Fitch Rates $1.0 Billion Fieldstone Mortgage Investment Trust 2004-3

Business Wire, July 1, 2004

NEW YORK -- Fieldstone Mortgage Investment Trust, series 2004-3 mortgage-backed certificates $812.0 million classes 1-A, 2-A1, 2-A2, 2-A3, and A-IO mortgage-backed certificates are rated 'AAA' by Fitch Ratings. Fitch also rates the following classes:

-- $27.0 million class M-1 mortgage-backed certificates 'AA+';

-- $27.5 million class M-2 mortgage-backed certificates 'AA';

-- $17.5 million class M-3 mortgage-backed certificates 'AA-';

-- $30.0 million class M-4 mortgage-backed certificates 'A';

-- $12.5 million class M-5 mortgage-backed certificates 'A-';

-- $12.5 million class M-6 mortgage-backed certificates 'BBB+';

-- $10.0 million class M-7 mortgage-backed certificates 'BBB';

-- $12.5 million class M-8 mortgage-backed certificates 'BBB'.

The 'AAA' rating on the senior certificates reflects the 18.80% total credit enhancement provided by the 2.70% class M-1, the 2.75% class M-2, the 1.75% class M-3, the 3.00% class M-4, the 1.25% class M-5, 1.25% class M-6, the 1.00% class M-7, the 1.25% class M-8, the 2.50% M-9, and the 1.35% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans and the integrity of the transaction's legal structure, as well as the capabilities of Fieldstone Servicing Corp. as servicer, Chase Manhattan Mortgage Corp as subservicer, and Wells Fargo Bank, N.A. as master servicer and trust administrator.

As of the cut-off date, the mortgage loans have an aggregate balance of $750,788,581. The weighted average loan rate is approximately 6.516%. The weighted average remaining term to maturity is 359 months. The average outstanding principal balance of the mortgage loans is approximately $200,907. The weighted average original loan-to-value ratio is 82.61% and the weighted average Fair, Isaac & Co. (FICO) score was 645. The properties are primarily located in California (50.45%), Illinois (8.16%), and Colorado (6.54%). On the closing date, the depositor will deposit approximately $249,211,419 into a prefunding account. The amount in this account will be used to purchase subsequent mortgage loans after the closing date and on or prior to Sept. 30, 2004.