EX-99.1 2 v01578exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 BEAR STEARNS BEAR, STEARNS & CO. INC. ATLANTA - BOSTON - CHICAGO ASSET-BACKED SECURITIES GROUP DALLAS - LOS ANGELES - NEW YORK SAN FRANCISCO 383 Madison Avenue FRANKFURT - GENEVA HONG KONG New York, N.Y. 10179 LONDON - PARIS - TOKYO (212) 272-2000; (212) 272-7294 fax NEW ISSUE COMPUTATIONAL MATERIALS (Part I of II) $[547,474,000] (APPROXIMATE) FREMONT HOME LOAN TRUST 2004-C, MORTGAGE-BACKED CERTIFICATES, SERIES 2004-C [FREMONT INVESTMENT & LOAN LOGO] FREMONT INVESTMENT & LOAN Originator, Seller and Servicer WELLS FARGO BANK, N.A. Master Servicer and Trust Administrator FREMONT MORTGAGE SECURITIES CORPORATION Depositor AUGUST 19, 2004 (REVISED AUGUST 23, 2004) BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. BEAR STEARNS BEAR, STEARNS & CO. INC. ATLANTA - BOSTON - CHICAGO ASSET-BACKED SECURITIES GROUP DALLAS - LOS ANGELES - NEW YORK SAN FRANCISCO 383 Madison Avenue FRANKFURT - GENEVA HONG KONG New York, N.Y. 10179 LONDON - PARIS - TOKYO (212) 272-2000; (212) 272-7294 fax STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION The information contained in the attached materials (the "Information") may include various forms of performance analysis, security characteristics and securities pricing estimates for the securities addressed. Please read and understand this entire statement before utilizing the Information. Should you receive Information that refers to the "Statement Regarding Assumptions and Other Information," please refer to this statement instead. The Information is illustrative and is not intended to predict actual results which may differ substantially from those reflected in the Information. Performance analysis is based on certain assumptions with respect to significant factors that may prove not to be as assumed. You should understand the assumptions and evaluate whether they are appropriate for your purposes. Performance results are based on mathematical models that use inputs to calculate results. As with all models, results may vary significantly depending upon the value of the inputs given. Inputs to these models include but are not limited to: prepayment expectations (economic prepayment models, single expected lifetime prepayments or a vector of periodic prepayments), interest rate assumptions (parallel and nonparallel changes for different maturity instruments), collateral assumptions (actual pool level data, aggregated pool level data, reported factors or imputed factors), volatility assumptions (historically observed or implied current) and reported information (paydown factors, rate resets, and trustee statements). Models used in any analysis may be proprietary making the results difficult for any third party to reproduce. Contact your registered representative for detailed explanations of any modeling techniques employed in the Information. The Information addresses only certain aspects of the applicable security's characteristics and thus does not provide a complete assessment. As such, the Information may not reflect the impact of all structural characteristics of the security, including call events and cash flow priorities at all prepayment speeds and/or interest rates. You should consider whether the behavior of these securities should be tested as assumptions different from those included in the Information. The assumptions underlying the Information, including structure and collateral, may be modified from time to time to reflect changed circumstances. Any investment decision should be based only on the data in the prospectus and the prospectus supplement or private placement memorandum (Offering Documents) and the then current version of the Information. Offering Documents contain data that is current as of their publication dates and after publication may no longer be complete or current. Contact your registered representative for Offering Documents, current Information or additional materials, including other models for performance analysis, which are likely to produce different results, and any further explanation regarding the Information. Any pricing estimates Bear Stearns has supplied at your request (a) represent our view, at the time determined, of the investment value of the securities between the estimated bid and offer levels, the spread between which may be significant due to market volatility or illiquidity, (b) do not constitute a bid by any person for any security, (c) may not constitute prices at which the securities could have been purchased or sold in any market, (d) have not been confirmed by actual trades, may vary from the value Bear Stearns assigns any such security while in its inventory, and may not take into account the size of a position you have in the security, and (e) may have been derived from matrix pricing that uses data relating to other securities whose prices are more readily ascertainable to produce a hypothetical price based on the estimated yield spread relationship between the securities. General Information: The data underlying the Information has been obtained from sources that we believe are reliable, but we do not guarantee the accuracy of the underlying data or computations based thereon. Bear Stearns. and/or individuals thereof may have positions in these securities while the Information is circulating or during such period may engage in transactions with the issuer or its affiliates. We act as principal in transactions with you, and accordingly, you must determine the appropriateness for you of such transactions and address any legal, tax, or accounting considerations applicable to you. Bear Stearns shall not be a fiduciary or advisor unless we have agreed in writing to receive compensation specifically to act in such capacities. If you are subject to ERISA, the Information is being furnished on the condition that it will not form a primary basis for any investment decision. The Information is not a solicitation of any transaction in securities which may be made only by prospectus when required by law, in which event you may obtain such prospectus from Bear Stearns. BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 1) $[547,474,000] (APPROXIMATE) FREMONT HOME LOAN TRUST 2004-C FREMONT INVESTMENT & LOAN Originator, Seller and Servicer WELLS FARGO BANK, N.A. Master Servicer and Trust Administrator FREMONT MORTGAGE SECURITIES CORPORATION Depositor TRANSACTION HIGHLIGHTS CHARACTERISTICS OF THE CERTIFICATES

NOTES: (1) The Offered Certificates are subject to a permitted variance of plus or minus 5%. (2) One-Month LIBOR plus the related margin subject to a cap as described herein. (3) The margin on the Class A Certificates will double and the margin on the Class M Certificates will increase by a multiple of 1.5 after the Optional Termination Date. RATING AGENCY CONTACTS: S&P: Andrew Hayford (212) 438-2412 Moody's: Andrew Lipton (212) 553-7103 BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 2) TITLE OF SECURITIES: Fremont Home Loan Trust 2004-C, Mortgage-Backed Certificates, Series 2004-C. DEPOSITOR: Fremont Mortgage Securities Corporation. SELLER, SERVICER AND ORIGINATOR: Fremont Investment & Loan ("Fremont"). LEAD MANAGER: Bear, Stearns & Co. Inc. CO-MANAGERS: Credit Suisse First Boston LLC, Greenwich Capital Markets, Inc., Goldman, Sachs & Co., and Lehman Brothers. MASTER SERVICER AND Wells Fargo Bank, N.A. TRUST ADMINISTRATOR: TRUSTEE: HSBC Bank USA, National Association. CERTIFICATES: The Class I-A1 Certificates (the "GROUP I CERTIFICATES"), the Class II-A1 and Class II-A2 Certificates (the "GROUP II CERTIFICATES"; and together with the Group I Certificates, the "SENIOR CERTIFICATES"), the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates (together, the "SUBORDINATE CERTIFICATES"). The Senior Certificates along with the Subordinate Certificates are referred to herein as the "OFFERED CERTIFICATES." NON-OFFERED CERTIFICATES: Class C, Class P and Class R Certificates. FEDERAL TAX STATUS: One or more elections will be made to treat designated portions of the trust (exclusive of the Net WAC Rate Carryover Reserve Account and the cap contract) as real estate mortgage investment conduits for federal income tax purposes. REGISTRATION: The Offered Certificates will be book-entry securities clearing through the Depository Trust Company (in the United States) or upon request through Clearstream Luxembourg and the Euroclear System (in Europe) in minimum denominations of $50,000. DENOMINATION: The Offered Certificates will be issued in minimum dollar denominations of $50,000 and integral multiples of $1.00 in excess thereof. SMMEA ELIGIBILITY: The Class A, Class M-1, Class M-2 and Class M-3 Certificates will constitute "mortgage related securities" for purposes of the Secondary Mortgage Market Enhancement Act of 1984 ("SMMEA") for so long as they are rated not lower than the second highest rating category by one or more nationally recognized statistical rating organizations and, as such, will be legal investments for certain entities to the extent provided in SMMEA and applicable state laws. The Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates will not constitute "mortgage related securities" for purposes of SMMEA.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 3) ERISA ELIGIBILITY: The Offered Certificates may be purchased by a pension or other employee benefit plan subject to the Employee Retirement Income Security Act of 1974 or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") so long as certain conditions are met. CLOSING DATE: On or about August 31, 2004. DISTRIBUTION DATE: 25th day of each month, or if such day is not a business day, the next succeeding business day, commencing on September 27, 2004. CUT-OFF DATE: August 1, 2004. SERVICING FEE: The Servicing Fee for the Mortgage Loans is based on a Servicing Fee Rate of [0.50]% per annum on the Principal Balance of each Mortgage Loan. TRUST ADMINISTRATION FEE: The Trust Administration Fee for the Mortgage Loans is based on a Trust Administration Fee Rate of [0.00625]%. MASTER SERVICING FEE: The Master Servicing Fee for the Mortgage Loans is based on a Master Servicing Fee Rate of [0.00625]%. INTEREST PAYMENT DELAY: The Offered Certificates have a 0 day delay. DAY COUNT: The Offered Certificates are Actual/360. ACCRUED INTEREST: The price to be paid by investors for the Offered Certificates will not include accrued interest (settling flat). ACCRUAL PERIOD: The "Accrual Period" for the Offered Certificates for a given Distribution Date will be the actual number of days based on a 360-day year included in the period commencing on the immediately preceding Distribution Date (or, in the case of the first such Accrual Period, commencing on the Closing Date) and ending on the day immediately preceding such Distribution Date. OPTIONAL TERMINATION: The terms of the transaction allow for an optional call of the Mortgage Loans and the retirement of the Offered Certificates (the "Clean-up Call"), which may be exercised once the aggregate principal balance of the Mortgage Loans is equal to or less than [10]% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date. PRICING PREPAYMENT SPEED: The Offered Certificates will be priced based on the following collateral prepayment assumptions: FRM Loans: 4% CPR growing to 20% CPR over 12 months for the fixed rate Mortgage Loans. ARM Loans: 4% CPR growing to 35% CPR over 12 months for the adjustable rate Mortgage Loans.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 4) MORTGAGE LOANS: As of the Cut-off Date, the aggregate principal balance of the mortgage loans described herein was approximately $555,814,115 consisting of first lien, fixed rate and hybrid adjustable rate, conforming and non-conforming balance mortgage loans (the "Mortgage Loans"). See attached collateral descriptions for more information. The Mortgage Loans will be divided into the Group I Mortgage Loans and Group II Mortgage Loans. As of the Cut-off Date, the "GROUP I MORTGAGE LOANS" consisted first lien, fixed rate and hybrid adjustable rate, conforming balance mortgage loans with an aggregate principal balance of approximately $389,527,866. Approximately 15.78% of the Group I Mortgage Loans have fixed rates and approximately 84.22% of the Group I Mortgage Loans have hybrid adjustable rates with an initial rate adjustment occurring approximately either two or three years following origination, and in each case following the initial fixed rate period adjust every six months thereafter. Approximately 20.31%of the Group I Mortgage Loans require the borrowers to make monthly payments only of accrued interest for the first 24 or 36 months. As of the Cut-off Date, the "GROUP II MORTGAGE LOANS" consisted of first lien, fixed rate and hybrid adjustable rate, conforming and non-conforming balance mortgage loans with an aggregate principal balance of approximately $166,286,250. Approximately 14.04% of the Group II Mortgage Loans have fixed rates and approximately 85.96% of the Group II Mortgage Loans have hybrid adjustable rates with an initial rate adjustment occurring approximately either two or three years following origination, and in each case following the initial fixed rate period adjust every six months thereafter. Approximately 36.78% of the Group II Mortgage Loans require the borrowers to make monthly payments only of accrued interest for the first 24 or 36 months. PASS-THROUGH RATE: The "Pass-Through Rate" on any Distribution Date with respect to the Offered Certificates will equal the lesser of (a) the related Formula Rate and (b) the Net WAC Rate for such Distribution Date. FORMULA RATE: The "Formula Rate" for the Offered Certificates is the lesser of (a) the Base Rate for such class or (b) the related Maximum Cap Rate. BASE RATE: The "Base Rate" for the Offered Certificates is One Month LIBOR plus the related margin. NET WAC RATE: The "Net WAC Rate" for any Distribution Date will be a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Accrual Period) equal to the weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans. BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE.

FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 5) MAXIMUM CAP RATE: The "Maximum Cap Rate" for any Distribution Date will be a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Accrual Period) equal to the weighted average of the Adjusted Net Maximum Mortgage Rates of the Mortgage Loans. ADJUSTED NET MORTGAGE The "Adjusted Net Mortgage Rate" for any Mortgage RATE: Loan will be equal to the mortgage rate for such Mortgage Loan less the sum of (i) the master servicing fee rate and (ii) the servicing fee rate and (iii) the Trust Administration Fee Rate. ADJUSTED NET MAXIMUM The "Adjusted Net Maximum Mortgage Rate" for any MORTGAGE RATE: Mortgage Loan for any Distribution Date will be a per annum rate equal to the applicable Maximum Mortgage Rate for such Mortgage Loan (or the Mortgage Rate in the case of any fixed-rate Mortgage Loan) as of the first day of the month preceding the month in which such Distribution Date occurs minus the sum of (i) the Servicing Fee Rate, (ii) the Master Servicing Fee Rate and (iii) the Trust Administration Fee Rate. NET WAC RATE CARRYOVER The "Net WAC Rate Carryover Amount" for any class of AMOUNT: Offered Certificates and any Distribution Date is an amount equal to the sum of (i) the excess, if any, of (x) the amount of interest such class of Certificates would have accrued on such Distribution Date had such Pass-Through Rate been the related Formula Rate for such Distribution Date over (y) the amount of interest such class of Certificates accrued for such Distribution Date at the Net WAC Rate and (ii) the unpaid portion of any related Net WAC Rate Carryover Amount from the prior Distribution Date together with interest accrued on such unpaid portion for the most recently ended Accrual Period at the Formula Rate applicable for such class for such Accrual Period. CLASS IA CERTIFICATE CAP For the first [35] Distribution Dates, the Group I AGREEMENT: Certificates will have the benefit of a cap contract to pay amounts in respect of basis risk shortfalls on such classes of certificates. For the Distribution Date in September 2004 through the Distribution Date in July 2007, the cap contract requires the counterparty to make a payment to the extent one-month LIBOR for any interest accrual period exceeds the rate set forth in the related cap contract, up to a maximum one-month LIBOR of [9.75]%, multiplied by the notional amount set forth in the cap contract and adjusted for the actual number of days in the related accrual period. Cap payments, if any, made by the counterparty will be deposited in the Net WAC Rate Carryover Reserve Account and will be available for distribution in respect of basis risk shortfall amounts on the Group I Certificates as set forth in this prospectus supplement. BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE.

FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 6) CLASS IIA CERTIFICATES For the first [24] Distribution Dates, the Group II CAP AGREEMENT: Certificates will have the benefit of a cap contract to pay amounts in respect of basis risk shortfalls on such classes of certificates. For the Distribution Date in September 2004 through the Distribution Date in August 2006, the cap contract requires the counterparty to make a payment to the extent one-month LIBOR for any interest accrual period exceeds the rate set forth in the related cap contract, up to a maximum one-month LIBOR of [7.50]%, multiplied by the notional amount set forth in the cap contract and adjusted for the actual number of days in the related accrual period. Cap payments, if any, made by the counterparty will be deposited in the Net WAC Rate Carryover Reserve Account and will be available for distribution in respect of basis risk shortfall amounts on the Group II Certificates as set forth in this prospectus supplement. CLASS M CERTIFICATES For the first [24] Distribution Dates, the Class M CAP AGREEMENT: Certificates will have the benefit of a cap contract to pay amounts in respect of basis risk shortfalls on such classes of certificates. For the Distribution Date in September 2004 through the Distribution Date in August 2006, the cap contract requires the counterparty to make a payment to the extent one-month LIBOR for any interest accrual period exceeds the rate set forth in the related cap contract, up to a maximum one-month LIBOR of [7.50]%, multiplied by the notional amount set forth in the cap contract and adjusted for the actual number of days in the related accrual period. Cap payments, if any, made by the counterparty will be deposited in the Net WAC Rate Carryover Reserve Account and will be available for distribution in respect of basis risk shortfall amounts on the Class M Certificates as set forth in this prospectus supplement.

* Approximate ** Targeted EXCESS CASHFLOW: The "Excess Cashflow" for any Distribution Date will be equal to the available funds remaining after priorities (1) and (2) under "Priority of Distributions." OVERCOLLATERALIZATION The "Overcollateralized Amount" for any Distribution AMOUNT: Date is an amount equal to (i) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) on the related Determination Date minus (ii) the sum of the aggregate Certificate Principal Balance of the Offered Certificates and the Class P Certificates as of such Distribution Date (after giving effect to distributions to be made on such Distribution Date). BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 8) OVERCOLLATERALIZATION TARGET The "Overcollateralization Target Amount" means with respect to any AMOUNT: Distribution Date (i) prior to the Stepdown Date, [1.50]% of the aggregate Cut-off Date Principal Balance of all of the Mortgage Loans, (ii) on or after the Stepdown Date provided a Trigger Event is not in effect, the greater of (A) the lesser of (x) [3.00]% of the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (y) [1.50]% of the aggregate Cut-off Date Principal Balance of all of the Mortgage Loans and (B) 0.50% of the aggregate Cut-off Date Principal Balance of all of the Mortgage Loans and (iii) on or after the Stepdown Date if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Distribution Date. OVERCOLLATERALIZATION FLOOR An amount equal to 0.50% of the aggregate principal balance of the AMOUNT: Mortgage Loans as of the Cut-off Date. OVERCOLLATERALIZATION RELEASE An "Overcollateralization Release Amount" means, with respect to any AMOUNT: Distribution Date, the lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the excess, if any, of (i) the Overcollateralized Amount for such Distribution Date (assuming that 100% of the Principal Remittance Amount is applied as a principal payment on such Distribution Date) over (ii) the Overcollateralization Target Amount for such Distribution Date. STEPDOWN DATE: The "Stepdown Date" means the earlier to occur of (i) the Distribution Date on which the aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero and (ii) the later to occur of (A) the Distribution Date occurring in September 2007 and (B) the first Distribution Date on which the Credit Enhancement Percentage (calculated for this purpose only after taking into account distributions of principal on the Mortgage Loans but prior to distribution of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount to the holders of the Certificates then entitled to distributions of principal on such Distribution Date) is greater than or equal to [39.50]%.

REALIZED LOSSES: If a Mortgage Loan becomes a liquidated loan, the net liquidation proceeds relating thereto may be less than the principal balance on such Mortgage Loan. The amount of such insufficiency is a "REALIZED LOSS." Realized Losses on the Mortgage Loans will, in effect, be absorbed first, by the Excess Cashflow and second by the reduction of the Overcollateralization Amount. Following the reduction of any Overcollateralization Amount to zero, all allocable Realized Losses will be applied in reverse sequential order, first to the Class M-9 Certificates, second to the Class M-8 Certificates, third to the Class M-7 Certificates, fourth to the M-6 Certificates, fifth to the Class M-5 Certificates, sixth to the Class M-4 Certificates, seventh to the Class M-3 Certificates, eight to the Class M-2 Certificates, and ninth to the Class M-1 Certificates. The Realized Losses allocated to the class of Subordinate Certificates then outstanding with the highest distribution priority will be decreased by the amount of subsequent recoveries until reduced to zero (with any remaining subsequent recoveries applied to reduce the realized loss amount allocated to the class with the highest next distribution priority) and the certificate principal balance of such class or classes of Subordinate Certificates will be increased by the same amount. GROUP I INTEREST REMITTANCE The "Group I Interest Remittance Amount" with respect to any AMOUNT: Distribution Date is that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group I Mortgage Loans.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 10) GROUP II INTEREST REMITTANCE The "Group II Interest Remittance Amount" with respect to any AMOUNT: Distribution Date is that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans. AVAILABLE FUNDS: With respect to any Distribution Date, "Available Funds" will be equal to the sum of the following amounts with respect to the Mortgage Loans, net of amounts reimbursable therefrom to the Servicer, the Master Servicer, the Trust Administrator or the Trustee: (i) the aggregate amount of monthly payments on the Mortgage Loans, after deduction of the Trust Administration fee, the Servicing Fee, the Master Servicing Fee and any accrued and unpaid Trust Administration Fees, Servicing Fees and Master Servicing Fees in respect of any prior Distribution Dates, (ii) certain unscheduled payments in respect of the Mortgage Loans, including prepayments, insurance proceeds, net liquidation proceeds, subsequent recoveries and proceeds from repurchases of and substitution for such Mortgage Loans occurring during the related Prepayment Period, excluding prepayment charges and (iii) payments from the Servicer in connection with Advances for such Distribution Date and payments by the Servicer and the Master Servicer in connection with Compensating Interest for such Distribution Date. GROUP I PRINCIPAL The "Group I Principal Distribution Amount" with respect to any DISTRIBUTION AMOUNT: Distribution Date is the sum of (i) the excess of (x) the Group I Principal Remittance Amount over (y) the Overcollateralization Release Amount multiplied by the Group I Allocation Percentage for such Distribution Date and (ii) the Extra Principal Distribution Amount for such Distribution Date multiplied by the Group I Allocation Percentage. GROUP II PRINCIPAL The "Group II Principal Distribution Amount" with respect to any DISTRIBUTION AMOUNT: Distribution Date is the sum of (i) the excess of (x) the Group II Principal Remittance Amount over (y) the Overcollateralization Release Amount multiplied by the Group II Allocation Percentage for such Distribution Date and (ii) the Extra Principal Distribution Amount for such Distribution Date multiplied by the Group II Allocation Percentage. GROUP I ALLOCATION The "Group I Allocation Percentage" PERCENTAGE: for any Distribution Date is the percentage equivalent of a fraction, the numerator of which is (i) the Group I Principal Remittance Amount for such Distribution Date, and the denominator of which is (ii) the principal remittance amount for such Distribution Date. GROUP II ALLOCATION The "Group II Allocation Percentage" PERCENTAGE: for any Distribution Date is the percentage equivalent of a fraction, the numerator of which is (i) the Group II Principal Remittance Amount for such Distribution Date, and the denominator of which is (ii) the principal remittance amount for such Distribution Date.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 12) CLASS M-1 PRINCIPAL The "Class M-1 Principal Distribution Amount" is an amount equal to DISTRIBUTION AMOUNT: the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Senior Principal Distribution Amount on such Distribution Date) and (ii) the aggregate Certificate Principal Balance of the Class M-1 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) 72.50% and (ii) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (B) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) minus approximately $2,779,071. CLASS M-2 PRINCIPAL The "Class M-2 Principal Distribution Amount" is an amount equal to DISTRIBUTION AMOUNT: the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of Senior Principal Distribution Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date) and (iii) the aggregate Certificate Principal Balance of the Class M-2 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) 76.00% and (ii) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (B) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) minus approximately $2,779,071.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 13) CLASS M-3 PRINCIPAL The "Class M-3 Principal Distribution Amount" is an amount equal to DISTRIBUTION AMOUNT: the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Senior Principal Distribution Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date) and (iv) the Certificate Principal Balance of the Class M-3 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) 82.50% and (ii) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (B) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) minus approximately $2,779,071. CLASS M-4 PRINCIPAL The "Class M-4 Principal Distribution Amount" is an amount equal to DISTRIBUTION AMOUNT: the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Senior Principal Distribution Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount on such Distribution Date) and (v) the aggregate Certificate Principal Balance of the Class M-4 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) 86.00% and (ii) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (B) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) minus approximately $2,779,071.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 16) CLASS M-7 PRINCIPAL The "Class M-7 Principal Distribution Amount" is an amount equal to DISTRIBUTION AMOUNT: the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Senior Principal Distribution Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount on such Distribution Date), (v) the aggregate Certificate Principal Balance of the Class M-4 Certificates (after taking into account the distribution of the Class M-4 Principal Distribution Amount on such Distribution Date), (vi) the aggregate Certificate Principal Balance of the Class M-5 Certificates (after taking into account the distribution of the Class M-5 Principal Distribution Amount on such Distribution Date), (vii) the aggregate Certificate Principal Balance of the Class M-6 Certificates (after taking into account the distribution of the Class M-6 Principal Distribution Amount on such Distribution Date) and (viii) the aggregate Certificate Principal Balance of the Class M-7 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) 92.50% and (ii) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (B) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) minus approximately $2,779,071.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 17) CLASS M-8 PRINCIPAL The "Class M-8 Principal Distribution Amount" is an amount equal to DISTRIBUTION AMOUNT: the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Senior Principal Distribution Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount on such Distribution Date), (v) the aggregate Certificate Principal Balance of the Class M-4 Certificates (after taking into account the distribution of the Class M-4 Principal Distribution Amount on such Distribution Date), (vi) the aggregate Certificate Principal Balance of the Class M-5 Certificates (after taking into account the distribution of the Class M-5 Principal Distribution Amount on such Distribution Date), (vii) the aggregate Certificate Principal Balance of the Class M-6 Certificates (after taking into account the distribution of the Class M-6 Principal Distribution Amount on such Distribution Date), (viii) the aggregate Certificate Principal Balance of the Class M-7 Certificates (after taking into account the distribution of the Class M-7 Principal Distribution Amount on such Distribution Date) and (ix) the aggregate Certificate Principal Balance of the Class M-8 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) 95.50% and (ii) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (B) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) minus approximately $2,779,071.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 18) CLASS M-9 PRINCIPAL The "Class M-9 Principal Distribution Amount" is an amount equal to DISTRIBUTION AMOUNT: the excess of (x) the sum of (i) the aggregate Certificate Principal Balance of the Class A Certificates (after taking into account the distribution of the Senior Principal Distribution Amount on such Distribution Date), (ii) the aggregate Certificate Principal Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the aggregate Certificate Principal Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the aggregate Certificate Principal Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount on such Distribution Date), (v) the aggregate Certificate Principal Balance of the Class M-4 Certificates (after taking into account the distribution of the Class M-4 Principal Distribution Amount on such Distribution Date), (vi) the aggregate Certificate Principal Balance of the Class M-5 Certificates (after taking into account the distribution of the Class M-5 Principal Distribution Amount on such Distribution Date), (vii) the aggregate Certificate Principal Balance of the Class M-6 Certificates (after taking into account the distribution of the Class M-6 Principal Distribution Amount on such Distribution Date), (viii) the aggregate Certificate Principal Balance of the Class M-7 Certificates (after taking into account the distribution of the Class M-7 Principal Distribution Amount on such Distribution Date), (ix) the aggregate Certificate Principal Balance of the Class M-8 Certificates (after taking into account the distribution of the Class M-8 Principal Distribution Amount on such Distribution Date) and (x) the aggregate Certificate Principal Balance of the Class M-9 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) 97.00% and (ii) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (B) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) minus approximately $2,779,071.

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 20) PRIORITY OF DISTRIBUTIONS (CONT.): Principal Distributions A. I. On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions of principal to the extent of the Group I Principal Distribution Amount shall be distributed in the following amounts and order of priority: (i) first, to the holders of the Class IA Certificates, until the Certificate Principal balance thereof has been reduced to zero; and (ii) second, after taking into account the amount distributed to the holders of the Group II Certificates on such Distribution Date, to the holders of the Group II Certificates until the Certificate Principal Balances thereof have been reduced to zero. II. On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions in respect of principal to the extent of the Group II Principal Distribution Amount shall be distributed in the following amounts and order of priority: (i) first, to the holders of the Group II Certificates until the Certificate Principal Balances thereof have been reduced to zero; and (ii) second, after taking into account the amount distributed to the holders of the Class IA Certificates on such Distribution Date, to the holders of the Class IA Certificates, until the Certificate Principal Balance thereof has been reduced to zero. III. On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions in respect of principal to the extent of the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date shall be distributed in the following amounts and order of priority: (i) first, to the holders of the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (ii) second, to the holders of the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (iii) third, to the holders of the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (iv) fourth, to the holders of the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; (v) fifth, to the holders of the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 22) PRIORITY OF DISTRIBUTIONS (CONT.): III. On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, distributions in respect of principal to the extent of the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date shall be distributed in the following amounts and order of priority: (i) first, to the holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero; (ii) second, to the holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (iii) third, to the holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (iv) fourth, to the holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (v) fifth, to the holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (vi) sixth, to the holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (vii) seventh, to the holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (viii) eight, to the holders of the Class M-8 Certificates, the Class M-8 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and (ix) ninth, to the holders of the Class M-9 Certificates, the Class M-9 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero. With respect to the Group II Certificates, all principal distributions will be distributed sequentially, first, to the holders of the Class IIA-1 Certificates, until the Certificate Principal Balance of the Class IIA-1 Certificates has been reduced to zero; and second, to the holders of the Class IIA-2 Certificates, until the Certificate Principal Balance of the Class IIA-2 Certificates has been reduced to zero; provided, however, on any Distribution Date on which the aggregate Certificate Principal Balance of the

BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 24) OVERCOLLATERALIZATION On each Distribution Date, the Excess Cashflow, if any, will be distributed as follows: PROVISIONS: (i) to the holders of the class or classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to any Extra Principal Distribution Amount, distributable to such holders as part of the Group I Principal Distribution Amount and/or the Group II Principal Distribution Amount; (ii) to the holders of the Class M-1 Certificates, in an amount equal to the Unpaid Interest Shortfall Amount allocable to such Certificates; (iii) to the holders of the Class M-1 Certificates, in an amount equal to the Allocated Realized Loss Amount allocable to the Class M-1 Certificates; (iv) to the holders of the Class M-2 Certificates, in an amount equal to the Unpaid Interest Shortfall Amount allocable to such Certificates; (v) to the holders of the Class M-2 Certificates, in an amount equal to the Allocated Realized Loss Amount allocable to the Class M-2 Certificates; (vi) to the holders of the Class M-3 Certificates, in an amount equal to the Unpaid Interest Shortfall Amount allocable to such Certificates; (vii) to the holders of the Class M-3 Certificates, in an amount equal to the Allocated Realized Loss Amount allocable to the Class M-3 Certificates; (viii) to the holders of the Class M-4 Certificates, in an amount equal to the Unpaid Interest Shortfall Amount allocable to such Certificates; (ix) to the holders of the Class M-4 Certificates, in an amount equal to the Allocated Realized Loss Amount allocable to the Class M-4 Certificates; (x) to the holders of the Class M-5 Certificates, in an amount equal to the Unpaid Interest Shortfall Amount allocable to such Certificates; (xi) to the holders of the Class M-5 Certificates, in an amount equal to the Allocated Realized Loss Amount allocable to the Class M-5 Certificates; (xii) to the holders of the Class M-6 Certificates, in an amount equal to the Unpaid Interest Shortfall Amount allocable to such Certificates; (xiii) to the holders of the Class M-6 Certificates, in an amount equal to the Allocated Realized Loss Amount allocable to the Class M-6 Certificates; (xiv) to the holders of the Class M-7 Certificates, in an amount equal to the Unpaid Interest Shortfall Amount allocable to such Certificates; (xv) to the holders of the Class M-7 Certificates, in an amount equal to the Allocated Realized Loss Amount allocable to the Class M-7 Certificates;

CLASS IIA-2 (TO CALL)

CLASS IIA-2 (TO MATURITY)

CLASS M-1 (TO CALL)

CLASS M-2 (TO CALL)

CLASS M-2 (TO MATURITY)

CLASS M-3 (TO CALL)

CLASS M-4 (TO CALL)

CLASS M-4 (TO MATURITY)

CLASS M-5 (TO CALL)

CLASS M-6 (TO CALL)

CLASS M-6 (TO MATURITY)

CLASS M-7 (TO CALL)

CLASS M-8 (TO CALL)

CLASS M-8 (TO MATURITY)

[Class M-9 Prepayment Sensitivity provided upon request] BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. BEAR STEARNS BEAR, STEARNS & CO. INC. ATLANTA - BOSTON - CHICAGO ASSET-BACKED SECURITIES GROUP DALLAS - LOS ANGELES - NEW YORK 383 Madison Avenue SAN FRANCISCO -FRANKFURT - GENEVA New York, N.Y. 10179 HONG KONG - LONDON - PARIS - TOKYO (212) 272-2000; (212) 272-7294 fax NEW ISSUE COMPUTATIONAL MATERIALS (Part II of II) $[547,474,000] (APPROXIMATE) FREMONT HOME LOAN TRUST 2004-C, ASSET-BACKED CERTIFICATES, SERIES 2004-C [FREMONT INVESTMENT & LOAN LOGO] FREMONT INVESTMENT & LOAN Originator, Seller and Servicer WELLS FARGO BANK, N.A. Master Servicer and Trust Administrator FINANCIAL ASSET SECURITIES CORP. Depositor AUGUST 19, 2004 (REVISED AUGUST 23, 2004) BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. BEAR STEARNS BEAR, STEARNS & CO. INC. ATLANTA - BOSTON - CHICAGO ASSET-BACKED SECURITIES GROUP DALLAS - LOS ANGELES - NEW YORK 383 Madison Avenue SAN FRANCISCO -FRANKFURT - GENEVA New York, N.Y. 10179 HONG KONG - LONDON - PARIS - TOKYO (212) 272-2000; (212) 272-7294 fax STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION The information contained in the attached materials (the "Information") may include various forms of performance analysis, security characteristics and securities pricing estimates for the securities addressed. Please read and understand this entire statement before utilizing the Information. Should you receive Information that refers to the "Statement Regarding Assumptions and Other Information," please refer to this statement instead. The Information is illustrative and is not intended to predict actual results which may differ substantially from those reflected in the Information. Performance analysis is based on certain assumptions with respect to significant factors that may prove not to be as assumed. You should understand the assumptions and evaluate whether they are appropriate for your purposes. Performance results are based on mathematical models that use inputs to calculate results. As with all models, results may vary significantly depending upon the value of the inputs given. Inputs to these models include but are not limited to: prepayment expectations (economic prepayment models, single expected lifetime prepayments or a vector of periodic prepayments), interest rate assumptions (parallel and nonparallel changes for different maturity instruments), collateral assumptions (actual pool level data, aggregated pool level data, reported factors or imputed factors), volatility assumptions (historically observed or implied current) and reported information (paydown factors, rate resets, and trustee statements). Models used in any analysis may be proprietary making the results difficult for any third party to reproduce. Contact your registered representative for detailed explanations of any modeling techniques employed in the Information. The Information addresses only certain aspects of the applicable security's characteristics and thus does not provide a complete assessment. As such, the Information may not reflect the impact of all structural characteristics of the security, including call events and cash flow priorities at all prepayment speeds and/or interest rates. You should consider whether the behavior of these securities should be tested as assumptions different from those included in the Information. The assumptions underlying the Information, including structure and collateral, may be modified from time to time to reflect changed circumstances. Any investment decision should be based only on the data in the prospectus and the prospectus supplement or private placement memorandum (Offering Documents) and the then current version of the Information. Offering Documents contain data that is current as of their publication dates and after publication may no longer be complete or current. Contact your registered representative for Offering Documents, current Information or additional materials, including other models for performance analysis, which are likely to produce different results, and any further explanation regarding the Information. Any pricing estimates Bear Stearns has supplied at your request (a) represent our view, at the time determined, of the investment value of the securities between the estimated bid and offer levels, the spread between which may be significant due to market volatility or illiquidity, (b) do not constitute a bid by any person for any security, (c) may not constitute prices at which the securities could have been purchased or sold in any market, (d) have not been confirmed by actual trades, may vary from the value Bear Stearns assigns any such security while in its inventory, and may not take into account the size of a position you have in the security, and (e) may have been derived from matrix pricing that uses data relating to other securities whose prices are more readily ascertainable to produce a hypothetical price based on the estimated yield spread relationship between the securities. General Information: The data underlying the Information has been obtained from sources that we believe are reliable, but we do not guarantee the accuracy of the underlying data or computations based thereon. Bear Stearns. and/or individuals thereof may have positions in these securities while the Information is circulating or during such period may engage in transactions with the issuer or its affiliates. We act as principal in transactions with you, and accordingly, you must determine the appropriateness for you of such transactions and address any legal, tax, or accounting considerations applicable to you. Bear Stearns shall not be a fiduciary or advisor unless we have agreed in writing to receive compensation specifically to act in such capacities. If you are subject to ERISA, the Information is being furnished on the condition that it will not form a primary basis for any investment decision. The Information is not a solicitation of any transaction in securities which may be made only by prospectus when required by law, in which event you may obtain such prospectus from Bear Stearns. BEAR STEARNS THIS INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION (THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE NOT RECEIVED AND REVIEWED THIS STATEMENT. YOU MAY OBTAIN A COPY OF THE STATEMENT FROM YOUR SALES REPRESENTATIVE. FREMONT HOME LOAN TRUST 2004-C Computational Materials (Page 1) THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE COLLATERAL CONTAINED IN THE PROSPECTUS SUPPLEMENT. AGGREGATE MORTGAGE LOANS AS OF THE CUT-OFF DATE ~~TOTAL OUTSTANDING PRINCIPAL BALANCE: $555,814,115 NUMBER OF LOANS: 2,707~~

* States with less than 2% concentration.

* States with less than 2% concentration.

*States with less than 2% concentration.

FREMONT MORTGAGE SECURITIES CORP 8-K