EXHIBIT 99.1


with 27% Loss Severity, 12 month recovery delay

To Call: 15.8 CDR (with cum coll. loss of $40,282,162)
To Mat: 15.6 CDR (with cum coll. loss of $43,964,249)


Wachovia Securities is the trade name under which Wachovia  Corporation conducts
its investment  banking,  capital markets and institutional  securities business
through First Union  Securities,  Inc.  ("FUSI"),  member NYSE,  NASD,  SIPC and
through  other bank and  non-bank  and  broker-dealer  subsidiaries  of Wachovia
Corporation.  This  report is for your  information  only and is not an offer to
sell, or a solicitation of an offer to buy, the securities or instruments  named
or  described  in this  report.  Interested  parties  are advised to contact the
entity with which they deal, or the entity that provided this report to them, if
they  desire  further  information.  The  information  in this  report  has been
obtained or derived from sources believed by First Union Securities,  Inc. to be
reliable,  but  First  Union  Securities,  Inc.  does not  represent  that  this
information is accurate or complete. Any opinions or estimates contained in this
report represent the judgement of First Union Securities, Inc. at this time, and
are subject to change  without  notice.  First Union  Securities,  Inc.,  or its
affiliates may from time to time provide advice with respect to, acquire,  hold,
or sell a position on the securities mentioned herein.

Serkan Erikci
Wachovia Securities
Corporate & Investment Banking
serkan.erikci@wachovia.com
(704) 715-1263