Fitch Rates AH Mortgage Advance Trust 2009-ADV3

--$600,000,000 class A-1 term note 'AAA'; Outlook Stable;

--$650,000,000 class A VFN 'AAA'; Outlook Stable.

The notes are backed by the rights of AH Mortgage Servicing as servicer, to receive reimbursements of principal and interest (P&I) and servicing advances made on certain underlying transactions. The servicer is required to make advances in respect of mortgage loans serviced under designated servicing agreements for (1) scheduled payments of principal and interest that have not been timely paid by mortgagors (P&I Advances), (2) expenses associated with the preservation of a mortgaged property, including but not limited to property taxes, insurance premiums or other property-related expenses incurred in foreclosing upon, preserving and selling mortgage properties, including but not limited to attorney's and other professional fees and expenses incurred in connection with foreclosure and liquidation or other proceedings arising in the course of the mortgage loans (Corporate Advances), (3) tax and insurance escrow amounts required to be, but not, paid by a Mortgagor under the related mortgage loans (Escrow Advances).

The 'AAA' rating primarily reflects the trust's first priority claim to the receivables as well as the discount factors of notes on the receivable value. The discount factor with respect to P&I Pool-Level Advances is 89.75%, with respect to P&I Loan-Level Advances (Judicial States) is 75.30%, with respect to P&I Loan-Level Advances (Non-judicial States) is 77.50%, with respect to Escrow Advances (Judicial States) is 73.10%, with respect to Escrow Advances (Non-judicial States) is 73.50%, with respect to Corporate Advances (Judicial States) is 74.00%, and with respect to Corporate Advances (Non-judicial States) is 77.00%.

Additional rating considerations include an interest rate cap from The Royal Bank of Scotland PLC with a strike rate of 5.5%, a reserve account whose funds will be available to cover interest shortfalls and monthly fees on the offered notes, the soundness of the legal and financial structure, and the capabilities of AH Mortgage Servicing as the servicer for the underlying transactions. Fitch rates AH Mortgage Servicing residential primary servicing for subprime product 'RPS3', and its residential special servicing 'RSS3+'. The primary servicer rating is based on AH Mortgage Servicing's ability to service, collect and liquidate subprime residential mortgage loans. The special servicer rating reflects the company's ability to manage and liquidate non-performing residential mortgage loans and real estate owned assets.

The analysis of this transaction utilizes the rating methodology detailed in Fitch's 'U.S. Residential Mortgage Servicer Advance Receivables Securitization Rating Criteria,' dated Sept. 10, 2009, and complies with 'Fitch's Global Structured Finance Rating Criteria,' dated Sept. 30, 2009. Both reports are available on Fitch's web site at www.fitchratings.com.

Additional information is available at www.fitchratings.com.

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Fitch Ratings, New York
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Christine Yan, +1-212-908-0838
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