Fitch Rates $927.515M J.P. Morgan Mortgage Acquisition Corp, Series 2005-OPT2

Fitch ratings has rated the J.P. Morgan Mortgage Acquisition Corp. 2005-OPT2, asset-backed pass-through certificates, which closed on Dec. 21, 2005, are rated as follows by Fitch Ratings:

-- $739,689,000 classes A-1A, A1B, A-2 through A-4 'AAA';

-- $34,370,000 class M-1 'AA+';

-- $31,466,000 class M-2 'AA';

-- $19,848,000 class M-3 'AA-';

-- $16,459,000 class M-4 'A+';

-- $15,491,000 class M-5 'A';

-- $14,039,000 class M-6 'A-';

-- $13,555,000 class M-7 'BBB+';

-- $11,618,000 class M-8 'BBB';

-- $10,650,000 class M-9 'BBB-';

-- $10,650,000 privately offered class M-10 'BB+';

-- $9,680,000 privately offered class M-11 'BB'.

The 'AAA' rating on the senior certificates reflects the 23.60% initial credit enhancement provided by the 3.55% class M-1, the 3.25% class M-2, the 2.05% class M-3, the 1.70% class M-4, the 1.60% class M-5, the 1.45% class M-6, the 1.40% class M-7, the 1.20% class M-8, the 1.10% class M-9, the 1.10% privately offered class M-10, the 1.00% privately offered class M-11, and 4.20% initial and target overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings also reflect the quality of the loans, the integrity of the transaction's legal structure as well as the capabilities of Option One Mortgage Corp. as servicer, U.S. Bank national Association as trustee, and JPMorgan Chase bank as securities administrator.

The certificates are supported by two collateral groups. Group I mortgage loans consist of fixed-rate and adjustable-rate, first and second lien mortgage loans with principle balances that conform to Fannie Mae and Freddie Mac loan limits. The mortgage loans have a cut-off date pool balance of $453,138,211. Approximately 24.43% of the mortgage loans are fixed-rate mortgage loans and 75.57% are adjustable-rate mortgage loans. The weighted average loan rate is approximately 7.245%. The weighted average remaining term to maturity is 356 months. The average principal balance of the loans is approximately $170,545. The weighted average original loan-to-value ratio is 78.61%. The properties are primarily located in California (20.73%), Florida (12.09%), and Massachusetts (8.21%).

Group II mortgage loans, which total $515,040,503 as of the cut-off date, consist of fixed-rate and adjustable-rate mortgage loans secured by first and second liens on mortgaged properties that have original principal balances that may or may not conform to Fannie Mae and Freddie Mac guidelines. Approximately 24.35% of the mortgage loans are fixed-rate mortgage loans, and 75.65% are adjustable-rate mortgage loans. The weighted average loan rate is 7.195%, and the weighted average remaining term to maturity is 356 months. The average principal balance of the loans is $213,798, and the weighted average original loan-to-value ratio is 79.35%. The properties are primarily located in California (42.04%), New York (8.44%), and Florida (8.20%).

For federal income tax purposes, multiple real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust estate.

Option One was incorporated in 1992 and began originating and servicing subprime loans in February 1993. Option One is a subsidiary of Block Financial, which is, in turn, a subsidiary of H & R Block, Inc.

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