Fitch Ratings Comments on Fairbanks' Alt-A Servicing Platform.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 11, 2003

Fitch Ratings continues to believe, as stated in its June 17 press release, that in order for Fairbanks Capital Corp. (Fairbanks) to properly execute its stated action plans it must stabilize staffing levels and maintain

senior management. Fitch has discovered that Fairbanks recently lost several key personnel in its Austin servicing platform. This location is the primary site for the loan boarding, investor reporting, collections and customer service functions of Fairbanks' Alt-A product. Fitch believes that this loss of staff has the potential to negatively impact Fairbanks' servicing of its Alt-A product. However, Fitch's conversations with Fairbanks have indicated that they have identified internal staff as well as initiated recruitment efforts for qualified individuals to replace the positions which have been vacated.

Additionally, in Fairbanks monthly performance reports to Fitch it was determined that progress has been made with regard to the companies stated action plans which were designed to correct process breakdowns. However, Fitch will continue to carefully monitor Fairbanks effectiveness in successfully executing these action plans as well as maintaining adequate staffing levels. If at any time Fitch determines that Fairbanks has not fully met the requirements of a servicer at its current rating level, or if any other factors limit its ability to perform, Fitch will take immediate and definitive action with regard to their servicer ratings.