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Rating Action:

MOODY'S RATES AMERIQUEST'S PARK PLACE SECURITIES 2005-WHQ2 Deal Aaa

16 Jun 2005
MOODY'S RATES AMERIQUEST'S PARK PLACE SECURITIES 2005-WHQ2 Deal Aaa

Approximately $3.42 Billion of Mortgage-Backed Securities Rated

New York, June 16, 2005 -- Moody's Investors Service has assigned a rating of Aaa to the senior certificates issued in Park Place Securities Series 2005-WHQ2 transaction, and ratings ranging from Aa1 to Ba1 to the subordinate certificates in the deal.

The securitization is backed by subprime mortgage loans originated through Ameriquest's wholesale channel using underwriting guidelines that are slightly less stringent than those used by Ameriquest's retail channel. The ratings are based primarily on the credit quality of the loans and on various forms of credit enhancement including deep loan-level lender-paid mortgage insurance ("MI"), pool insurance policy, subordination, overcollateralization, excess interest and allocation of losses.

The transaction's structure utilizes MI for approximately 69.93% of the loan pool. Radian Guaranty Inc. (Radian) rated Aa3 by Moody's, provides the MI coverage. The Radian MI absorbs a significant amount of the risk associated with the underlying loans by reducing severity of loss if the insured loans default.

Approximately 99% of the collateral will be insured by a pool insurance policy issued by Radian. This policy will cover losses to the extent that such losses exceed 2.90% of the aggregate principal balance of the collateral balance as of the cut-off date and up to a limit of 3.50% of the aggregate collateral balance as of the cut-off date.

The credit quality of the loan pool is consistent with the mortgage loan pools backing recent Ameriquest wholesale securitizations. Park Place deals are different from traditional Ameriquest deals in that the Servicer will be a party other than Ameriquest. In this transaction, HomEq Servicing Corporation will act as Master Servicer, but future Park Place deals may involve different servicing entities. Moody's views HomEq as a strong servicer of subprime loans, as evidenced by its SQ1 servicer rating.

THE COMPLETE RATING ACTIONS ARE AS FOLLOWS:

Issuer: Park Place Securities, Inc.

Securities: Asset-Backed Pass-Through Certificates, Series 2005-WHQ2

Master Servicer: HomEq Servicing Corporation

Class Size Rating

Class A1A, $1,498,264,000, rated Aaa

Class A1B, $374,566,000, rated Aaa

Class A2A, $474,626,000, rated Aaa

Class A2B, $201,420,000, rated Aaa

Class A2C, $281,899,000, rated Aaa

Class A2D, $154,727,000, rated Aaa

Class M1, $92,750,000, rated Aa1

Class M2, $89,250,000, rated Aa2

Class M3, $49,000,000, rated Aa3

Class M4, $47,250,000, rated A1

Class M5, $42,000,000, rated A2

Class M6, $26,250,000, rated A3

Class M7, $28,000,000, rated Baa1

Class M8, $17,500,000, rated Baa2

Class M9, $17,500,000, rated Baa3

Class M10, $24,500,000, rated Ba1

Additional research is available on http://www.moodys.com.

New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Navneet Agarwal
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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