Principal Distribution Amount on the related Distribution Date, (v) the Certificate Principal Balance of the Class M-4 Certificates after taking into account the distribution of the Class M-4 Principal Distribution Amount on the related Distribution Date, (vi) the Certificate Principal Balance of the Class M-5 Certificates after taking into account the distribution of the Class M-5 Principal Distribution Amount on the related Distribution Date and (vii) the Certificate Principal Balance of the Class M-6 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. 23 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- CLASS M-7 PRINCIPAL The Class M-7 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificate after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date, (iii) the Certificate Principal Balance of the Class M-2 Certificates after taking into account the distribution of the Class M-2 Principal Distribution Amount on the related Distribution Date, (iv) the Certificate Principal Balance of the Class M-3 Certificates after taking into account the distribution of the Class M-3 Principal Distribution Amount on the related Distribution Date, (v) the Certificate Principal Balance of the Class M-4 Certificates after taking into account the distribution of the Class M-4 Principal Distribution Amount on the related Distribution Date, (vi) the Certificate Principal Balance of the Class M-5 Certificates after taking into account the distribution of the Class M-5 Principal Distribution Amount on the related Distribution Date, (vii) the Certificate Principal Balance of the Class M-6 Certificates after taking into account the distribution of the Class M-6 Principal Distribution Amount on the related Distribution Date and (viii) the Certificate Principal Balance of the Class M-7 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. 24 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- CLASS M-8 PRINCIPAL The Class M-8 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificate after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date, (iii) the Certificate Principal Balance of the Class M-2 Certificates after taking into account the distribution of the Class M-2 Principal Distribution Amount on the related Distribution Date, (iv) the Certificate Principal Balance of the Class M-3 Certificates after taking into account the distribution of the Class M-3 Principal Distribution Amount on the related Distribution Date, (v) the Certificate Principal Balance of the Class M-4 Certificates after taking into account the distribution of the Class M-4 Principal Distribution Amount on the related Distribution Date, (vi) the Certificate Principal Balance of the Class M-5 Certificates after taking into account the distribution of the Class M-5 Principal Distribution Amount on the related Distribution Date, (vii) the Certificate Principal Balance of the Class M-6 Certificates after taking into account the distribution of the Class M-6 Principal Distribution Amount on the related Distribution Date, (viii) the Certificate Principal Balance of the Class M-7 Certificates after taking into account the distribution of the Class M-7 Principal Distribution Amount on the related Distribution Date and (ix) the Certificate Principal Balance of the Class M-8 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. 25 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- CLASS M-9 PRINCIPAL The Class M-9 Principal Distribution Amount is DISTRIBUTION AMOUNT: an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificate after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date, (iii) the Certificate Principal Balance of the Class M-2 Certificates after taking into account the distribution of the Class M-2 Principal Distribution Amount on the related Distribution Date, (iv) the Certificate Principal Balance of the Class M-3 Certificates after taking into account the distribution of the Class M-3 Principal Distribution Amount on the related Distribution Date, (v) the Certificate Principal Balance of the Class M-4 Certificates after taking into account the distribution of the Class M-4 Principal Distribution Amount on the related Distribution Date, (vi) the Certificate Principal Balance of the Class M-5 Certificates after taking into account the distribution of the Class M-5 Principal Distribution Amount on the related Distribution Date, (vii) the Certificate Principal Balance of the Class M-6 Certificates after taking into account the distribution of the Class M-6 Principal Distribution Amount on the related Distribution Date, (viii) the Certificate Principal Balance of the Class M-7 Certificates after taking into account the distribution of the Class M-7 Principal Distribution Amount on the related Distribution Date, (ix) the Certificate Principal Balance of the Class M-8 Certificates after taking into account the distribution of the Class M-8 Principal Distribution Amount on the related Distribution Date and (x) the Certificate Principal Balance of the Class M-9 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. 26 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- CLASS M-10 PRINCIPAL DISTRIBUTION AMOUNT: The Class M-10 Principal Distribution Amount is an amount equal to the excess of: o the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificate after taking into account the distribution of the Class A Principal Distribution Amount on the related Distribution Date, (ii) the Certificate Principal Balance of the Class M-1 Certificates after taking into account the distribution of the Class M-1 Principal Distribution Amount on the related Distribution Date, (iii) the Certificate Principal Balance of the Class M-2 Certificates after taking into account the distribution of the Class M-2 Principal Distribution Amount on the related Distribution Date, (iv) the Certificate Principal Balance of the Class M-3 Certificates after taking into account the distribution of the Class M-3 Principal Distribution Amount on the related Distribution Date, (v) the Certificate Principal Balance of the Class M-4 Certificates after taking into account the distribution of the Class M-4 Principal Distribution Amount on the related Distribution Date, (vi) the Certificate Principal Balance of the Class M-5 Certificates after taking into account the distribution of the Class M-5 Principal Distribution Amount on the related Distribution Date and (vii) the Certificate Principal Balance of the Class M-6 Certificates after taking into account the distribution of the Class M-6 Principal Distribution Amount on the related Distribution Date (viii) the Certificate Principal Balance of the Class M-7 Certificates after taking into account the distribution of the Class M-7 Principal Distribution Amount on the related Distribution Date, (ix) the Certificate Principal Balance of the Class M-8 Certificates after taking into account the distribution of the Class M-8 Principal Distribution Amount on the related Distribution Date, (x) the Certificate Principal Balance of the Class M-9 Certificates after taking into account the distribution of the Class M-9 Principal Distribution Amount on the related Distribution Date and (xi) the Certificate Principal Balance of the Class M-10 Certificates immediately prior to the related Distribution Date over o the lesser of (A) the product of (i) the applicable Subordination Percentage and (ii) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor Amount. DETERMINATION DATE: The Determination Date with respect to any Distribution Date will be the 15th day of the calendar month in which such Distribution Date occurs or, if such 15th day is not a business day, the business day immediately preceding such 15th day. EXPENSE ADJUSTED MORTGAGE The Expense Adjusted Mortgage Rate for any RATE: Mortgage Loan and any Distribution Date will be a per annum rate equal to the then applicable mortgage rate for such Mortgage Loan as of the first day of the related Due Period minus the sum of the applicable Servicing Fee Rate and the Trustee Fee Rate. 27 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- FORMULA RATE: The Formula Rate for any class of Class A and Mezzanine Certificates is One-Month LIBOR plus the related margin. The related margin shall increase on any Distribution Date following the date on which the Optional Termination is in effect and not exercised by an amount equal to (i) 2.0 times the related margin for each Class A Certificate, and (ii) 1.5 times the related margin for any Mezzanine Certificate. INTEREST CARRY FORWARD AMOUNT: The Interest Carry Forward Amount with respect to any class of Class A Certificates and Mezzanine Certificates and any Distribution Date is equal to the amount, if any, by which the Interest Distribution Amount for that class of certificates for the immediately preceding Distribution Date exceeded the actual amount distributed on the certificates in respect of interest on the immediately preceding Distribution Date, together with any Interest Carry Forward Amount with respect to that class of certificates remaining undistributed from the previous Distribution Date, plus interest accrued thereon at the related Pass-Through Rate on the certificates for the most recently ended Interest Accrual Period. INTEREST DISTRIBUTION AMOUNT: The Interest Distribution Amount for the Class A Certificates and Mezzanine Certificates on any Distribution Date is equal to interest accrued during the related Interest Accrual Period on the Certificate Principal Balance of that class immediately prior to the Distribution Date at the Pass-Through Rate for that class, reduced (to not less than zero) by the allocable share, if any, for that class of Prepayment Interest Shortfalls to the extent not covered by Compensating Interest paid by the servicer and shortfalls resulting from the application of the Relief Act. INTEREST REMITTANCE AMOUNT: The Interest Remittance Amount for any Distribution Date is that portion of the Available Distribution Amount for that Distribution Date that represents interest received or advanced on the Mortgage Loans. NET MONTHLY EXCESS CASH FLOW: The Net Monthly Excess Cash Flow for any Distribution Date is equal to the sum of (a) any Overcollateralization Reduction Amount and (b) the excess of: o the Available Distribution Amount for the related Distribution Date over o the sum for the related Distribution Date of the aggregate of (a) the Senior Interest Distribution Amount distributable to the holders of the Class A Certificates, (b) the Interest Distribution Amount distributable to the holders of the Mezzanine Certificates and (c) the Principal Remittance Amount. NET WAC PASS-THROUGH RATE: The Net WAC Pass-Through Rate for any Distribution Date and the Class A Certificates and Mezzanine Certificates is a rate per annum (adjusted for the actual number of days in the related Interest Accrual Period) equal to the weighted average of the Expense Adjusted Mortgage Rates on the then outstanding Mortgage Loans, weighted based on their principal balances as of the first day of the related Due Period. 28 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- NET WAC RATE CARRYOVER AMOUNT: For any Distribution Date and any Class A Certificates or Mezzanine Certificates, an amount equal to the sum of (i) the excess of (x) the amount of interest such class would have accrued for such Distribution Date had the applicable Pass-Through Rate not been subject to the Net WAC Pass-Through Rate, over (y) the amount of interest such class of Certificates accrued for such Distribution Date at the Net WAC Pass-Through Rate and (ii) the undistributed portion of any related Net WAC Carryover Amount from the prior Distribution Date together with interest accrued on such undistributed portion for the most recently ended Interest Accrual Period at the Formula Rate applicable for such class for such Interest Accrual Period. The ratings on each class of Certificates do not address the likelihood of the distribution of any Net WAC Rate Carryover Amount. PASS-THROUGH RATES: With respect to each class of Class A Certificates and Mezzanine Certificates and any Distribution Date, the lesser of (i) the Formula Rate and (ii) the Net WAC Pass-Through Rate. PREPAYMENT INTEREST With respect to any principal prepayments on SHORTFALLS: the Mortgage Loans and any Distribution Date, any interest shortfall resulting from principal prepayments in full occurring between the first day of the related Prepayment Period and the last day of the prior calendar month. PRINCIPAL DISTRIBUTION AMOUNT: The Principal Distribution Amount for any Distribution Date will be an amount, not less than zero, equal to the sum of (i) the principal portion of all scheduled monthly payments on the Mortgage Loans actually received on or prior to the related Determination Date or advanced on or prior to the related Distribution Date; (ii) the principal portion of all proceeds received in respect of the repurchase of a Mortgage Loan or, in the case of a substitution, amounts representing a principal adjustment, as required by the Pooling and Servicing Agreement during the related Prepayment Period; (iii) the principal portion of all other unscheduled collections, including insurance proceeds, liquidation proceeds, Subsequent Recoveries and all full and partial principal prepayments, received during the related Prepayment Period net of reimbursements, including reimbursements to the Trustee and the Servicer, to the extent applied as recoveries of principal on the Mortgage Loans, and (iv) the amount of any Overcollateralization Increase Amount for such Distribution Date; minus (v) the amount of any Overcollateralization Reduction Amount for such Distribution Date. PRINCIPAL REMITTANCE AMOUNT: The Principal Remittance Amount for any Distribution Date is the sum of the amounts described in clauses (i) through (iii) of the definition of Principal Distribution Amount. SENIOR INTEREST DISTRIBUTION The Senior Interest Distribution Amount for any AMOUNT: Distribution Date is equal to the sum of the Interest Distribution Amount for that Distribution Date for the Class A Certificates and the Interest Carry Forward Amount, if any, for that Distribution Date for the Class A Certificates. 29 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $ 1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DEFINITIONS - -------------------------------------------------------------------------------- SUBORDINATION PERCENTAGE: With respect to each class of Class A Certificates and Mezzanine Certificates, the applicable approximate percentage set forth in the table below. Class Percentage ----- ---------- A 47.80 M-1 56.00 M-2 63.60 M-3 68.20 M-4 72.40 M-5 76.40 M-6 80.00 M-7 83.40 M-8 86.40 M-9 88.70 M-10 91.20 30 TO 59 DAYS DELINQUENT Any Mortgage Loan for which a payment due on any due date remains unpaid as of the close of business on the last day of the month of the next following monthly due date. The determination as to whether a loan falls into this category is made as of the close of business on the last business day of each month. Grace periods and partial payments do not affect these determinations. 30 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) - -------------------------------------------------------------------------------- COLLATERAL SUMMARY - -------------------------------------------------------------------------------- Statistics for the Mortgage Loans listed below are based on the Cut-off Date scheduled balances. SCHEDULED PRINCIPAL BALANCE: $1,222,172,881.46 NUMBER OF MORTGAGE LOANS: 4,722 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 258,825.26 WEIGHTED AVERAGE GROSS COUPON: 8.382% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 609 WEIGHTED AVERAGE ORIGINAL LTV RATIO(2): 78.19% WEIGHTED AVERAGE COMBINED LTV RATIO(2): 86.36% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 358 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 360 WEIGHTED AVERAGE ROLL TERM(1) (MONTHS): 24 WEIGHTED AVERAGE GROSS MARGIN(1): 6.026% WEIGHTED AVERAGE INITIAL RATE CAP(1): 2.019% WEIGHTED AVERAGE PERIODIC RATE CAP(1): 1.500% INTEREST ONLY LOANS: 15.47% SILENT SECONDS: 44.42% - -------------------------------------------------------------------------------- (1) Includes adjustable-rate Mortgage Loans only. (2) The original loan-to-value ("OLTV") of a first-lien mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is the principal balance of the Mortgage Loan at the date of origination and the denominator of which is the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The OLTV of a second lien Mortgage Loan at any given time is a fraction, expressed as a percentage the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) the outstanding balance of the senior mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The combined loan-to-value ("CLTV") of a mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) either (x) for junior lien Mortgage Loans the outstanding balance of the senior lien mortgage loan at the date of origination of such Mortgage Loan, or (y) for first-lien Mortgage Loans the outstanding balance of any junior lien mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. No mortgage loan with a CLTV greater than 100.00% will be included in the final pool. 31 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------- 2/1 ARM 1,846 $ 406,781,253.54 33.28% $220,358.21 587 77.15% 8.960% 2/1 ARM 5Y-IO 568 186,536,761.04 15.26 328,409.79 633 80.58 7.544 3/1 ARM 25 5,637,692.92 0.46 225,507.72 620 77.03 8.869 3/1 ARM 5Y-IO 11 2,583,678.93 0.21 234,879.90 635 83.64 7.784 40/30 2/1 ARM 1,689 512,922,433.66 41.97 303,684.09 613 78.74 8.277 40/30 3/1 ARM 21 6,317,159.57 0.52 300,817.12 609 73.37 8.491 40/30 5/1 ARM 6 1,637,580.87 0.13 272,930.15 611 85.87 8.215 40/30 Fixed 87 25,981,557.91 2.13 298,638.60 633 74.88 7.587 5/1 ARM 8 1,682,874.31 0.14 210,359.29 608 74.92 7.871 Fixed 461 72,091,888.71 5.90 156,381.54 630 75.44 8.313 - ---------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% ====================================================================================================================== DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT GROSS MORTGAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------- 5.001-5.500 3 $ 1,121,894.75 0.09% $373,964.92 660 77.98% 5.397% 5.501-6.000 16 5,349,539.27 0.44 334,346.20 640 74.86 5.840 6.001-6.500 74 23,873,432.38 1.95 322,613.95 655 74.61 6.356 6.501-7.000 254 86,622,663.00 7.09 341,034.11 641 77.49 6.836 7.001-7.500 460 150,213,774.60 12.29 326,551.68 629 78.54 7.330 7.501-8.000 847 259,391,117.72 21.22 306,246.89 625 79.50 7.820 8.001-8.500 811 223,384,918.88 18.28 275,443.80 615 80.12 8.299 8.501-9.000 758 185,730,474.58 15.20 245,027.01 605 79.01 8.776 9.001-9.500 500 111,332,534.76 9.11 222,665.07 586 79.06 9.282 9.501-10.000 387 81,921,656.66 6.70 211,683.87 565 75.98 9.778 10.001-10.500 193 34,293,237.64 2.81 177,685.17 545 73.17 10.249 10.501-11.000 190 29,233,961.28 2.39 153,862.95 546 72.02 10.758 11.001-11.500 81 10,330,452.92 0.85 127,536.46 550 67.56 11.250 11.501-12.000 90 11,877,302.83 0.97 131,970.03 540 62.90 11.811 12.001-12.500 40 6,221,019.59 0.51 155,525.49 540 66.50 12.247 12.501-13.000 13 884,517.39 0.07 68,039.80 586 81.77 12.782 13.001-13.500 1 14,973.23 0.00 14,973.23 622 95.00 13.200 13.501-14.000 4 375,409.98 0.03 93,852.50 554 63.68 13.865 - ---------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% ====================================================================================================================== 32 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE LOAN MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------------------------------------------------------------------------------------------------------------ 1--50,000 78 $ 2,931,234.95 0.24% $ 37,579.94 623 93.50% 11.047% 50,001--100,000 527 41,850,255.77 3.42 79,412.25 592 76.88 9.539 100,001--150,000 713 89,850,094.08 7.35 126,016.96 594 75.68 9.002 150,001--200,000 810 141,378,676.62 11.57 174,541.58 596 75.49 8.635 200,001--250,000 568 127,278,623.77 10.41 224,082.08 602 77.21 8.501 250,001--300,000 461 127,440,592.75 10.43 276,443.80 600 77.12 8.505 300,001--350,000 423 137,024,760.23 11.21 323,935.60 613 78.20 8.143 350,001--400,000 329 122,998,762.43 10.06 373,856.42 613 78.57 8.166 400,001--450,000 245 103,674,201.00 8.48 423,160.00 615 80.64 8.236 450,001--500,000 181 85,808,028.62 7.02 474,077.51 623 80.23 8.030 500,001--550,000 114 59,565,267.17 4.87 522,502.34 614 79.55 8.138 550,001--600,000 90 51,826,189.58 4.24 575,846.55 623 81.05 8.130 600,001--650,000 57 35,649,304.82 2.92 625,426.40 630 80.30 8.017 650,001--700,000 44 29,621,941.95 2.42 673,225.95 618 82.50 8.238 700,001--750,000 39 28,696,102.64 2.35 735,797.50 604 79.07 8.231 750,001--800,000 24 18,716,746.96 1.53 779,864.46 620 77.54 8.120 800,001--850,000 6 4,974,368.33 0.41 829,061.39 624 70.03 7.502 850,001--900,000 5 4,417,750.00 0.36 883,550.00 655 79.05 7.338 900,001--950,000 2 1,836,255.61 0.15 918,127.81 657 68.11 7.141 950,001--1,000,000 3 2,978,901.04 0.24 992,967.01 677 79.19 7.099 1,000,001 >= 3 3,654,823.14 0.30 1,218,274.38 645 81.51 7.157 - ------------------------------------------------------------------------------------------------------------------------ TOTAL: 4,722 $1,222,172,881.46 100.00% $ 258,825.26 609 78.19% 8.382% ======================================================================================================================== 33 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY CURRENT UNPAID PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT UNPAID PRINCIPAL MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------------------------------------------------------------------------------------------------------------------ 1--50,000 78 $ 2,931,234.95 0.24% $ 37,579.94 623 93.50% 11.047% 50,001--100,000 527 41,850,255.77 3.42 79,412.25 592 76.88 9.539 100,001--150,000 713 89,850,094.08 7.35 126,016.96 594 75.68 9.002 150,001--200,000 811 141,576,325.87 11.58 174,570.07 596 75.50 8.634 200,001--250,000 567 127,080,974.52 10.40 224,128.70 602 77.21 8.501 250,001--300,000 461 127,440,592.75 10.43 276,443.80 600 77.12 8.505 300,001--350,000 424 137,374,533.05 11.24 323,996.54 613 78.17 8.140 350,001--400,000 330 123,448,159.32 10.10 374,085.33 613 78.62 8.170 400,001--450,000 243 102,875,031.29 8.42 423,354.04 615 80.64 8.235 450,001--500,000 181 85,808,028.62 7.02 474,077.51 623 80.23 8.030 500,001--550,000 114 59,565,267.17 4.87 522,502.34 614 79.55 8.138 550,001--600,000 90 51,826,189.58 4.24 575,846.55 623 81.05 8.130 600,001--650,000 58 36,298,605.79 2.97 625,838.03 629 80.38 8.045 650,001--700,000 43 28,972,640.98 2.37 673,782.35 619 82.45 8.208 700,001--750,000 39 28,696,102.64 2.35 735,797.50 604 79.07 8.231 750,001--800,000 24 18,716,746.96 1.53 779,864.46 620 77.54 8.120 800,001--850,000 6 4,974,368.33 0.41 829,061.39 624 70.03 7.502 850,001--900,000 5 4,417,750.00 0.36 883,550.00 655 79.05 7.338 900,001--950,000 2 1,836,255.61 0.15 918,127.81 657 68.11 7.141 950,001--1,000,000 3 2,978,901.04 0.24 992,967.01 677 79.19 7.099 1,000,001 >= 3 3,654,823.14 0.30 1,218,274.38 645 81.51 7.157 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL: 4,722 $1,222,172,881.46 100.00% $ 258,825.26 609 78.19% 8.382% ============================================================================================================================== DISTRIBUTION BY REMAINING TERM TO MATURITY WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS REMAINING TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1--60 1 $ 22,197.44 0.00% $ 22,197.44 624 95.00% 12.500% 61--120 2 102,404.69 0.01 51,202.35 674 64.82 8.664 121--180 22 1,590,495.84 0.13 72,295.27 617 59.74 8.682 181--240 7 920,077.15 0.08 131,439.59 605 70.01 8.316 301--360 4,690 1,219,537,706.34 99.78 260,029.36 609 78.23 8.382 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% ============================================================================================================================ 34 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY ORIGINAL TERM TO MATURITY WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ORIGINAL TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1--60 1 $ 22,197.44 0.00% $ 22,197.44 624 95.00% 12.500% 61--120 2 102,404.69 0.01 51,202.35 674 64.82 8.664 121--180 22 1,590,495.84 0.13 72,295.27 617 59.74 8.682 181--240 7 920,077.15 0.08 131,439.59 605 70.01 8.316 301--360 4,690 1,219,537,706.34 99.78 260,029.36 609 78.23 8.382 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% ============================================================================================================================ DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL LOAN-TO-VALUE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 10.01--15.00 3 $ 214,812.15 0.02% $ 71,604.05 525 12.75% 10.421% 15.01--20.00 9 824,407.68 0.07 91,600.85 602 17.51 8.824 20.01--25.00 9 1,117,510.34 0.09 124,167.82 562 23.04 9.919 25.01--30.00 9 1,708,935.79 0.14 189,881.75 552 28.67 8.951 30.01--35.00 21 2,937,592.54 0.24 139,885.36 554 33.14 9.299 35.01--40.00 24 3,875,470.06 0.32 161,477.92 607 37.74 8.553 40.01--45.00 48 8,933,281.95 0.73 186,110.04 573 42.67 9.038 45.01--50.00 85 16,942,645.08 1.39 199,325.24 581 47.87 8.809 50.01--55.00 89 21,059,181.11 1.72 236,620.01 581 52.69 8.721 55.01--60.00 149 31,006,394.15 2.54 208,096.61 576 57.94 8.880 60.01--65.00 285 66,733,448.36 5.46 234,152.45 568 63.62 9.099 65.01--70.00 301 75,990,387.14 6.22 252,459.76 568 68.77 8.983 70.01--75.00 279 74,409,546.39 6.09 266,700.88 573 74.07 8.706 75.01--80.00 2,045 580,593,236.33 47.51 283,908.67 627 79.83 8.083 80.01--85.00 443 119,327,006.28 9.76 269,361.19 599 84.47 8.248 85.01--90.00 647 175,611,056.13 14.37 271,423.58 615 89.73 8.364 90.01--95.00 90 22,362,872.38 1.83 248,476.36 610 94.61 8.559 95.01--100.00 186 18,525,097.60 1.52 99,597.30 639 99.88 9.945 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% ============================================================================================================================ 35 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY COMBINED LOAN-TO-VALUE RATIO WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE COMBINED LOAN-TO-VALUE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 10.01--15.00 3 $214,812.15 0.02% $ 71,604.05 525 12.75% 10.421% 15.01--20.00 9 824,407.68 0.07 91,600.85 602 17.51 8.824 20.01--25.00 9 1,117,510.34 0.09 124,167.82 562 23.04 9.919 25.01--30.00 9 1,708,935.79 0.14 189,881.75 552 28.67 8.951 30.01--35.00 21 2,937,592.54 0.24 139,885.36 554 33.14 9.299 35.01--40.00 24 3,875,470.06 0.32 161,477.92 607 37.74 8.553 40.01--45.00 48 8,933,281.95 0.73 186,110.04 573 42.67 9.038 45.01--50.00 84 16,842,672.12 1.38 200,508.00 581 47.85 8.812 50.01--55.00 88 20,959,449.50 1.71 238,175.56 581 52.69 8.724 55.01--60.00 149 31,006,394.15 2.54 208,096.61 576 57.94 8.880 60.01--65.00 281 66,198,273.99 5.42 235,581.05 568 63.62 9.104 65.01--70.00 290 74,260,199.26 6.08 256,069.65 567 68.75 8.977 70.01--75.00 266 70,823,349.59 5.79 266,253.19 572 74.12 8.709 75.01--80.00 401 109,299,389.13 8.94 272,567.06 590 79.19 8.539 80.01--85.00 349 100,079,393.48 8.19 286,760.44 595 84.31 8.304 85.01--90.00 511 141,084,617.68 11.54 276,095.14 613 88.96 8.339 90.01--95.00 246 69,801,087.82 5.71 283,744.26 618 88.03 8.410 95.01--100.00 1,932 501,570,734.48 41.04 259,612.18 635 81.22 8.057 100.01* >= 2 635,309.75 0.05 317,654.88 595 83.91 8.247 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% ============================================================================================================================ * No mortgage loan with a CLTV greater than 100.00% will be included in the final pool. 36 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY STATE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS STATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- CA 924 $ 335,946,154.35 27.49% $363,578.09 617 77.38% 8.000% FL 772 164,200,938.22 13.44 212,695.52 608 79.27 8.383 NY 441 156,232,131.82 12.78 354,267.87 617 76.87 8.252 NJ 340 96,909,022.42 7.93 285,026.54 605 77.16 8.827 MD 356 84,247,650.95 6.89 236,650.70 598 77.75 8.440 IL 257 52,366,687.97 4.28 203,761.43 603 80.98 8.846 MA 169 46,305,065.10 3.79 273,994.47 596 76.18 8.829 VA 160 45,368,359.85 3.71 283,552.25 604 79.24 8.446 GA 171 27,649,655.10 2.26 161,693.89 598 82.92 8.618 AZ 122 26,384,720.93 2.16 216,268.20 601 78.57 8.489 HI 50 18,670,223.17 1.53 373,404.46 625 78.25 8.165 NV 70 18,499,525.49 1.51 264,278.94 617 78.61 8.144 CT 71 17,550,222.21 1.44 247,186.23 596 79.57 8.719 WA 51 12,972,488.93 1.06 254,362.53 587 79.48 8.645 MN 66 12,614,773.76 1.03 191,132.94 617 82.49 8.213 Other 702 106,255,261.19 8.69 151,360.77 599 79.09 8.801 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% =========================================================================================================================== DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 2nd Home 29 $ 7,882,207.97 0.64% $271,800.27 609 77.30% 8.249% Non-Owner Occupied 373 73,593,114.73 6.02 197,300.58 612 78.82 9.136 Owner Occupied 4,320 1,140,697,558.76 93.33 264,050.36 609 78.16 8.334 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% =========================================================================================================================== 37 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Single Family 3,756 $ 944,707,500.53 77.30% $251,519.57 605 78.21% 8.373% Multi Family 634 207,123,338.40 16.95 326,692.96 622 77.61 8.401 Condo 332 70,342,042.53 5.76 211,873.62 617 79.76 8.447 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% =========================================================================================================================== DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Cash Out 2,424 $ 639,671,999.24 52.34% $263,891.09 592 75.41% 8.509% Purchase 2,245 567,448,334.36 46.43 252,760.95 628 81.37 8.238 Refinance 53 15,052,547.86 1.23 284,010.34 598 76.76 8.399 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% =========================================================================================================================== DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Easy 41 $ 10,456,837.31 0.86% $255,044.81 589 79.47% 8.645% Full 2,593 638,652,773.34 52.26 246,298.79 607 80.28 8.019 Stated 2,088 573,063,270.81 46.89 274,455.59 611 75.84 8.781 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% =========================================================================================================================== 38 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 476--500 15 $ 2,338,974.83 0.19% $155,931.66 500 60.44% 9.865% 501--525 387 84,841,721.68 6.94 219,229.25 513 67.57 10.004 526--550 442 96,046,418.75 7.86 217,299.59 538 70.75 9.452 551--575 496 118,912,577.79 9.73 239,743.10 562 76.20 8.814 576--600 743 184,324,964.44 15.08 248,082.05 589 79.78 8.354 601--625 898 233,392,153.76 19.10 259,902.18 614 80.59 8.137 626--650 930 257,132,802.10 21.04 276,486.88 638 80.70 8.023 651--675 502 150,209,095.04 12.29 299,221.30 662 80.05 7.855 676--700 251 76,965,067.68 6.30 306,633.74 686 80.23 7.750 701--725 32 10,604,044.46 0.87 331,376.39 715 78.31 7.797 726--750 16 4,838,045.86 0.40 302,377.87 736 76.02 7.429 751--775 7 2,031,979.60 0.17 290,282.80 755 68.23 7.436 776--800 2 455,090.25 0.04 227,545.13 790 66.07 7.935 801--825 1 79,945.22 0.01 79,945.22 816 80.00 7.900 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% =========================================================================================================================== DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT PENALTY MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS TERMS (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 0 2,016 $ 528,995,647.57 43.28% $262,398.63 607 78.20% 8.639% 12 234 70,051,117.74 5.73 299,363.75 616 75.46 8.414 24 1,934 485,942,937.96 39.76 251,263.15 609 78.81 8.291 30 1 226,728.45 0.02 226,728.45 628 95.00 7.750 36 537 136,956,449.74 11.21 255,039.94 614 77.36 7.695 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% =========================================================================================================================== 39 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 1st 4,578 $1,213,245,626.76 99.27% $265,016.52 609 78.04% 8.363% 2nd 144 8,927,254.70 0.73 61,994.82 643 99.65 10.995 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,722 $1,222,172,881.46 100.00% $258,825.26 609 78.19% 8.382% =========================================================================================================================== 40 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) - -------------------------------------------------------------------------------- COLLATERAL SUMMARY - -------------------------------------------------------------------------------- Statistics for the Mortgage Loans listed below are based on the Cut-off Date scheduled balances. SCHEDULED PRINCIPAL BALANCE: $1,124,099,434.84 NUMBER OF MORTGAGE LOANS: 4,174 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 269,309.88 WEIGHTED AVERAGE GROSS COUPON: 8.405% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 607 WEIGHTED AVERAGE ORIGINAL LTV RATIO(1): 78.45% WEIGHTED AVERAGE COMBINED LTV RATIO(1): 86.98% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 358 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 360 WEIGHTED AVERAGE ROLL TERM (MONTHS): 24 WEIGHTED AVERAGE GROSS MARGIN: 6.026% WEIGHTED AVERAGE INITIAL RATE CAP: 2.019% WEIGHTED AVERAGE PERIODIC RATE CAP: 1.500% INTEREST ONLY LOANS: 16.82% SILENT SECONDS: 46.49% - -------------------------------------------------------------------------------- (1) The original loan-to-value ("OLTV") of a first-lien mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is the principal balance of the Mortgage Loan at the date of origination and the denominator of which is the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The OLTV of a second lien Mortgage Loan at any given time is a fraction, expressed as a percentage the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) the outstanding balance of the senior mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The combined loan-to-value ("CLTV") of a mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) either (x) for junior lien Mortgage Loans the outstanding balance of the senior lien mortgage loan at the date of origination of such Mortgage Loan, or (y) for first-lien Mortgage Loans the outstanding balance of any junior lien mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. No mortgage loan with a CLTV greater than 100.00% will be included in the final pool. 41 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 2/1 ARM 1,846 $ 406,781,253.54 36.19% $220,358.21 587 77.15% 8.960% 2/1 ARM 5Y-IO 568 186,536,761.04 16.59 328,409.79 633 80.58 7.544 3/1 ARM 25 5,637,692.92 0.50 225,507.72 620 77.03 8.869 3/1 ARM 5Y-IO 11 2,583,678.93 0.23 234,879.90 635 83.64 7.784 40/30 2/1 ARM 1,689 512,922,433.66 45.63 303,684.09 613 78.74 8.277 40/30 3/1 ARM 21 6,317,159.57 0.56 300,817.12 609 73.37 8.491 40/30 5/1 ARM 6 1,637,580.87 0.15 272,930.15 611 85.87 8.215 5/1 ARM 8 1,682,874.31 0.15 210,359.29 608 74.92 7.871 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT GROSS MORTGAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 5.001--5.500 3 $ 1,121,894.75 0.10% $373,964.92 660 77.98% 5.397% 5.501--6.000 14 4,888,499.25 0.43 349,178.52 638 75.04 5.825 6.001--6.500 42 13,115,261.09 1.17 312,268.12 645 78.87 6.359 6.501--7.000 204 73,581,281.99 6.55 360,692.56 640 78.64 6.842 7.001--7.500 405 135,513,228.98 12.06 334,600.57 628 79.38 7.332 7.501--8.000 771 241,458,210.27 21.48 313,175.37 624 79.73 7.823 8.001--8.500 756 212,740,697.37 18.93 281,403.04 614 80.27 8.301 8.501--9.000 702 175,959,187.37 15.65 250,654.11 605 79.35 8.777 9.001--9.500 472 107,318,428.42 9.55 227,369.55 586 79.22 9.281 9.501--10.000 350 77,252,628.31 6.87 220,721.80 562 75.64 9.775 10.001--10.500 163 30,893,674.84 2.75 189,531.75 539 72.38 10.244 10.501--11.000 135 24,768,086.73 2.20 183,467.31 533 69.02 10.740 11.001--11.500 57 8,676,723.55 0.77 152,223.22 534 61.70 11.260 11.501--12.000 66 10,569,958.16 0.94 160,150.88 536 60.71 11.812 12.001--12.500 26 5,459,378.92 0.49 209,976.11 534 62.72 12.236 12.501--13.000 4 406,884.86 0.04 101,721.22 553 60.81 12.842 13.501--14.000 4 375,409.98 0.03 93,852.50 554 63.68 13.865 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 42 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE LOAN MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------------------------------------------------------------------------------------------------------------------ 1--50,000 8 $ 399,744.62 0.04% $ 49,968.08 589 82.10% 10.106% 50,001--100,000 407 32,548,464.25 2.90 79,971.66 581 74.92 9.474 100,001--150,000 617 77,889,043.27 6.93 126,238.32 590 75.83 9.003 150,001--200,000 732 127,931,391.73 11.38 174,769.66 594 76.34 8.692 200,001--250,000 514 115,351,491.97 10.26 224,419.25 600 77.57 8.574 250,001--300,000 423 116,886,361.48 10.40 276,327.10 597 77.31 8.563 300,001--350,000 387 125,357,040.62 11.15 323,920.00 611 78.50 8.203 350,001--400,000 304 113,665,804.80 10.11 373,900.67 611 78.95 8.213 400,001--450,000 240 101,586,121.17 9.04 423,275.50 614 80.50 8.251 450,001--500,000 175 82,942,845.58 7.38 473,959.12 622 80.17 8.032 500,001--550,000 108 56,390,507.19 5.02 522,134.33 612 79.58 8.195 550,001--600,000 85 48,922,998.78 4.35 575,564.69 623 81.13 8.146 600,001--650,000 53 33,153,158.44 2.95 625,531.29 627 81.57 8.116 650,001--700,000 43 28,943,081.07 2.57 673,094.91 618 82.33 8.285 700,001--750,000 37 27,245,706.15 2.42 736,370.44 602 79.72 8.311 750,001--800,000 23 17,957,374.21 1.60 780,755.40 621 77.43 8.140 800,001--850,000 6 4,974,368.33 0.44 829,061.39 624 70.03 7.502 850,001--900,000 5 4,417,750.00 0.39 883,550.00 655 79.05 7.338 900,001--950,000 1 902,457.00 0.08 902,457.00 650 81.67 7.700 950,001--1,000,000 3 2,978,901.04 0.27 992,967.01 677 79.19 7.099 1,000,001 >= 3 3,654,823.14 0.33 1,218,274.38 645 81.51 7.157 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL: 4,174 $1,124,099,434.84 100.00% $ 269,309.88 607 78.45% 8.405% ============================================================================================================================== 43 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY CURRENT UNPAID PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT UNPAID PRINCIPAL MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------------------------------------------------------------------------------------------------------------------ 1-50,000 8 $ 399,744.62 0.04% $ 49,968.08 589 82.10% 10.106% 50,001-100,000 407 32,548,464.25 2.90 79,971.66 581 74.92 9.474 100,001-150,000 617 77,889,043.27 6.93 126,238.32 590 75.83 9.003 150,001-200,000 733 128,129,040.98 11.40 174,800.87 594 76.34 8.692 200,001-250,000 513 115,153,842.72 10.24 224,471.43 600 77.57 8.574 250,001-300,000 423 116,886,361.48 10.40 276,327.10 597 77.31 8.563 300,001-350,000 388 125,706,813.44 11.18 323,986.63 611 78.47 8.200 350,001-400,000 305 114,115,201.69 10.15 374,148.20 611 79.00 8.217 400,001-450,000 238 100,786,951.46 8.97 423,474.59 614 80.51 8.250 450,001-500,000 175 82,942,845.58 7.38 473,959.12 622 80.17 8.032 500,001-550,000 108 56,390,507.19 5.02 522,134.33 612 79.58 8.195 550,001-600,000 85 48,922,998.78 4.35 575,564.69 623 81.13 8.146 600,001-650,000 54 33,802,459.41 3.01 625,971.47 626 81.63 8.145 650,001-700,000 42 28,293,780.10 2.52 673,661.43 618 82.27 8.255 700,001-750,000 37 27,245,706.15 2.42 736,370.44 602 79.72 8.311 750,001-800,000 23 17,957,374.21 1.60 780,755.40 621 77.43 8.140 800,001-850,000 6 4,974,368.33 0.44 829,061.39 624 70.03 7.502 850,001-900,000 5 4,417,750.00 0.39 883,550.00 655 79.05 7.338 900,001-950,000 1 902,457.00 0.08 902,457.00 650 81.67 7.700 950,001-1,000,000 3 2,978,901.04 0.27 992,967.01 677 79.19 7.099 1,000,001 >= 3 3,654,823.14 0.33 1,218,274.38 645 81.51 7.157 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL: 4,174 $1,124,099,434.84 100.00% $ 269,309.88 607 78.45% 8.405% ============================================================================================================================== DISTRIBUTION BY REMAINING TERM TO MATURITY WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS REMAINING TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 301-360 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 44 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY ORIGINAL TERM TO MATURITY WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ORIGINAL TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 301-360 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% =========================================================================================================================== DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL LOAN-TO-VALUE RATIO MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 10.01-15.00 3 $ 214,812.15 0.02% $ 71,604.05 525 12.75% 10.421% 15.01-20.00 7 600,230.19 0.05 85,747.17 610 17.21 8.547 20.01-25.00 8 1,017,565.54 0.09 127,195.69 559 23.12 10.014 25.01-30.00 8 1,509,032.31 0.13 188,629.04 548 28.55 8.997 30.01-35.00 17 2,492,938.67 0.22 146,643.45 546 33.19 9.267 35.01-40.00 16 2,928,889.33 0.26 183,055.58 606 37.75 8.711 40.01-45.00 41 7,542,686.07 0.67 183,967.95 565 42.64 9.124 45.01-50.00 69 13,683,599.36 1.22 198,313.03 566 47.83 9.117 50.01-55.00 67 14,736,411.38 1.31 219,946.44 559 52.59 9.239 55.01-60.00 119 25,451,539.26 2.26 213,878.48 564 57.93 9.104 60.01-65.00 240 57,461,962.74 5.11 239,424.84 558 63.66 9.342 65.01-70.00 257 66,285,562.22 5.90 257,920.48 561 68.83 9.171 70.01-75.00 260 70,526,859.52 6.27 271,257.15 571 74.05 8.751 75.01-80.00 1,925 553,347,120.39 49.23 287,453.05 627 79.83 8.095 80.01-85.00 415 113,314,638.64 10.08 273,047.32 598 84.46 8.263 85.01-90.00 608 165,922,678.80 14.76 272,899.14 615 89.72 8.377 90.01-95.00 69 18,115,544.83 1.61 262,544.13 604 94.73 8.667 95.01-100.00 45 8,947,363.44 0.80 198,830.30 633 99.77 9.150 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% =========================================================================================================================== 45 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY COMBINED LOAN-TO-VALUE RATIO WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE COMBINED LOAN-TO-VALUE RATIO MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 10.01--15.00 3 $ 214,812.15 0.02% $ 71,604.05 525 12.75% 10.421% 15.01--20.00 7 600,230.19 0.05 85,747.17 610 17.21 8.547 20.01--25.00 8 1,017,565.54 0.09 127,195.69 559 23.12 10.014 25.01--30.00 8 1,509,032.31 0.13 188,629.04 548 28.55 8.997 30.01--35.00 17 2,492,938.67 0.22 146,643.45 546 33.19 9.267 35.01--40.00 16 2,928,889.33 0.26 183,055.58 606 37.75 8.711 40.01--45.00 41 7,542,686.07 0.67 183,967.95 565 42.64 9.124 45.01--50.00 68 13,583,626.40 1.21 199,759.21 566 47.82 9.124 50.01--55.00 66 14,636,679.77 1.30 221,767.88 559 52.58 9.247 55.01--60.00 119 25,451,539.26 2.26 213,878.48 564 57.93 9.104 60.01--65.00 238 57,135,578.25 5.08 240,065.45 558 63.65 9.344 65.01--70.00 247 64,825,179.30 5.77 262,450.12 559 68.81 9.161 70.01--75.00 249 67,110,445.37 5.97 269,519.86 569 74.10 8.759 75.01--80.00 354 98,962,422.23 8.80 279,554.87 587 79.17 8.598 80.01--85.00 327 95,601,172.95 8.50 292,358.33 594 84.29 8.307 85.01--90.00 476 132,651,209.74 11.80 278,679.01 612 88.91 8.362 90.01--95.00 217 63,273,326.38 5.63 291,582.15 616 87.73 8.444 95.01--100.00 1,711 473,926,791.18 42.16 276,988.19 635 80.88 8.016 100.01* >= 2 635,309.75 0.06 317,654.88 595 83.91 8.247 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% =========================================================================================================================== * No mortgage loan with a CLTV greater than 100.00% will be included in the final pool. 46 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY STATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS STATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- CA 840 $ 317,759,742.19 28.27% $378,285.41 616 77.45% 8.000% FL 658 146,690,066.96 13.05 222,933.23 607 79.64 8.424 NY 384 140,356,655.55 12.49 365,512.12 614 77.54 8.302 NJ 309 91,706,307.48 8.16 296,784.17 603 77.45 8.858 MD 317 77,133,059.86 6.86 243,321.96 596 78.46 8.449 IL 233 49,952,888.77 4.44 214,390.08 602 80.97 8.828 MA 158 44,308,341.20 3.94 280,432.54 594 76.03 8.844 VA 146 42,938,375.68 3.82 294,098.46 603 79.05 8.428 GA 147 25,008,717.76 2.22 170,127.33 594 83.31 8.615 AZ 108 24,296,685.02 2.16 224,969.31 598 78.52 8.532 NV 60 16,125,528.12 1.43 268,758.80 615 78.80 8.265 HI 39 15,688,598.72 1.40 402,271.76 619 79.16 8.333 CT 62 15,655,435.22 1.39 252,507.02 592 79.96 8.836 WA 48 12,332,235.51 1.10 256,921.57 584 79.02 8.715 MN 58 10,989,872.77 0.98 189,480.57 618 82.28 8.241 Other 607 93,156,924.03 8.29 153,471.04 596 79.53 8.834 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 2nd Home 24 $ 7,180,596.54 0.64% $299,191.52 604 77.69% 8.258% Non-Owner Occupied 344 68,632,832.47 6.11 199,514.05 611 79.18 9.127 Owner Occupied 3,806 1,048,286,005.83 93.26 275,429.85 607 78.40 8.358 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 47 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- Single Family 3,293 $ 862,654,977.36 76.74% $261,966.29 603 78.48% 8.401% Multi Family 582 195,378,139.82 17.38 335,701.27 621 77.89 8.413 Condo 299 66,066,317.66 5.88 220,957.58 616 79.70 8.429 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- Cash Out 2,091 $ 569,421,050.84 50.66% $272,319.97 588 75.86% 8.589% Purchase 2,036 541,506,419.91 48.17 265,965.83 628 81.18 8.206 Refinance 47 13,171,964.09 1.17 280,254.56 587 77.74 8.597 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- Easy 37 $ 9,817,712.20 0.87% $265,343.57 590 80.74% 8.677% Full 2,238 571,390,755.38 50.83 255,313.12 605 80.79 8.045 Stated 1,899 542,890,967.26 48.30 285,882.55 609 75.94 8.779 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 48 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 476--500 14 $ 2,136,662.55 0.19% $152,618.75 500 59.06% 9.871% 501--525 376 83,318,857.90 7.41 221,592.71 513 67.74 9.996 526--550 417 92,166,399.85 8.20 221,022.54 538 70.74 9.452 551--575 465 112,883,472.93 10.04 242,760.16 562 76.70 8.811 576--600 678 173,463,882.18 15.43 255,846.43 589 80.21 8.342 601--625 806 218,118,169.36 19.40 270,618.08 614 80.90 8.137 626--650 753 227,293,306.46 20.22 301,850.34 638 80.76 8.013 651--675 415 132,360,958.87 11.77 318,942.07 662 80.67 7.893 676--700 209 67,853,597.96 6.04 324,658.36 686 80.70 7.768 701--725 26 9,278,342.70 0.83 356,859.33 714 81.30 7.951 726--750 10 3,720,604.32 0.33 372,060.43 737 79.27 7.508 751--775 4 1,394,850.88 0.12 348,712.72 752 77.44 7.432 776--800 1 110,328.88 0.01 110,328.88 778 80.00 8.200 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT PENALTY TERMS MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 0 1,840 $ 503,846,459.55 44.82% $273,829.60 605 78.36% 8.641% 12 174 54,132,346.77 4.82 311,105.44 609 76.46 8.580 24 1,850 476,085,611.72 42.35 257,343.57 609 78.74 8.273 36 310 90,035,016.80 8.01 290,435.54 606 78.56 7.677 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ DISTRIBUTION BY INITIAL INTEREST RATE CAP WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS INITIAL CAP (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 2.000 4,092 $1,102,221,290.48 98.05% $269,360.04 607 78.45% 8.403% 3.000 82 21,878,144.36 1.95 266,806.64 609 78.17 8.486 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 49 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY PERIODIC INTEREST RATE CAP WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PERIODIC CAP (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1.500 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ DISTRIBUTION BY GROSS MARGIN WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ARM MARGIN (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1.001--2.000 1 $ 186,942.04 0.02% $186,942.04 521 75.00% 10.300% 2.001--3.000 1 124,967.65 0.01 124,967.65 580 46.30 8.350 3.001--4.000 31 10,030,964.52 0.89 323,579.50 644 77.05 6.024 4.001--5.000 323 111,780,247.71 9.94 346,068.88 635 78.88 7.000 5.001--6.000 1,347 409,848,000.13 36.46 304,267.26 622 79.44 7.829 6.001--7.000 2,471 592,128,312.79 52.68 239,631.05 590 77.71 9.108 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 50 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY MAXIMUM MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MAXIMUM MORTGAGE RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 11.001--11.500 3 $ 1,121,894.75 0.10% $373,964.92 660 77.98% 5.397% 11.501--12.000 14 4,888,499.25 0.43 349,178.52 638 75.04 5.825 12.001--12.500 42 13,115,261.09 1.17 312,268.12 645 78.87 6.359 12.501--13.000 204 73,581,281.99 6.55 360,692.56 640 78.64 6.842 13.001--13.500 405 135,513,228.98 12.06 334,600.57 628 79.38 7.332 13.501--14.000 771 241,458,210.27 21.48 313,175.37 624 79.73 7.823 14.001--14.500 756 212,740,697.37 18.93 281,403.04 614 80.27 8.301 14.501--15.000 702 175,959,187.37 15.65 250,654.11 605 79.35 8.777 15.001--15.500 472 107,318,428.42 9.55 227,369.55 586 79.22 9.281 15.501--16.000 349 77,134,927.27 6.86 221,016.98 562 75.65 9.775 16.001--16.500 162 30,634,988.98 2.73 189,104.87 539 72.40 10.242 16.501--17.000 136 24,885,787.77 2.21 182,983.73 533 69.01 10.736 17.001--17.500 58 8,935,409.41 0.79 154,058.78 534 61.94 11.238 17.501--18.000 65 10,284,231.98 0.91 158,218.95 536 60.59 11.820 18.001--18.500 26 5,459,378.92 0.49 209,976.11 534 62.72 12.236 18.501--19.000 5 692,611.04 0.06 138,522.21 536 62.54 12.309 19.501--20.000 4 375,409.98 0.03 93,852.50 554 63.68 13.865 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 51 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY MINIMUM MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MINIMUM MORTGAGE RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 5.001--5.500 4 $ 1,239,923.33 0.11% $309,980.83 657 75.66% 5.635% 5.501--6.000 16 5,728,655.25 0.51 358,040.95 637 75.77 6.136 6.001--6.500 43 13,483,169.70 1.20 313,562.09 645 78.90 6.417 6.501--7.000 205 73,804,232.92 6.57 360,020.65 639 78.59 6.848 7.001--7.500 405 135,513,228.98 12.06 334,600.57 628 79.38 7.332 7.501--8.000 768 240,500,025.69 21.39 313,151.08 624 79.74 7.823 8.001--8.500 755 212,372,788.76 18.89 281,288.46 614 80.27 8.300 8.501--9.000 701 175,736,236.44 15.63 250,693.63 606 79.38 8.777 9.001--9.500 472 107,318,428.42 9.55 227,369.55 586 79.22 9.281 9.501--10.000 350 77,252,628.31 6.87 220,721.80 562 75.64 9.775 10.001--10.500 163 30,893,674.84 2.75 189,531.75 539 72.38 10.244 10.501--11.000 135 24,768,086.73 2.20 183,467.31 533 69.02 10.740 11.001--11.500 57 8,676,723.55 0.77 152,223.22 534 61.70 11.260 11.501--12.000 66 10,569,958.16 0.94 160,150.88 536 60.71 11.812 12.001--12.500 26 5,459,378.92 0.49 209,976.11 534 62.72 12.236 12.501--13.000 4 406,884.86 0.04 101,721.22 553 60.81 12.842 13.501--14.000 4 375,409.98 0.03 93,852.50 554 63.68 13.865 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ DISTRIBUTION BY INITIAL RATE ADJUSTMENT DATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE INITIAL INTEREST RATE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ADJUSTMENT DATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 2007-12-01 4 $ 934,278.85 0.08% $233,569.71 581 78.13% 8.577% 2008-01-01 4 789,964.19 0.07 197,491.05 546 78.83 8.481 2008-02-01 53 13,860,641.12 1.23 261,521.53 586 75.75 8.777 2008-03-01 707 193,557,887.70 17.22 273,773.53 607 78.25 8.445 2008-04-01 2,062 561,862,076.92 49.98 272,484.03 608 78.56 8.358 2008-05-01 1,271 334,782,405.92 29.78 263,400.79 606 78.54 8.442 2008-06-01 2 453,193.54 0.04 226,596.77 611 82.49 8.773 2009-03-01 13 3,208,619.60 0.29 246,816.89 602 75.43 8.552 2009-04-01 31 8,011,641.17 0.71 258,440.04 624 77.86 8.443 2009-05-01 13 3,318,270.65 0.30 255,251.59 617 74.74 8.640 2011-03-01 3 718,374.45 0.06 239,458.15 599 71.44 9.085 2011-04-01 5 1,041,472.25 0.09 208,294.45 628 85.11 8.010 2011-05-01 6 1,560,608.48 0.14 260,101.41 602 81.20 7.581 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 52 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1st 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 4,174 $1,124,099,434.84 100.00% $269,309.88 607 78.45% 8.405% ============================================================================================================================ 53 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) - -------------------------------------------------------------------------------- COLLATERAL SUMMARY - -------------------------------------------------------------------------------- Statistics for the Mortgage Loans listed below are based on the Cut-off Date scheduled balances. SCHEDULED PRINICPAL BALANCE: $98,073,446.62 NUMBER OF MORTGAGE LOANS: 548 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 178,966.14 WEIGHTED AVERAGE GROSS COUPON: 8.121% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 631 WEIGHTED AVERAGE ORIGINAL LTV RATIO(1): 75.30% WEIGHTED AVERAGE COMBINED LTV RATIO(1): 79.20% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 354 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 356 (1) The original loan-to-value ("OLTV") of a first-lien mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is the principal balance of the Mortgage Loan at the date of origination and the denominator of which is the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The OLTV of a second lien Mortgage Loan at any given time is a fraction, expressed as a percentage the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) the outstanding balance of the senior mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The combined loan-to-value of a mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) either (x) for junior lien Mortgage Loans the outstanding balance of the senior lien mortgage loan at the date of origination of such Mortgage Loan, or (y) for first-lien Mortgage Loans the outstanding balance of any junior lien mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. 54 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 40/30 Fixed 87 $25,981,557.91 26.49% $298,638.60 633 74.88% 7.587% Fixed 461 72,091,888.71 73.51 156,381.54 630 75.44 8.313 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT GROSS MORTGAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 5.501--6.000 2 $ 461,040.02 0.47% $230,520.01 659 72.94% 5.996% 6.001--6.500 32 10,758,171.29 10.97 336,192.85 667 69.42 6.352 6.501--7.000 50 13,041,381.01 13.30 260,827.62 646 70.99 6.798 7.001--7.500 55 14,700,545.62 14.99 267,282.65 639 70.75 7.313 7.501--8.000 76 17,932,907.45 18.29 235,959.31 638 76.31 7.771 8.001--8.500 55 10,644,221.51 10.85 193,531.30 624 77.06 8.272 8.501--9.000 56 9,771,287.21 9.96 174,487.27 601 72.76 8.747 9.001--9.500 28 4,014,106.34 4.09 143,360.94 590 74.69 9.310 9.501--10.000 37 4,669,028.35 4.76 126,189.96 614 81.60 9.818 10.001--10.500 30 3,399,562.80 3.47 113,318.76 601 80.36 10.295 10.501--11.000 55 4,465,874.55 4.55 81,197.72 621 88.71 10.859 11.001--11.500 24 1,653,729.37 1.69 68,905.39 634 98.30 11.198 11.501--12.000 24 1,307,344.67 1.33 54,472.69 579 80.64 11.804 12.001--12.500 14 761,640.67 0.78 54,402.91 582 93.59 12.326 12.501--13.000 9 477,632.53 0.49 53,070.28 614 99.62 12.731 13.001--13.500 1 14,973.23 0.02 14,973.23 622 95.00 13.200 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ 55 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE LOAN MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1--50,000 70 $ 2,531,490.33 2.58% $ 36,164.15 629 95.30% 11.196% 50,001--100,000 120 9,301,791.52 9.48 77,514.93 629 83.76 9.769 100,001--150,000 96 11,961,050.81 12.20 124,594.28 621 74.67 8.993 150,001--200,000 78 13,447,284.89 13.71 172,401.09 621 67.44 8.088 200,001--250,000 54 11,927,131.80 12.16 220,872.81 621 73.71 7.795 250,001--300,000 38 10,554,231.27 10.76 277,742.93 631 75.02 7.867 300,001--350,000 36 11,667,719.61 11.90 324,103.32 639 74.99 7.494 350,001--400,000 25 9,332,957.63 9.52 373,318.31 635 73.98 7.594 400,001--450,000 5 2,088,079.83 2.13 417,615.97 641 87.15 7.499 450,001--500,000 6 2,865,183.04 2.92 477,530.51 646 81.99 7.964 500,001--550,000 6 3,174,759.98 3.24 529,126.66 654 79.00 7.119 550,001--600,000 5 2,903,190.80 2.96 580,638.16 637 79.76 7.871 600,001--650,000 4 2,496,146.38 2.55 624,036.60 671 63.41 6.690 650,001--700,000 1 678,860.88 0.69 678,860.88 644 90.00 6.250 700,001--750,000 2 1,450,396.49 1.48 725,198.25 638 66.90 6.726 750,001--800,000 1 759,372.75 0.77 759,372.75 584 80.00 7.650 900,001--950,000 1 933,798.61 0.95 933,798.61 664 55.00 6.600 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY CURRENT UNPAID PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT UNPAID PRINCIPAL MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1--50,000 70 $ 2,531,490.33 2.58% $ 36,164.15 629 95.30% 11.196% 50,001--100,000 120 9,301,791.52 9.48 77,514.93 629 83.76 9.769 100,001--150,000 96 11,961,050.81 12.20 124,594.28 621 74.67 8.993 150,001--200,000 78 13,447,284.89 13.71 172,401.09 621 67.44 8.088 200,001--250,000 54 11,927,131.80 12.16 220,872.81 621 73.71 7.795 250,001--300,000 38 10,554,231.27 10.76 277,742.93 631 75.02 7.867 300,001--350,000 36 11,667,719.61 11.90 324,103.32 639 74.99 7.494 350,001--400,000 25 9,332,957.63 9.52 373,318.31 635 73.98 7.594 400,001--450,000 5 2,088,079.83 2.13 417,615.97 641 87.15 7.499 450,001--500,000 6 2,865,183.04 2.92 477,530.51 646 81.99 7.964 500,001--550,000 6 3,174,759.98 3.24 529,126.66 654 79.00 7.119 550,001--600,000 5 2,903,190.80 2.96 580,638.16 637 79.76 7.871 600,001--650,000 4 2,496,146.38 2.55 624,036.60 671 63.41 6.690 650,001--700,000 1 678,860.88 0.69 678,860.88 644 90.00 6.250 700,001--750,000 2 1,450,396.49 1.48 725,198.25 638 66.90 6.726 750,001--800,000 1 759,372.75 0.77 759,372.75 584 80.00 7.650 900,001--950,000 1 933,798.61 0.95 933,798.61 664 55.00 6.600 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ 56 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY REMAINING TERM TO MATURITY WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS REMAINING TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1--60 1 $ 22,197.44 0.02% $ 22,197.44 624 95.00% 12.500% 61--120 2 102,404.69 0.10 51,202.35 674 64.82 8.664 121--180 22 1,590,495.84 1.62 72,295.27 617 59.74 8.682 181--240 7 920,077.15 0.94 131,439.59 605 70.01 8.316 301--360 516 95,438,271.50 97.31 184,957.89 631 75.61 8.108 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY ORIGINAL TERM TO MATURITY WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ORIGINAL TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1--60 1 $ 22,197.44 0.02% $ 22,197.44 624 95.00% 12.500% 61--120 2 102,404.69 0.10 51,202.35 674 64.82 8.664 121--180 22 1,590,495.84 1.62 72,295.27 617 59.74 8.682 181--240 7 920,077.15 0.94 131,439.59 605 70.01 8.316 301--360 516 95,438,271.50 97.31 184,957.89 631 75.61 8.108 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ 57 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL LOAN-TO-VALUE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 15.01--20.00 2 $ 224,177.49 0.23% $112,088.75 579 18.31% 9.566% 20.01--25.00 1 99,944.80 0.10 99,944.80 590 22.27 8.950 25.01--30.00 1 199,903.48 0.20 199,903.48 585 29.63 8.600 30.01--35.00 4 444,653.87 0.45 111,163.47 600 32.87 9.479 35.01--40.00 8 946,580.73 0.97 118,322.59 611 37.69 8.061 40.01--45.00 7 1,390,595.88 1.42 198,656.55 619 42.84 8.573 45.01--50.00 16 3,259,045.72 3.32 203,690.36 644 48.01 7.513 50.01--55.00 22 6,322,769.73 6.45 287,398.62 633 52.94 7.513 55.01--60.00 30 5,554,854.89 5.66 185,161.83 631 57.99 7.858 60.01--65.00 45 9,271,485.62 9.45 206,033.01 629 63.38 7.593 65.01--70.00 44 9,704,824.92 9.90 220,564.20 621 68.30 7.695 70.01--75.00 19 3,882,686.87 3.96 204,351.94 613 74.38 7.892 75.01--80.00 120 27,246,115.94 27.78 227,050.97 637 79.76 7.821 80.01--85.00 28 6,012,367.64 6.13 214,727.42 618 84.78 7.959 85.01--90.00 39 9,688,377.33 9.88 248,419.93 627 89.74 8.138 90.01--95.00 21 4,247,327.55 4.33 202,253.69 637 94.11 8.099 95.01--100.00 141 9,577,734.16 9.77 67,927.19 644 99.98 10.687 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY COMBINED LOAN-TO-VALUE RATIO WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE COMBINED LOAN-TO-VALUE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 15.01--20.00 2 $ 224,177.49 0.23% $112,088.75 579 18.31% 9.566% 20.01--25.00 1 99,944.80 0.10 99,944.80 590 22.27 8.950 25.01--30.00 1 199,903.48 0.20 199,903.48 585 29.63 8.600 30.01--35.00 4 444,653.87 0.45 111,163.47 600 32.87 9.479 35.01--40.00 8 946,580.73 0.97 118,322.59 611 37.69 8.061 40.01--45.00 7 1,390,595.88 1.42 198,656.55 619 42.84 8.573 45.01--50.00 16 3,259,045.72 3.32 203,690.36 644 48.01 7.513 50.01--55.00 22 6,322,769.73 6.45 287,398.62 633 52.94 7.513 55.01--60.00 30 5,554,854.89 5.66 185,161.83 631 57.99 7.858 60.01--65.00 43 9,062,695.74 9.24 210,760.37 630 63.42 7.591 65.01--70.00 43 9,435,019.96 9.62 219,419.07 619 68.31 7.709 70.01--75.00 17 3,712,904.22 3.79 218,406.13 615 74.35 7.794 75.01--80.00 47 10,336,966.90 10.54 219,935.47 622 79.39 7.979 80.01--85.00 22 4,478,220.53 4.57 203,555.48 611 84.71 8.230 85.01--90.00 35 8,433,407.94 8.60 240,954.51 626 89.76 7.973 90.01--95.00 29 6,527,761.44 6.66 225,095.22 637 90.90 8.084 95.01--100.00 221 27,643,943.30 28.19 125,085.72 644 86.94 8.771 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ 58 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY STATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS STATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- CA 84 $18,186,412.16 18.54% $216,504.91 635 76.24% 7.998% FL 114 17,510,871.26 17.85 153,604.13 624 76.19 8.042 NY 57 15,875,476.27 16.19 278,517.13 643 70.91 7.806 MD 39 7,114,591.09 7.25 182,425.41 617 70.00 8.349 NJ 31 5,202,714.94 5.30 167,829.51 640 72.12 8.280 HI 11 2,981,624.45 3.04 271,056.77 659 73.47 7.283 TX 21 2,973,131.27 3.03 141,577.68 644 73.01 8.125 GA 24 2,640,937.34 2.69 110,039.06 632 79.17 8.650 VA 14 2,429,984.17 2.48 173,570.30 618 82.60 8.768 IL 24 2,413,799.20 2.46 100,574.97 617 81.05 9.233 NV 10 2,373,997.37 2.42 237,399.74 629 77.36 7.321 AZ 14 2,088,035.91 2.13 149,145.42 633 79.21 7.989 MA 11 1,996,723.90 2.04 181,520.35 642 79.37 8.498 CT 9 1,894,786.99 1.93 210,531.89 635 76.29 7.757 DC 10 1,883,257.81 1.92 188,325.78 580 64.17 9.095 Other 75 10,507,102.49 10.71 140,094.70 622 80.92 8.431 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 2nd Home 5 $ 701,611.43 0.72% $140,322.29 654 73.29% 8.164% Non-Owner Occupied 29 4,960,282.26 5.06 171,044.22 627 73.91 9.258 Owner Occupied 514 92,411,552.93 94.23 179,789.01 631 75.38 8.060 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ 59 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- Single Family 463 $82,052,523.17 83.66% $177,219.27 630 75.36% 8.078% Multi Family 52 11,745,198.58 11.98 225,869.20 641 72.90 8.201 Condo 33 4,275,724.87 4.36 129,567.42 628 80.72 8.722 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- Cash Out 333 $70,250,948.40 71.63% $210,963.81 626 71.73% 7.861% Purchase 209 25,941,914.45 26.45 124,123.99 642 85.35 8.904 Refinance 6 1,880,583.77 1.92 313,430.63 674 69.90 7.013 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- Easy 4 $ 639,125.11 0.65% $159,781.28 576 59.99% 8.141% Full 355 67,262,017.96 68.58 189,470.47 629 76.02 7.802 Stated 189 30,172,303.55 30.77 159,641.82 636 4.01 8.831 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ 60 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 476--500 1 $ 202,312.28 0.21% $202,312.28 500 75.00% 9.800% 501--525 11 1,522,863.78 1.55 138,442.16 513 58.04 10.467 526--550 25 3,880,018.90 3.96 155,200.76 541 71.03 9.456 551--575 31 6,029,104.86 6.15 194,487.25 561 66.77 8.886 576--600 65 10,861,082.26 11.07 167,093.57 589 72.90 8.550 601--625 92 15,273,984.40 15.57 166,021.57 616 76.18 8.133 626--650 177 29,839,495.64 30.43 168,584.72 638 80.25 8.099 651--675 87 17,848,136.17 18.20 205,150.99 662 75.45 7.569 676--700 42 9,111,469.72 9.29 216,939.76 686 76.73 7.615 701--725 6 1,325,701.76 1.35 220,950.29 716 57.42 6.726 726--750 6 1,117,441.54 1.14 186,240.26 732 65.21 7.169 751--775 3 637,128.72 0.65 212,376.24 760 48.07 7.443 776--800 1 344,761.37 0.35 344,761.37 794 61.61 7.850 801--825 1 79,945.22 0.08 79,945.22 816 80.00 7.900 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT PENALTY TERMS MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 0 176 $25,149,188.02 25.64% $142,893.11 632 75.01% 8.611% 12 60 15,918,770.97 16.23 265,312.85 638 72.04 7.848 24 84 9,857,326.24 10.05 117,349.12 634 81.93 9.180 30 1 226,728.45 0.23 226,728.45 628 95.00 7.750 36 227 46,921,432.94 47.84 206,702.35 627 75.07 7.730 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 1st 404 $89,146,191.92 90.90% $220,658.89 630 72.86% 7.833% 2nd 144 8,927,254.70 9.10 61,994.82 643 99.65 10.995 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 548 $98,073,446.62 100.00% $178,966.14 631 75.30% 8.121% ============================================================================================================================ 61 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) - -------------------------------------------------------------------------------- COLLATERAL SUMMARY - -------------------------------------------------------------------------------- Statistics for the Mortgage Loans listed below are based on the Cut-off Date scheduled balances. SCHEDULED PRINCIPAL BALANCE: $189,120,439.97 NUMBER OF MORTGAGE LOANS: 579 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 326,632.88 WEIGHTED AVERAGE GROSS COUPON: 7.548% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 633 WEIGHTED AVERAGE ORIGINAL LTV RATIO(2): 80.62% WEIGHTED AVERAGE COMBINED LTV RATIO(2): 95.19% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 358 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 360 WEIGHTED AVERAGE ROLL TERM(1) (MONTHS): 24 WEIGHTED AVERAGE GROSS MARGIN(1): 5.398% WEIGHTED AVERAGE INITIAL RATE CAP(1): 2.014% WEIGHTED AVERAGE PERIODIC RATE CAP(1): 1.500% INTEREST ONLY LOANS: 100.00% SILENT SECONDS: 76.70% (1) Includes adjustable-rate Mortgage Loans only. (2) The original loan-to-value ("OLTV") of a first-lien mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is the principal balance of the Mortgage Loan at the date of origination and the denominator of which is the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The OLTV of a second lien Mortgage Loan at any given time is a fraction, expressed as a percentage the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) the outstanding balance of the senior mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The combined loan-to-value ("CLTV") of a mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) either (x) for junior lien Mortgage Loans the outstanding balance of the senior lien mortgage loan at the date of origination of such Mortgage Loan, or (y) for first-lien Mortgage Loans the outstanding balance of any junior lien mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. No mortgage loan with a CLTV greater than 100.00% will be included in the final pool. 62 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------- 2/1 ARM 5Y-IO 568 $186,536,761.04 98.63% $328,409.79 633 80.58% 7.544% 3/1 ARM 5Y-IO 11 2,583,678.93 1.37 234,879.90 635 83.64 7.784 - --------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% ===================================================================================================================== DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT GROSS MORTGAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------- 5.001--5.500 1 $ 340,076.00 0.18% $340,076.00 737 78.36% 5.500% 5.501--6.000 9 3,415,950.00 1.81 379,550.00 632 79.72 5.850 6.001--6.500 17 5,311,536.90 2.81 312,443.35 647 81.45 6.358 6.501--7.000 95 36,391,711.86 19.24 383,070.65 644 79.41 6.831 7.001--7.500 142 50,056,401.89 26.47 352,509.87 632 80.74 7.300 7.501--8.000 174 54,242,592.45 28.68 311,739.04 629 80.28 7.786 8.001--8.500 89 24,482,766.50 12.95 275,087.26 621 82.06 8.283 8.501--9.000 36 10,336,835.00 5.47 287,134.31 634 81.49 8.741 9.001--9.500 12 3,662,800.00 1.94 305,233.33 646 81.84 9.226 9.501--10.000 3 817,800.00 0.43 272,600.00 609 87.30 9.656 10.001--10.500 1 61,969.37 0.03 61,969.37 619 100.00 10.350 - --------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% ===================================================================================================================== 63 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE LOAN MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------- 50,001--100,000 19 $ 1,688,877.30 0.89% $ 88,888.28 626 79.45% 8.206% 100,001--150,000 50 6,413,339.49 3.39 128,266.79 623 80.86 7.963 150,001--200,000 100 17,657,794.25 9.34 176,577.94 629 81.60 7.696 200,001--250,000 68 15,480,469.25 8.19 227,653.96 633 80.42 7.717 250,001--300,000 60 16,694,567.32 8.83 278,242.79 630 81.55 7.755 300,001--350,000 74 24,146,850.82 12.77 326,308.79 634 80.87 7.376 350,001--400,000 43 16,151,073.33 8.54 375,606.36 629 79.89 7.378 400,001--450,000 43 18,268,444.72 9.66 424,847.55 632 80.14 7.559 450,001--500,000 40 18,905,166.30 10.00 472,629.16 635 81.26 7.261 500,001--550,000 15 7,856,948.00 4.15 523,796.53 623 80.03 7.524 550,001--600,000 20 11,546,340.56 6.11 577,317.03 646 80.88 7.597 600,001--650,000 13 8,148,214.99 4.31 626,785.77 632 79.92 7.685 650,001--700,000 8 5,378,200.00 2.84 672,275.00 629 79.37 7.513 700,001--750,000 7 5,070,598.65 2.68 724,371.24 623 81.24 7.509 750,001--800,000 11 8,590,947.99 4.54 780,995.27 639 79.53 7.556 800,001--850,000 1 822,400.00 0.43 822,400.00 633 80.00 6.990 850,001--900,000 5 4,417,750.00 2.34 883,550.00 655 79.05 7.338 900,001--950,000 1 902,457.00 0.48 902,457.00 650 81.67 7.700 950,001--1,000,000 1 980,000.00 0.52 980,000.00 673 80.00 7.250 - --------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% ===================================================================================================================== 64 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY CURRENT UNPAID PRINCIPAL BALANCE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT UNPAID PRINCIPAL MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 50,001--100,000 19 $ 1,688,877.30 0.89% $ 88,888.28 626 79.45% 8.206% 100,001--150,000 50 6,413,339.49 3.39 128,266.79 623 80.86 7.963 150,001--200,000 100 17,657,794.25 9.34 176,577.94 629 81.60 7.696 200,001--250,000 68 15,480,469.25 8.19 227,653.96 633 80.42 7.717 250,001--300,000 60 16,694,567.32 8.83 278,242.79 630 81.55 7.755 300,001--350,000 74 24,146,850.82 12.77 326,308.79 634 80.87 7.376 350,001--400,000 43 16,151,073.33 8.54 375,606.36 629 79.89 7.378 400,001--450,000 43 18,268,444.72 9.66 424,847.55 632 80.14 7.559 450,001--500,000 40 18,905,166.30 10.00 472,629.16 635 81.26 7.261 500,001--550,000 15 7,856,948.00 4.15 523,796.53 623 80.03 7.524 550,001--600,000 20 11,546,340.56 6.11 577,317.03 646 80.88 7.597 600,001--650,000 13 8,148,214.99 4.31 626,785.77 632 79.92 7.685 650,001--700,000 8 5,378,200.00 2.84 672,275.00 629 79.37 7.513 700,001--750,000 7 5,070,598.65 2.68 724,371.24 623 81.24 7.509 750,001--800,000 11 8,590,947.99 4.54 780,995.27 639 79.53 7.556 800,001--850,000 1 822,400.00 0.43 822,400.00 633 80.00 6.990 850,001--900,000 5 4,417,750.00 2.34 883,550.00 655 79.05 7.338 900,001--950,000 1 902,457.00 0.48 902,457.00 650 81.67 7.700 950,001--1,000,000 1 980,000.00 0.52 980,000.00 673 80.00 7.250 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY REMAINING TERM TO MATURITY WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS REMAINING TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 301--360 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% - --------------------------------------------------------------------------------------------------------------------------- DISTRIBUTION BY ORIGINAL TERM TO MATURITY WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ORIGINAL TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 301--360 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% - --------------------------------------------------------------------------------------------------------------------------- 65 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL LOAN-TO-VALUE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 45.01--50.00 4 $ 1,158,999.93 0.61% $289,749.98 659 47.32% 7.014% 50.01--55.00 1 321,000.00 0.17 321,000.00 668 54.87 8.350 55.01--60.00 1 285,000.00 0.15 285,000.00 670 60.00 7.625 60.01--65.00 3 1,179,000.00 0.62 393,000.00 663 61.46 7.570 65.01--70.00 3 827,000.00 0.44 275,666.67 674 68.07 7.323 70.01--75.00 15 6,116,772.99 3.23 407,784.87 615 73.88 7.447 75.01--80.00 450 147,075,317.17 77.77 326,834.04 634 79.88 7.534 80.01--85.00 40 12,571,349.59 6.65 314,283.74 631 84.25 7.334 85.01--90.00 53 17,571,490.92 9.29 331,537.56 621 89.67 7.748 90.01--95.00 6 1,571,540.00 0.83 261,923.33 622 94.26 8.489 95.01--100.00 3 442,969.37 0.23 147,656.46 620 100.00 9.418 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY COMBINED LOAN-TO-VALUE RATIO WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE COMBINED LOAN-TO-VALUE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 45.01--50.00 4 $ 1,158,999.93 0.61% $289,749.98 659 47.32% 7.014% 50.01--55.00 1 321,000.00 0.17 321,000.00 668 54.87 8.350 55.01--60.00 1 285,000.00 0.15 285,000.00 670 60.00 7.625 60.01--65.00 3 1,179,000.00 0.62 393,000.00 663 61.46 7.570 65.01--70.00 3 827,000.00 0.44 275,666.67 674 68.07 7.323 70.01--75.00 13 5,091,022.99 2.69 391,617.15 613 74.31 7.349 75.01--80.00 35 13,518,475.77 7.15 386,242.16 630 78.78 7.244 80.01--85.00 20 7,678,320.71 4.06 383,916.04 630 83.78 7.335 85.01--90.00 43 14,991,871.97 7.93 348,648.19 625 87.34 7.582 90.01--95.00 23 8,499,783.59 4.49 369,555.81 628 83.96 7.402 95.01--100.00 432 135,326,425.01 71.56 313,255.61 634 80.52 7.607 100.01* >= 1 243,540.00 0.13 243,540.00 646 90.20 7.600 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== * No mortgage loan with a CLTV greater than 100.00% will be included in the final pool. 66 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY STATE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS STATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- CA 217 $ 93,778,820.77 49.59% $432,160.46 637 79.88% 7.378% FL 87 20,386,143.53 10.78 234,323.49 633 81.45 7.671 MD 52 14,444,799.55 7.64 277,784.61 625 81.12 7.794 NY 34 12,929,838.51 6.84 380,289.37 628 81.92 7.410 VA 26 10,047,684.76 5.31 386,449.41 628 81.62 7.925 NJ 17 5,247,196.38 2.77 308,658.61 624 82.35 8.080 GA 15 3,176,111.00 1.68 211,740.73 613 81.80 7.755 HI 6 3,162,000.00 1.67 527,000.00 636 77.40 7.283 AZ 14 3,151,756.32 1.67 225,125.45 628 81.90 7.891 MA 10 2,909,838.94 1.54 290,983.89 617 82.19 8.074 MN 14 2,776,295.00 1.47 198,306.79 635 81.43 7.741 IL 11 2,606,762.00 1.38 236,978.36 637 79.70 7.861 NV 12 2,556,671.08 1.35 213,055.92 643 78.81 7.618 CO 9 1,830,230.00 0.97 203,358.89 618 80.54 7.475 NC 11 1,319,633.23 0.70 119,966.66 616 82.60 8.163 Other 44 8,796,658.90 4.65 199,924.07 634 81.64 7.588 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Owner Occupied 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Single Family 484 $159,494,549.56 84.33% $329,534.19 631 80.69% 7.547% Condo 60 16,385,260.82 8.66 273,087.68 641 80.42 7.584 Multi Family 35 13,240,629.59 7.00 378,303.70 648 79.96 7.509 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== 67 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Purchase 370 $118,650,597.82 62.74% $320,677.29 635 80.53% 7.610% Cash Out 201 67,416,694.16 35.65 335,406.44 630 80.88 7.475 Refinance 8 3,053,147.99 1.61 381,643.50 613 78.05 6.733 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Easy 3 $ 1,063,758.95 0.56% $354,586.32 626 82.01% 7.156% Full 523 167,733,386.84 88.69 320,713.93 629 80.82 7.463 Stated 53 20,323,294.18 10.75 383,458.38 666 78.84 8.265 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 551--575 1 $ 378,000.00 0.20% $378,000.00 564 90.00% 7.990% 576--600 107 33,965,698.05 17.96 317,436.43 590 81.39 7.748 601--625 170 51,637,882.93 27.30 303,752.25 613 80.89 7.596 626--650 139 45,790,630.57 24.21 329,429.00 639 80.72 7.454 651--675 103 35,991,678.33 19.03 349,433.77 661 79.87 7.537 676--700 50 18,385,874.09 9.72 367,717.48 684 79.95 7.360 701--725 5 1,821,400.00 0.96 364,280.00 716 80.49 7.259 726--750 3 899,276.00 0.48 299,758.67 736 79.38 6.782 751--775 1 250,000.00 0.13 250,000.00 754 47.17 7.000 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== 68 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT PENALTY TERMS MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 0 177 $54,804,512.61 28.98% $309,630.01 629 81.04% 7.857% 12 30 12,230,854.33 6.47 407,695.14 643 78.60 7.813 24 293 96,065,169.97 50.80 327,867.47 636 80.70 7.489 36 79 26,019,903.06 13.76 329,365.86 625 80.37 6.987 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY INITIAL INTEREST RATE CAP WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS INITIAL CAP (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 2.000 572 $186,563,839.97 98.65% $326,160.56 633 80.66% 7.544% 3.000 7 2,556,600.00 1.35 365,228.57 628 77.15 7.818 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY PERIODIC INTEREST RATE CAP WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PERIODIC CAP (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 1.500 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== 69 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY GROSS MARGIN WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ARM MARGIN (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 3.001--4.000 14 $ 4,796,891.00 2.54% $342,635.07 638 80.40% 6.014% 4.001--5.000 129 48,290,602.59 25.53 374,345.76 642 79.78 6.865 5.001--6.000 305 99,541,132.83 52.63 326,364.37 631 80.77 7.605 6.001--7.000 131 36,491,813.55 19.30 278,563.46 624 81.33 8.498 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY MAXIMUM MORTGAGE RATE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MAXIMUM MORTGAGE RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 11.001--11.500 1 $ 340,076.00 0.18% $340,076.00 737 78.36% 5.500% 11.501--12.000 9 3,415,950.00 1.81 379,550.00 632 79.72 5.850 12.001--12.500 17 5,311,536.90 2.81 312,443.35 647 81.45 6.358 12.501--13.000 95 36,391,711.86 19.24 383,070.65 644 79.41 6.831 13.001--13.500 142 50,056,401.89 26.47 352,509.87 632 80.74 7.300 13.501--14.000 174 54,242,592.45 28.68 311,739.04 629 80.28 7.786 14.001--14.500 89 24,482,766.50 12.95 275,087.26 621 82.06 8.283 14.501--15.000 36 10,336,835.00 5.47 287,134.31 634 81.49 8.741 15.001--15.500 12 3,662,800.00 1.94 305,233.33 646 81.84 9.226 15.501--16.000 3 817,800.00 0.43 272,600.00 609 87.30 9.656 16.001--16.500 1 61,969.37 0.03 61,969.37 619 100.00 10.350 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== 70 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY MINIMUM MORTGAGE RATE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MINIMUM MORTGAGE RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 5.001--5.500 1 $ 340,076.00 0.18% $340,076.00 737 78.36% 5.500% 5.501--6.000 11 4,256,106.00 2.25 386,918.73 632 79.77 6.263 6.001--6.500 17 5,311,536.90 2.81 312,443.35 647 81.45 6.358 6.501--7.000 95 36,391,711.86 19.24 383,070.65 644 79.41 6.831 7.001--7.500 142 50,056,401.89 26.47 352,509.87 632 80.74 7.300 7.501--8.000 172 53,402,436.45 28.24 310,479.28 629 80.28 7.783 8.001--8.500 89 24,482,766.50 12.95 275,087.26 621 82.06 8.283 8.501--9.000 36 10,336,835.00 5.47 287,134.31 634 81.49 8.741 9.001--9.500 12 3,662,800.00 1.94 305,233.33 646 81.84 9.226 9.501--10.000 3 817,800.00 0.43 272,600.00 609 87.30 9.656 10.001--10.500 1 61,969.37 0.03 61,969.37 619 100.00 10.350 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY INITIAL RATE ADJUSTMENT DATE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE INITIAL INTEREST RATE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ADJUSTMENT DATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 2008-02-01 4 $ 1,749,899.99 0.93% $437,475.00 616 79.87% 7.730% 2008-03-01 127 38,357,189.90 20.28 302,025.12 632 81.46 7.692 2008-04-01 277 92,458,686.28 48.89 333,785.87 632 80.55 7.532 2008-05-01 160 53,970,984.87 28.54 337,318.66 635 80.01 7.455 2009-03-01 3 433,169.37 0.23 144,389.79 634 82.86 7.683 2009-04-01 5 1,375,609.56 0.73 275,121.91 640 86.00 7.556 2009-05-01 3 774,900.00 0.41 258,300.00 628 79.89 8.245 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 1st 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 579 $189,120,439.97 100.00% $326,632.88 633 80.62% 7.548% =========================================================================================================================== 71 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) - -------------------------------------------------------------------------------- COLLATERAL SUMMARY - -------------------------------------------------------------------------------- Statistics for the Mortgage Loans listed below are based on the Cut-off Date scheduled balances. SCHEDULED PRINCIPAL BALANCE: $546,858,732.01 NUMBER OF MORTGAGE LOANS: 1,803 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 303,304.90 WEIGHTED AVERAGE GROSS COUPON: 8.246% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 614 WEIGHTED AVERAGE ORIGINAL LTV RATIO(2): 78.51% WEIGHTED AVERAGE COMBINED LTV RATIO(2): 87.42% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 358 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 360 WEIGHTED AVERAGE ROLL TERM(1) (MONTHS): 24 WEIGHTED AVERAGE GROSS MARGIN(1): 5.976% WEIGHTED AVERAGE INITIAL RATE CAP(1): 2.019% WEIGHTED AVERAGE PERIODIC RATE CAP(1): 1.500% INTEREST ONLY LOANS: 0.00% SILENT SECONDS: 47.49% - -------------------------------------------------------------------------------- (1) Includes adjustable-rate Mortgage Loans only. (2) The original loan-to-value ("OLTV") of a first-lien mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is the principal balance of the Mortgage Loan at the date of origination and the denominator of which is the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The OLTV of a second lien Mortgage Loan at any given time is a fraction, expressed as a percentage the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) the outstanding balance of the senior mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. The combined loan-to-value of a mortgage at any given time is a fraction, expressed as a percentage, the numerator of which is (i) the sum of (a) the principal balance of such Mortgage Loan at the date of origination plus (b) either (x) for junior lien Mortgage Loans the outstanding balance of the senior lien mortgage loan at the date of origination of such Mortgage Loan, or (y) for first-lien Mortgage Loans the outstanding balance of any junior lien mortgage loan at the date of origination of such Mortgage Loan and the denominator of which is (ii) the lesser of the sales price of the related mortgage property and its appraised value determined in an appraisal obtained by the originator at origination of the Mortgage Loan. 72 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 40/30 2/1 ARM 1,689 $512,922,433.66 93.79% $303,684.09 613 78.74% 8.277% 40/30 3/1 ARM 21 6,317,159.57 1.16 300,817.12 609 73.37 8.491 40/30 5/1 ARM 6 1,637,580.87 0.30 272,930.15 611 85.87 8.215 40/30 Fixed 87 25,981,557.91 4.75 298,638.60 633 74.88 7.587 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% ============================================================================================================================ DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT GROSS MORTGAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------------------------------------------------------------------------------------------------------------- 5.001--5.500 2 $ 781,818.75 0.14% $390,909.38 627 77.82% 5.352% 5.501--6.000 4 1,295,911.07 0.24 323,977.77 652 66.42 5.754 6.001--6.500 31 10,578,360.77 1.93 341,237.44 647 78.54 6.348 6.501--7.000 104 36,430,648.47 6.66 350,294.70 638 77.30 6.835 7.001--7.500 217 72,394,599.06 13.24 333,615.66 625 77.89 7.344 7.501--8.000 400 128,983,425.55 23.59 322,458.56 626 79.11 7.817 8.001--8.500 366 110,343,519.45 20.18 301,485.03 619 79.61 8.296 8.501--9.000 303 87,325,801.98 15.97 288,203.97 613 80.41 8.772 9.001--9.500 182 50,024,620.83 9.15 274,860.55 589 79.06 9.287 9.501--10.000 115 30,310,515.34 5.54 263,569.70 573 76.52 9.774 10.001--10.500 27 7,843,796.48 1.43 290,510.98 535 69.39 10.215 10.501--11.000 24 5,409,796.16 0.99 225,408.17 534 64.99 10.813 11.001--11.500 7 1,284,976.51 0.23 183,568.07 528 72.29 11.190 11.501--12.000 10 1,475,387.91 0.27 147,538.79 534 55.03 11.773 12.001--12.500 10 2,209,824.97 0.40 220,982.50 529 63.06 12.203 12.501--13.000 1 165,728.71 0.03 165,728.71 575 65.00 12.900 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% ============================================================================================================================ 73 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE LOAN MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------------------------------------------------------------------------------------------------------------------ 1--50,000 1 $ 49,978.24 0.01% $ 49,978.24 552 80.00% 8.950% 50,001--100,000 63 5,387,231.00 0.99 85,511.60 594 71.69 8.842 100,001--150,000 196 25,063,661.63 4.58 127,875.82 602 75.85 8.727 150,001--200,000 297 51,999,032.03 9.51 175,080.92 604 76.36 8.446 200,001--250,000 236 53,046,292.33 9.70 224,772.43 606 78.33 8.421 250,001--300,000 206 56,829,390.07 10.39 275,870.83 610 76.50 8.285 300,001--350,000 212 68,424,424.78 12.51 322,756.72 615 78.28 8.144 350,001--400,000 170 63,353,509.08 11.58 372,667.70 616 78.83 8.133 400,001--450,000 130 54,895,218.17 10.04 422,270.91 616 80.92 8.276 450,001--500,000 93 44,063,052.99 8.06 473,796.27 622 80.03 8.096 500,001--550,000 68 35,434,608.89 6.48 521,097.19 621 79.54 8.105 550,001--600,000 39 22,458,797.20 4.11 575,866.59 622 82.14 8.036 600,001--650,000 30 18,728,731.20 3.42 624,291.04 626 80.71 8.084 650,001--700,000 25 16,880,072.46 3.09 675,202.90 617 81.40 8.357 700,001--750,000 19 14,013,358.61 2.56 737,545.19 611 78.15 8.359 750,001--800,000 7 5,491,882.21 1.00 784,554.60 625 76.48 8.580 800,001--850,000 5 4,151,968.33 0.76 830,393.67 622 68.05 7.604 900,001--950,000 1 933,798.61 0.17 933,798.61 664 55.00 6.600 950,001--1,000,000 2 1,998,901.04 0.37 999,450.52 679 78.80 7.025 1,000,001 >= 3 3,654,823.14 0.67 1,218,274.38 645 81.51 7.157 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL: 1,803 $546,858,732.01 100.00% $ 303,304.90 614 78.51% 8.246% ============================================================================================================================== 74 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY CURRENT UNPAID PRINCIPAL BALANCE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT UNPAID PRINCIPAL MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------------------------------------------------------------------------------------------------------------------- 1--50,000 1 $ 49,978.24 0.01% $ 49,978.24 552 80.00% 8.950% 50,001--100,000 63 5,387,231.00 0.99 85,511.60 594 71.69 8.842 100,001--150,000 196 25,063,661.63 4.58 127,875.82 602 75.85 8.727 150,001--200,000 297 51,999,032.03 9.51 175,080.92 604 76.36 8.446 200,001--250,000 236 53,046,292.33 9.70 224,772.43 606 78.33 8.421 250,001--300,000 206 56,829,390.07 10.39 275,870.83 610 76.50 8.285 300,001--350,000 212 68,424,424.78 12.51 322,756.72 615 78.28 8.144 350,001--400,000 171 63,753,377.30 11.66 372,826.77 616 78.84 8.135 400,001--450,000 129 54,495,349.95 9.97 422,444.57 615 80.93 8.274 450,001--500,000 93 44,063,052.99 8.06 473,796.27 622 80.03 8.096 500,001--550,000 68 35,434,608.89 6.48 521,097.19 621 79.54 8.105 550,001--600,000 39 22,458,797.20 4.11 575,866.59 622 82.14 8.036 600,001--650,000 30 18,728,731.20 3.42 624,291.04 626 80.71 8.084 650,001--700,000 25 16,880,072.46 3.09 675,202.90 617 81.40 8.357 700,001--750,000 19 14,013,358.61 2.56 737,545.19 611 78.15 8.359 750,001--800,000 7 5,491,882.21 1.00 784,554.60 625 76.48 8.580 800,001--850,000 5 4,151,968.33 0.76 830,393.67 622 68.05 7.604 900,001--950,000 1 933,798.61 0.17 933,798.61 664 55.00 6.600 950,001--1,000,000 2 1,998,901.04 0.37 999,450.52 679 78.80 7.025 1,000,001 >= 3 3,654,823.14 0.67 1,218,274.38 645 81.51 7.157 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $ 303,304.90 614 78.51% 8.246% ============================================================================================================================= DISTRIBUTION BY REMAINING TERM TO MATURITY WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS REMAINING TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 301--360 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== 75 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY ORIGINAL TERM TO MATURITY WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ORIGINAL TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 301--360 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL LOAN-TO-VALUE RATIO MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 15.01--20.00 1 $ 74,942.53 0.01% $ 74,942.53 663 17.81% 6.990% 20.01--25.00 2 249,907.80 0.05 124,953.90 550 22.98 9.510 25.01--30.00 4 564,732.60 0.10 141,183.15 597 29.10 8.590 30.01--35.00 8 1,133,505.82 0.21 141,688.23 554 32.91 8.969 35.01--40.00 7 1,495,266.64 0.27 213,609.52 636 38.18 7.904 40.01--45.00 11 2,121,973.29 0.39 192,906.66 577 42.62 8.547 45.01--50.00 25 5,152,909.17 0.94 206,116.37 580 48.14 8.818 50.01--55.00 31 8,826,174.03 1.61 284,715.29 588 53.04 8.459 55.01--60.00 50 13,332,060.82 2.44 266,641.22 588 57.86 8.345 60.01--65.00 84 23,785,706.75 4.35 283,163.18 577 63.44 8.609 65.01--70.00 108 32,693,563.82 5.98 302,718.18 584 68.55 8.637 70.01--75.00 124 38,370,032.66 7.02 309,435.75 580 73.85 8.647 75.01--80.00 891 273,880,980.13 50.08 307,386.06 633 79.81 8.089 80.01--85.00 180 56,679,791.15 10.36 314,887.73 600 84.35 8.047 85.01--90.00 238 76,130,045.40 13.92 319,874.14 613 89.66 8.332 90.01--95.00 24 8,452,397.89 1.55 352,183.25 602 94.74 8.438 95.01--100.00 15 3,914,741.51 0.72 260,982.77 640 99.69 8.756 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== 76 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY COMBINED LOAN-TO-VALUE RATIO WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE COMBINED LOAN-TO-VALUE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 15.01--20.00 1 $ 74,942.53 0.01% $ 74,942.53 663 17.81% 6.990% 20.01--25.00 2 249,907.80 0.05 124,953.90 550 22.98 9.510 25.01--30.00 4 564,732.60 0.10 141,183.15 597 29.10 8.590 30.01--35.00 8 1,133,505.82 0.21 141,688.23 554 32.91 8.969 35.01--40.00 7 1,495,266.64 0.27 213,609.52 636 38.18 7.904 40.01--45.00 11 2,121,973.29 0.39 192,906.66 577 42.62 8.547 45.01--50.00 24 5,052,936.21 0.92 210,539.01 579 48.10 8.830 50.01--55.00 31 8,826,174.03 1.61 284,715.29 588 53.04 8.459 55.01--60.00 50 13,332,060.82 2.44 266,641.22 588 57.86 8.345 60.01--65.00 83 23,564,831.97 4.31 283,913.64 577 63.42 8.614 65.01--70.00 104 31,912,938.91 5.84 306,855.18 582 68.53 8.631 70.01--75.00 119 36,473,023.87 6.67 306,496.00 579 73.87 8.653 75.01--80.00 135 41,939,889.28 7.67 310,665.85 598 78.98 8.372 80.01--85.00 149 49,354,287.41 9.03 331,236.83 598 84.21 8.074 85.01--90.00 191 61,350,852.97 11.22 321,208.65 610 89.08 8.299 90.01--95.00 85 30,289,838.03 5.54 356,351.04 620 87.89 8.427 95.01--100.00 799 239,121,569.83 43.73 299,276.06 638 80.60 8.042 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== DISTRIBUTION BY STATE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS STATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- CA 508 $189,170,838.77 34.59% $372,383.54 614 76.89% 8.111% NY 168 70,613,536.21 12.91 420,318.67 626 78.77 8.097 FL 297 68,694,349.80 12.56 231,294.11 611 78.94 8.299 MD 120 33,127,351.90 6.06 276,061.27 610 79.85 8.245 NJ 98 31,569,015.01 5.77 322,132.81 618 78.77 8.506 VA 71 23,594,008.54 4.31 332,309.98 607 79.67 8.364 IL 69 17,880,754.19 3.27 259,141.37 620 82.02 8.698 MA 56 16,836,469.58 3.08 300,651.24 620 78.67 8.371 AZ 57 13,233,204.64 2.42 232,161.48 606 78.23 8.274 HI 29 11,076,271.23 2.03 381,940.39 620 79.37 8.242 NV 32 9,951,919.70 1.82 310,997.49 625 80.52 8.009 GA 44 8,386,478.60 1.53 190,601.79 600 82.41 8.650 WA 34 8,119,740.42 1.48 238,815.89 594 81.07 8.506 CO 30 6,646,787.68 1.22 221,559.59 614 79.92 8.426 MN 31 5,558,323.92 1.02 179,300.77 618 83.98 8.201 Other 159 32,399,681.82 5.92 203,771.58 605 78.40 8.459 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== 77 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 2nd Home 11 $ 3,702,314.04 0.68% $336,574.00 621 77.08% 8.235% Non-Owner Occupied 82 20,219,391.97 3.70 246,577.95 625 81.84 8.843 Owner Occupied 1,710 522,937,026.00 95.63 305,811.13 614 78.40 8.223 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Single Family 1,453 $430,230,187.40 78.67% $296,097.86 610 78.34% 8.252% Multi Family 230 89,978,762.13 16.45 391,212.01 631 78.86 8.179 Condo 120 26,649,782.48 4.87 222,081.52 622 80.21 8.382 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Cash Out 926 $285,458,998.33 52.20% $308,271.06 597 76.36% 8.329% Purchase 861 255,991,660.55 46.81 297,319.00 634 80.89 8.146 Refinance 16 5,408,073.13 0.99 338,004.57 598 80.00 8.638 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== 78 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- Easy 13 $ 3,753,980.24 0.69% $288,767.71 576 76.37% 9.099% Full 826 236,053,094.35 43.17 285,778.56 606 80.93 7.901 Stated 964 307,051,657.42 56.15 318,518.32 621 76.69 8.501 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 476--500 1 $ 126,721.29 0.02% $126,721.29 500 65.00% 11.100% 501--525 77 21,154,466.97 3.87 274,733.34 514 67.57 10.071 526--550 113 29,620,715.13 5.42 262,130.22 538 73.57 9.217 551--575 215 61,999,378.78 11.34 288,369.20 561 76.80 8.589 576--600 303 83,832,251.96 15.33 276,674.10 588 78.73 8.272 601--625 350 103,283,899.87 18.89 295,096.86 614 79.51 8.090 626--650 410 134,140,394.16 24.53 327,171.69 637 80.26 8.047 651--675 206 69,144,456.40 12.64 335,652.70 662 79.50 7.867 676--700 110 36,682,442.35 6.71 333,476.75 687 79.99 7.713 701--725 10 3,863,176.24 0.71 386,317.62 717 78.84 8.109 726--750 5 1,865,977.98 0.34 373,195.60 739 78.84 7.637 751--775 3 1,144,850.88 0.21 381,616.96 752 84.05 7.527 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT PENALTY TERMS MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 0 624 $205,408,850.60 37.56% $329,180.85 620 79.64% 8.407% 12 104 34,215,732.60 6.26 328,997.43 610 74.93 8.453 24 859 244,163,652.19 44.65 284,241.74 611 78.38 8.226 36 216 63,070,496.62 11.53 291,993.04 609 77.32 7.687 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== 79 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY INITIAL INTEREST RATE CAP* WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS INITIAL CAP (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 2.000 1,680 $511,122,538.30 98.13% $304,239.61 613 78.72% 8.275% 3.000 36 9,754,635.80 1.87 270,962.11 606 77.25 8.478 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,716 $520,877,174.10 100.00% $303,541.48 613 78.70% 8.279% =========================================================================================================================== * Includes adjustable-rate Mortgage Loans only. DISTRIBUTION BY PERIODIC INTEREST RATE CAP* WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PERIODIC CAP (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 1.500 1,716 $520,877,174.10 100.00% $303,541.48 613 78.70% 8.279% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,716 $520,877,174.10 100.00% $303,541.48 613 78.70% 8.279% =========================================================================================================================== * Includes adjustable-rate Mortgage Loans only. DISTRIBUTION BY GROSS MARGIN* WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ARM MARGIN (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 2.001--3.000 1 $ 124,967.65 0.02% $124,967.65 580 46.30% 8.350% 3.001--4.000 15 4,726,408.35 0.91 315,093.89 646 74.85 6.033 4.001--5.000 140 49,367,076.41 9.48 352,621.97 633 78.69 6.978 5.001--6.000 635 203,488,248.23 39.07 320,453.93 625 78.89 7.809 6.001--7.000 925 263,170,473.46 50.52 284,508.62 600 78.63 8.927 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,716 $520,877,174.10 100.00% $303,541.48 613 78.70% 8.279% =========================================================================================================================== * Includes adjustable-rate Mortgage Loans only. 80 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY MAXIMUM MORTGAGE RATE* WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MAXIMUM MORTGAGE RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 11.001--11.500 2 $ 781,818.75 0.15% $390,909.38 627 77.82% 5.352% 11.501--12.000 4 1,295,911.07 0.25 323,977.77 652 66.42 5.754 12.001--12.500 22 6,876,594.87 1.32 312,572.49 642 77.76 6.366 12.501--13.000 85 30,787,799.50 5.91 362,209.41 637 78.57 6.849 13.001--13.500 205 68,174,541.78 13.09 332,558.74 625 78.29 7.346 13.501--14.000 385 123,604,199.90 23.73 321,049.87 625 79.08 7.820 14.001--14.500 355 108,025,425.43 20.74 304,296.97 619 79.61 8.296 14.501--15.000 294 85,161,482.74 16.35 289,664.91 613 80.72 8.776 15.001--15.500 177 48,998,935.28 9.41 276,830.14 589 79.12 9.286 15.501--16.000 111 29,345,087.84 5.63 264,370.16 571 76.32 9.772 16.001--16.500 26 7,543,841.12 1.45 290,147.74 533 69.98 10.215 16.501--17.000 24 5,409,796.16 1.04 225,408.17 534 64.99 10.813 17.001--17.500 6 1,144,774.40 0.22 190,795.73 519 70.86 11.202 17.501--18.000 9 1,351,411.58 0.26 150,156.84 536 56.73 11.785 18.001--18.500 10 2,209,824.97 0.42 220,982.50 529 63.06 12.203 18.501--19.000 1 165,728.71 0.03 165,728.71 575 65.00 12.900 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,716 $520,877,174.10 100.00% $303,541.48 613 78.70% 8.279% =========================================================================================================================== * Includes adjustable-rate Mortgage Loans only. DISTRIBUTION BY MINIMUM MORTGAGE RATE* WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MINIMUM MORTGAGE RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 5.001--5.500 3 $ 899,847.33 0.17% $299,949.11 627 74.64% 5.686% 5.501--6.000 4 1,295,911.07 0.25 323,977.77 652 66.42 5.754 6.001--6.500 23 7,244,503.48 1.39 314,978.41 642 77.87 6.474 6.501--7.000 86 31,010,750.43 5.95 360,590.12 636 78.45 6.863 7.001--7.500 205 68,174,541.78 13.09 332,558.74 625 78.29 7.346 7.501--8.000 384 123,486,171.32 23.71 321,578.57 625 79.10 7.820 8.001--8.500 354 107,657,516.82 20.67 304,117.28 619 79.61 8.295 8.501--9.000 293 84,938,531.81 16.31 289,892.60 614 80.77 8.775 9.001--9.500 177 48,998,935.28 9.41 276,830.14 589 79.12 9.286 9.501--10.000 111 29,345,087.84 5.63 264,370.16 571 76.32 9.772 10.001--10.500 26 7,543,841.12 1.45 290,147.74 533 69.98 10.215 10.501--11.000 24 5,409,796.16 1.04 225,408.17 534 64.99 10.813 11.001--11.500 6 1,144,774.40 0.22 190,795.73 519 70.86 11.202 11.501--12.000 9 1,351,411.58 0.26 150,156.84 536 56.73 11.785 12.001--12.500 10 2,209,824.97 0.42 220,982.50 529 63.06 12.203 12.501--13.000 1 165,728.71 0.03 165,728.71 575 65.00 12.900 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,716 $520,877,174.10 100.00% $303,541.48 613 78.70% 8.279% =========================================================================================================================== * Includes adjustable-rate Mortgage Loans only. 81 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE1 $1,153,121,000 (APPROXIMATE) ASSET BACKED PASS-THROUGH CERTIFICATES JUNE 19, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY INITIAL RATE ADJUSTMENT DATE* WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE INITIAL INTEREST RATE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ADJUSTMENT DATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 2007-12-01 1 $ 391,164.04 0.08% $391,164.04 647 80.00% 7.300% 2008-01-01 2 394,263.18 0.08 197,131.59 540 73.65 8.810 2008-02-01 19 5,737,948.36 1.10 301,997.28 577 75.98 8.955 2008-03-01 288 90,908,275.53 17.45 315,653.73 615 78.99 8.316 2008-04-01 868 265,024,014.71 50.88 305,327.21 616 79.19 8.226 2008-05-01 510 150,238,824.30 28.84 294,585.93 610 77.90 8.318 2008-06-01 1 227,943.54 0.04 227,943.54 634 80.00 8.500 2009-03-01 8 2,582,958.76 0.50 322,869.85 602 74.06 8.591 2009-04-01 10 2,280,066.66 0.44 228,006.67 616 74.83 8.347 2009-05-01 3 1,454,134.15 0.28 484,711.38 610 69.86 8.539 2011-03-01 2 563,664.02 0.11 281,832.01 588 80.00 9.273 2011-04-01 2 617,592.13 0.12 308,796.07 636 93.16 7.673 2011-05-01 2 456,324.72 0.09 228,162.36 606 83.25 7.643 - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,716 $520,877,174.10 100.00% $303,541.48 613 78.70% 8.279% =========================================================================================================================== * Includes adjustable-rate Mortgage Loans only. DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE NUMBER WEIGHTED ORIGINAL WEIGHTED OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------------------------------------------------------------------------------------------------------------- 1st 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% - --------------------------------------------------------------------------------------------------------------------------- TOTAL: 1,803 $546,858,732.01 100.00% $303,304.90 614 78.51% 8.246% =========================================================================================================================== 82 - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering.