Correction: Fitch Affirms $75.5MM & Downgrades $79.1MM from 2 Bear Stearns Subprime Deals

Business Wire, April 29, 2008

NEW YORK -- (This is an amended version of a press release issued April 28. This contains corrected information on the class A rating for BSAB Trust 2003-ABF1.)

Fitch Ratings has taken the following rating actions on Bear Stearns Asset Backed Securities (BSABS) mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are now removed. Affirmations total $75.5 million and downgrades total $79.1 million.

BSABS Trust 2003-ABF1

--$13.7 million class A affirmed at 'AAA';

--$28.8 million class M downgraded to 'A ' from 'AA'.

Deal Summary

--Originators: American Business Financial Services

--60 day Delinquency: 21.26%

--Realized Losses to date (% of Original Balance): 2.38%

Bear Stearns Asset Backed Securities, Inc 2004-HE6

--$14.8 million class M-1 affirmed at 'AA';

--$47.0 million class M-2 affirmed at 'A';

--$13.8 million class M-3 downgraded to 'BBB' from 'A-';

--$11.5 million class M-4 downgraded to 'BB ' from 'BBB ';

--$10.1 million class M-5 downgraded to 'BB' from 'BBB';

--$9.0 million class M-6 downgraded to 'B' from 'BBB-';

--$5.9 million class M-7B downgraded to 'C/DR5' from 'BB'.

Deal Summary

--Originators: People's Choice Home Loan, Inc. (42.15%), Fremont Investment & Loan (30.38%), Encore Credit Corporation (17.06%).

--60 day Delinquency: 20.49%

--Realized Losses to date (% of Original Balance): 1.88%

Additional details are available in the following research, available at www.fitchratings.com:

--'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug. 8, 2007);

All of Fitch's ratings criteria for U.S. subprime RMBS available at www.fitchratings.com/subprime. For a list of deals currently under analysis please visit www.fitchratings.com/smartview.> Further information regarding current delinquency, loss, and credit enhancement statistics is also available at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money.

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.