Fitch Affirms 66, Upgrades 28 & Downgrades 4 Classes from Impac Funding Corp. Issues

Business Wire, Dec 2, 2004

FITCH RATINGSNEW YORK -- Fitch Ratings has taken action on the following Impac Funding Corp. mortgage pass-through certificate issues:

Impac SAC Mtge. Pass-Through Certificates, Series 1998-3

-- Class A affirmed at 'AAA';

-- Class M-1 affirmed at 'AAA';

-- Class M-2 affirmed at 'AAA';

-- Class M-3 upgraded to 'AAA' from 'A ';

-- Class B-1 upgraded to 'A' from 'BB';

-- Class B-2 affirmed at 'B'.

Impac SAC Mtge. Pass-Through Certificates, Series 1998F-1

-- Class A affirmed at 'AAA';

-- Class B-1 upgraded to 'AAA' from 'BB';

-- Class B-2 upgraded to 'BB' from 'B'.

Impac SAC Mtge. Pass-Through Certificates, Series 2000-1

-- Class A affirmed at 'AAA';

-- Class M-1 affirmed at 'AAA';

-- Class M-2 upgraded to 'AAA' from 'AA';

-- Class M-3 affirmed at 'BBB';

-- Class B-1 downgraded to 'CCC' from 'B';

-- Class B-2 downgraded to 'C' from 'CC'.

Impac SAC Mtge. Pass-Through Certificates, Series 2000-3

-- Class A affirmed at 'AAA';

-- Class M-1 upgraded to 'AAA' from 'AA';

-- Class M-2 affirmed at 'BBB ';

-- Class M-3 downgraded to 'C' from 'CCC'.

Impac Secured Assets Corp. Mtge. Pass-Through Certificates, Series 2000-4

-- Class A affirmed at 'AAA';

-- Class M-1 upgraded to 'AAA' from 'AA';

-- Class M-2 upgraded to 'AA' from 'A';

-- Class B affirmed at 'BBB' and removed from Rating Watch Negative.

Impac Secured Assets Corp. Mtge. Pass-Through Certificates, Series 2000-5

-- Class A affirmed at 'AAA';

-- Class M-1 upgraded to 'AAA' from 'AA';

-- Class M-2 upgraded to 'AA' from 'A';

-- Class B affirmed at 'BBB' and removed from Rating Watch Negative.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-1 Pool 1

-- Class A-1 affirmed at 'AAA';

-- Class M-1 upgraded to 'AAA' from 'AA';

-- Class M-2 upgraded to 'AA' from 'A';

-- Class B affirmed at 'BBB'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-1 Pool 2

-- Class A-2 affirmed at 'AAA'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-2

-- Class A affirmed at 'AAA';

-- Class M-1 upgraded to 'AA ' from 'AA';

-- Class M-2 upgraded to 'A ' from 'A';

-- Class B affirmed at 'BBB'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-3 Pool 1

-- Class A-1 affirmed at 'AAA';

-- Class M-1 upgraded to 'AAA' from 'AA';

-- Class M-2 upgraded to 'AA' from 'A';

-- Class B affirmed at 'BBB'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-3 Pool 2

-- Class A-2 affirmed at 'AAA'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-4 Pool 1

-- Class AI affirmed at 'AAA';

-- Class M-1 upgraded to 'AA ' from 'AA';

-- Class M-2 upgraded to 'A ' from 'A';

-- Class B affirmed at 'BB '.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-4 Pool 2

-- Class AII affirmed at 'AAA'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-5 Pool 1

-- Class AI affirmed at 'AAA';

-- Class M-1 upgraded to 'AA ' from 'AA';

-- Class M-2 upgraded to 'A ' from 'A';

-- Class B affirmed at 'BBB'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-5 Pool 2

-- Class AII affirmed at 'AAA'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-6 Pool 1

-- Class AI affirmed at 'AAA';

-- Class M-1 upgraded to 'AA ' from 'AA';

-- Class M-2 upgraded to 'A ' from 'A';

-- Class B downgraded to 'BB' from 'BBB'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-6 Pool 2

-- Class AII affirmed at 'AAA'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-7 Pool 1

-- Class AI affirmed at 'AAA';

-- Class M-1 upgraded to 'AA ' from 'AA';

-- Class M-2 upgraded to 'A ' from 'A';

-- Class B affirmed at 'BBB'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-7 Pool 2

-- Class AII affirmed at 'AAA'.

Impac SAC Mtge. Pass-Through Certificates, Series 2001-8

-- Class A affirmed at 'AAA';

-- Class M-1 upgraded to 'AAA' from 'AA';

-- Class M-2 upgraded to 'AA' from 'A';

-- Class M-3 affirmed at 'BBB'.

Impac SAC Mtge. Pass-Through Certificates, Series 2002-1 Pool 1

-- Class AI affirmed at 'AAA';

-- Class M-1 upgraded to 'AA ' from 'AA';

-- Class M-2 upgraded to 'A ' from 'A';

-- Class B affirmed at 'BBB'.

Impac SAC Mtge. Pass-Through Certificates, Series 2002-1 Pool 2

-- Class AII affirmed at 'AAA'.

Impac CMB Trust Series 2001-3

-- Class A affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A';

-- Class B affirmed at 'BBB'.

Impac CMB Trust Series 2001-4

-- Class A affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A';

-- Class B affirmed at 'BBB'.

Impac CMB Trust Series 2002-6F

-- Class A affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A'.

Impac CMB Trust Series 2002-7

-- Class A affirmed at 'AAA';

-- Class B affirmed at 'BBB'.

Impac CMB Trust Series 2002-8

-- Class A affirmed at 'AAA';

-- Class B affirmed at 'BBB'.

Impac CMB Trust Series 2002-9F

-- Class A affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A';

-- Class B affirmed at 'BBB'.

Impac CMB Trust Series 2003-2F

-- Class A affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A';

-- Class B affirmed at 'BBB'.

Impac CMB Trust Series 2003-5

-- Class A affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A';

-- Class B affirmed at 'BBB'.