CREMAC, headquartered in Brooklyn, NY, was founded in 1995 to purchase and manage distressed assets in the mortgage, real estate and mortgage backed securities sectors. CREMAC currently has $130 million in assets under management consisting primarily of 45% CRE Loans, 10% CMBS, 20% RMBS, and 25% residential real estate & whole loans. CREMAC consists of four separately managed but integrated businesses, CREMAC Asset Management, CREMAC Commercial Finance, CAM Loan Servicing, and Risk Management Group (RMG).

As part of its analysis, Fitch evaluated the asset manager, and determined its capabilities to be satisfactory in the context of the ratings assigned to the transaction and the transaction documents that would govern CREMAC's activities. The most senior class in the transaction is currently rated 'Csf', indicating that default is imminent or inevitable for the notes. In addition, the CDO is static and the collateral administrator responsibilities are limited.

Fitch is not a party to the transaction and therefore does not provide consent or approval to changes in its terms, as that remains the sole preserve of the transaction parties. Fitch expects to be notified by the trustee when or if CREMAC becomes the successor collateral administrator.

Additional information is available at 'www.fitchratings.com'.

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