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Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 18, 2002

Ace Securities Corp. Home Equity Loan Trust 2002-HE3 $583.9 million class A mortgage pass-through certificates are rated 'AAA' by Fitch Ratings In addition, Fitch rates the $49.5 million class M-1 mortgage pass-through certificates 'AA+', $32.4 million class M-2 mortgage pass-through certificates 'A' and $18.5 million class M-3 mortgage pass-through certificates 'BBB+'.

Credit enhancement for the 'AAA'-rated class A certificates reflects the 14.40% subordination provided by classes M-1, M-2, and M-3, monthly excess interest and initial over-collateralization (OC) of 1.90%. Credit enhancement for the 'AA+'-rated class M-1 certificates reflects the 7.30% subordination provided by classes M-2, and M-3, monthly excess interest and initial OC. Credit enhancement for the 'A'-rated class M-2 certificates reflects the 2.65% subordination provided by classes M-3, monthly excess interest and initial OC. The 'BBB' rating on the class M-3 certificates is supported by monthly excess interest and initial OC. In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of Wells Fargo Bank Minnesota, N.A. as master servicer reflected in their Fitch-assigned master servicer rating of 'RMS1'. Murrayhill Company will act as Credit Risk Manager and Bank One, N.A. will act as Trustee.

The mortgage loans have been divided into two loan groups, designated as the 'Group I Mortgage Loans' and 'Group II Mortgage Loans'. The Group I Mortgage Loans consist of fixed-rate and adjustable-rate mortgage loans that conform to agency loan limits. The Group II Mortgage Loans consist of fixed-rate and adjustable-rate mortgage loans with principal balances at origination that do not conform to agency loan limits.

The Group I Mortgage Loans, as of the cut-off date of Dec. 1, 2002, consist of 4,223 mortgage loans with an aggregate principal balance of $558,967,749. Approximately 72.12% of the mortgage loans are adjustable-rate and 27.88% are fixed-rate loans. As of the Cut-off date, the weighted average loan rate is approximately 8.44%. The weighted average remaining term to maturity is 344 months. The average cut-off date principal balance of the mortgage loans is approximately $132,363. The weighted average original loan-to-value ratio is 78.68%. The properties are primarily located in California (37.80%), Florida (7.23%) and Colorado (3.95%).

The Group II Mortgage Loans, as of the Cut-off date of Dec. 1, 2002, consist of 378 mortgage loans with an aggregate principal balance of $138,624,204. Approximately 65.31% of the mortgage loans are adjustable-rate and 34.61% are fixed rate loans. As of the cut-off date, the weighted average loan rate is approximately 7.67%. The weighted average remaining term to maturity is 340 months. The average cut-off date principal balance of the mortgage loans is approximately $366,731. The weighted average original loan-to-value ratio is 77.23%. The properties are primarily located in California (59.20%), Colorado (4.79%) and New York (3.35%).

All of the mortgage loans were purchased by Ace Securities Corp., the depositor from Deutsche Bank AG New York Branch, who previously acquired the mortgage loans from Wells Fargo Home Mortgage, Inc. (50.41%), Encore Credit Corporation (27.70%), HomeStar Mortgage Services, LLC (10.51%), Fremont Investment & Loan (6.61%), and People's Choice Home Loan, Inc. (4.77%).

The trust fund will make elections to treat some of its assets as one or more real estate mortgage investment conduits (REMICs) for federal income tax purposes.