Exhibit 99.1
------------
The Group I Mortgage Loans have a Cut-off Date Principal Balance of
approximately $587,972,292. The Group II Mortgage Loans have a Cut-off Date
Principal Balance of approximately $509,954,832.
All of the Mortgage Loans will be secured by first mortgages or deeds
of trust or other similar security instruments (each, a "Mortgage"). The
Mortgages create first liens on one- to four-family residential properties
consisting of attached or detached one- to four-family dwelling units and
individual condominium units (each, a "Mortgaged Property"). The Group I
Mortgage Loans consist of approximately 3,983 Mortgage Loans and the Group II
Mortgage Loans consist of approximately 1,750 Mortgage Loans.
Each Mortgage Loan will accrue interest at the adjustable-rate or
fixed-rate calculated as specified under the terms of the related mortgage note
(each such rate, a "Mortgage Rate"). Approximately 89.38% of the Group I
Mortgage Loans are adjustable-rate Mortgage Loans (the "Adjustable-Rate Group I
Mortgage Loans") and approximately 10.62% of the Group I Mortgage Loans are
fixed-rate Mortgage Loans (the "Fixed-Rate Group I Mortgage Loans").
Approximately 90.38% of the Group II Mortgage Loans are adjustable-rate Mortgage
Loans (the "Adjustable-Rate Group II Mortgage Loans") and approximately 9.62% of
the Group II Mortgage Loans are fixed-rate Mortgage Loans (the "Fixed-Rate Group
II Mortgage Loans").
Each fixed-rate Mortgage Loan has a Mortgage Rate that is fixed for the
life of such Mortgage Loan.
Substantially all of the adjustable-rate Mortgage Loans accrue interest
at a Mortgage Rate that is adjustable following an initial period of two years,
three years or five years following origination. Generally, the adjustable-rate
Mortgage Loans provide for semi-annual adjustment to the mortgage rate (the
"Mortgage Rate") thereon and for corresponding adjustments to the monthly
payment amount due thereon, in each case on each adjustment date applicable
thereto (each such date, an "Adjustment Date"); provided, that (i) the first
adjustment of the rates for approximately 92.56% of the Adjustable-Rate Group I
Mortgage Loans and approximately 86.42% of the Adjustable-Rate Group II Mortgage
Loans, (in each case, by aggregate principal balance of the adjustable-rate
Mortgage Loans in the related Loan Group as of the Cut-off Date) will not occur
until two years after the date of origination, (ii) the first adjustment of the
rates for approximately 1.00% of the Adjustable-Rate Group I Mortgage Loans and
approximately 1.06% of the Adjustable-Rate Group II Mortgage Loans (in each
case, by aggregate principal balance of the adjustable-rate Mortgage Loans in
the related Loan Group as of the Cut-off Date) will not occur until three years
after the date of origination and (iii) the first adjustment of the rates for
approximately 6.33% of the Adjustable-Rate Group I Mortgage Loans and
approximately 12.07% of the Adjustable-Rate Group II Mortgage Loans (in each
case, by aggregate principal balance of the adjustable-rate Mortgage Loans in
the related Loan Group as of the Cut-off Date) will not occur until five years
after the date of origination (each such adjustable-rate Mortgage Loan, a
"Delayed First Adjustment Mortgage Loan"). On each Adjustment Date for each
adjustable-rate Mortgage Loan, the Mortgage Rate thereon will be adjusted to
equal the sum, rounded to the nearest or next highest multiple of 0.125%, of
Six-Month LIBOR (as defined below) and a fixed percentage amount (the "Gross
Margin"). The Mortgage Rate on any adjustable-rate Mortgage Loan will not
decrease on the first related Adjustment Date, will not increase by more than a
stated percentage (3.000% per annum, as specified in the related mortgage note)
on the first related Adjustment Date (the "Initial Periodic Rate Cap") and will
not increase or decrease by more than a stated percentage (1.000% per annum, as
specified in the related mortgage note) on any Adjustment Date thereafter (the
"Periodic Rate Cap"). The Adjustable-Rate Group I Mortgage Loans have a weighted
average Initial Periodic Rate Cap of approximately 2.998% per annum and a
weighted average Periodic Rate Cap of approximately 1.000% per annum thereafter.
The Adjustable-Rate Group II Mortgage Loans have a weighted average Periodic
Rate Cap of approximately 2.992% per annum and a weighted average Periodic Rate
Cap of approximately 1.000% per annum thereafter. Each Mortgage Rate on each
adjustable-rate Mortgage Loan will not exceed a specified maximum Mortgage Rate
over the life of such Mortgage Loan (the "Maximum Mortgage Rate") or be less
than a specified minimum Mortgage Rate over the life of such Mortgage Loan (the
"Minimum Mortgage Rate"). Effective with the first monthly payment due on each
adjustable-rate Mortgage Loan after each related Adjustment Date, the monthly
payment amount will be adjusted to an amount that will amortize fully the
outstanding Principal Balance of the related adjustable-rate Mortgage Loan over
its remaining term, and pay interest at the Mortgage Rate as so adjusted. Due to
the
application of the Periodic Rate Caps and the Maximum Mortgage Rates, the
Mortgage Rate on each adjustable-rate Mortgage Loan, as adjusted on any related
Adjustment Date, may be less than the sum of the Index and the related Gross
Margin, rounded as described in this prospectus supplement. None of the
adjustable-rate Mortgage Loans will permit the related mortgagor to convert the
adjustable Mortgage Rate thereon to a fixed Mortgage Rate.
Approximately 48.81% of the Group I Mortgage Loans and approximately
57.38% of the Group II Mortgage Loans (the "Interest Only Mortgage Loans")
provide that for a period of 60 months after origination, the required monthly
payments are limited to accrued interest (each, an "Interest Only Period"). At
the end of the Interest Only Period, the monthly payments on each such Mortgage
Loan will be recalculated to provide for amortization of the Principal Balance
by the maturity date and payment of interest at the then-current Mortgage Rate.
Approximately 92.21% of the Group I Mortgage Loans and approximately
88.42% of the Group II Mortgage Loans provide for payment by the mortgagor of a
prepayment charge in limited circumstances on certain prepayments. Generally,
each such Mortgage Loan provides for payment of a prepayment charge on partial
prepayments and prepayments in full made within a stated number of months that
is between 12 and 60 months from the date of origination of such Mortgage Loan.
The amount of the prepayment charge is provided in the related mortgage note and
with respect to approximately 88.26% of the Mortgage Loans that have a
prepayment charge, the prepayment charge is equal to six months' interest on any
amounts prepaid in excess of 20% of the original Principal Balance of the
related Mortgage Loan in any 12 month period.
Approximately 9.39% of the Group I Mortgage Loans and approximately
4.61% of the Group II Mortgage Loans (the "Dividend Mortgage Loans") contain a
provision entitling the mortgagor thereunder to annual refunds, at the end of
each of the first four years of the life of the related Mortgage Loan, of a
portion of the interest paid by such mortgagor during the preceding twelve
months, if the mortgagor is not currently delinquent and has not defaulted or
prepaid.
GROUP I MORTGAGE LOAN STATISTICS
The following statistical information, unless otherwise specified, is
based upon percentages of the Principal Balances of the Group I Mortgage Loans
as of the Cut-off Date.
Approximately 37.26% of the Group I Mortgage Loans had loan-to-value
ratios at origination in excess of 80.00%. No Group I Mortgage Loan had a
loan-to-value ratio at origination in excess of 100.00%. The weighted average
loan-to-value ratio of the Group I Mortgage Loans at origination was
approximately 82.34%.
Except with respect to approximately 0.07% of the Group I Mortgage
Loans, all of the Group I Mortgage Loans have a scheduled payment due each month
(the "Due Date") on the first day of the month.
The weighted average remaining term to maturity of the Group I Mortgage
Loans was approximately 358 months as of the Cut-off Date. None of the Group I
Mortgage Loans had a first Due Date prior to June 1, 2002 or after March 1,
2003, or has a remaining term to maturity of less than 178 months or greater
than 360 months as of the Cut-off Date. The latest maturity date of any Group I
Mortgage Loan is February 1, 2033.
The average Principal Balance of the Group I Mortgage Loans at
origination was approximately $147,658. The average Cut-off Date Principal
Balance of the Group I Mortgage Loans was approximately $147,620. No Group I
Mortgage Loan had a Cut-off Date Principal Balance of greater than approximately
$480,000 or less than approximately $19,700.
As of the Cut-off Date, the Group I Mortgage Loans had Mortgage Rates
of not less than 4.875% per annum and not more than 11.250% per annum and the
weighted average Mortgage Rate of the Group I Mortgage Loans was approximately
7.360% per annum. As of the Cut-off Date, the Adjustable-Rate Group I Mortgage
Loans had Gross Margins ranging from 2.875% per annum to 8.500% per annum,
Minimum Mortgage Rates ranging from 4.875% per annum to 11.250% per annum and
Maximum Mortgage Rates ranging from 10.875% per annum to 17.250% per annum.
As of the Cut-off Date, the weighted average Gross Margin of the Adjustable-Rate
Group I Mortgage Loans was approximately 4.910% per annum, the weighted average
Minimum Mortgage Rate of the Adjustable-Rate Group I Mortgage Loans was
approximately 7.268% per annum and the weighted average Maximum Mortgage Rate of
the Adjustable-Rate Group I Mortgage Loans was approximately 13.268% per annum.
The latest next Adjustment Date following the Cut-off Date on any
Adjustable-Rate Group I Mortgage Loan occurs in February 1, 2008 and the
weighted average time until the next Adjustment Date for all of the
Adjustable-Rate Group I Mortgage Loans is approximately 26 months.
The Group I Mortgage Loans are expected to have the following
characteristics as of the Cut-off Date (the sum in any column may not equal the
total indicated due to rounding):
CUT-OFF DATE PRINCIPAL BALANCES OF THE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
PRINCIPAL BALANCE ($) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
--------------------- -------------- ---------------- -------------------
19,700 - 50,000........................ 212 $ 8,584,548.61 1.46%
50,001 - 100,000........................ 983 76,358,442.81 12.99
100,001 - 150,000........................ 1,048 130,463,267.17 22.19
150,001 - 200,000........................ 803 139,912,652.03 23.80
200,001 - 250,000........................ 530 119,137,674.20 20.26
250,001 - 300,000........................ 380 104,100,546.06 17.71
300,001 - 350,000........................ 16 5,105,186.56 0.87
350,001 - 400,000........................ 8 2,917,800.00 0.50
400,001 - 450,000........................ 1 440,000.00 0.07
450,001 - 480,000........................ 2 952,174.82 0.16
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
___________________
(1) The average Cut-off Date Principal Balance of the Group I Mortgage Loans was
approximately $147,620.46.
CREDIT SCORES FOR THE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
CREDIT SCORE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------ -------------- ---------------- -------------------
540 - 550............................... 261 $ 29,419,348.43 5.00%
551 - 600............................... 1,047 129,580,715.75 22.04
601 - 650............................... 951 149,987,288.63 25.51
651 - 700............................... 887 145,032,921.68 24.67
701 - 750............................... 628 100,706,654.49 17.13
751 - 800............................... 197 31,574,250.60 5.37
801 - 814............................... 12 1,671,112.68 0.28
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
______________________
(1) The weighted average credit score of the Group I Mortgage Loans that had
credit scores was approximately 646.
ORIGINAL TERMS TO MATURITY OF THE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
ORIGINAL TERM (MONTHS) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
---------------------- -------------- ---------------- -------------------
180....................................... 63 $ 4,846,210.55 0.82%
240....................................... 1 42,585.80 0.01
360....................................... 3,919 583,083,495.91 99.17
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
____________________
(1) The weighted average original term to maturity of the Group I Mortgage Loans
was approximately 359 months.
REMAINING TERMS TO MATURITY OF THE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
REMAINING TERM (MONTHS) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
----------------------- -------------- ---------------- -------------------
178 - 178............................... 3 $ 233,717.38 0.04%
179 - 180............................... 60 4,612,493.17 0.78
239 - 240............................... 1 42,585.80 0.01
351 - 352............................... 1 103,610.87 0.02
355 - 356............................... 1 284,349.47 0.05
357 - 358............................... 154 23,219,769.02 3.95
359 - 360............................... 3,763 559,475,766.55 95.15
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
____________________
(1) The weighted average remaining term to maturity of the Group I Mortgage
Loans was approximately 358 months.
PROPERTY TYPES OF THE GROUP I MORTGAGE LOANS
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
PROPERTY TYPE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------- -------------- ---------------- -------------------
Single Family ............................ 2,865 $ 407,391,911.23 69.29%
PUD(1).................................... 503 82,656,326.18 14.06
Condominium............................... 407 63,627,920.64 10.82
2-4 Units................................. 161 29,493,049.26 5.02
Manufactured Housing...................... 47 4,803,084.95 0.82
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
____________________
(1) PUD refers to a home or "unit" in a Planned Unit Development.
OCCUPANCY STATUS OF THE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
OCCUPANCY STATUS MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
---------------- -------------- ---------------- -------------------
Primary................................... 3,817 $ 569,876,240.33 96.92%
Non-owner................................. 147 15,531,366.17 2.64
Second Home............................... 19 2,564,685.76 0.44
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
____________________
(1) Occupancy as represented by the mortgagor at the time of origination.
PURPOSE OF THE GROUP I MORTGAGE LOANS
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
PURPOSE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------- -------------- ---------------- -------------------
Purchase.................................. 2,354 $ 363,044,429.44 61.75%
Cash Out Refinance........................ 1,151 158,953,912.31 27.03
Rate/Term Refinance....................... 478 65,973,950.51 11.22
Total................................ 3,983 $ 587,972,292.26 100.00%
ORIGINAL LOAN-TO-VALUE RATIOS OF THE GROUP I MORTGAGE LOANS(1)(2)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
ORIGINAL LOAN-TO-VALUE RATIO (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
-------------------------------- -------------- ---------------- -------------------
15.09 - 20.00............................ 6 $ 282,976.93 0.05%
20.01 - 25.00............................ 4 215,415.65 0.04
25.01 - 30.00............................ 6 657,869.78 0.11
30.01 - 35.00............................ 6 324,254.63 0.06
35.01 - 40.00............................ 9 613,265.89 0.10
40.01 - 45.00............................ 11 1,036,209.02 0.18
45.01 - 50.00............................ 27 3,011,825.49 0.51
50.01 - 55.00............................ 39 4,481,596.22 0.76
55.01 - 60.00............................ 40 5,003,610.36 0.85
60.01 - 65.00............................ 100 12,051,167.87 2.05
65.01 - 70.00............................ 139 17,210,954.01 2.93
70.01 - 75.00............................ 222 32,883,333.57 5.59
75.01 - 80.00............................ 1,821 291,137,866.19 49.52
80.01 - 85.00............................ 451 61,712,140.22 10.50
85.01 - 90.00............................ 404 57,844,077.14 9.84
90.01 - 95.00............................ 461 67,080,445.94 11.41
95.01 -100.00............................ 237 32,425,283.35 5.51
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
__________________
(1) The weighted average original loan-to-value ratio of the Group I
Mortgage Loans as of the Cut-off Date was approximately 82.34%.
(2) For a description of the determination of loan-to-value ratio by the
Originator see "First Franklin Financial Corporation--Underwriting
Standards" herein.
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES RELATED TO THE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
LOCATION MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
-------- -------------- ---------------- -------------------
Alabama................................... 27 $ 2,482,439.00 0.42%
Arizona................................... 64 8,061,237.57 1.37
Arkansas.................................. 3 298,563.94 0.05
California................................ 1,276 258,579,312.34 43.98
Colorado.................................. 86 12,480,080.74 2.12
Connecticut............................... 23 2,942,448.66 0.50
Delaware.................................. 1 91,411.44 0.02
Florida................................... 346 40,346,621.21 6.86
Idaho..................................... 6 736,692.99 0.13
Illinois.................................. 162 22,517,398.92 3.83
Indiana................................... 62 4,876,595.44 0.83
Iowa...................................... 17 1,333,332.97 0.23
Kansas.................................... 14 1,703,022.61 0.29
Kentucky.................................. 45 4,477,365.52 0.76
Louisiana................................. 5 480,667.95 0.08
Maine..................................... 12 1,279,266.14 0.22
Maryland.................................. 31 4,810,053.72 0.82
Massachusetts............................. 64 12,363,346.61 2.10
Michigan.................................. 220 26,680,950.79 4.54
Minnesota................................. 75 10,593,087.19 1.80
Mississippi............................... 33 2,358,656.09 0.40
Missouri.................................. 76 6,410,106.46 1.09
Nebraska.................................. 15 1,435,625.78 0.24
Nevada.................................... 74 11,417,065.40 1.94
New Hampshire............................. 17 2,315,207.82 0.39
New Jersey................................ 37 6,130,375.68 1.04
New Mexico................................ 11 1,219,177.49 0.21
New York.................................. 99 14,573,454.53 2.48
North Carolina............................ 80 9,017,861.74 1.53
Ohio...................................... 241 23,871,506.49 4.06
Oklahoma.................................. 4 195,627.64 0.03
Oregon.................................... 116 15,664,038.18 2.66
Pennsylvania.............................. 48 4,973,261.39 0.85
Rhode Island.............................. 13 2,102,043.81 0.36
South Carolina............................ 33 3,404,879.33 0.58
South Dakota.............................. 2 92,554.68 0.02
Tennessee................................. 78 7,897,087.36 1.34
Texas..................................... 193 21,638,601.09 3.68
Utah...................................... 94 12,010,523.26 2.04
Vermont................................... 4 406,444.98 0.07
Virginia.................................. 22 3,232,143.21 0.55
Washington................................ 100 14,422,135.72 2.45
West Virginia............................. 2 125,019.62 0.02
Wisconsin................................. 50 5,738,498.76 0.98
Wyoming................................... 2 186,500.00 0.03
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
___________________
(1) The greatest ZIP Code geographic concentration of Group I Mortgage
Loans was approximately 0.50% in the 92071 ZIP Code.
DOCUMENTATION LEVELS OF THE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
DOCUMENTATION LEVEL MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------------- -------------- ---------------- -------------------
Full Documentation........................ 3,209 $ 476,374,366.76 81.02%
No Income Verification.................... 329 49,633,887.69 8.44
No Documentation.......................... 364 47,909,617.94 8.15
Limited Income Verification............... 81 14,054,419.87 2.39
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
____________________
(1) For a description of each Documentation Level, see "First Franklin
Financial Corporation--Underwriting Standards" herein.
CURRENT MORTGAGE RATES OF THE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
CURRENT MORTGAGE RATE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
--------------------- -------------- ---------------- -------------------
4.875 - 5.000............................ 6 $ 839,142.00 0.14%
5.001 - 6.000............................ 322 60,204,381.99 10.24
6.001 - 7.000............................ 1,145 200,049,141.82 34.02
7.001 - 8.000............................ 1,189 175,406,819.26 29.83
8.001 - 9.000............................ 965 115,954,810.22 19.72
9.001 -10.000............................ 313 31,668,458.22 5.39
10.001 -11.000............................ 38 3,419,974.99 0.58
11.001 -11.250............................ 5 429,563.76 0.07
----- ------------------ ------
Total................................ 3,983 $ 587,972,292.26 100.00%
===== ================== ======
__________________
(1) The weighted average current Mortgage Rate of the Group I Mortgage
Loans as of the Cut-off Date was approximately 7.360% per annum.
GROSS MARGINS OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
GROSS MARGIN (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
---------------- -------------- ---------------- -------------------
2.875 - 3.000............................ 5 $ 779,936.56 0.15%
3.001 - 4.000............................ 632 118,129,709.45 22.48
4.001 - 5.000............................ 1,120 189,035,638.52 35.97
5.001 - 6.000............................ 1,006 144,181,218.32 27.44
6.001 - 7.000............................ 579 64,624,102.54 12.30
7.001 - 8.000............................ 81 8,712,437.19 1.66
8.001 - 8.500............................ 1 69,912.09 0.01
----- ------------------ ------
Total............................... 3,424 $ 525,532,954.67 100.00%
===== ================== ======
__________________
(1) The weighted average Gross Margin of the Adjustable-Rate Group I
Mortgage Loans as of the Cut-off Date was approximately 4.910% per
annum.
NEXT ADJUSTMENT DATE FOR THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
NEXT ADJUSTMENT DATE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
-------------------- -------------- ---------------- -------------------
May 1, 2003............................... 1 $ 120,623.03 0.02%
June 1, 2003.............................. 2 394,000.00 0.07
January 1, 2004........................... 1 68,100.00 0.01
May 1, 2004............................... 1 103,610.87 0.02
August 1, 2004............................ 1 284,349.47 0.05
September 1, 2004......................... 5 659,344.62 0.13
October 1, 2004........................... 123 19,226,882.47 3.66
November 1, 2004.......................... 1,137 167,919,723.73 31.95
December 1, 2004.......................... 1,234 186,943,443.49 35.57
December 2, 2004.......................... 1 117,950.00 0.02
January 1, 2005........................... 708 110,614,930.16 21.05
January 2, 2005........................... 2 277,000.00 0.05
February 1, 2005.......................... 2 261,300.00 0.05
October 1, 2005........................... 2 254,889.73 0.05
November 1, 2005.......................... 13 1,566,914.65 0.30
December 1, 2005.......................... 15 2,199,850.00 0.42
January 1, 2006........................... 9 1,110,500.00 0.21
February 1, 2006.......................... 1 124,400.00 0.02
October 1, 2007........................... 4 676,050.00 0.13
November 1, 2007.......................... 41 8,279,853.69 1.58
December 1, 2007.......................... 80 16,394,788.76 3.12
January 1, 2008........................... 36 6,952,900.00 1.32
February 1, 2008.......................... 5 981,550.00 0.19
----- ------------------ ------
Total................................ 3,424 $ 525,532,954.67 100.00%
===== ================== ======
__________________
(1) The weighted average time until the next Adjustment Date for the
Adjustable-Rate Group I Mortgage Loans as of the Cut-off Date was
approximately 26 months.
MAXIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
MAXIMUM MORTGAGE RATE (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------------------- -------------- ---------------- -------------------
10.875 - 11.000.......................... 6 $ 839,142.00 0.16%
11.001 - 12.000.......................... 321 60,144,381.99 11.44
12.001 - 13.000.......................... 1,096 193,795,742.58 36.88
13.001 - 14.000.......................... 987 149,307,828.66 28.41
14.001 - 15.000.......................... 756 93,919,827.55 17.87
15.001 - 16.000.......................... 237 25,228,039.32 4.80
16.001 - 17.000.......................... 19 2,056,080.48 0.39
17.001 - 17.250.......................... 2 241,912.09 0.05
----- ------------------ ------
Total................................ 3,424 $ 525,532,954.67 100.00%
===== ================== ======
____________________
(1) The weighted average Maximum Mortgage Rate of the Adjustable-Rate Group
I Mortgage Loans as of the Cut-off Date was approximately 13.268% per
annum.
MINIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
MINIMUM MORTGAGE RATE (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------------------- -------------- ---------------- -------------------
4.875 - 5.000............................ 6 $ 839,142.00 0.16%
5.001 - 6.000............................ 321 60,144,381.99 11.44
6.001 - 7.000............................ 1,096 193,795,742.58 36.88
7.001 - 8.000............................ 987 149,307,828.66 28.41
8.001 - 9.000............................ 756 93,919,827.55 17.87
9.001 -10.000............................ 237 25,228,039.32 4.80
10.001 -11.000............................ 19 2,056,080.48 0.39
11.001 -11.250............................ 2 241,912.09 0.05
----- ------------------ ------
Total................................ 3,424 $ 525,532,954.67 100.00%
===== ================== ======
__________________
(1) The weighted average Minimum Mortgage Rate of the Adjustable-Rate Group
I Mortgage Loans as of the Cut-off Date was approximately 7.268% per
annum.
INITIAL PERIODIC RATE CAPS OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
INITIAL PERIODIC RATE CAP (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
----------------------------- -------------- ---------------- -------------------
1.000..................................... 3 $ 514,623.03 0.10%
2.000..................................... 1 68,100.00 0.01
3.000..................................... 3,420 524,950,231.64 99.89
----- ------------------ ------
Total................................ 3,424 $ 525,532,954.67 100.00%
===== ================== ======
__________________
(1) Relates solely to initial rate adjustments.
SUBSEQUENT PERIODIC RATE CAPS OF THE ADJUSTABLE-RATE GROUP I MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
PERIODIC RATE CAP (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
--------------------- -------------- ---------------- -------------------
1.000..................................... 3,424 $ 525,532,954.67 100.00%
----- ---------------- ------
Total................................ 3,424 $ 525,532,954.67 100.00%
===== ================ ======
__________________
(1) Relates to all rate adjustments subsequent to initial rate adjustments.
GROUP II MORTGAGE LOAN STATISTICS
The following statistical information, unless otherwise specified, is
based upon percentages of the Principal Balances of the Group II Mortgage Loans
as of the Cut-off Date.
Approximately 21.31% of the Group II Mortgage Loans had loan-to-value
ratios at origination in excess of 80.00%. No Group II Mortgage Loan had a
loan-to-value ratio at origination in excess of 100.00%. The weighted average
loan-to-value ratio of the Group II Mortgage Loans at origination was
approximately 79.86%.
All of the Group II Mortgage Loans have Due Dates on the first day of
the month.
The weighted average remaining term to maturity of the Group II
Mortgage Loans was approximately 359 months as of the Cut-off Date. None of the
Group II Mortgage Loans had a first Due Date prior to September 1, 2002 or after
March 1, 2003 or has a remaining term to maturity of less than 178 months or
greater than 360 months as of the Cut-off Date. The latest maturity date of any
Group II Mortgage Loan is February 1, 2033.
The average Principal Balance of the Group II Mortgage Loans at
origination was approximately $291,470. The average Cut-off Date Principal
Balance of the Group II Mortgage Loans was approximately $291,403. No Group II
Mortgage Loan had a Cut-off Date Principal Balance of greater than approximately
$1,000,000 or less than approximately $26,250.
As of the Cut-off Date, the Group II Mortgage Loans had Mortgage Rates
of not less than 4.875% per annum and not more than 10.875% per annum and the
weighted average Mortgage Rate of the Group II Mortgage Loans was approximately
6.902% per annum. As of the Cut-off Date, the Adjustable-Rate Group II Mortgage
Loans had Gross Margins ranging from 2.875% per annum to 8.000% per annum,
Minimum Mortgage Rates ranging from 4.875% per annum to 10.750% per annum and
Maximum Mortgage Rates ranging from 10.875% per annum to 16.750% per annum. As
of the Cut-off Date, the weighted average Gross Margin of the Adjustable-Rate
Group II Mortgage Loans was approximately 4.413% per annum, the weighted average
Minimum Mortgage Rate of the Adjustable-Rate Group II Mortgage Loans was
approximately 6.844% per annum and the weighted average Maximum Mortgage Rate of
the Adjustable-Rate Group II Mortgage Loans was approximately 12.844% per annum.
The latest next Adjustment Date following the Cut-off Date on any
Adjustable-Rate Group II Mortgage Loan occurs in February 1, 2008 and the
weighted average time until the next Adjustment Date for all of the
Adjustable-Rate Group II Mortgage Loans is approximately 28 months.
The Group II Mortgage Loans are expected to have the following
characteristics as of the Cut-off Date (the sum in any column may not equal the
total indicated due to rounding):
CUT-OFF DATE PRINCIPAL BALANCES OF THE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
PRINCIPAL BALANCE ($) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
--------------------- -------------- ---------------- -------------------
26,250 - 50,000........................ 47 $ 1,987,035.22 0.39%
50,001 - 100,000........................ 232 17,898,777.28 3.51
100,001 - 150,000........................ 246 30,443,883.70 5.97
150,001 - 200,000........................ 161 27,896,840.86 5.47
200,001 - 250,000........................ 118 26,225,160.92 5.14
250,001 - 300,000........................ 74 20,263,014.83 3.97
300,001 - 350,000........................ 263 85,330,220.53 16.73
350,001 - 400,000........................ 181 67,544,829.64 13.25
400,001 - 450,000........................ 98 41,842,787.38 8.21
450,001 - 500,000........................ 114 54,557,101.18 10.70
500,001 - 550,000........................ 67 35,355,197.45 6.93
550,001 - 600,000........................ 51 29,522,845.31 5.79
600,001 - 650,000........................ 33 20,669,046.64 4.05
650,001 - 700,000........................ 21 14,259,541.66 2.80
700,001 - 750,000........................ 14 10,206,254.84 2.00
750,001 - 800,000........................ 10 7,864,537.42 1.54
800,001 - 850,000........................ 7 5,877,730.81 1.15
850,001 - 900,000........................ 4 3,546,497.24 0.70
900,001 - 950,000........................ 3 2,736,000.00 0.54
950,001 -1,000,000....................... 6 5,927,528.68 1.16
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
___________________
(1) The average Cut-off Date Principal Balance of the Group II Mortgage Loans
was approximately $291,403.
CREDIT SCORES FOR THE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
CREDIT SCORE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------ -------------- ---------------- -------------------
540 -550................................ 73 $ 11,705,273.45 2.30%
551 -600................................ 291 49,705,961.27 9.75
601 -650................................ 439 130,007,058.32 25.49
651 -700................................ 473 164,139,170.85 32.19
701 -750................................ 358 119,563,367.27 23.45
751 -800................................ 112 33,258,600.43 6.52
801 -812................................ 4 1,575,400.00 0.31
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
______________________
(1) The weighted average credit score of the Group II Mortgage Loans that
had credit scores was approximately 667.
ORIGINAL TERMS TO MATURITY OF THE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
ORIGINAL TERM (MONTHS) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
---------------------- -------------- ---------------- -------------------
180....................................... 19 $ 2,093,484.05 0.41%
360....................................... 1,731 507,861,347.54 99.59
----- --------------- ------
Total................................ 1,750 $509,954,831.59 100.00%
===== =============== ======
____________________
(1) The weighted average original term to maturity of the Group II Mortgage
Loans was approximately 359 months.
REMAINING TERMS TO MATURITY OF THE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
REMAINING TERM (MONTHS) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
----------------------- -------------- ---------------- -------------------
178 -178................................ 1 $ 38,072.97 0.01%
179 -180................................ 18 2,055,411.08 0.40
355 -356................................ 3 376,803.92 0.07
357 -358................................ 61 17,703,112.44 3.47
359 -360................................ 1,667 489,781,431.18 96.04
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
____________________
(1) The weighted average remaining term to maturity of the Group II
Mortgage Loans was approximately 359 months.
PROPERTY TYPES OF THE GROUP II MORTGAGE LOANS
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
PROPERTY TYPE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------- -------------- ---------------- -------------------
Single Family ............................ 1,231 $ 345,599,559.07 67.77%
PUD(1).................................... 335 119,093,551.22 23.35
Condominium............................... 118 28,274,352.21 5.54
2-4 Units................................. 53 15,747,725.73 3.09
Manufactured Housing...................... 13 1,239,643.36 0.24
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
____________________
(1) PUD refers to a home or "unit" in a Planned Unit Development.
OCCUPANCY STATUS OF THE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
OCCUPANCY STATUS MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
---------------- -------------- ---------------- -------------------
Primary................................... 1,705 $ 503,782,271.94 98.79%
Non-owner................................. 40 5,244,314.66 1.03
Second Home............................... 5 928,244.99 0.18
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
____________________
(1) Occupancy as represented by the mortgagor at the time of origination.
PURPOSE OF THE GROUP II MORTGAGE LOANS
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
PURPOSE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------- -------------- ---------------- -------------------
Purchase.................................. 1,161 $ 352,385,079.12 69.10%
Cash Out Refinance........................ 401 110,227,645.04 21.62
Rate/Term Refinance....................... 188 47,342,107.43 9.28
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
ORIGINAL LOAN-TO-VALUE RATIOS OF THE GROUP II MORTGAGE LOANS(1)(2)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
ORIGINAL LOAN-TO-VALUE RATIO (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
- -------------------------------- -------------- ---------------- -------------------
10.03 - 15.00 1 $ 30,978.64 0.01%
15.01 - 20.00 1 54,958.13 0.01
25.01 - 30.00 1 99,942.46 0.02
30.01 - 35.00 3 261,854.11 0.05
35.01 - 40.00 3 282,000.00 0.06
40.01 - 45.00 7 1,978,321.21 0.39
45.01 - 50.00 10 3,765,135.05 0.74
50.01 - 55.00 10 1,781,952.31 0.35
55.01 - 60.00 22 7,367,030.22 1.44
60.01 - 65.00 38 14,020,935.80 2.75
65.01 - 70.00 62 21,136,092.94 4.14
70.01 - 75.00 130 49,989,085.70 9.80
75.01 - 80.00 956 300,493,593.11 58.93
80.01 - 85.00 142 29,471,948.43 5.78
85.01 - 90.00 151 38,042,009.89 7.46
90.01 - 95.00 151 31,229,829.65 6.12
95.01 - 100.00 62 9,949,163.94 1.95
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
__________________
(1) The weighted average original loan-to-value ratio of the Group II
Mortgage Loans as of the Cut-off Date was approximately 79.86%.
(2) For a description of the determination of loan-to-value ratio by the
Originator see "First Franklin Financial Corporation--Underwriting
Standards" herein.
GEOGRAPHIC DISTRIBUTION OF THE MORTGAGED PROPERTIES RELATED TO THE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
LOCATION MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
-------- -------------- ---------------- -------------------
Alabama................................... 4 $ 806,361.24 0.16%
Arizona................................... 24 6,861,752.36 1.35
Arkansas.................................. 1 47,371.28 0.01
California................................ 884 335,840,709.66 65.86
Colorado.................................. 29 7,716,539.67 1.51
Connecticut............................... 14 5,037,623.44 0.99
Delaware.................................. 1 280,000.00 0.05
Florida................................... 101 22,555,019.08 4.42
Georgia................................... 131 24,097,256.18 4.73
Idaho..................................... 1 52,950.00 0.01
Illinois.................................. 48 10,677,715.54 2.09
Indiana................................... 10 1,008,562.09 0.20
Iowa...................................... 3 222,800.00 0.04
Kansas.................................... 2 402,100.00 0.08
Kentucky.................................. 10 788,785.14 0.15
Louisiana................................. 2 217,719.43 0.04
Maine..................................... 4 426,942.27 0.08
Maryland.................................. 10 3,050,404.62 0.60
Massachusetts............................. 22 6,439,308.87 1.26
Michigan.................................. 60 8,732,039.94 1.71
Minnesota................................. 16 3,513,383.52 0.69
Mississippi............................... 9 973,577.79 0.19
Missouri.................................. 22 2,347,736.12 0.46
Nebraska.................................. 5 533,390.53 0.10
Nevada.................................... 26 6,495,211.95 1.27
New Hampshire............................. 5 1,548,953.80 0.30
New Jersey................................ 10 2,653,167.03 0.52
New Mexico................................ 3 1,435,362.12 0.28
New York.................................. 36 9,421,250.15 1.85
North Carolina............................ 21 5,494,998.09 1.08
Ohio...................................... 58 7,416,063.35 1.45
Oklahoma.................................. 1 61,700.00 0.01
Oregon.................................... 19 4,269,813.87 0.84
Pennsylvania.............................. 16 2,351,788.39 0.46
Rhode Island.............................. 1 117,373.16 0.02
South Carolina............................ 12 1,692,939.41 0.33
Tennessee................................. 18 2,425,624.58 0.48
Texas..................................... 59 11,072,526.24 2.17
Utah...................................... 11 1,492,370.24 0.29
Virginia.................................. 6 1,889,842.46 0.37
Washington................................ 26 6,102,355.62 1.20
Wisconsin................................. 8 1,294,642.36 0.25
Wyoming................................... 1 88,800.00 0.02
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
___________________
(1) The greatest ZIP Code geographic concentration of Group II Mortgage
Loans was approximately 0.80% in the 91913 ZIP Code.
DOCUMENTATION LEVELS OF THE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
DOCUMENTATION LEVEL MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------------- -------------- ---------------- -------------------
Full Documentation........................ 1,461 $ 435,142,737.39 85.33%
No Income Verification.................... 123 31,180,735.15 6.11
Limited Income Verification............... 70 23,894,580.15 4.69
No Documentation.......................... 96 19,736,778.90 3.87
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
____________________
(1) For a description of each Documentation Level, see "First Franklin
Financial Corporation--Underwriting Standards" herein.
CURRENT MORTGAGE RATES OF THE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
CURRENT MORTGAGE RATE (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------------------- -------------- ---------------- -------------------
4.875 - 5.000 5 $ 1,138,613.90 0.22%
5.001 - 6.000 245 86,680,374.49 17.00
6.001 - 7.000 686 235,021,780.99 46.09
7.001 - 8.000 458 129,926,971.98 25.48
8.001 - 9.000 276 47,987,711.62 9.41
9.001 - 10.000 61 7,448,739.15 1.46
10.001 - 10.875 19 1,750,639.46 0.34
----- ------------------ ------
Total................................ 1,750 $ 509,954,831.59 100.00%
===== ================== ======
__________________
(1) The weighted average current Mortgage Rate of the Group II Mortgage
Loans as of the Cut-off Date was approximately 6.902% per annum.
GROSS MARGINS OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
GROSS MARGIN (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
---------------- -------------- ---------------- -------------------
2.875 - 3.000 8 $ 5,050,045.88 1.10%
3.001 - 4.000 493 183,054,890.90 39.72
4.001 - 5.000 552 176,541,660.27 38.30
5.001 - 6.000 339 75,026,854.91 16.28
6.001 - 7.000 132 18,844,216.34 4.09
7.001 - 8.000 20 2,390,386.30 0.52
----- ------------------ ------
Total................................ 1,544 $ 460,908,054.60 100.00%
===== ================== ======
__________________
(1) The weighted average Gross Margin of the Adjustable-Rate Group II
Mortgage Loans as of the Cut-off Date was approximately 4.413% per
annum.
NEXT ADJUSTMENT DATE FOR THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
NEXT ADJUSTMENT DATE MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
-------------------- -------------- ---------------- -------------------
May 1, 2003............................... 2 $ 825,451.00 0.18%
July 1, 2003.............................. 1 823,100.00 0.18
December 1, 2003.......................... 1 454,702.37 0.10
August 1, 2004............................ 1 135,698.36 0.03
September 1, 2004......................... 6 1,656,210.21 0.36
October 1, 2004........................... 40 10,689,211.53 2.32
November 1, 2004.......................... 486 141,352,363.66 30.67
December 1, 2004.......................... 526 153,127,673.76 33.22
January 1, 2005........................... 316 91,352,476.96 19.82
November 1, 2005.......................... 7 1,160,459.02 0.25
December 1, 2005.......................... 6 1,919,450.00 0.42
January 1, 2006........................... 6 1,344,375.00 0.29
February 1, 2006.......................... 1 442,000.00 0.10
October 1, 2007........................... 5 1,634,973.97 0.35
November 1, 2007.......................... 44 17,389,088.76 3.77
December 1, 2007.......................... 61 22,374,720.00 4.85
January 1, 2008........................... 34 13,666,100.00 2.97
February 1, 2008.......................... 1 560,000.00 0.12
----- ------------------ ------
Total................................ 1,544 $ 460,908,054.60 100.00%
===== ================== ======
__________________
(1) The weighted average time until the next Adjustment Date for the
Adjustable-Rate Group II Mortgage Loans as of the Cut-off Date was
approximately 28 months.
MAXIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
MAXIMUM MORTGAGE RATE (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------------------- -------------- ---------------- -------------------
10.875- 11.000......................... 5 $ 1,138,613.90 0.25%
11.001- 12.000......................... 244 86,197,374.49 18.70
12.001- 13.000......................... 639 214,042,297.56 46.44
13.001- 14.000......................... 394 113,537,537.11 24.63
14.001- 15.000......................... 214 39,675,996.82 8.61
15.001- 16.000......................... 43 5,338,863.65 1.16
16.001- 16.750......................... 5 977,371.07 0.21
----- ------------------ ------
Total................................ 1,544 $ 460,908,054.60 100.00%
===== ================== ======
____________________
(1) The weighted average Maximum Mortgage Rate of the Adjustable-Rate Group
II Mortgage Loans as of the Cut-off Date was approximately 12.844% per
annum.
MINIMUM MORTGAGE RATES OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
MINIMUM MORTGAGE RATE (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
------------------------- -------------- ---------------- -------------------
4.875 - 5.000 5 $ 1,138,613.90 0.25%
5.001 - 6.000 244 86,197,374.49 18.70
6.001 - 7.000 639 214,042,297.56 46.44
7.001 - 8.000 394 113,537,537.11 24.63
8.001 - 9.000 214 39,675,996.82 8.61
9.001 - 10.000 43 5,338,863.65 1.16
10.001 - 10.750 5 977,371.07 0.21
----- ------------------ ------
Total................................ 1,544 $ 460,908,054.60 100.00%
===== ================== ======
__________________
(1) The weighted average Minimum Mortgage Rate of the Adjustable-Rate Group
II Mortgage Loans as of the Cut-off Date was approximately 6.844% per
annum.
INITIAL PERIODIC RATE CAPS OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
INITIAL PERIODIC RATE CAP (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
----------------------------- -------------- ---------------- -------------------
1.000..................................... 3 $ 1,648,551.00 0.36%
2.000..................................... 1 454,702.37 0.10
3.000..................................... 1,540 458,804,801.23 99.54
----- ------------------ ------
Total................................ 1,544 $ 460,908,054.60 100.00%
===== ================== ======
__________________
(1) Relates solely to initial rate adjustments.
SUBSEQUENT PERIODIC RATE CAPS OF THE ADJUSTABLE-RATE GROUP II MORTGAGE LOANS(1)
PRINCIPAL BALANCE % OF AGGREGATE PRINCIPAL
NUMBER OF OUTSTANDING AS OF BALANCE OUTSTANDING AS
PERIODIC RATE CAP (%) MORTGAGE LOANS THE CUT-OFF DATE OF THE CUT-OFF DATE
--------------------- -------------- ---------------- -------------------
1.000..................................... 1,544 $460,908,054.60 100.00%
----- --------------- -------
Total................................ 1,544 $460,908,054.60 100.00%
__________________
(1) Relates to all rate adjustments subsequent to initial rate adjustments.