Fitch Rates SACO I Trust $337MM Mortgage-Backed Notes, Series 2005-GP1

Fitch Rates SACO I Trust $337MM Mortgage-Backed Notes, Series 2005-GP1

-- $273.3 million class A-1 and A-2 'AAA';
-- $57.8 million class M-1 'AAA';
-- $3.6 million class M-2 'BBB';
-- $2.6 million class B-1 'BBB-'.

Credit enhancement (CE) for the 'AAA' rated senior class A certificates reflects the 21.00% subordination provided by the 16.70% M-1 class, 1.05% M-2 class, 0.75% B-1 class, 1.00% privately offered B-2 class, 0.50% privately offered B-3 class and 0.50% privately offered B-4 class. The payment structure of this securitization includes excess cashflow, overcollateralization (OC) of 0.50%, subordination, and an insurance policy by Assured Guaranty Corp. with respect to A-1 and M-1 notes. The ratings on the Class A-1 notes is based primarily on the structure of and the credit characteristics of the HELOCs (home equity line of credit), and not upon the financial strength rating of the note insurer.