Fitch Rates $848.31MM Renaissance Home Equity Loan Trust, Series 2005-4

NEW YORK--(BUSINESS WIRE)--Dec. 30, 2005--Fitch rates the Renaissance Home Equity Loan Trust, series 2005-4 $700,872,000 home equity loan asset-backed certificates as follows,
-- Classes A1-F, A1-A, and A-2, through A-6 'AAA';
-- $28,875,000 class M-1 'AA+';
-- $25,813,000 class M-2 'AA+';
-- $17,063,000 class M-3 'AA';
-- $13,563,000 class M-4 'AA-';
-- $13,563,000 class M-5 'A+';
-- $11,813,000 class M-6 'A';
-- $10,938,000 M-7 'BBB+';
-- $8,313,000 class M-8 'BBB';
-- $8,750,000 class M-9 'BBB';
-- $8,750,000 class M-10 'BBB-'.
The 'AAA' rating on the senior certificates reflects the 19.90% subordination provided by the 3.30% class M-1, the 2.95% class M-2, the 1.95% class M-3, the 1.55% class M-4, the 1.55% class M-5, the 1.35% class M-6, the 1.25% class M-7, the 0.95% class M-8, the 1.00% class M-9, the 1.00% class M-10, monthly excess interest and the initial and expected overcollateralization (OC) of 3.05%. In addition, the ratings on the certificates reflect the quality of the home equity loans, the soundness of the legal and financial structures, and the capabilities of Ocwen Federal Bank FSB (Ocwen) as servicer.

As of the cut-off date (Dec. 1, 2005), there were 4,433 mortgage loans, originated or acquired by Delta Funding Corporation, with an aggregate balance of $717,992,636.
The group I mortgage pool consists of loans bearing interest at adjustable rates, including mortgage loans that bear interest at rates that are fixed for two or three years before beginning to adjust. As of the cut-off date, the mortgage pool consists of 675 first lien loans with an aggregate balance of $115,689,998.15. The weighted average current loan-to-value ratio (LTV) for the mortgage loans is approximately 78.73% and the weighted average remaining term to maturity is approximately 358 months. The weighted average coupon (WAC) is 8.054%, the weighted average FICO is 600 and the average balance is $171,393. The three states that represent the largest portion of the mortgage loans are Florida (18.53%), New Jersey (16.41%), and Illinois (8.76%).

The group II mortgage pool consists of loans bearing interest at fixed rates. As of the cut-off date, the mortgage pool consists of 3,758 first and second lien loans with an aggregate balance of $602,302,638. The weighted average LTV for the mortgage loans is approximately 75.43% and the weighted average remaining term to maturity is approximately 333 months. The WAC is 7.877%, the weighted average FICO is 629, and the average balance is $160,272. The three states that represent the largest portion of the mortgage loans are New York (34.94%), Florida (11.19%), and Pennsylvania (5.42%).

Wells Fargo Bank, N.A. will act as securities administrator. Interest and principal payments will be distributed on the 25th day of each month commencing in January 2006. Sub-prime mortgage loans are generally made to borrowers who do not qualify for financing under conventional underwriting criteria due to prior credit difficulties and/or the inability to satisfy conventional documentation standards, and/or conventional debt-to-income ratios. In analyzing the collateral pool, Fitch adjusted its frequency of foreclosure and loss assumptions to account for these attributes. For federal income tax purposes, a real estate mortgage investment conduit (REMIC) election will be made with respect to the trust estate.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, http://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.