Fitch Takes Various Rating Actions on 3 Argent Subprime Transactions

Business Wire, August 9, 2007

NEW YORK -- Fitch has taken various rating actions on the following Argent Securities mortgage pass-through certificates:

Series 2003-W3:

--Class A affirmed at 'AAA';

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

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

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

--Class M-4 rated 'BBB '; placed on Rating Watch Negative;

--Class M-5 downgraded to 'BB' from 'BBB'.

Series 2003-W8:

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

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

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

--Class M-4 affirmed at 'BBB ';

--Class M-5 rated 'BBB'; placed on Rating Watch Negative.

Series 2003-W10:

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

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

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

--Class M-4 affirmed at 'BBB ';

--Class M-5 downgraded to 'BB' from 'BBB';

--Class M-6 downgraded to 'B' from 'BBB-'; placed on Rating Watch Negative.

The affirmations reflect a stable relationship between credit enhancement (CE) and expected losses, and affect approximately $404.23 million in outstanding certificates. The negative rating actions reflect deterioration in the relationship between CE and expected losses, and affect approximately $25.58 million in outstanding certificates.

For series 2003-W3, the losses have been greater than excess spread for twelve of the past twelve months. Overcollateralization (OC) has been off its target for ten of the past twelve months. The current OC amount is $9.97MM (or 4.05%) and its target is $12.56MM. Cumulative losses equal 1.44% and 60 day delinquencies (including foreclosure, real estate owned, and bankruptcy) are 12.37%.

For series 2003-W8, the losses have been greater than excess spread for eleven of the past twelve months. Overcollateralization (OC) has been off its target for eight of the past twelve months. The current OC amount is $4.51MM (or 4.30%) and its target is $5.35MM. Cumulative losses equal 1.38% and 60 day delinquencies (including foreclosure, real estate owned, and bankruptcy) are 17.3%.

For series 2003-W10, the losses have been greater than excess spread for ten of the past twelve months. Overcollateralization (OC) has been off its target for ten of the past twelve months. The current OC amount is $5.64MM (or 5.17%) and its target is $6.54MM. Cumulative losses equal 1.43% and 60 day delinquencies (including foreclosure, real estate owned, and bankruptcy) are 17.56%.

The collateral in the aforementioned transactions consists of fixed- and adjustable-rate, closed-end, first and second lien subprime mortgage loans. All of the mortgage loans were originated or acquired by Argent Mortgage Company LLC and Olympus Mortgage Company, and are serviced by AMC Mortgage Services, Inc. (rated 'RPS3 ' by Fitch).

All of the collateral information is reflective of the June 2007 remittance period. For other information regarding CE, delinquencies, and losses please visit the Fitch Ratings website and www.fitchratings.com.

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.