Fitch Affirms 42 and Places 4 Classes on Rating Watch Negative from 4 Argent Issues

Business Wire, May 9, 2007

NEW YORK -- Fitch Ratings has taken rating actions on the following Argent Securities Inc. home equity issues:

Series 2006-W3
--Class A affirmed at 'AAA';
--Class M-1 affirmed at 'AA ';
--Class M-2 affirmed at 'AA';
--Class M-3 affirmed at 'AA';
--Class M-4 affirmed at 'A ';
--Class M-5 affirmed at 'A';
--Class M-6 affirmed at 'A-';
--Class M-7 affirmed at 'BBB ';
--Class M-8 affirmed at 'BBB';
--Class M-9 affirmed at 'BBB-';
--Class M-10, rated 'BB ' placed on Rating Watch Negative;
--Class M-11, rated 'BB' placed on Rating Watch Negative;
Series 2006-W5
--Class A affirmed at 'AAA';
--Class M-1 affirmed at 'AA ';
--Class M-2 affirmed at 'AA ';
--Class M-3 affirmed at 'AA';
--Class M-4 affirmed at 'AA-';
--Class M-5 affirmed at 'A ';
--Class M-6 affirmed at 'A';
--Class M-7 affirmed at 'BBB ';
--Class M-8 affirmed at 'BBB';
--Class M-9 affirmed at 'BBB';
--Class M-10, rated 'BB ' placed on Rating Watch Negative.
Series 2006-M1
--Class A affirmed at 'AAA';
--Class M-1 affirmed at 'AA ';
--Class M-2 affirmed at AA';
--Class M-3 affirmed at 'AA-';
--Class M-4 affirmed at 'A ';
--Class M-5 affirmed at 'A';
--Class M-6 affirmed at 'A-';
--Class M-7 affirmed at 'BBB ';
--Class M-8 affirmed at 'BBB';
--Class M-9 affirmed at 'BBB';
--Class M-10 affirmed at 'BBB-'.
Series 2006-M2
--Class A affirmed at 'AAA';
--Class M-1 affirmed at 'AA ';
--Class M-2 affirmed at 'AA';
--Class M-3 affirmed at 'AA';
--Class M-4 affirmed at 'A ';
--Class M-5 affirmed at 'A';
--Class M-6 affirmed at 'A-';
--Class M-7 affirmed at 'BBB ';
--Class M-8 affirmed at 'BBB';
--Class M-9 affirmed at 'BBB';
--Class M-10 affirmed at 'BBB-';
--Class M-11, rated 'BB' placed on Rating Watch Negative.

The affirmations, affecting approximately $5.81 billion of the outstanding balances, are taken due to a satisfactory relationship of credit enhancement to expected losses. The negative rating actions affect approximately $57.4 million of the outstanding balance.

The negative rating actions are taken due to current trends in the relationship between serious delinquency (DQ) and credit enhancement. The 60 delinquency (including loans in bankruptcy, foreclosure (FC) and real estate owned (REO)) ranges from 11.94% (2006-M2) to 19.35% (2006-W3) of the current collateral balance, well above the age-adjusted 2006 vintage industry averages at each respective month. The percentage of current collateral balance in FC and REO ranges from 7.9% (2006-M2) to 13.8% (2006-W3).

For all transactions, the underlying collateral consists of fully amortizing 15- to 30-year fixed- and adjustable-rate mortgages secured by first liens extended to subprime borrowers. As of the April distribution date, the transactions listed above are seasoned from 8 (2006-M2) to 13 (2006-W3) months. The pool factors (current principal balance as a percentage of original) range approximately from 73% (2006-W3) to 88% (2006-M2).

The Argent Securities (ARSI) loans, the wholesale sector for the Ameriquest Mortgage Securities Inc., were either originated or acquired by Argent Mortgage Company, LLC or Olympus Mortgage Company. Ameriquest Mortgage Company serves as the servicer for the loans in both of these sectors and is rated 'RPS3 ' by Fitch.

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