Mortgage Loan Fitch Rates

Fitch Rates $609MM GSR Mortgage Loan Trust 2006-7F

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NEW YORK--(BUSINESS WIRE)--July 31, 2006--Fitch rates GSR Mortgage Loan Trust, series 2006-7F, residential mortgage pass-through certificates as follows:

-- $587,384,000 classes 1A-1, 2A-1 through 2A-13, 3A-1 through 3A-8, 4A-1 through 4A-14, 5A-1, 5A-2, and A-X (senior certificates) 'AAA';

-- $6,712,000 class M-1 'AA+';

-- $7,319,000 class B-1 'AA';

-- $3,659,000 class B-2 'A';

-- $1,829,000 class B-3 'BBB';

-- $1,219,000 class B-4 'BB';

-- $914,000 class B-5 'B.'

The 'AAA' rating on the senior certificates reflects the 3.70% subordination provided by the 1.10% class M-1, 1.20% class B-1, 0.60% class B-2, 0.30% class B-3, 0.20% privately offered class B-4, 0.15% privately offered class B-5, and 0.15% privately offered class B-6. Class B-6 is not rated by Fitch. The ratings also reflect the quality of the underlying collateral, the strength of the legal and financial structures, and the master servicing capabilities of Wells Fargo Bank, N.A., which is rated 'RMS1' by Fitch.

This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. Classes 2A-1, 2A-2, 2A-4, 2A-8, 2A-9, 4A-2, 4A-5, 4A-12, and 4A-13 are the exchangeable certificates. All other classes are regular certificates.

All or a portion of certain classes of offered certificates may be exchanged for a proportionate interest in the related exchangeable certificates. All or a portion of the exchangeable certificates may also be exchanged for the related offered certificates in the same manner. This process may occur repeatedly. The classes of offered certificates and of exchangeable certificates that are outstanding at any given time, and the outstanding principal balances and notional amounts of these classes, will depend upon any related distributions of principal, as well as any exchanges that occur. Offered certificates and exchangeable certificates in any combination may be exchanged only in the proportions shown in the governing documents. Holders of exchangeable certificates will be the beneficial owners of a proportionate interest in the certificates in the related combination group and will receive a proportionate share of the distributions on those certificates.

On each distribution date when exchangeable certificates are outstanding, principal distributions from the applicable related certificates are allocated to the related exchangeable certificates that are entitled to principal. The payment characteristics of the classes of exchangeable certificates will reflect the payment characteristics of their related classes of regular certificates.

As of the cut-off date, July 1, 2006, the pool of loans consists of 983 fixed-rate mortgage loans, which have 30-year amortization terms, with an approximate balance of $609,955,388. The mortgage pool has an average unpaid principal balance of $620,504 and a weighted average FICO score of 746. The weighted average amortized current loan-to-value (CLTV) ratio is 72.96%. Rate/Term and cash-out refinances represent 15.46 and 15.46%, respectively, of the mortgage loans. The states that represent the largest geographic concentration of mortgaged properties are California (37.88%), Florida (15.46%), and Virginia (6.16%). All other states comprise fewer than 5% of properties in the pool.

None of the mortgage loans are 'high cost' loans as defined under any local, state, or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' available on the Fitch Ratings web site at www.fitchratings.com.

GS Mortgage Securities Corp. purchased the mortgage loans from each seller and deposited the loans in the trust, which issued the certificates, representing undivided and beneficial ownership in the trust. For federal income tax purposes, the securities administrator will cause multiple real estate mortgage investment conduit (REMIC) elections to be made for the trust. Wells Fargo Bank, N.A. will act as securities administrator and U.S. Bank, N.A. will serve as the trustee.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.