Fitch Rates AHMIT $103.5MM Mortgage-Backed Notes, Series 2005-SD1

Business Wire, Dec 28, 2005

NEW YORK -- American Home Mortgage Investment Trust's (AHMIT) mortgage-backed notes, series 2005-SD1 are rated by Fitch Ratings as follows:

Group I:

--$34,663,000 class I-A1 'AAA';

--$2,588,000 privately offered class I-M1 'AA';

--$1,141,000 privately offered class I-M2 'A';

--$951,000 privately offered class I-M3 'BBB';

--$1,268,000 privately offered class I-M4 'BB'.

The $1,691,959 privately offered class I-M5 is not rated by Fitch.

Group II:

--$68,903,000 class II-A1 'AAA';

--$7,211,000 privately offered class II-M1 'AA';

--$6,125,000 privately offered class II-M2 'A';

--$5,532,000 privately offered class II-M3 'BBB';

--$5,729,000 privately offered class II-M4 'BB';

--$5,285,982 privately offered class II-M5 'B'.

The 'AAA' rating on the class I-A1 notes reflects the 18.00% subordination provided by the 6.05% class I-M1, 2.70% class I-M2, 2.25% class I-M3, 3.00% class I-M4, and 4.00% class I-M5. The 'AAA' rating on the class II-A1 notes reflects the 33.80% credit enhancement provided by the 7.30% class II-M1, 6.20% class II-M2, 5.60% class II-M3, 5.80% class II-M4, and 5.35% class II-M5, along with overcollateralization (OC) and monthly excess interest. The target OC amount for the group II notes is 3.55%. In addition, the ratings on the notes reflect the quality of the underlying collateral and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.

The group I mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by first liens on residential properties, with an aggregate principal balance of $42,272,960. As of the cut-off date, Dec. 1, 2005, the mortgage loans had a weighted average loan-to-value ratio (LTV) of 77.55%, weighted average coupon (WAC) of 5.924%, and an average principal balance of $178,367. Single-family properties account for 64.24% of the mortgage pool, two- to four-family properties 4.78%, and condos 5.83%. Approximately 90.90% of the properties are owner occupied. The three largest state concentrations are Illinois (13.35%), Colorado (9.49%), and New York (7.31%).

The group II mortgage pool consists of fixed-rate mortgage loans secured by second liens on residential properties, with an aggregate principal balance of $98,785,982. As of the cut-off date, Dec. 1, 2005, the mortgage loans had a weighted average LTV of 95.33%, WAC of 10.449%, and an average principal balance of $60,272. Single-family properties account for 59.88% of the mortgage pool, two- to four-family properties 11.74%, and condos 8.13%. Approximately 78.33% of the properties are owner occupied. The three largest state concentrations are California (18.63%), Florida (8.37%), and Illinois (8.07%).

None of the mortgage loans are 'high cost' loans as defined under any local, state, or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press releases issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' and on Feb. 23, 2005 entitled 'Fitch Revises RMBS Guidelines for Antipredatory Lending Laws,' both available on the Fitch Ratings web site at www.fitchratings.com.

American Home Mortgage Securities LLC deposited the loans into the trust, which issued the notes, representing beneficial ownership in the trust. Deutsche Bank National Trust Company will act as indenture trustee, and Wilmington Trust Company will act as owner trustee. Wells Fargo Bank N.A., rated 'RMS1' by Fitch, will act as master servicer for this transaction with American Home Mortgage Servicing, Inc. acting as primary servicer.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.