Three classes of HSI Asset Securitization Corp. 2006-WMC1 mortgage pass-through certificates have been placed on Rating Watch Negative by Fitch Ratings.The affected securities are classes M-8, M-9, and M-10. In addition, Fitch affirmed the ratings on eight other classes in the transaction. The negative rating actions were attributed to a deterioration in the relationship between credit enhancement and expected losses, and the fact that the overcollateralization amount is approximately 30% short of its target amount. Fitch can be found on the Web at http://www.fitchratings.com.

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