Fitch Affirms 2 & Downgrades 1 Class from Option One MESA 2001-2 Issue

Business Wire, July 14, 2004

NEW YORK -- Fitch Ratings has taken rating actions on the following Option One MESA Trust asset-backed certificates, series 2001-2:

Option One MESA Trust asset-backed certificates, series 2001-2:

-- Class A affirmed at 'AAA';

-- Class M affirmed at 'BBB' and removed from Rating Watch Negative;

-- Class B downgraded to 'B ' from 'BB' and removed from Rating Watch Negative.

The affirmation on the class A reflects Ambac Assurance Corp.'s, current insurer financial strength (IFS) rating of 'AAA'.

The affirmation on class M reflects credit enhancement consistent with future loss expectations.

The negative rating action is a result of the poor performance of the underlying collateral. The amount of available excess interest has not sufficiently covered the greater-than-expected level of losses incurred, resulting in a depletion of overcollateralization (OC). As of the June 25, 2004 distribution date, the OC amount was $939,491.46.

Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site at 'www.fitchratings.com.'