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Investor InformationAnalyst Communications/PresentationsStatement

Statement on Exposure to American Business Financial Services

January 4, 2005

FSA's net par exposure to securitizations of sub-prime residential mortgage loans originated by American Business Financial Services (ABFS), which has announced that it may seek bankruptcy protection, totals $263.7 million. Of this amount, $115.9 million represents three transactions serviced by others and therefore not affected by ongoing operations of ABFS. The remaining six issues serviced by ABFS have an aggregate net par outstanding amount of $147.8 million. All the transactions are performing well and have substantial first-loss coverage. In the event of a default, FSA has the right to transfer servicing from ABFS to a committed backup servicer. FSA does not expect to have losses on these transactions.