Fitch Affirms $775.7MM and Downgrades $46.7MM from 7 Renaissance HELT Subprime Transactions

NEW YORK - (Business Wire) Fitch Ratings has taken the following rating actions on Renaissance Home Equity Loan Trust mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed. Affirmations total $775.7 million and downgrades total $46.7 million.

Renaissance HELT 2003-1

--$14.8 million class A affirmed at 'AAA';

--$10.7 million class M-1 affirmed at 'AA';

--$5.9 million class M-2 downgraded to 'A-' from 'A';

--$1.1 million class B-A downgraded to 'CCC/DR2' from 'BB';

--$2.5 million class B-F downgraded to 'CCC/DR2' from 'BB';

Deal Summary

--Originators: Delta Funding

--60+ day Delinquency: 20.77%

--Realized Losses to date (% of Original Balance): 1.55%

Renaissance HELT 2003-2

--$33.6 million class A affirmed at 'AAA';

--$23.3 million class M-1 affirmed at 'AA';

--$5.4 million class M-2A downgraded to 'BBB+' from 'A';

--$4.5 million class M-2F downgraded to 'BBB+' from 'A';

--$4.4 million class M-3 downgraded to 'BB' from 'BBB';

--$2.1 million class M-4 downgraded to 'B+' from 'BB+';

Deal Summary

--Originators: Delta Funding

--60+ day Delinquency: 22.37%

--Realized Losses to date (% of Original Balance): 1.33%

Renaissance HELT 2003-3

--$79.0 million class A affirmed at 'AAA';

--$16.5 million class M-1 affirmed at 'AA';

--$5.6 million class M-2A affirmed at 'A';

--$6.7 million class M-2F affirmed at 'A';

--$3.7 million class M-3 affirmed at 'A-';

--$2.6 million class M-4 affirmed at 'BBB+';

--$3.1 million class M-5 downgraded to 'BB' from 'BBB';

Deal Summary

--Originators: Delta Funding

--60+ day Delinquency: 12.44%

--Realized Losses to date (% of Original Balance): 0.90%

Renaissance HELT 2003-4

--$26.9 million class A-1 affirmed at 'AAA';

--$48.4 million class A-3 affirmed at 'AAA';

--$15.0 million class M-1 affirmed at 'AA';

--$4.9 million class M-2A affirmed at 'A';

--$7.3 million class M-2F affirmed at 'A';

--$3.5 million class M-3 affirmed at 'A-';

--$2.8 million class M-4 affirmed at 'BBB+';

--$2.3 million class M-5 affirmed at 'BBB';

Deal Summary

--Originators: Delta Funding

--60+ day Delinquency: 12.77%

--Realized Losses to date (% of Original Balance): 1.01%

Renaissance HELT 2004-1

--$20.7 million class AV-1 affirmed at 'AAA';

--$62.3 million class AV-3 affirmed at 'AAA';

--$25.8 million class M-1 affirmed at 'AA';

--$15.1 million class M-2 affirmed at 'A';

--$5.0 million class M-3 affirmed at 'A-';

--$4.3 million class M-4 affirmed at 'BBB+';

--$3.6 million class M-5 downgraded to 'BB' from 'BBB';

Deal Summary

--Originators: Delta Funding

--60+ day Delinquency: 17.36%

--Realized Losses to date (% of Original Balance): 1.15%

Renaissance HELT 2004-2

--$36.7 million class AF-4 affirmed at 'AAA';

--$28.8 million class AF-5 affirmed at 'AAA';

--$24.0 million class AF-6 affirmed at 'AAA';

--$4.7 million class AV-2 affirmed at 'AAA';

--$14.0 million class AV-3 affirmed at 'AAA';

--$12.5 million class M-1 affirmed at 'AA+';

--$9.5 million class M-2 affirmed at 'AA';

--$5.2 million class M-3 affirmed at 'AA-';

--$6.0 million class M-4 affirmed at 'A+';

--$4.3 million class M-5 affirmed at 'A';

--$5.2 million class M-6 affirmed at 'A-';

--$3.4 million class M-7 affirmed at 'BBB+';

--$4.0 million class M-8 affirmed at 'BBB';

--$3.8 million class M-9 affirmed at 'BBB-';

Deal Summary

--Originators: Delta Funding

--60+ day Delinquency: 14.08%

--Realized Losses to date (% of Original Balance): 0.85%

Renaissance HELT 2004-3

--$13.1 million class AF-4 affirmed at 'AAA';

--$22.6 million class AF-5 affirmed at 'AAA';

--$50.0 million class AF-6 affirmed at 'AAA';

--$17.7 million class AV-1 affirmed at 'AAA';

--$5.3 million class AV-2A affirmed at 'AAA';

--$1.8 million class AV-2B affirmed at 'AAA';

--$19.2 million class M-1 affirmed at 'AA+';

--$17.3 million class M-2 affirmed at 'AA';

--$9.7 million class M-3 affirmed at 'AA-';

--$6.9 million class M-4 affirmed at 'A+';

--$4.9 million class M-5 affirmed at 'A';

--$5.5 million class M-6 affirmed at 'A-';

--$3.9 million class M-7 affirmed at 'BBB+';

--$4.5 million class M-8 downgraded to 'BB' from 'BBB';

--$4.5 million class M-9 downgraded to 'BB-' from 'BBB-';

Deal Summary

--Originators: Delta Funding

--60+ day Delinquency: 18.89%

--Realized Losses to date (% of Original Balance): 1.20%

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 US 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 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.

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