Carrington Mortgage Loan Trust, Series 2006-FRE2 Inactive
Filed: 26 Sep 06, 12:00am
- -------------------------------------------------------------------------------- Free Writing Prospectus for Carrington Mortgage Loan Trust, Series 2006-FRE2 (filed pursuant to Rule 433; SEC file No. 333-134218) SUBJECT TO REVISION Dated September 26, 2006 [CCM LOGO] CARRINGTON CAPITAL MANAGEMENT MBS NEW ISSUE FREE WRITING PROSPECTUS CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 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-FRE2 Issuing Entity SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- Carrington Investment Services, LLC [CIS LOGO] CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 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 by information contained in a preliminary prospectus relating to the Offered Certificates. 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 conveyed to you a preliminary prospectus relating to the Offered Certificates and 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 1-800-337-1385. - -------------------------------------------------------------------------------- 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. 1 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) COLLATERAL SUMMARY Statistics for the Mortgage Loans listed below are based on September 1, 2006 scheduled balances. SCHEDULED PRINCIPAL BALANCE: $981,804,848.97 NUMBER OF MORTGAGE LOANS: 3,868 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 253,827.52 WEIGHTED AVERAGE GROSS COUPON: 8.509% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 608 WEIGHTED AVERAGE ORIGINAL LTV RATIO(2): 78.86% WEIGHTED AVERAGE COMBINED LTV RATIO(2): 85.53% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 359 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 360 WEIGHTED AVERAGE ROLL TERM(1) (MONTHS): 25 WEIGHTED AVERAGE GROSS MARGIN(1): 6.148% WEIGHTED AVERAGE INITIAL RATE CAP(1): 1.500% WEIGHTED AVERAGE PERIODIC RATE CAP(1): 1.500% INTEREST ONLY LOANS: 11.43% SILENT SECONDS: 35.53% (1) Includes adjustable-rate Mortgage Loans only. (2) The original loan-to-value ("OLTV") of a first-lien mortgage 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 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 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 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 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. 2 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ -------- --------------- ---------- ----------- -------- -------- -------- 2/1 ARM 1,620 $360,941,028.97 36.76% $222,803.10 596 75.79% 8.937% 2/1 ARM 5Y-IO 306 101,279,189.67 10.32 330,977.74 622 81.77 7.659 3/1 ARM 27 5,423,855.86 0.55 200,883.55 605 76.92 8.732 3/1 ARM 3Y-IO 12 4,102,500.00 0.42 341,875.00 635 78.95 6.944 3/1 ARM 5Y-IO 17 6,059,490.00 0.62 356,440.59 634 79.61 7.089 40/30 2/1 ARM 1,241 381,554,118.66 38.86 307,456.99 613 81.14 8.375 40/30 3/1 ARM 35 9,768,328.33 0.99 279,095.10 632 82.58 8.196 40/30 5/1 ARM 8 3,165,923.86 0.32 395,740.48 583 69.05 8.315 40/30 Fixed 86 24,311,216.87 2.48 282,688.57 619 76.65 7.938 5/1 ARM 9 2,144,309.20 0.22 238,256.58 620 66.88 7.960 5/1 ARM 5Y-IO 2 807,250.00 0.08 403,625.00 625 85.07 7.516 Fixed 505 82,247,637.55 8.38 162,866.61 618 79.15 8.708 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE CURRENT GROSS MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MORTGAGE RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------- -------- --------------- ---------- ----------- -------- -------- -------- 5.501--6.000 10 $ 5,334,523.42 0.54% $533,452.34 648 70.12% 5.935% 6.001--6.500 57 21,600,611.95 2.20 378,958.10 645 77.11 6.323 6.501--7.000 213 70,487,346.81 7.18 330,926.51 644 76.77 6.831 7.001--7.500 360 115,576,974.88 11.77 321,047.15 633 78.66 7.312 7.501--8.000 619 186,989,982.03 19.05 302,083.98 622 80.70 7.807 8.001--8.500 518 141,039,336.20 14.37 272,276.71 613 80.34 8.292 8.501--9.000 599 158,736,577.01 16.17 265,002.63 608 79.49 8.791 9.001--9.500 399 96,033,565.60 9.78 240,685.63 594 79.44 9.271 9.501--10.000 384 86,078,669.00 8.77 224,163.20 570 79.35 9.774 10.001--10.500 189 30,325,162.74 3.09 160,450.60 560 77.41 10.251 10.501--11.000 174 26,473,494.55 2.70 152,146.52 549 71.22 10.803 11.001--11.500 163 18,821,573.26 1.92 115,469.77 572 77.69 11.278 11.501--12.000 101 13,851,495.01 1.41 137,143.51 561 70.65 11.777 12.001--12.500 54 6,308,306.04 0.64 116,820.48 563 67.09 12.285 12.501--13.000 24 3,650,435.70 0.37 152,101.49 556 71.37 12.755 13.001--13.500 3 271,882.04 0.03 90,627.35 558 65.40 13.286 13.501--14.000 1 224,912.73 0.02 224,912.73 525 63.56 13.750 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. 3 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN BALANCE ($) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------- -------- --------------- ---------- ------------- -------- -------- -------- 0.01--50,000.00 94 $ 3,417,383.76 0.35% $ 36,355.15 624 90.00% 11.228% 50,000.01--100,000.00 456 35,191,483.17 3.58 77,174.31 597 78.20 9.919 100,000.01--150,000.00 621 77,856,768.66 7.93 125,373.22 600 76.59 9.080 150,000.01--200,000.00 668 117,933,415.68 12.01 176,547.03 596 75.67 8.786 200,000.01--250,000.00 493 110,795,893.68 11.28 224,738.12 602 77.43 8.669 250,000.01--300,000.00 382 104,911,209.23 10.69 274,636.67 603 77.61 8.613 300,000.01--350,000.00 300 96,706,423.17 9.85 322,354.74 608 79.85 8.432 350,000.01--400,000.00 223 83,989,713.47 8.55 376,635.49 617 79.83 8.223 400,000.01--450,000.00 177 75,728,379.58 7.71 427,843.95 607 81.04 8.357 450,000.01--500,000.00 128 60,978,637.27 6.21 476,395.60 616 80.90 8.187 500,000.01--550,000.00 88 46,040,915.04 4.69 523,192.22 617 81.08 8.163 550,000.01--600,000.00 57 32,711,265.10 3.33 573,881.84 619 82.67 8.046 600,000.01--650,000.00 48 30,050,610.48 3.06 626,054.39 622 84.40 8.179 650,000.01--700,000.00 39 26,347,054.16 2.68 675,565.49 619 82.03 8.014 700,000.01--750,000.00 25 18,225,328.74 1.86 729,013.15 614 81.39 8.122 750,000.01--800,000.00 38 29,869,487.07 3.04 786,039.13 615 78.25 8.316 800,000.01--850,000.00 7 5,822,655.47 0.59 831,807.92 620 80.38 7.704 850,000.01--900,000.00 7 6,212,426.63 0.63 887,489.52 629 77.34 7.615 900,000.01--950,000.00 3 2,772,857.12 0.28 924,285.71 640 66.58 7.276 950,000.01--1,000,000.00 6 5,901,759.35 0.60 983,626.56 660 72.98 7.069 1,000,000.01 >= 8 10,341,182.14 1.05 1,292,647.77 654 72.07 7.269 ----- --------------- ------ ------------- --- ----- ------ TOTAL: 3,868 $981,804,848.97 100.00% $ 253,827.52 608 78.86% 8.509% ===== =============== ====== ============= === ===== ====== - -------------------------------------------------------------------------------- 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. 4 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY CURRENT UNPAID PRINCIPAL BALANCE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE CURRENT UNPAID PRINCIPAL MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------------ -------- --------------- ---------- ------------- -------- -------- -------- 0.01--50,000.00 94 $ 3,417,383.76 0.35% $ 36,355.15 624 90.00% 11.228% 50,000.01--100,000.00 456 35,191,483.17 3.58 77,174.31 597 78.20 9.919 100,000.01--150,000.00 621 77,856,768.66 7.93 125,373.22 600 76.59 9.080 150,000.01--200,000.00 668 117,933,415.68 12.01 176,547.03 596 75.67 8.786 200,000.01--250,000.00 494 111,045,595.07 11.31 224,788.65 602 77.43 8.672 250,000.01--300,000.00 382 104,961,447.56 10.69 274,768.19 603 77.61 8.611 300,000.01--350,000.00 300 96,756,457.39 9.85 322,521.52 608 79.85 8.430 350,000.01--400,000.00 222 83,639,739.53 8.52 376,755.58 617 79.82 8.221 400,000.01--450,000.00 177 75,728,379.58 7.71 427,843.95 607 81.04 8.357 450,000.01--500,000.00 128 60,978,637.27 6.21 476,395.60 616 80.90 8.187 500,000.01--550,000.00 88 46,040,915.04 4.69 523,192.22 617 81.08 8.163 550,000.01--600,000.00 57 32,711,265.10 3.33 573,881.84 619 82.67 8.046 600,000.01--650,000.00 48 30,050,610.48 3.06 626,054.39 622 84.40 8.179 650,000.01--700,000.00 39 26,347,054.16 2.68 675,565.49 619 82.03 8.014 700,000.01--750,000.00 25 18,225,328.74 1.86 729,013.15 614 81.39 8.122 750,000.01--800,000.00 38 29,869,487.07 3.04 786,039.13 615 78.25 8.316 800,000.01--850,000.00 7 5,822,655.47 0.59 831,807.92 620 80.38 7.704 850,000.01--900,000.00 7 6,212,426.63 0.63 887,489.52 629 77.34 7.615 900,000.01--950,000.00 3 2,772,857.12 0.28 924,285.71 640 66.58 7.276 950,000.01--1,000,000.00 6 5,901,759.35 0.60 983,626.56 660 72.98 7.069 1,000,000.01 >= 8 10,341,182.14 1.05 1,292,647.77 654 72.07 7.269 ----- --------------- ------ ------------- --- ----- ------ TOTAL: 3,868 $981,804,848.97 100.00% $ 253,827.52 608 78.86% 8.509% ===== =============== ====== ============= === ===== ====== DISTRIBUTION BY REMAINING TERM TO MATURITY WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS REMAINING TERM (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------------- -------- --------------- ---------- ----------- -------- -------- -------- 121--180 15 $ 555,308.85 0.06% $ 37,020.59 626 87.36% 10.055% 181--240 4 346,585.84 0.04 86,646.46 572 79.11 9.516 301--360 3,849 980,902,954.28 99.91 254,846.18 608 78.86 8.508 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 5 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY ORIGINAL TERM TO MATURITY WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ORIGINAL TERM (MONTHS) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- ----------------- ----------- ----------- -------- -------- -------- 121--180 15 $ 555,308.85 0.06% $ 37,020.59 626 87.36% 10.055% 181--240 4 346,585.84 0.04 86,646.46 572 79.11 9.516 301--360 3,849 980,902,954.28 99.91 254,846.18 608 78.86 8.508 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ====== DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL LOAN-TO-VALUE MORTGAGE PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- ----------------- ----------- ----------- -------- -------- -------- 5.01--10.00 3 $ 232,113.81 0.02% $ 77,371.27 568 7.48% 10.500% 10.01--15.00 3 210,856.26 0.02 70,285.42 558 13.18 9.731 15.01--20.00 2 219,903.31 0.02 109,951.66 592 17.74 10.068 20.01--25.00 6 547,548.28 0.06 91,258.05 560 23.78 9.250 25.01--30.00 7 1,159,506.84 0.12 165,643.83 576 28.57 9.302 30.01--35.00 14 1,658,713.21 0.17 118,479.52 571 33.02 8.990 35.01--40.00 18 3,314,617.48 0.34 184,145.42 566 38.50 9.499 40.01--45.00 31 5,128,164.02 0.52 165,424.65 570 42.55 9.224 45.01--50.00 40 9,472,334.26 0.96 236,808.36 602 48.11 8.542 50.01--55.00 67 13,521,767.81 1.38 201,817.43 583 53.08 9.101 55.01--60.00 107 22,370,143.93 2.28 209,066.77 569 58.25 9.361 60.01--65.00 213 50,228,268.53 5.12 235,813.47 583 63.73 9.220 65.01--70.00 258 64,745,283.47 6.59 250,950.71 593 69.00 8.853 70.01--75.00 268 68,036,558.93 6.93 253,867.76 586 74.05 8.662 75.01--80.00 1,770 463,482,013.27 47.21 261,854.24 617 79.81 8.248 80.01--85.00 279 79,853,487.01 8.13 286,213.22 605 84.50 8.222 85.01--90.00 490 157,364,538.71 16.03 321,152.12 615 89.74 8.496 90.01--95.00 63 17,502,595.85 1.78 277,818.98 607 94.65 8.293 95.01--100.00 229 22,756,433.99 2.32 99,373.07 631 99.94 10.444 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 6 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY COMBINED LOAN-TO-VALUE RATIO WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE COMBINED LOAN-TO-VALUE MORTGAGE PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATIO (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- ----------------- ----------- ----------- -------- -------- -------- 5.01--10.00 3 $ 232,113.81 0.02% $ 77,371.27 568 7.48% 10.500% 10.01--15.00 3 210,856.26 0.02 70,285.42 558 13.18 9.731 15.01--20.00 2 219,903.31 0.02 109,951.66 592 17.74 10.068 20.01--25.00 6 547,548.28 0.06 91,258.05 560 23.78 9.250 25.01--30.00 7 1,159,506.84 0.12 165,643.83 576 28.57 9.302 30.01--35.00 14 1,658,713.21 0.17 118,479.52 571 33.02 8.990 35.01--40.00 18 3,314,617.48 0.34 184,145.42 566 38.50 9.499 40.01--45.00 31 5,128,164.02 0.52 165,424.65 570 42.55 9.224 45.01--50.00 39 8,472,334.26 0.86 217,239.34 594 47.89 8.571 50.01--55.00 67 13,521,767.81 1.38 201,817.43 583 53.08 9.101 55.01--60.00 108 23,370,143.93 2.38 216,390.22 574 57.89 9.315 60.01--65.00 211 50,010,518.53 5.09 237,016.68 583 63.72 9.226 65.01--70.00 241 59,144,805.77 6.02 245,414.13 590 68.95 8.922 70.01--75.00 252 64,397,370.89 6.56 255,545.12 585 74.02 8.646 75.01--80.00 608 158,847,752.36 16.18 261,262.75 584 79.49 8.696 80.01--85.00 244 72,450,623.30 7.38 296,928.78 605 84.26 8.213 85.01--90.00 413 138,301,434.18 14.09 334,870.30 616 89.20 8.441 90.01--95.00 145 39,352,371.33 4.01 271,395.66 610 88.52 8.452 95.01--100.00 1,456 341,464,303.40 34.78 234,522.19 633 81.75 8.207 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 7 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY STATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS STATE LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----- --------- ----------------- ----------- ----------- -------- -------- -------- CA 633 $236,291,742.14 24.07% $373,288.69 618 78.99% 8.007% FL 659 139,121,902.71 14.17 211,110.63 609 78.40 8.608 NY 373 130,613,813.74 13.30 350,171.08 607 78.20 8.493 MD 312 77,303,823.16 7.87 247,768.66 593 78.04 8.810 NJ 264 75,376,147.18 7.68 285,515.71 602 77.73 9.004 MA 173 47,872,534.31 4.88 276,719.85 599 76.07 8.915 VA 126 30,512,249.91 3.11 242,160.71 610 80.71 8.543 GA 153 27,029,978.34 2.75 176,666.53 605 81.46 8.615 AZ 101 20,159,027.27 2.05 199,594.33 611 80.87 8.528 CT 76 16,757,476.69 1.71 220,493.11 612 79.80 8.582 TX 101 16,599,017.20 1.69 164,346.70 610 80.51 8.340 IL 95 16,410,744.26 1.67 172,744.68 617 81.31 8.740 NV 53 15,023,371.68 1.53 283,459.84 611 81.84 8.449 HI 35 14,410,662.51 1.47 411,733.21 622 80.20 7.957 WA 52 12,252,068.52 1.25 235,616.70 612 81.49 8.170 Other 662 106,070,289.35 10.80 160,227.02 602 79.41 8.827 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 8 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- --------- --------------- ---------- ----------- -------- -------- -------- 2nd Home 44 $ 11,421,387.67 1.16% $259,576.99 623 75.84% 8.472% Non-Owner Occupied 282 56,750,669.69 5.78 201,243.51 596 76.93 9.536 Owner Occupied 3,542 913,632,791.61 93.06 257,942.63 609 79.02 8.446 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------- --------- --------------- ---------- ----------- -------- -------- -------- Single Family 3,145 $777,530,660.77 79.19% $247,227.56 607 78.82% 8.472% Multi Family 501 157,803,109.81 16.07 314,976.27 610 78.74 8.722 Condo 222 46,471,078.39 4.73 209,329.18 625 80.08 8.404 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ --------- --------------- ---------- ----------- -------- -------- -------- Cash Out 2,166 $581,669,157.48 59.24% $268,545.32 596 76.84% 8.618% Purchase 1,650 388,082,688.59 39.53 235,201.63 627 81.88 8.343 Refinance 52 12,053,002.90 1.23 231,788.52 600 79.25 8.639 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 9 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ --------- --------------- ---------- ----------- -------- -------- -------- Easy 38 $ 12,410,051.98 1.26% $326,580.32 593 81.61% 8.348% Full 2,188 543,711,268.56 55.38 248,496.92 609 80.20 8.058 Stated 1,642 425,683,528.43 43.36 259,246.97 607 77.08 9.090 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 10 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (TOTAL COLLATERAL) DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ --------- --------------- ---------- ----------- -------- -------- -------- 476--500 3 $ 720,676.12 0.07% $240,225.37 500 76.60% 10.985% 501--525 214 47,271,457.25 4.81 220,894.66 514 71.03 10.309 526--550 375 82,522,175.53 8.41 220,059.13 539 73.11 9.736 551--575 485 115,453,214.78 11.76 238,047.87 562 76.10 9.148 576--600 583 136,714,116.51 13.92 234,501.06 588 79.83 8.606 601--625 804 206,118,674.37 20.99 256,366.51 613 81.15 8.207 626--650 771 207,893,740.20 21.17 269,641.69 638 80.30 8.046 651--675 463 127,662,356.63 13.00 275,728.63 661 80.13 8.017 676--700 170 57,448,437.58 5.85 337,931.99 686 80.63 7.576 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PENALTY TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------- --------- --------------- ---------- ----------- -------- -------- -------- 0 1,602 $411,188,537.96 41.88% $256,672.00 602 78.52% 8.809% 12 200 64,911,464.51 6.61 324,557.32 613 78.19 8.504 24 1,709 421,757,369.50 42.96 246,786.06 611 79.69 8.358 30 2 324,274.11 0.03 162,137.06 640 77.02 7.771 36 355 83,623,202.89 8.52 235,558.32 621 76.94 7.808 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- --------- --------------- ---------- ----------- -------- -------- -------- 1st 3,659 $967,330,314.80 98.53% $264,370.13 608 78.55% 8.468% 2nd 209 14,474,534.17 1.47 69,256.14 642 99.56 11.287 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,868 $981,804,848.97 100.00% $253,827.52 608 78.86% 8.509% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 11 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) COLLATERAL SUMMARY Statistics for the Mortgage Loans listed below are based on September 1, 2006 scheduled balances. SCHEDULED PRINCIPAL BALANCE: $875.245.994.55 NUMBER OF MORTGAGE LOANS: 3,277 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 267,087.58 WEIGHTED AVERAGE GROSS COUPON: 8.506% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 607 WEIGHTED AVERAGE ORIGINAL LTV RATIO(2): 78.90% WEIGHTED AVERAGE COMBINED LTV RATIO(2): 86.13% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 359 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 360 WEIGHTED AVERAGE ROLL TERM(1) (MONTHS): 25 WEIGHTED AVERAGE GROSS MARGIN(1): 6.148% WEIGHTED AVERAGE INITIAL RATE CAP(1): 1.500% WEIGHTED AVERAGE PERIODIC RATE CAP(1): 1.500% INTEREST ONLY LOANS: 12.82% SILENT SECONDS: 38.53% (1) Includes adjustable-rate Mortgage Loans only. (2) The original loan-to-value ("OLTV") of a first-lien mortgage 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 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 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 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 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. 12 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ --------- --------------- ---------- ----------- -------- -------- -------- 2/1 ARM 1,620 $360,941,028.97 41.24% $222,803.10 596 75.79% 8.937% 2/1 ARM 5Y-IO 306 101,279,189.67 11.57 330,977.74 622 81.77 7.659 3/1 ARM 27 5,423,855.86 0.62 200,883.55 605 76.92 8.732 3/1 ARM 3Y-IO 12 4,102,500.00 0.47 341,875.00 635 78.95 6.944 3/1 ARM 5Y-IO 17 6,059,490.00 0.69 356,440.59 634 79.61 7.089 40/30 2/1 ARM 1,241 381,554,118.66 43.59 307,456.99 613 81.14 8.375 40/30 3/1 ARM 35 9,768,328.33 1.12 279,095.10 632 82.58 8.196 40/30 5/1 ARM 8 3,165,923.86 0.36 395,740.48 583 69.05 8.315 5/1 ARM 9 2,144,309.20 0.24 238,256.58 620 66.88 7.960 5/1 ARM 5Y-IO 2 807,250.00 0.09 403,625.00 625 85.07 7.516 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE CURRENT GROSS MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ---------- ----------- -------- -------- -------- 5.501--6.000 7 $ 3,963,071.99 0.45% $566,153.14 646 74.10% 5.916% 6.001--6.500 41 15,667,947.88 1.79 382,145.07 646 79.44 6.312 6.501--7.000 171 56,620,202.67 6.47 331,112.30 646 78.22 6.845 7.001--7.500 311 101,996,640.83 11.65 327,963.48 633 79.09 7.310 7.501--8.000 561 171,774,162.28 19.63 306,192.80 622 80.87 7.811 8.001--8.500 469 129,377,005.65 14.78 275,857.15 613 80.42 8.292 8.501--9.000 547 147,604,257.86 16.86 269,843.25 608 79.73 8.791 9.001--9.500 368 90,399,823.08 10.33 245,651.69 594 79.94 9.268 9.501--10.000 339 78,963,682.12 9.02 232,931.22 569 78.97 9.776 10.001--10.500 140 24,864,630.34 2.84 177,604.50 551 75.50 10.251 10.501--11.000 144 24,055,823.07 2.75 167,054.33 544 69.45 10.796 11.001--11.500 77 11,585,901.51 1.32 150,466.25 541 68.64 11.270 11.501--12.000 54 10,100,519.94 1.15 187,046.67 541 62.85 11.801 12.001--12.500 33 4,982,409.87 0.57 150,982.12 551 61.78 12.297 12.501--13.000 12 2,880,081.57 0.33 240,006.80 541 63.90 12.747 13.001--13.500 2 184,921.16 0.02 92,460.58 534 49.13 13.338 13.501--14.000 1 224,912.73 0.03 224,912.73 525 63.56 13.750 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. 13 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE LOAN MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ---------- ------------- -------- -------- -------- 0.01--50,000.00 11 $ 548,475.97 0.06% $ 49,861.45 580 56.27% 10.867% 50,000.01--100,000.00 322 25,329,687.26 2.89 78,663.63 586 73.88 9.661 100,000.01--150,000.00 509 64,006,139.93 7.31 125,748.80 596 75.63 9.011 150,000.01--200,000.00 576 101,622,185.15 11.61 176,427.40 593 75.99 8.808 200,000.01--250,000.00 451 101,289,262.22 11.57 224,588.16 602 77.83 8.693 250,000.01--300,000.00 347 95,271,205.11 10.89 274,556.79 602 77.94 8.680 300,000.01--350,000.00 282 90,938,710.56 10.39 322,477.70 608 80.00 8.439 350,000.01--400,000.00 204 76,811,649.41 8.78 376,527.69 616 79.88 8.278 400,000.01--450,000.00 163 69,701,334.02 7.96 427,615.55 605 81.35 8.378 450,000.01--500,000.00 118 56,194,384.52 6.42 476,223.60 614 81.11 8.243 500,000.01--550,000.00 78 40,773,062.76 4.66 522,731.57 616 81.81 8.235 550,000.01--600,000.00 52 29,796,197.11 3.40 573,003.79 616 83.60 8.111 600,000.01--650,000.00 44 27,530,850.88 3.15 625,701.16 625 84.64 8.178 650,000.01--700,000.00 36 24,321,863.96 2.78 675,607.33 618 81.98 8.040 700,000.01--750,000.00 20 14,563,291.55 1.66 728,164.58 613 81.54 8.173 750,000.01--800,000.00 36 28,296,424.53 3.23 786,011.79 615 78.01 8.384 800,000.01--850,000.00 7 5,822,655.47 0.67 831,807.92 620 80.38 7.704 850,000.01--900,000.00 6 5,312,707.72 0.61 885,451.29 629 75.20 7.600 900,000.01--950,000.00 2 1,847,012.73 0.21 923,506.37 639 67.37 7.666 950,000.01--1,000,000.00 5 4,927,711.55 0.56 985,542.31 660 73.13 7.261 1,000,000.01 >= 8 10,341,182.14 1.18 1,292,647.77 654 72.07 7.269 ----- --------------- ------ ------------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $ 267,087.58 607 78.90% 8.506% ===== =============== ====== ============= === ===== ====== - -------------------------------------------------------------------------------- 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. 14 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 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 MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRINCIPAL BALANCE ($) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------- --------- --------------- ------------ ------------- -------- -------- -------- 0.01--50,000.00 11 $ 548,475.97 0.06% $ 49,861.45 580 56.27% 10.867% 50,000.01--100,000.00 322 25,329,687.26 2.89 78,663.63 586 73.88 9.661 100,000.01--150,000.00 509 64,006,139.93 7.31 125,748.80 596 75.63 9.011 150,000.01--200,000.00 576 101,622,185.15 11.61 176,427.40 593 75.99 8.808 200,000.01--250,000.00 452 101,538,963.61 11.60 224,643.72 601 77.83 8.696 250,000.01--300,000.00 347 95,321,443.44 10.89 274,701.57 602 77.94 8.678 300,000.01--350,000.00 282 90,988,744.78 10.40 322,655.12 608 80.00 8.437 350,000.01--400,000.00 203 76,461,675.47 8.74 376,658.50 616 79.87 8.277 400,000.01--450,000.00 163 69,701,334.02 7.96 427,615.55 605 81.35 8.378 450,000.01--500,000.00 118 56,194,384.52 6.42 476,223.60 614 81.11 8.243 500,000.01--550,000.00 78 40,773,062.76 4.66 522,731.57 616 81.81 8.235 550,000.01--600,000.00 52 29,796,197.11 3.40 573,003.79 616 83.60 8.111 600,000.01--650,000.00 44 27,530,850.88 3.15 625,701.16 625 84.64 8.178 650,000.01--700,000.00 36 24,321,863.96 2.78 675,607.33 618 81.98 8.040 700,000.01--750,000.00 20 14,563,291.55 1.66 728,164.58 613 81.54 8.173 750,000.01--800,000.00 36 28,296,424.53 3.23 786,011.79 615 78.01 8.384 800,000.01--850,000.00 7 5,822,655.47 0.67 831,807.92 620 80.38 7.704 850,000.01--900,000.00 6 5,312,707.72 0.61 885,451.29 629 75.20 7.600 900,000.01--950,000.00 2 1,847,012.73 0.21 923,506.37 639 67.37 7.666 950,000.01--1,000,000.00 5 4,927,711.55 0.56 985,542.31 660 73.13 7.261 1,000,000.01 >= 8 10,341,182.14 1.18 1,292,647.77 654 72.07 7.269 ----- --------------- ------ ------------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $ 267,087.58 607 78.90% 8.506% ===== =============== ====== ============= === ===== ====== DISTRIBUTION BY REMAINING TERM TO MATURITY WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS REMAINING TERM (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------------- --------- --------------- ------------ ------------ -------- -------- -------- 301--360 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 15 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY ORIGINAL TERM TO MATURITY WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ORIGINAL TERM (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ------------ ------------ -------- -------- -------- 301--360 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 16 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN-TO-VALUE RATIO(%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ------------ ------------ -------- -------- -------- 5.01--10.00 3 $ 232,113.81 0.03% $ 77,371.27 568 7.48% 10.500% 10.01--15.00 3 210,856.26 0.02 70,285.42 558 13.18 9.731 15.01--20.00 2 219,903.31 0.03 109,951.66 592 17.74 10.068 20.01--25.00 6 547,548.28 0.06 91,258.05 560 23.78 9.250 25.01--30.00 3 369,854.84 0.04 123,284.95 585 28.33 8.895 30.01--35.00 9 1,074,204.98 0.12 119,356.11 559 33.29 9.206 35.01--40.00 15 2,849,830.27 0.33 189,988.68 556 38.37 9.796 40.01--45.00 24 3,842,840.19 0.44 160,118.34 559 42.60 9.523 45.01--50.00 27 6,664,973.57 0.76 246,850.87 598 48.50 8.807 50.01--55.00 56 11,273,669.25 1.29 201,315.52 575 53.08 9.381 55.01--60.00 87 19,189,084.67 2.19 220,564.19 566 58.28 9.501 60.01--65.00 180 42,189,024.77 4.82 234,383.47 578 63.79 9.513 65.01--70.00 226 56,082,739.36 6.41 248,153.71 588 69.09 9.029 70.01--75.00 233 59,983,010.74 6.85 257,437.81 581 74.09 8.736 75.01--80.00 1,662 435,164,114.93 49.72 261,831.60 618 79.83 8.264 80.01--85.00 233 68,591,362.32 7.84 294,383.53 604 84.53 8.208 85.01--90.00 431 142,986,640.70 16.34 331,755.55 615 89.75 8.496 90.01--95.00 47 15,495,117.49 1.77 329,683.35 606 94.65 8.201 95.01--100.00 30 8,279,104.81 0.95 275,970.16 609 99.86 9.196 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 17 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE 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 - ---------------------- --------- ----------------- ------------ ----------- -------- -------- -------- 5.01--10.00 3 $ 232,113.81 0.03% $ 77,371.27 568 7.48% 10.500% 10.01--15.00 3 210,856.26 0.02 70,285.42 558 13.18 9.731 15.01--20.00 2 219,903.31 0.03 109,951.66 592 17.74 10.068 20.01--25.00 6 547,548.28 0.06 91,258.05 560 23.78 9.250 25.01--30.00 3 369,854.84 0.04 123,284.95 585 28.33 8.895 30.01--35.00 9 1,074,204.98 0.12 119,356.11 559 33.29 9.206 35.01--40.00 15 2,849,830.27 0.33 189,988.68 556 38.37 9.796 40.01--45.00 24 3,842,840.19 0.44 160,118.34 559 42.60 9.523 45.01--50.00 26 5,664,973.57 0.65 217,883.60 584 48.23 8.896 50.01--55.00 56 11,273,669.25 1.29 201,315.52 575 53.08 9.381 55.01--60.00 88 20,189,084.67 2.31 229,421.42 572 57.87 9.441 60.01--65.00 178 41,971,274.77 4.80 235,793.68 578 63.79 9.521 65.01--70.00 209 50,482,261.66 5.77 241,541.92 584 69.04 9.129 70.01--75.00 217 56,343,822.70 6.44 259,648.95 581 74.05 8.722 75.01--80.00 540 140,401,713.44 16.04 260,003.17 583 79.54 8.755 80.01--85.00 200 61,815,672.41 7.06 309,078.36 605 84.22 8.201 85.01--90.00 363 125,077,917.19 14.29 344,567.26 615 89.16 8.440 90.01--95.00 125 36,521,741.29 4.17 292,173.93 608 88.23 8.434 95.01--100.00 1,210 316,156,711.66 36.12 261,286.54 633 80.95 8.088 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 18 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- 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 545 $217,347,072.83 24.83% $398,801.97 618 79.19% 7.998% FL 563 123,852,531.58 14.15 219,986.73 609 79.02 8.611 NY 301 109,768,465.98 12.54 364,679.29 603 78.02 8.526 MD 272 70,160,312.08 8.02 257,942.32 593 77.79 8.765 NJ 237 69,684,832.08 7.96 294,028.83 600 77.38 9.042 MA 152 43,866,047.92 5.01 288,592.42 598 76.27 8.911 VA 112 28,171,914.12 3.22 251,534.95 610 80.69 8.537 GA 120 22,642,646.16 2.59 188,688.72 602 80.18 8.569 AZ 88 18,657,941.35 2.13 212,022.06 610 81.25 8.483 IL 81 15,292,621.52 1.75 188,797.80 617 80.99 8.693 CT 64 15,137,876.04 1.73 236,529.31 610 79.66 8.528 NV 48 14,762,528.93 1.69 307,552.69 610 81.54 8.402 MN 54 11,821,587.24 1.35 218,918.28 623 82.10 8.175 TX 69 11,601,084.55 1.33 168,131.66 609 80.00 8.274 WA 45 11,240,882.75 1.28 249,797.39 609 81.15 8.136 Other 526 91,237,649.42 10.42 173,455.61 599 79.27 8.830 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 19 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) 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 41 $ 10,339,145.65 1.18% $252,174.28 621 74.88% 8.506% Non-Owner Occupied 253 50,941,982.08 5.82 201,351.71 592 77.15 9.580 Owner Occupied 2,983 813,964,866.82 93.00 272,867.87 608 79.06 8.439 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== 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 2,671 $695,627,761.67 79.48% $260,437.20 606 78.81% 8.470% Multi Family 413 136,743,006.49 15.62 331,096.87 607 79.06 8.737 Condo 193 42,875,226.39 4.90 222,151.43 625 79.77 8.355 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== 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 1,831 $504,825,962.84 57.68% $275,710.52 594 77.18% 8.688% Purchase 1,406 360,527,568.03 41.19 256,420.75 626 81.30 8.246 Refinance 40 9,892,463.68 1.13 247,311.59 598 79.28 8.736 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 20 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ --------- --------------- ------------ ----------- -------- -------- -------- Easy 33 $ 10,156,034.03 1.16% $307,758.61 592 83.08% 8.448% Full 1,794 470,619,292.12 53.77 262,329.59 608 80.38 8.040 Stated 1,450 394,470,668.40 45.07 272,048.74 606 77.02 9.064 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 21 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ --------- --------------- ------------ ----------- -------- -------- -------- 476--500 3 $ 720,676.12 0.08% $240,225.37 500 76.60% 10.985% 501--525 196 44,633,496.29 5.10 227,721.92 514 71.28 10.304 526--550 353 77,378,340.71 8.84 219,202.10 538 73.02 9.727 551--575 441 106,928,522.35 12.22 242,468.30 562 76.14 9.150 576--600 531 126,876,806.29 14.50 238,939.37 588 80.11 8.569 601--625 662 179,036,856.69 20.46 270,448.42 613 81.72 8.202 626--650 585 174,902,648.25 19.98 298,978.89 638 80.23 8.024 651--675 353 111,637,567.36 12.75 316,253.73 661 79.94 7.923 676--700 153 53,131,080.49 6.07 347,261.96 686 80.42 7.581 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ====== DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PENALTY TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ------------ ----------- -------- -------- -------- 0 1,395 $381,940,910.96 43.64% $273,792.77 602 78.23% 8.781% 12 133 43,761,490.44 5.00 329,033.76 608 78.03 8.611 24 1,621 413,859,479.64 47.28 255,311.22 611 79.51 8.322 30 1 157,274.11 0.02 157,274.11 624 80.00 7.900 36 127 35,526,839.40 4.06 279,738.89 622 80.04 7.573 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY INITIAL INTEREST RATE CAP WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS INITIAL CAP (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------- --------- --------------- ------------ ----------- -------- -------- -------- 1.500 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 22 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 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 PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PERIODIC CAP (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------- --------- --------------- ------------ ----------- -------- -------- -------- 1.500 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY GROSS MARGIN WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ARM MARGIN (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - -------------- --------- --------------- ------------ ----------- -------- -------- -------- 3.001--4.000 28 $ 12,208,730.64 1.39% $436,026.09 644 77.56% 6.185% 4.001--5.000 298 98,527,242.47 11.26 330,628.33 641 78.27 7.039 5.001--6.000 854 247,124,245.80 28.23 289,372.65 618 80.04 7.959 6.001--7.000 2,097 517,385,775.64 59.11 246,726.65 595 78.50 9.102 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 23 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY MAXIMUM MORTGAGE RATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MAXIMUM MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------- --------- --------------- ---------- ----------- -------- -------- -------- 11.001--11.500 1 $ 140,474.98 0.02% $140,474.98 607 80.00% 7.350% 11.501--12.000 7 3,963,071.99 0.45 566,153.14 646 74.10 5.916 12.001--12.500 41 15,667,947.88 1.79 382,145.07 646 79.44 6.312 12.501--13.000 170 56,328,203.50 6.44 331,342.37 647 78.21 6.844 13.001--13.500 308 101,199,164.17 11.56 328,568.71 633 79.07 7.307 13.501--14.000 562 171,686,939.71 19.62 305,492.78 622 80.88 7.808 14.001--14.500 469 130,149,229.07 14.87 277,503.69 613 80.42 8.289 14.501--15.000 549 147,868,257.86 16.89 269,341.09 608 79.73 8.790 15.001--15.500 368 90,399,823.08 10.33 245,651.69 594 79.94 9.268 15.501--16.000 339 78,963,682.12 9.02 232,931.22 569 78.97 9.776 16.001--16.500 140 24,864,630.34 2.84 177,604.50 551 75.50 10.251 16.501--17.000 144 24,055,823.07 2.75 167,054.33 544 69.45 10.796 17.001--17.500 77 11,585,901.51 1.32 150,466.25 541 68.64 11.270 17.501--18.000 54 10,100,519.94 1.15 187,046.67 541 62.85 11.801 18.001--18.500 33 4,982,409.87 0.57 150,982.12 551 61.78 12.297 18.501--19.000 12 2,880,081.57 0.33 240,006.80 541 63.90 12.747 19.001--19.500 2 184,921.16 0.02 92,460.58 534 49.13 13.338 19.501--20.000 1 224,912.73 0.03 224,912.73 525 63.56 13.750 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 24 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY MINIMUM MORTGAGE RATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MINIMUM MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------- --------- --------------- ---------- ----------- -------- -------- -------- 5.501--6.000 7 $ 3,963,071.99 0.45% $566,153.14 646 74.10% 5.916% 6.001--6.500 41 15,667,947.88 1.79 382,145.07 646 79.44 6.312 6.501--7.000 171 56,620,202.67 6.47 331,112.30 646 78.22 6.845 7.001--7.500 311 101,996,640.83 11.65 327,963.48 633 79.09 7.310 7.501--8.000 561 171,774,162.28 19.63 306,192.80 622 80.87 7.811 8.001--8.500 469 129,377,005.65 14.78 275,857.15 613 80.42 8.292 8.501--9.000 547 147,604,257.86 16.86 269,843.25 608 79.73 8.791 9.001--9.500 368 90,399,823.08 10.33 245,651.69 594 79.94 9.268 9.501--10.000 339 78,963,682.12 9.02 232,931.22 569 78.97 9.776 10.001--10.500 140 24,864,630.34 2.84 177,604.50 551 75.50 10.251 10.501--11.000 144 24,055,823.07 2.75 167,054.33 544 69.45 10.796 11.001--11.500 77 11,585,901.51 1.32 150,466.25 541 68.64 11.270 11.501--12.000 54 10,100,519.94 1.15 187,046.67 541 62.85 11.801 12.001--12.500 33 4,982,409.87 0.57 150,982.12 551 61.78 12.297 12.501--13.000 12 2,880,081.57 0.33 240,006.80 541 63.90 12.747 13.001--13.500 2 184,921.16 0.02 92,460.58 534 49.13 13.338 13.501--14.000 1 224,912.73 0.03 224,912.73 525 63.56 13.750 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 25 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY INITIAL RATE ADJUSTMENT DATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE INITIAL INTEREST RATE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ADJUSTMENT DATE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------- --------- --------------- ---------- ----------- -------- -------- -------- 2008-02-01 1 $ 230,042.35 0.03% $230,042.35 604 80.00% 8.950% 2008-03-01 4 1,562,215.77 0.18 390,553.94 643 80.00 7.937 2008-04-01 27 9,066,475.79 1.04 335,795.40 647 80.69 7.941 2008-05-01 59 18,043,736.76 2.06 305,826.05 618 80.20 7.828 2008-06-01 308 83,014,315.28 9.48 269,527.00 615 80.17 8.143 2008-07-01 828 221,308,944.58 25.29 267,281.33 607 78.85 8.530 2008-08-01 1,225 334,432,747.00 38.21 273,006.32 602 78.65 8.669 2008-08-10 1 111,961.77 0.01 111,961.77 553 61.88 11.200 2008-09-01 714 176,003,898.00 20.11 246,504.06 607 78.72 8.550 2009-04-01 1 158,474.34 0.02 158,474.34 608 80.00 6.400 2009-07-01 16 4,424,377.66 0.51 276,523.60 626 78.92 8.305 2009-08-01 42 11,684,389.19 1.33 278,199.74 624 81.12 8.010 2009-09-01 32 9,086,933.00 1.04 283,966.66 633 79.29 7.430 2011-06-01 1 799,435.62 0.09 799,435.62 543 55.17 8.700 2011-07-01 5 1,668,804.46 0.19 333,760.89 609 77.06 8.000 2011-08-01 6 1,968,450.98 0.22 328,075.16 623 75.75 8.063 2011-09-01 7 1,680,792.00 0.19 240,113.14 597 64.78 7.903 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 26 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (ADJUSTABLE RATE COLLATERAL) DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- --------- --------------- ---------- ----------- -------- -------- -------- 1st 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ----- --------------- ------ ----------- --- ----- ----- TOTAL: 3,277 $875,245,994.55 100.00% $267,087.58 607 78.90% 8.506% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 27 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) COLLATERAL SUMMARY Statistics for the Mortgage Loans listed below are based on September 1, 2006 scheduled balances. SCHEDULED PRINICPAL BALANCE: $106,558,854.42 NUMBER OF MORTGAGE LOANS: 591 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 180,302.63 WEIGHTED AVERAGE GROSS COUPON: 8.533% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 618 WEIGHTED AVERAGE ORIGINAL LTV RATIO(1): 78.58% WEIGHTED AVERAGE COMBINED LTV RATIO(1): 80.60% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 358 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS) : 359 SILENT SECONDS: 10.94% (1) The original loan-to-value ("OLTV") of a first-lien mortgage 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 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 ("CLTV") loan-to-value of a mortgage 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 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 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. 28 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ --------- --------------- ---------- ----------- -------- -------- -------- 40/30 Fixed 86 $ 24,311,216.87 22.81% $282,688.57 619 76.65% 7.938% Fixed 505 82,247,637.55 77.19 162,866.61 618 79.15 8.708 --- --------------- ------ ----------- --- ----- ----- TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ===== DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE CURRENT MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS GROSS MORTGAGE RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------------- --------- --------------- ---------- ----------- -------- -------- -------- 5.501--6.000 3 $ 1,371,451.43 1.29% $457,150.48 654 58.62% 5.992% 6.001--6.500 16 5,932,664.07 5.57 370,791.50 641 70.95 6.351 6.501--7.000 42 13,867,144.14 13.01 330,170.10 635 70.87 6.773 7.001--7.500 49 13,580,334.05 12.74 277,149.67 630 75.43 7.329 7.501--8.000 58 15,215,819.75 14.28 262,341.72 627 78.71 7.766 8.001--8.500 49 11,662,330.55 10.94 238,006.75 613 79.40 8.298 8.501--9.000 52 11,132,319.15 10.45 214,083.06 608 76.22 8.801 9.001--9.500 31 5,633,742.52 5.29 181,733.63 595 71.41 9.311 9.501--10.000 45 7,114,986.88 6.68 158,110.82 582 83.54 9.749 10.001--10.500 49 5,460,532.40 5.12 111,439.44 602 86.09 10.253 10.501--11.000 30 2,417,671.48 2.27 80,589.05 607 88.85 10.874 11.001--11.500 86 7,235,671.75 6.79 84,135.72 621 92.17 11.291 11.501--12.000 47 3,750,975.07 3.52 79,807.98 613 91.67 11.713 12.001--12.500 21 1,325,896.17 1.24 63,137.91 609 87.04 12.237 12.501--13.000 12 770,354.13 0.72 64,196.18 613 99.29 12.784 13.001--13.500 1 86,960.88 0.08 86,960.88 611 100.00 13.175 --- --------------- ------ ----------- --- ------ ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ====== ====== - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. 29 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN BALANCE ($) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------------- --------- --------------- ---------- ----------- -------- -------- -------- 0.01--50,000.00 83 $ 2,868,907.79 2.69% $ 34,565.15 633 96.45% 11.297% 50,000.01--100,000.00 134 9,861,795.91 9.25 73,595.49 626 89.28 10.583 100,000.01--150,000.00 112 13,850,628.73 13.00 123,666.33 615 81.07 9.398 150,000.01--200,000.00 92 16,311,230.53 15.31 177,295.98 612 73.67 8.649 200,000.01--250,000.00 42 9,506,631.46 8.92 226,348.37 603 73.16 8.413 250,000.01--300,000.00 35 9,640,004.12 9.05 275,428.69 617 74.27 7.949 300,000.01--350,000.00 18 5,767,712.61 5.41 320,428.48 598 77.55 8.325 350,000.01--400,000.00 19 7,178,064.06 6.74 377,792.85 630 79.29 7.633 400,000.01--450,000.00 14 6,027,045.56 5.66 430,503.25 622 77.54 8.110 450,000.01--500,000.00 10 4,784,252.75 4.49 478,425.28 631 78.47 7.532 500,000.01--550,000.00 10 5,267,852.28 4.94 526,785.23 622 75.48 7.608 550,000.01--600,000.00 5 2,915,067.99 2.74 583,013.60 650 73.18 7.381 600,000.01--650,000.00 4 2,519,759.60 2.36 629,939.90 589 81.71 8.190 650,000.01--700,000.00 3 2,025,190.20 1.90 675,063.40 633 82.67 7.708 700,000.01--750,000.00 5 3,662,037.19 3.44 732,407.44 621 80.81 7.921 750,000.01--800,000.00 2 1,573,062.54 1.48 786,531.27 621 82.48 7.076 850,000.01--900,000.00 1 899,718.91 0.84 899,718.91 633 90.00 7.700 900,000.01--950,000.00 1 925,844.39 0.87 925,844.39 641 65.00 6.500 950,000.01--1,000,000.00 1 974,047.80 0.91 974,047.80 656 72.22 6.100 --- --------------- ------ ----------- --- ----- ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. 30 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY CURRENT UNPAID PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT UNPAID PRINCIPAL MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS BALANCE ($) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------------ --------- ----------------- ------------ ----------- -------- -------- -------- 0.01--50,000.00 83 $ 2,868,907.79 2.69% $ 34,565.15 633 96.45% 11.297% 50,000.01--100,000.00 134 9,861,795.91 9.25 73,595.49 626 89.28 10.583 100,000.01--150,000.00 112 13,850,628.73 13.00 123,666.33 615 81.07 9.398 150,000.01--200,000.00 92 16,311,230.53 15.31 177,295.98 612 73.67 8.649 200,000.01--250,000.00 42 9,506,631.46 8.92 226,348.37 603 73.16 8.413 250,000.01--300,000.00 35 9,640,004.12 9.05 275,428.69 617 74.27 7.949 300,000.01--350,000.00 18 5,767,712.61 5.41 320,428.48 598 77.55 8.325 350,000.01--400,000.00 19 7,178,064.06 6.74 377,792.85 630 79.29 7.633 400,000.01--450,000.00 14 6,027,045.56 5.66 430,503.25 622 77.54 8.110 450,000.01--500,000.00 10 4,784,252.75 4.49 478,425.28 631 78.47 7.532 500,000.01--550,000.00 10 5,267,852.28 4.94 526,785.23 622 75.48 7.608 550,000.01--600,000.00 5 2,915,067.99 2.74 583,013.60 650 73.18 7.381 600,000.01--650,000.00 4 2,519,759.60 2.36 629,939.90 589 81.71 8.190 650,000.01--700,000.00 3 2,025,190.20 1.90 675,063.40 633 82.67 7.708 700,000.01--750,000.00 5 3,662,037.19 3.44 732,407.44 621 80.81 7.921 750,000.01--800,000.00 2 1,573,062.54 1.48 786,531.27 621 82.48 7.076 850,000.01--900,000.00 1 899,718.91 0.84 899,718.91 633 90.00 7.700 900,000.01--950,000.00 1 925,844.39 0.87 925,844.39 641 65.00 6.500 950,000.01--1,000,000.00 1 974,047.80 0.91 974,047.80 656 72.22 6.100 --- --------------- ------ ----------- --- ----- ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ====== 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 - ----------------------- --------- ----------------- ------------ ----------- -------- -------- -------- 121--180 15 $ 555,308.85 0.52% $ 37,020.59 626 87.36% 10.055% 181--240 4 346,585.84 0.33 86,646.46 572 79.11 9.516 301--360 572 105,656,959.73 99.15 184,714.96 619 78.53 8.521 --- --------------- ------ ----------- --- ----- ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 31 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE 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 - ---------------------- --------- ----------------- ------------ ----------- -------- -------- -------- 121--180 15 $ 555,308.85 0.52% $ 37,020.59 626 87.36% 10.055% 181--240 4 346,585.84 0.33 86,646.46 572 79.11 9.516 301--360 572 105,656,959.73 99.15 184,714.96 619 78.53 8.521 --- --------------- ------ ----------- --- ----- ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ====== 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 - ---------------------- --------- ----------------- ------------ ----------- -------- -------- -------- 25.01--30.00 4 $ 789,652.00 0.74% $197,413.00 571 28.69% 9.492% 30.01--35.00 5 584,508.23 0.55 116,901.65 594 32.54 8.592 35.01--40.00 3 464,787.21 0.44 154,929.07 627 39.30 7.681 40.01--45.00 7 1,285,323.83 1.21 183,617.69 601 42.43 8.332 45.01--50.00 13 2,807,360.69 2.63 215,950.82 612 47.19 7.913 50.01--55.00 11 2,248,098.56 2.11 204,372.60 624 53.06 7.693 55.01--60.00 20 3,181,059.26 2.99 159,052.96 587 58.07 8.515 60.01--65.00 33 8,039,243.76 7.54 243,613.45 610 63.38 7.686 65.01--70.00 32 8,662,544.11 8.13 270,704.50 628 68.41 7.713 70.01--75.00 35 8,053,548.19 7.56 230,101.38 619 73.77 8.110 75.01--80.00 108 28,317,898.34 26.57 262,202.76 614 79.44 8.004 80.01--85.00 46 11,262,124.69 10.57 244,828.80 612 84.32 8.306 85.01--90.00 59 14,377,898.01 13.49 243,693.19 618 89.69 8.493 90.01--95.00 16 2,007,478.36 1.88 125,467.40 620 94.71 9.000 95.01--100.00 199 14,477,329.18 13.59 72,750.40 643 99.99 11.157 --- --------------- ------ ----------- --- ----- ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 32 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE 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 - ---------------------- --------- ----------------- ------------ ----------- -------- -------- -------- 25.01--30.00 4 $ 789,652.00 0.74% $197,413.00 571 28.69% 9.492% 30.01--35.00 5 584,508.23 0.55 116,901.65 594 32.54 8.592 35.01--40.00 3 464,787.21 0.44 154,929.07 627 39.30 7.681 40.01--45.00 7 1,285,323.83 1.21 183,617.69 601 42.43 8.332 45.01--50.00 13 2,807,360.69 2.63 215,950.82 612 47.19 7.913 50.01--55.00 11 2,248,098.56 2.11 204,372.60 624 53.06 7.693 55.01--60.00 20 3,181,059.26 2.99 159,052.96 587 58.07 8.515 60.01--65.00 33 8,039,243.76 7.54 243,613.45 610 63.38 7.686 65.01--70.00 32 8,662,544.11 8.13 270,704.50 628 68.41 7.713 70.01--75.00 35 8,053,548.19 7.56 230,101.38 619 73.77 8.110 75.01--80.00 68 18,446,038.92 17.31 271,265.28 599 79.14 8.250 80.01--85.00 44 10,634,950.89 9.98 241,703.43 610 84.45 8.284 85.01--90.00 50 13,223,516.99 12.41 264,470.34 617 89.66 8.444 90.01--95.00 20 2,830,630.04 2.66 141,531.50 634 92.17 8.683 95.01--100.00 246 25,307,591.74 23.75 102,876.39 641 91.75 9.696 --- --------------- ------ ----------- --- ----- ----- TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ===== 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 - ----- --------- ----------------- ------------ ----------- -------- -------- -------- NY 72 $ 20,845,347.76 19.56% $289,518.72 625 79.10% 8.320% CA 88 18,944,669.31 17.78 215,280.33 626 76.73 8.112 FL 96 15,269,371.13 14.33 159,055.95 611 73.33 8.585 MD 40 7,143,511.08 6.70 178,587.78 591 80.42 9.249 NJ 27 5,691,315.10 5.34 210,789.45 626 82.03 8.535 TX 32 4,997,932.65 4.69 156,185.40 613 81.71 8.493 GA 33 4,387,332.18 4.12 132,949.46 618 88.08 8.852 MA 21 4,006,486.39 3.76 190,785.07 607 73.88 8.960 HI 10 3,324,062.81 3.12 332,406.28 648 79.91 7.309 VA 14 2,340,335.79 2.20 167,166.84 603 81.01 8.610 CT 12 1,619,600.65 1.52 134,966.72 629 81.19 9.091 AZ 13 1,501,085.92 1.41 115,468.15 618 76.20 9.079 PA 11 1,479,421.27 1.39 134,492.84 611 81.93 8.502 DC 8 1,450,063.08 1.36 181,257.89 572 62.63 9.582 NC 10 1,415,717.95 1.33 141,571.80 613 81.80 8.867 Other 104 12,142,601.35 11.40 116,755.78 623 81.56 8.840 --- --------------- ------ ----------- --- ----- ----- TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 33 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- -------- --------------- ---------- ----------- -------- -------- -------- 2nd Home 3 $ 1,082,242.02 1.02% $360,747.34 639 85.02% 8.147% Non-Owner Occupied 29 5,808,687.61 5.45 200,299.57 630 75.00 9.158 Owner Occupied 559 99,667,924.79 93.53 178,296.82 617 78.72 8.500 --- --------------- ------ ----------- --- ----- ----- TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ===== DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------- -------- --------------- ---------- ----------- -------- -------- -------- Single Family 474 $ 81,902,899.10 76.86% $172,790.93 616 78.85% 8.490% Multi Family 88 21,060,103.32 19.76 239,319.36 626 76.66 8.620 Condo 29 3,595,852.00 3.37 123,994.90 630 83.70 8.987 --- --------------- ------ ----------- --- ----- ----- TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ===== DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ -------- --------------- ---------- ----------- -------- -------- -------- Cash Out 335 $ 76,843,194.64 72.11% $229,382.67 613 74.66% 8.157% Purchase 244 27,555,120.56 25.86 112,930.82 633 89.47 9.605 Refinance 12 2,160,539.22 2.03 180,044.94 606 79.12 8.197 --- --------------- ------ ----------- --- ----- ----- TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 34 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ -------- --------------- ---------- ----------- -------- -------- -------- Easy 5 $ 2,254,017.95 2.12% $450,803.59 596 74.98% 7.896% Full 394 73,091,976.44 68.59 185,512.63 618 79.03 8.176 Stated 192 31,212,860.03 29.29 162,566.98 622 77.79 9.414 --- --------------- ------ ----------- --- ----- ----- TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 35 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (FIXED RATE COLLATERAL) DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ -------- --------------- ---------- ----------- -------- -------- -------- 501--525 18 $ 2,637,960.96 2.48% $146,553.39 516 66.86% 10.386% 526--550 22 5,143,834.82 4.83 233,810.67 542 74.40 9.872 551--575 44 8,524,692.43 8.00 193,743.01 560 75.64 9.126 576--600 52 9,837,310.22 9.23 189,179.04 589 76.14 9.089 601--625 142 27,081,817.68 25.41 190,717.03 613 77.35 8.238 626--650 186 32,991,091.95 30.96 177,371.46 638 80.67 8.162 651--675 110 16,024,789.27 15.04 145,679.90 659 81.48 8.676 676--700 17 4,317,357.09 4.05 253,962.18 686 83.14 7.516 --- --------------- ------ ----------- --- ----- ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ====== DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT PENALTY MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ -------- --------------- ---------- ----------- -------- -------- -------- 0 207 $29,247,627.00 27.45% $141,292.88 610 82.30% 9.164% 12 67 21,149,974.07 19.85 315,671.25 623 78.52 8.283 24 88 7,897,889.86 7.41 89,748.75 625 89.06 10.235 30 1 167,000.00 0.16 167,000.00 655 74.22 7.650 36 228 48,096,363.49 45.14 210,948.96 620 74.65 7.982 --- --------------- ------ ----------- --- ----- ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ====== DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- -------- --------------- ---------- ----------- -------- -------- -------- 1st 382 $ 92,084,320.25 86.42% $241,058.43 615 75.28% 8.099% 2nd 209 14,474,534.17 13.58 69,256.14 642 99.56 11.287 --- --------------- ------ ----------- --- ----- ------ TOTAL: 591 $106,558,854.42 100.00% $180,302.63 618 78.58% 8.533% === =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 36 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) COLLATERAL SUMMARY Statistics for the Mortgage Loans listed below are based on September 1, 2006 scheduled balances. SCHEDULED PRINCIPAL BALANCE: $418,799,587.72 NUMBER OF MORTGAGE LOANS: 1,370 AVERAGE SCHEDULED PRINCIPAL BALANCE: $305,693.13 WEIGHTED AVERAGE GROSS COUPON: 8.345% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 613 WEIGHTED AVERAGE ORIGINAL LTV RATIO(2): 80.82% WEIGHTED AVERAGE COMBINED LTV RATIO(2): 86.98% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 359 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 360 WEIGHTED AVERAGE ROLL TERM(1) (MONTHS): 25 WEIGHTED AVERAGE GROSS MARGIN(1): 6.153% WEIGHTED AVERAGE INITIAL RATE CAP(1): 1.500% WEIGHTED AVERAGE PERIODIC RATE CAP(1): 1.500% INTEREST ONLY LOANS: 0.00% SILENT SECONDS: 33.75% (1) Includes adjustable-rate Mortgage Loans only. (2) The original loan-to-value ("OLTV") of a first-lien mortgage 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 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 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 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 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. 37 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ --------- --------------- ------------ ----------- -------- -------- -------- 40/30 2/1 ARM 1,241 $381,554,118.66 91.11% $307,456.99 613 81.14% 8.375% 40/30 3/1 ARM 35 9,768,328.33 2.33 279,095.10 632 82.58 8.196 40/30 5/1 ARM 8 3,165,923.86 0.76 395,740.48 583 69.05 8.315 40/30 Fixed 86 24,311,216.87 5.80 282,688.57 619 76.65 7.938 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS GROSS MORTGAGE RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------------- --------- --------------- ------------ ----------- -------- -------- -------- 5.501--6.000 3 $ 1,783,666.92 0.43% $594,555.64 664 75.55% 5.876% 6.001--6.500 19 8,297,440.96 1.98 436,707.42 645 77.92 6.300 6.501--7.000 79 28,419,424.32 6.79 359,739.55 650 78.31 6.840 7.001--7.500 137 47,888,137.63 11.43 349,548.45 634 78.51 7.315 7.501--8.000 256 84,896,786.82 20.27 331,628.07 623 81.98 7.802 8.001--8.500 229 72,938,788.12 17.42 318,509.99 614 81.76 8.283 8.501--9.000 274 81,176,289.92 19.38 296,263.83 608 81.63 8.798 9.001--9.500 165 45,323,900.30 10.82 274,690.30 594 81.84 9.250 9.501--10.000 122 30,639,579.57 7.32 251,144.09 580 82.25 9.771 10.001--10.500 38 7,296,100.13 1.74 192,002.64 572 78.30 10.213 10.501--11.000 28 5,894,023.16 1.41 210,500.83 551 73.07 10.802 11.001--11.500 11 2,127,724.03 0.51 193,429.46 536 72.79 11.296 11.501--12.000 6 1,090,791.40 0.26 181,798.57 551 69.90 11.670 12.001--12.500 1 285,958.30 0.07 285,958.30 523 65.00 12.500 12.501--13.000 2 740,976.14 0.18 370,488.07 510 65.00 12.776 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. 38 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN BALANCE ($) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------- --------- --------------- ------------ ------------- -------- -------- -------- 50,000.01--100,000.00 58 $ 4,895,021.57 1.17% $ 84,396.92 600 79.73% 9.268% 100,000.01--150,000.00 155 19,415,755.04 4.64 125,262.94 605 79.71 8.703 150,000.01--200,000.00 229 40,630,829.73 9.70 177,427.20 602 77.99 8.637 200,000.01--250,000.00 197 44,434,940.93 10.61 225,558.08 603 79.49 8.600 250,000.01--300,000.00 147 40,390,703.83 9.64 274,766.69 613 80.67 8.479 300,000.01--350,000.00 145 46,719,418.18 11.16 322,202.88 611 81.76 8.399 350,000.01--400,000.00 110 41,454,433.58 9.90 376,858.49 617 81.04 8.283 400,000.01--450,000.00 101 43,170,644.72 10.31 427,432.13 612 81.91 8.233 450,000.01--500,000.00 67 32,005,238.83 7.64 477,690.13 619 81.82 8.262 500,000.01--550,000.00 41 21,463,741.43 5.13 523,505.89 627 82.23 8.170 550,000.01--600,000.00 29 16,676,172.15 3.98 575,040.42 611 83.53 8.236 600,000.01--650,000.00 30 18,776,090.40 4.48 625,869.68 620 83.81 8.248 650,000.01--700,000.00 19 12,822,076.32 3.06 674,846.12 611 85.80 8.025 700,000.01--750,000.00 9 6,521,011.26 1.56 724,556.81 617 80.31 8.021 750,000.01--800,000.00 17 13,340,572.48 3.19 784,739.56 624 80.90 7.998 800,000.01--850,000.00 3 2,493,155.47 0.60 831,051.82 615 80.71 7.617 850,000.01--900,000.00 4 3,532,810.36 0.84 883,202.59 613 77.66 8.046 900,000.01--950,000.00 2 1,832,857.12 0.44 916,428.56 627 59.70 7.341 950,000.01--1,000,000.00 3 2,927,711.55 0.70 975,903.85 663 79.73 7.166 1,000,000.01 >= 4 5,296,402.77 1.26 1,324,100.69 660 68.28 7.167 TOTAL: 1,370 $418,799,587.72 100.00% $ 305,693.13 613 80.82% 8.345% - -------------------------------------------------------------------------------- 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. 39 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON 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 - ---------------------- --------- ----------------- ------------ ------------- -------- -------- -------- 50,000.01--100,000.00 58 $ 4,895,021.57 1.17% $ 84,396.92 600 79.73% 9.268% 100,000.01--150,000.00 155 19,415,755.04 4.64 125,262.94 605 79.71 8.703 150,000.01--200,000.00 229 40,630,829.73 9.70 177,427.20 602 77.99 8.637 200,000.01--250,000.00 197 44,434,940.93 10.61 225,558.08 603 79.49 8.600 250,000.01--300,000.00 148 40,690,643.55 9.72 274,936.78 612 80.66 8.484 300,000.01--350,000.00 144 46,419,478.46 11.08 322,357.49 611 81.78 8.394 350,000.01--400,000.00 110 41,454,433.58 9.90 376,858.49 617 81.04 8.283 400,000.01--450,000.00 101 43,170,644.72 10.31 427,432.13 612 81.91 8.233 450,000.01--500,000.00 67 32,005,238.83 7.64 477,690.13 619 81.82 8.262 500,000.01--550,000.00 41 21,463,741.43 5.13 523,505.89 627 82.23 8.170 550,000.01--600,000.00 29 16,676,172.15 3.98 575,040.42 611 83.53 8.236 600,000.01--650,000.00 30 18,776,090.40 4.48 625,869.68 620 83.81 8.248 650,000.01--700,000.00 19 12,822,076.32 3.06 674,846.12 611 85.80 8.025 700,000.01--750,000.00 9 6,521,011.26 1.56 724,556.81 617 80.31 8.021 750,000.01--800,000.00 17 13,340,572.48 3.19 784,739.56 624 80.90 7.998 800,000.01--850,000.00 3 2,493,155.47 0.60 831,051.82 615 80.71 7.617 850,000.01--900,000.00 4 3,532,810.36 0.84 883,202.59 613 77.66 8.046 900,000.01--950,000.00 2 1,832,857.12 0.44 916,428.56 627 59.70 7.341 950,000.01--1,000,000.00 3 2,927,711.55 0.70 975,903.85 663 79.73 7.166 1,000,000.01 >= 4 5,296,402.77 1.26 1,324,100.69 660 68.28 7.167 ----- --------------- ------ ------------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $ 305,693.13 613 80.82% 8.345% ===== =============== ====== ============= === ===== ===== 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 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 40 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- 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 - ---------------------- --------- ----------------- ------------ ----------- -------- -------- -------- 301--360 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 41 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON 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 - ---------------------- --------- ----------------- ------------ ----------- -------- -------- -------- 25.01--30.00 1 $ 434,915.03 0.10% $434,915.03 576 29.86% 9.300% 30.01--35.00 1 234,898.92 0.06 234,898.92 560 34.81 8.990 35.01--40.00 2 365,912.37 0.09 182,956.19 621 36.65 8.628 40.01--45.00 2 444,838.13 0.11 222,419.07 592 40.83 7.170 45.01--50.00 5 851,120.82 0.20 170,224.16 621 47.31 7.964 50.01--55.00 18 4,445,742.22 1.06 246,985.68 592 53.25 8.462 55.01--60.00 20 5,204,039.38 1.24 260,201.97 571 57.70 8.780 60.01--65.00 59 18,200,313.14 4.35 308,479.88 593 63.55 8.438 65.01--70.00 85 25,384,681.07 6.06 298,643.31 601 69.01 8.555 70.01--75.00 96 28,189,346.12 6.73 293,639.02 590 73.95 8.620 75.01--80.00 559 167,611,455.16 40.02 299,841.60 625 79.85 8.122 80.01--85.00 169 51,095,844.57 12.20 302,342.28 605 84.48 8.278 85.01--90.00 313 103,976,646.55 24.83 332,193.76 615 89.76 8.551 90.01--95.00 26 8,774,552.43 2.10 337,482.79 604 94.71 8.286 95.01--100.00 14 3,585,281.81 0.86 256,091.56 611 100.00 9.032 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== 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 - ---------------------- --------- ----------------- ------------ ----------- -------- -------- -------- 25.01--30.00 1 $ 434,915.03 0.10% $434,915.03 576 29.86% 9.300% 30.01--35.00 1 234,898.92 0.06 234,898.92 560 34.81 8.990 35.01--40.00 2 365,912.37 0.09 182,956.19 621 36.65 8.628 40.01--45.00 2 444,838.13 0.11 222,419.07 592 40.83 7.170 45.01--50.00 5 851,120.82 0.20 170,224.16 621 47.31 7.964 50.01--55.00 18 4,445,742.22 1.06 246,985.68 592 53.25 8.462 55.01--60.00 20 5,204,039.38 1.24 260,201.97 571 57.70 8.780 60.01--65.00 57 17,982,563.14 4.29 315,483.56 592 63.53 8.445 65.01--70.00 79 22,385,559.69 5.35 283,361.52 595 68.90 8.650 70.01--75.00 89 26,887,101.37 6.42 302,102.26 590 73.94 8.602 75.01--80.00 169 51,596,780.39 12.32 305,306.39 589 79.49 8.477 80.01--85.00 150 46,530,352.13 11.11 310,202.35 605 84.40 8.246 85.01--90.00 266 91,191,194.99 21.77 342,824.04 615 89.33 8.504 90.01--95.00 54 20,119,766.20 4.80 372,588.26 615 89.55 8.340 95.01--100.00 457 130,124,802.94 31.07 284,736.99 637 81.21 8.077 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 42 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY STATE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS STATE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----- -------- --------------- ---------- ----------- -------- -------- -------- CA 298 $124,477,347.22 29.72% $417,709.22 616 79.11% 8.088% FL 244 58,257,369.94 13.91 238,759.71 614 80.88 8.539 NY 134 58,005,366.17 13.85 432,875.87 615 80.51 8.163 MD 97 26,877,658.68 6.42 277,089.26 594 80.17 8.714 NJ 80 25,990,638.18 6.21 324,882.98 617 81.86 8.755 MA 64 20,065,658.66 4.79 313,525.92 610 81.00 8.615 VA 50 13,441,040.30 3.21 268,820.81 620 82.18 8.274 AZ 46 10,342,487.71 2.47 224,836.69 613 82.41 8.499 GA 45 9,116,406.55 2.18 202,586.81 599 85.70 8.447 NV 28 8,911,823.81 2.13 318,279.42 609 83.01 8.426 HI 17 7,264,507.56 1.73 427,323.97 611 80.99 8.308 IL 32 6,804,119.83 1.62 212,628.74 623 83.41 8.752 MN 26 5,683,011.55 1.36 218,577.37 623 84.27 8.133 CT 20 5,169,056.32 1.23 258,452.82 624 83.48 8.201 WA 20 4,576,602.17 1.09 228,830.11 594 81.77 8.326 Other 169 33,816,493.07 8.07 200,097.59 613 82.53 8.414 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- -------- --------------- ---------- ----------- -------- -------- -------- 2nd Home 19 $ 5,986,020.95 1.43% $315,053.73 645 82.41% 7.887% Non-Owner Occupied 82 19,783,388.00 4.72 241,260.83 609 78.67 9.132 Owner Occupied 1,269 393,030,178.77 93.85 309,716.45 613 80.90 8.312 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 43 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------- -------- --------------- ---------- ----------- -------- -------- -------- Single Family 1,106 $326,793,323.97 78.03% $295,473.17 611 80.84% 8.346% Multi Family 183 72,202,047.79 17.24 394,546.71 619 80.46 8.397 Condo 81 19,804,215.96 4.73 244,496.49 636 81.81 8.132 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 44 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ -------- --------------- ---------- ----------- -------- -------- -------- Cash Out 834 $264,437,515.75 63.14% $317,071.36 603 79.83% 8.398% Purchase 518 149,496,153.08 35.70 288,602.61 631 82.49 8.247 Refinance 18 4,865,918.89 1.16 270,328.83 601 82.94 8.449 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ -------- --------------- ---------- ----------- -------- -------- -------- Easy 13 $ 3,653,670.73 0.87% $281,051.59 585 85.97% 8.556% Full 737 219,869,949.29 52.50 298,331.00 609 82.25 7.987 Stated 620 195,275,967.70 46.63 314,961.24 619 79.11 8.744 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE NUMBER PERCENTAGE WEIGHTED ORIGINAL WEIGHTED OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ -------- --------------- ---------- ----------- -------- -------- -------- 476--500 1 $ 175,942.67 0.04% $175,942.67 500 80.00% 11.250% 501--525 38 11,437,325.65 2.73 300,982.25 515 73.88 10.064 526--550 76 21,100,666.76 5.04 277,640.35 538 76.13 9.181 551--575 210 60,480,993.01 14.44 288,004.73 561 79.33 8.815 576--600 233 63,705,424.41 15.21 273,413.84 588 81.78 8.525 601--625 291 83,941,480.58 20.04 288,458.70 613 83.02 8.321 626--650 264 83,971,511.65 20.05 318,073.91 638 80.63 8.051 651--675 169 57,459,701.40 13.72 339,998.23 661 81.33 7.963 676--700 88 36,526,541.59 8.72 415,074.34 687 81.05 7.547 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 45 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) 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 - ------------------------ --------- ----------------- ------------ ----------- -------- -------- -------- 0 509 $158,941,892.91 37.95% $312,263.05 610 81.67% 8.564% 12 71 26,636,264.52 6.36 375,158.66 618 77.24 8.488 24 694 207,131,058.70 49.46 298,459.74 614 80.87 8.219 36 96 26,090,371.59 6.23 271,774.70 616 78.88 7.855 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== 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 - --------------- --------- ----------------- ------------ ----------- -------- -------- -------- Fixed 86 $ 24,311,216.87 5.80% $282,688.57 619 76.65% 7.938% 1.500 1,284 394,488,370.85 94.20 307,233.93 613 81.07 8.370 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== 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 - --------------- --------- ----------------- ------------ ----------- -------- -------- -------- Fixed 86 $ 24,311,216.87 5.80% $282,688.57 619 76.65% 7.938% 1.500 1,284 394,488,370.85 94.20 307,233.93 613 81.07 8.370 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 46 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) 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 - -------------- --------- ----------------- ------------ ----------- -------- -------- -------- Fixed 86 $ 24,311,216.87 5.80% $282,688.57 619 76.65% 7.938% 3.001--4.000 11 4,791,628.80 1.14 435,602.62 645 76.00 6.077 4.001--5.000 109 40,569,842.48 9.69 372,200.39 645 77.88 7.018 5.001--6.000 364 115,172,051.33 27.50 316,406.73 618 81.17 7.965 6.001--7.000 800 233,954,848.24 55.86 292,443.56 604 81.68 8.850 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== DISTRIBUTION BY MAXIMUM MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MAXIMUM MORTGAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------- --------- ----------------- ------------ ----------- -------- -------- -------- Fixed 86 $ 24,311,216.87 5.80% $282,688.57 619 76.65% 7.938% 11.501--12.000 3 1,783,666.92 0.43 594,555.64 664 75.55 5.876 12.001--12.500 16 6,254,596.57 1.49 390,912.29 644 78.30 6.235 12.501--13.000 66 24,870,176.65 5.94 376,820.86 652 79.72 6.840 13.001--13.500 123 42,980,441.50 10.26 349,434.48 634 78.61 7.313 13.501--14.000 244 80,911,960.33 19.32 331,606.39 623 82.06 7.804 14.001--14.500 214 69,336,066.55 16.56 324,000.31 615 81.86 8.283 14.501--15.000 266 79,282,294.89 18.93 298,053.74 608 81.65 8.800 15.001--15.500 157 43,518,879.39 10.39 277,190.31 594 82.63 9.244 15.501--16.000 115 29,013,691.28 6.93 252,292.97 580 82.11 9.774 16.001--16.500 34 6,780,265.17 1.62 199,419.56 571 78.16 10.211 16.501--17.000 27 5,627,057.76 1.34 208,409.55 551 72.98 10.810 17.001--17.500 10 2,011,548.00 0.48 201,154.80 537 72.72 11.290 17.501--18.000 6 1,090,791.40 0.26 181,798.57 551 69.90 11.670 18.001--18.500 1 285,958.30 0.07 285,958.30 523 65.00 12.500 18.501--19.000 2 740,976.14 0.18 370,488.07 510 65.00 12.776 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ====== - -------------------------------------------------------------------------------- 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. 47 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY MINIMUM MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MINIMUM MORTGAGE MORTGAGE OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE (%) LOANS PRINCIPAL BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------- --------- ----------------- ------------ ----------- -------- -------- -------- Fixed 86 $ 24,311,216.87 5.80% $282,688.57 619 76.65% 7.938% 5.501--6.000 3 1,783,666.92 0.43 594,555.64 664 75.55 5.876 6.001--6.500 16 6,254,596.57 1.49 390,912.29 644 78.30 6.235 6.501--7.000 66 24,870,176.65 5.94 376,820.86 652 79.72 6.840 7.001--7.500 123 42,980,441.50 10.26 349,434.48 634 78.61 7.313 7.501--8.000 245 81,175,383.75 19.38 331,328.10 623 82.06 7.804 8.001--8.500 214 69,232,643.13 16.53 323,517.02 615 81.85 8.285 8.501--9.000 265 79,122,294.89 18.89 298,574.70 608 81.66 8.801 9.001--9.500 157 43,518,879.39 10.39 277,190.31 594 82.63 9.244 9.501--10.000 115 29,013,691.28 6.93 252,292.97 580 82.11 9.774 10.001--10.500 34 6,780,265.17 1.62 199,419.56 571 78.16 10.211 10.501--11.000 27 5,627,057.76 1.34 208,409.55 551 72.98 10.810 11.001--11.500 10 2,011,548.00 0.48 201,154.80 537 72.72 11.290 11.501--12.000 6 1,090,791.40 0.26 181,798.57 551 69.90 11.670 12.001--12.500 1 285,958.30 0.07 285,958.30 523 65.00 12.500 12.501--13.000 2 740,976.14 0.18 370,488.07 510 65.00 12.776 ----- --------------- ------ ----------- --- ----- ------ TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ====== 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 - --------------------- --------- ----------------- ------------ ----------- -------- -------- -------- Fixed 86 $ 24,311,216.87 5.80% $282,688.57 619 76.65% 7.938% 2/1/2008 1 230,042.35 0.05 230,042.35 604 80.00 8.950 3/1/2008 1 307,411.82 0.07 307,411.82 619 80.00 7.690 4/1/2008 10 3,595,985.16 0.86 359,598.52 655 81.74 7.819 5/1/2008 17 4,821,265.47 1.15 283,603.85 609 80.29 8.067 6/1/2008 137 41,531,952.77 9.92 303,152.94 622 81.38 8.113 7/1/2008 331 99,309,791.47 23.71 300,029.58 612 80.10 8.403 8/1/2008 506 163,704,680.62 39.09 323,527.04 611 81.39 8.429 9/1/2008 238 68,052,989.00 16.25 285,936.93 610 81.92 8.414 7/1/2009 10 2,732,507.97 0.65 273,250.80 633 76.11 8.265 8/1/2009 17 4,563,770.36 1.09 268,457.08 627 86.57 8.276 9/1/2009 8 2,472,050.00 0.59 309,006.25 640 82.38 7.972 6/1/2011 1 799,435.62 0.19 799,435.62 543 55.17 8.700 7/1/2011 2 738,579.53 0.18 369,289.77 610 71.47 8.042 8/1/2011 3 853,316.71 0.20 284,438.90 581 78.79 8.988 9/1/2011 2 774,592.00 0.18 387,296.00 602 70.34 7.438 ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 48 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (BALLOON COLLATERAL) DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- --------- --------------- ------------ ----------- -------- -------- -------- 1st 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ----- --------------- ------ ----------- --- ----- ----- TOTAL: 1,370 $418,799,587.72 100.00% $305,693.13 613 80.82% 8.345% ===== =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 49 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) COLLATERAL SUMMARY Statistics for the Mortgage Loans listed below are based on September 1, 2006 scheduled balances. SCHEDULED PRINCIPAL BALANCE: $112,248,429.67 NUMBER OF MORTGAGE LOANS: 337 AVERAGE SCHEDULED PRINCIPAL BALANCE: $ 333,081.39 WEIGHTED AVERAGE GROSS COUPON: 7.601% WEIGHTED AVERAGE ORIGINAL CREDIT SCORE: 623 WEIGHTED AVERAGE ORIGINAL LTV RATIO(2): 81.58% WEIGHTED AVERAGE COMBINED LTV RATIO(2): 91.04% WEIGHTED AVERAGE STATED REMAINING TERM (MONTHS): 358 WEIGHTED AVERAGE ORIGINAL TERM (MONTHS): 360 WEIGHTED AVERAGE ROLL TERM(1) (MONTHS): 25 WEIGHTED AVERAGE GROSS MARGIN(1): 5.530% WEIGHTED AVERAGE INITIAL RATE CAP(1): 1.500% WEIGHTED AVERAGE PERIODIC RATE CAP(1): 1.500% INTEREST ONLY LOANS: 100.00% SILENT SECONDS: 49.74% (1) Includes adjustable-rate Mortgage Loans only. (2) The original loan-to-value ("OLTV") of a first-lien mortgage 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 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 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 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 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. 50 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY PRODUCT TYPE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRODUCT TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ --------- --------------- ------------ ----------- -------- -------- -------- 2/1 ARM 5Y-IO 306 $101,279,189.67 90.23% $330,977.74 622 81.77% 7.659% 3/1 ARM 3Y-IO 12 4,102,500.00 3.65 341,875.00 635 78.95 6.944 3/1 ARM 5Y-IO 17 6,059,490.00 5.40 356,440.59 634 79.61 7.089 5/1 ARM 5Y-IO 2 807,250.00 0.72 403,625.00 625 85.07 7.516 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY CURRENT GROSS MORTGAGE RATE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE CURRENT GROSS MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MORTGAGE RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------- --------- --------------- ------------ ----------- -------- -------- -------- 5.501--6.000 3 $ 1,930,220.00 1.72% $643,406.67 624 74.06% 5.960% 6.001--6.500 13 4,811,500.00 4.29 370,115.38 633 81.04 6.326 6.501--7.000 48 15,203,892.89 13.54 316,747.77 634 78.08 6.844 7.001--7.500 85 30,455,154.60 27.13 358,295.94 626 80.43 7.300 7.501--8.000 102 36,153,082.66 32.21 354,441.99 620 82.30 7.803 8.001--8.500 44 12,146,253.00 10.82 276,051.20 613 84.01 8.277 8.501--9.000 32 8,513,990.20 7.58 266,062.19 616 85.02 8.693 9.001--9.500 9 2,409,336.32 2.15 267,704.04 620 85.21 9.239 9.501--10.000 1 625,000.00 0.56 625,000.00 601 100.00 9.600 --- --------------- ------ ----------- --- ------ ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ====== ===== - -------------------------------------------------------------------------------- The Depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Depositor and the offering. 51 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY ORIGINAL PRINCIPAL BALANCE WEIGHTED AVERAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF PERCENTAGE AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE MORTGAGE PRINCIPAL OF PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN BALANCE ($) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------- --------- --------------- ------------ ------------- -------- -------- -------- 50,000.01--100,000.00 9 $ 781,026.60 0.70% $ 86,780.73 615 83.03% 8.243% 100,000.01--150,000.00 31 4,051,017.56 3.61 130,677.99 615 81.17 8.125 150,000.01--200,000.00 50 8,860,262.86 7.89 177,205.26 621 79.56 7.796 200,000.01--250,000.00 42 9,535,624.86 8.50 227,038.69 618 79.93 7.488 250,000.01--300,000.00 44 11,961,840.11 10.66 271,860.00 618 81.14 7.726 300,000.01--350,000.00 40 12,886,653.00 11.48 322,166.33 628 81.74 7.338 350,000.01--400,000.00 32 12,053,354.25 10.74 376,667.32 631 79.21 7.419 400,000.01--450,000.00 17 7,288,787.64 6.49 428,752.21 615 82.93 7.717 450,000.01--500,000.00 13 6,124,920.00 5.46 471,147.69 619 83.11 7.550 500,000.01--550,000.00 12 6,298,260.00 5.61 524,855.00 616 81.98 7.612 550,000.01--600,000.00 15 8,602,307.59 7.66 573,487.17 627 82.65 7.635 600,000.01--650,000.00 8 5,092,000.00 4.54 636,500.00 626 89.54 7.987 650,000.01--700,000.00 5 3,422,200.00 3.05 684,440.00 627 78.50 6.974 700,000.01--750,000.00 6 4,392,177.20 3.91 732,029.53 618 85.75 7.647 750,000.01--800,000.00 7 5,476,498.00 4.88 782,356.86 626 79.86 7.837 800,000.01--850,000.00 3 2,479,500.00 2.21 826,500.00 643 83.32 7.467 850,000.01--900,000.00 2 1,782,000.00 1.59 891,000.00 635 77.87 7.246 1,000,000.01 >= 1 1,160,000.00 1.03 1,160,000.00 625 80.00 7.250 --- --------------- ------ ------------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $ 333,081.39 623 81.58% 7.601% === =============== ====== ============= === ===== ===== - -------------------------------------------------------------------------------- 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. 52 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY CURRENT UNPAID PRINCIPAL BALANCE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE CURRENT UNPAID MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PRINCIPAL BALANCE ($) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------------- --------- --------------- ---------- ------------- -------- -------- -------- 50,000.01--100,000.00 9 $ 781,026.60 0.70% $ 86,780.73 615 83.03% 8.243% 100,000.01--150,000.00 31 4,051,017.56 3.61 130,677.99 615 81.17 8.125 150,000.01--200,000.00 50 8,860,262.86 7.89 177,205.26 621 79.56 7.796 200,000.01--250,000.00 42 9,535,624.86 8.50 227,038.69 618 79.93 7.488 250,000.01--300,000.00 44 11,961,840.11 10.66 271,860.00 618 81.14 7.726 300,000.01--350,000.00 40 12,886,653.00 11.48 322,166.33 628 81.74 7.338 350,000.01--400,000.00 32 12,053,354.25 10.74 376,667.32 631 79.21 7.419 400,000.01--450,000.00 17 7,288,787.64 6.49 428,752.21 615 82.93 7.717 450,000.01--500,000.00 13 6,124,920.00 5.46 471,147.69 619 83.11 7.550 500,000.01--550,000.00 12 6,298,260.00 5.61 524,855.00 616 81.98 7.612 550,000.01--600,000.00 15 8,602,307.59 7.66 573,487.17 627 82.65 7.635 600,000.01--650,000.00 8 5,092,000.00 4.54 636,500.00 626 89.54 7.987 650,000.01--700,000.00 5 3,422,200.00 3.05 684,440.00 627 78.50 6.974 700,000.01--750,000.00 6 4,392,177.20 3.91 732,029.53 618 85.75 7.647 750,000.01--800,000.00 7 5,476,498.00 4.88 782,356.86 626 79.86 7.837 800,000.01--850,000.00 3 2,479,500.00 2.21 826,500.00 643 83.32 7.467 850,000.01--900,000.00 2 1,782,000.00 1.59 891,000.00 635 77.87 7.246 1,000,000.01 >= 1 1,160,000.00 1.03 1,160,000.00 625 80.00 7.250 --- --------------- ------ ------------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $ 333,081.39 623 81.58% 7.601% === =============== ====== ============= === ===== ===== - -------------------------------------------------------------------------------- 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. 53 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY REMAINING TERM TO MATURITY WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS REMAINING TERM (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------------- --------- --------------- ---------- ----------- -------- -------- -------- 301--360 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY ORIGINAL TERM TO MATURITY WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ORIGINAL TERM (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ---------- ----------- -------- -------- -------- 301--360 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY ORIGINAL LOAN-TO-VALUE RATIO WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE ORIGINAL MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN-TO-VALUE RATIO (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ---------- ----------- -------- -------- -------- 35.01--40.00 1 $ 200,000.00 0.18% $200,000.00 625 38.46% 7.650% 40.01--45.00 1 260,000.00 0.23 260,000.00 620 44.83 7.250 45.01--50.00 3 1,220,000.00 1.09 406,666.67 636 47.58 7.319 55.01--60.00 4 1,063,787.81 0.95 265,946.95 615 57.68 7.004 60.01--65.00 6 1,627,747.08 1.45 271,291.18 637 63.99 7.494 65.01--70.00 9 3,557,900.00 3.17 395,322.22 626 69.02 7.463 70.01--75.00 11 4,169,950.00 3.71 379,086.36 613 73.13 7.021 75.01--80.00 191 59,802,211.49 53.28 313,100.58 626 79.80 7.549 80.01--85.00 39 12,416,728.30 11.06 318,377.65 617 84.46 7.501 85.01--90.00 56 21,607,523.42 19.25 385,848.63 624 89.64 7.801 90.01--95.00 12 4,613,700.00 4.11 384,475.00 608 94.32 7.942 95.01--100.00 4 1,708,881.57 1.52 427,220.39 607 100.00 9.159 --- --------------- ------ ----------- --- ------ ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ====== ===== - -------------------------------------------------------------------------------- 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. 54 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY COMBINED LOAN-TO-VALUE RATIO WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE COMBINED MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN-TO-VALUE RATIO (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ---------- ----------- -------- -------- -------- 35.01--40.00 1 $ 200,000.00 0.18% $200,000.00 625 38.46% 7.650% 40.01--45.00 1 260,000.00 0.23 260,000.00 620 44.83 7.250 45.01--50.00 3 1,220,000.00 1.09 406,666.67 636 47.58 7.319 55.01--60.00 4 1,063,787.81 0.95 265,946.95 615 57.68 7.004 60.01--65.00 6 1,627,747.08 1.45 271,291.18 637 63.99 7.494 65.01--70.00 7 2,389,900.00 2.13 341,414.29 626 69.17 7.520 70.01--75.00 10 3,369,950.00 3.00 336,995.00 617 72.73 6.896 75.01--80.00 31 11,258,220.00 10.03 363,168.39 630 78.95 7.422 80.01--85.00 31 10,499,465.30 9.35 338,692.43 619 83.73 7.489 85.01--90.00 50 19,376,053.42 17.26 387,521.07 622 88.75 7.732 90.01--95.00 17 6,596,200.00 5.88 388,011.76 608 90.08 7.800 95.01--100.00 176 54,387,106.06 48.45 309,017.65 624 81.31 7.660 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY STATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS STATE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----- --------- --------------- ---------- ----------- -------- -------- -------- CA 130 $ 55,006,004.54 49.00% $423,123.11 623 80.42% 7.438% FL 40 10,523,660.38 9.38 263,091.51 623 81.65 7.755 MD 24 9,186,220.00 8.18 382,759.17 625 84.72 7.947 NY 16 5,943,700.00 5.30 371,481.25 629 81.74 7.693 VA 13 4,249,602.38 3.79 326,892.49 616 81.25 7.673 WA 12 4,006,665.94 3.57 333,888.83 623 84.77 7.272 AZ 17 3,537,147.00 3.15 208,067.47 620 83.50 7.773 MA 7 3,513,197.08 3.13 501,885.30 630 78.07 7.597 NJ 8 2,590,000.00 2.31 323,750.00 621 84.88 8.346 GA 13 2,196,168.00 1.96 168,936.00 609 81.78 8.123 HI 4 1,566,850.00 1.40 391,712.50 620 90.75 8.022 NV 7 1,530,150.00 1.36 218,592.86 636 81.90 7.464 MN 7 1,419,771.00 1.26 202,824.43 627 82.29 7.284 CT 4 1,005,200.00 0.90 251,300.00 631 83.26 7.460 DC 3 898,000.00 0.80 299,333.33 616 76.09 7.396 Other 32 5,076,093.35 4.52 158,627.92 620 82.70 7.857 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 55 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY OCCUPANCY TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS OCCUPANCY LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- --------- --------------- ---------- ----------- -------- -------- -------- Owner Occupied 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY PROPERTY TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PROPERTY TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------- --------- --------------- ---------- ----------- -------- -------- -------- Single Family 310 $102,292,140.67 91.13% $329,974.65 623 81.55% 7.595% Condo 14 4,527,389.00 4.03 323,384.93 623 83.95 7.908 Multi Family 13 5,428,900.00 4.84 417,607.69 631 80.04 7.465 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY LOAN PURPOSE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LOAN PURPOSE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------ --------- --------------- ---------- ----------- -------- -------- -------- Purchase 180 $ 58,781,321.66 52.37% $326,562.90 624 81.24% 7.670% Cash Out 156 53,219,608.01 47.41 341,151.33 622 81.91 7.527 Refinance 1 247,500.00 0.22 247,500.00 650 90.00 7.300 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 56 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY DOCUMENTATION TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS DOCUMENTATION TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ --------- --------------- ---------- ----------- -------- -------- -------- Easy 5 $ 2,522,070.00 2.25% $504,414.00 614 84.91% 7.536% Full 313 102,287,862.59 91.13 326,798.28 621 81.77 7.560 Stated 19 7,438,497.08 6.63 391,499.85 654 77.85 8.186 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 57 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY CREDIT SCORE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS CREDIT SCORE RANGE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ------------------ --------- --------------- ---------- ----------- -------- -------- -------- 576--600 73 $ 20,917,771.11 18.64% $286,544.81 590 82.03% 7.866% 601--625 124 42,225,765.24 37.62 340,530.36 615 82.35 7.652 626--650 96 33,598,774.64 29.93 349,987.24 638 81.04 7.452 651--675 44 15,506,118.68 13.81 352,411.79 659 80.02 7.428 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY ORIGINAL PREPAYMENT PENALTY TERM WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE PREPAYMENT MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PENALTY TERMS (MONTHS) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------------- --------- --------------- ---------- ----------- -------- -------- -------- 0 87 $ 28,110,393.17 25.04% $323,107.97 625 82.47% 7.963% 12 14 5,794,127.00 5.16 413,866.21 629 80.36 7.614 24 187 61,242,871.97 54.56 327,501.99 621 81.46 7.585 36 49 17,101,037.53 15.23 349,000.77 627 80.94 7.060 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY INITIAL INTEREST RATE CAP WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS INITIAL CAP (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------------- --------- --------------- ---------- ----------- -------- -------- -------- 1.500 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 58 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY PERIODIC INTEREST RATE CAP WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS PERIODIC CAP (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ---------------- --------- --------------- ---------- ----------- -------- -------- -------- 1.500 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 59 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY GROSS MARGIN WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS ARM MARGIN (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - -------------- --------- --------------- ---------- ----------- -------- -------- -------- 3.001--4.000 11 $ 5,149,720.00 4.59% $468,156.36 637 79.30% 6.193% 4.001--5.000 84 28,158,147.89 25.09 335,216.05 631 80.06 6.981 5.001--6.000 130 46,159,622.26 41.12 355,074.02 618 82.50 7.734 6.001--7.000 112 32,780,939.52 29.20 292,686.96 621 81.93 8.168 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY MAXIMUM MORTGAGE RATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MAXIMUM MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MORTGAGE RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------- --------- --------------- ---------- ----------- -------- -------- -------- 11.501--12.000 3 $ 1,930,220.00 1.72% $643,406.67 624 74.06% 5.960% 12.001--12.500 13 4,811,500.00 4.29 370,115.38 633 81.04 6.326 12.501--13.000 47 14,911,893.72 13.28 317,274.33 635 78.04 6.842 13.001--13.500 85 30,432,653.77 27.11 358,031.22 625 80.38 7.294 13.501--14.000 103 36,467,582.66 32.49 354,054.20 621 82.33 7.801 14.001--14.500 44 12,146,253.00 10.82 276,051.20 613 84.01 8.277 14.501--15.000 32 8,513,990.20 7.58 266,062.19 616 85.02 8.693 15.001--15.500 9 2,409,336.32 2.15 267,704.04 620 85.21 9.239 15.501--16.000 1 625,000.00 0.56 625,000.00 601 100.00 9.600 --- --------------- ------ ----------- --- ------ ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ====== ===== - -------------------------------------------------------------------------------- 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. 60 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- DISTRIBUTION BY MINIMUM MORTGAGE RATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MINIMUM MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS MORTGAGE RATE (%) LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - ----------------- --------- --------------- ---------- ----------- -------- -------- -------- 5.501--6.000 3 $ 1,930,220.00 1.72% $643,406.67 624 74.06% 5.960% 6.001--6.500 13 4,811,500.00 4.29 370,115.38 633 81.04 6.326 6.501--7.000 48 15,203,892.89 13.54 316,747.77 634 78.08 6.844 7.001--7.500 85 30,455,154.60 27.13 358,295.94 626 80.43 7.300 7.501--8.000 102 36,153,082.66 32.21 354,441.99 620 82.30 7.803 8.001--8.500 44 12,146,253.00 10.82 276,051.20 613 84.01 8.277 8.501--9.000 32 8,513,990.20 7.58 266,062.19 616 85.02 8.693 9.001--9.500 9 2,409,336.32 2.15 267,704.04 620 85.21 9.239 9.501--10.000 1 625,000.00 0.56 625,000.00 601 100.00 9.600 --- --------------- ------ ----------- --- ------ ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ====== ===== - -------------------------------------------------------------------------------- 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. 61 CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-FRE2 ASSET BACKED PASS-THROUGH CERTIFICATES SEPTEMBER 26, 2006 - -------------------------------------------------------------------------------- THE MORTGAGE LOANS (INTEREST ONLY COLLATERAL) DISTRIBUTION BY INITIAL RATE ADJUSTMENT DATE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE INITIAL INTEREST MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS RATE ADJUSTMENT DATE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - -------------------- --------- --------------- ---------- ----------- -------- -------- -------- 2008-04-01 4 $ 1,157,614.74 1.03% $289,403.69 635 80.00% 8.010% 2008-05-01 19 5,861,986.54 5.22 308,525.61 620 80.89 7.432 2008-06-01 41 14,234,735.71 12.68 347,188.68 612 82.23 7.499 2008-07-01 96 30,734,706.08 27.38 320,153.19 618 82.75 7.697 2008-08-01 97 33,548,046.60 29.89 345,856.15 626 81.61 7.691 2008-09-01 49 15,742,100.00 14.02 321,267.35 629 80.27 7.721 2009-07-01 3 1,299,350.00 1.16 433,116.67 629 83.60 8.017 2009-08-01 12 3,882,640.00 3.46 323,553.33 637 79.90 7.037 2009-09-01 14 4,980,000.00 4.44 355,714.29 634 77.80 6.768 2011-07-01 1 648,000.00 0.58 648,000.00 627 90.00 7.250 2011-09-01 1 159,250.00 0.14 159,250.00 615 65.00 8.600 --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== DISTRIBUTION BY LIEN TYPE WEIGHTED AVERAGE PERCENTAGE WEIGHTED ORIGINAL WEIGHTED NUMBER OF OF AVERAGE AVERAGE LOAN- AVERAGE MORTGAGE PRINCIPAL PRINCIPAL PRINCIPAL CREDIT TO-VALUE GROSS LIEN TYPE LOANS BALANCE BALANCE BALANCE SCORE RATIO COUPON - --------- --------- --------------- ---------- ----------- -------- -------- -------- 1st 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% --- --------------- ------ ----------- --- ----- ----- TOTAL: 337 $112,248,429.67 100.00% $333,081.39 623 81.58% 7.601% === =============== ====== =========== === ===== ===== - -------------------------------------------------------------------------------- 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. 62