EX-99 2 ex99-1.txt EXHIBIT 99.1 SUBJECT TO REVISION COMPUTATIONAL MATERIALS DATED OCTOBER 26, 2005 -------------------------------------------------------------------------------- $316,989,000 (Approximate) [FIELDSTONE LOGO] INVESTMENT CORPORATION FIELDSTONE MORTGAGE INVESTMENT TRUST, SERIES 2005-3 FIELDSTONE MORTGAGE INVESTMENT CORPORATION Depositor FIELDSTONE INVESTMENT CORPORATION Seller WELLS FARGO BANK, N.A. Trust Administrator, Master Servicer and Custodian JPMORGAN CHASE BANK, NATIONAL ASSOCIATION Sub-Servicer October 26, 2005 -------------------------------------------------------------------------------- CREDIT | FIRST SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Computational Materials Disclaimer The information contained in the attached materials (the "Information") has been provided by Credit Suisse First Boston LLC ("CSFB"). The Information contained herein is preliminary and subject to change. The Information does not include all of the information required to be included in the final prospectus relating to the securities. As such, the Information may not reflect the impact of all structural characteristics of the securities. The assumptions underlying the Information, including structure and collateral, may be modified from time to time to reflect changed circumstances. Prospective investors in the securities should read the relevant documents filed, or to be filed, with the Securities and Exchange Commission (the "Commission") because they contain important information. Such documents may be obtained without charge at the Commission's website. Although a registration statement (including the base prospectus) relating to the securities discussed in this communication has been filed with the Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not yet been filed with the Commission. Prospective purchasers are recommended to review the final prospectus and prospectus supplement relating to the securities ("Offering Documents") discussed in this communication. Offering Documents contain data that is current as of their publication dates and after publication may no longer be complete or current. A final prospectus and prospectus supplement may be obtained by contacting the CSFB trading desk or from the Commission's website. There shall not be any offer or sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Please contact the CSFB Syndicate Desk at (212) 325-8549 for additional information. CREDIT | FIRST SUISSE | BOSTON Fieldstone Mortgage Investment Corp., Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Fieldstone Mortgage Investment Corp., Series 2005-3 $316,989,000 (Approximate) Subject to Revision

(1) Subject to a permitted variance of [+/- 5%]. (2) The Notes will be priced assuming 100% of the Prepayment Assumption to the 10% cleanup call. 100% of the Prepayment Assumption assumes, for the fixed rate mortgage loans, 20% HEP, and for the adjustable rate mortgage loans, 8% CPR for the first month and an additional 2% each month until reaching 30% CPR in month 12 and remaining constant through month 22, remaining constant at 55% CPR for months 23 through 27 and then remaining constant at 35% CPR for month 28 and thereafter. The CPR will be capped at a maximum of 95% for the adjustable rate mortgage loans. (3) On and after the Payment Date on which the aggregate unpaid principal balance of the Mortgage Loans as of the beginning of the related Due Period is less than 20% of the sum of (i) the aggregate unpaid principal balance of the Mortgage Loans as of the Cut-off Date and (ii) the initial Pre-Funding Amount (the "Cut-off Date Pool Balance"), Fieldstone Servicing Corp., as owner of the servicing rights, will have the option to purchase the remaining Mortgage Loans from the Trust. If Fieldstone Servicing Corp. has not exercised the optional termination right on the first Payment Date on which the aggregate unpaid balance of the Mortgage Loans as of the beginning of the related Due Period is less than 10% of the Cut-off Date Pool Balance, then on the following and each subsequent Payment Date, the margins for the Class A Notes will double, the margins for the Subordinate Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, will be multiplied by 1.5 and the coupon for the Class M10, Class M11, Class M12 and Class M13 Notes will increase by 0.50%. The interest rate on each of the Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, is subject to a cap equal to the lesser of (i) the Available Funds Rate and (ii) the Fixed Rate Cap and the interest rate on the Class M10, Class M11, Class M12 and Class M13 Notes is subject to a cap equal to the Available Funds Rate. (4) Assumes the Payment Date following the latest possible maturity date of any Mortgage Loan assuming a Subsequent Mortgage Loan having a maturity date of January 2036. CREDIT | FIRST 3 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Summary of Terms Title of the Notes Fieldstone Mortgage Investment Trust, Series 2005-3, consisting of: Class 1-A Notes (the "Group 1 Senior Notes") and Class 2-A1 Notes, Class 2-A2 Notes and Class 2-A3 Notes (the "Group 2 Senior Notes" and together with the Group 1 Senior Notes, the "Class A Notes") Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10, Class M11, Class M12 and Class M13 Notes (collectively, the "Class M Notes" or the "Subordinate Notes"). Collectively, the Class A Notes and the Class M Notes are referred to as the "Notes". Lead-Underwriter Credit Suisse First Boston LLC Co-Underwriters Bear, Stearns & Co. Inc., Lehman Brothers Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated Issuer Fieldstone Mortgage Investment Trust, Series 2005-3 Depositor Fieldstone Mortgage Investment Corporation Seller Fieldstone Investment Corporation Master Servicer, Custodian and Wells Fargo Bank, N.A. Trust Administrator Servicer Fieldstone Servicing Corp., a wholly-owned subsidiary of Fieldstone Investment Corporation Sub-Servicer JPMorgan Chase Bank, National Association ("Chase"). Chase has a subprime mortgage servicer rating of "Strong" from S&P, SQ1 from Moody's and RPS1 from Fitch, the highest rating category from S&P,Moody's and Fitch. As Sub-Servicer, Chase will perform all acts of primary servicing in respect of the Mortgage Loans. Indenture Trustee HSBC Bank USA, National Association Owner Trustee U.S. Bank Trust National Association Ratings Moody's Investor Services, Inc. ("Moody's"), Standard and Poor's Rating Services, Inc. ("S&P"), and Fitch Ratings ("Fitch"). Expected Pricing Date On or about October [28], 2005 Expected Closing Date November [23], 2005 Cut-off Date November 1, 2005 Payment Dates Payment of principal and interest on the Notes will be made on the 25th day of each month or, if such day is not a business day, on the first business day thereafter, commencing in December 2005. The first Payment Date will be December 27, 2005.

CREDIT | FIRST 4 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Delay Days The Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, will have 0 days delay. The Class M10, Class M11, Class M12 and Class M13 Notes will have 24 days delay. Day Count The Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, will accrue interest on an Actual/360 basis. The Class M10, Class M11, Class M12 and Class M13 Notes will accrue interest on a 30/360 basis. Denominations Minimum $100,000; increments $1 in excess thereof for the Notes. Accrued Interest The Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, will settle flat. The Class M10, Class M11, Class M12 and Class M13 Notes will settle with accrued interest. Accrual Period The "Accrual Period" with respect to the Notes, except for the Class M10, Class M11, Class M12 and Class M13 Notes, is the period from and including the preceding Payment Date (or from the Closing Date in the case of the first Payment Date) to and including the day prior to such Payment Date. The Accrual Period for the Class M10, Class M11, Class M12 and Class M13 Notes for each Payment Date will be the calendar month immediately preceding the month in which the Payment Date occurs. Due Period The period from the 2nd day of the immediately preceding calendar month through the 1st day of the current calendar month. Registration The Notes will be available in book-entry form through DTC and upon request through Clearstream, Luxembourg and the Euroclear System. Federal Tax Status The offered Notes are anticipated to be treated as debt, for Federal income tax purposes, and an opinion will be delivered to that effect from counsel to the Depositor. ERISA Eligibility The offered Notes are expected to be ERISA eligible, subject to limitations set forth in the final prospectus supplement. SMMEA Eligibility The Notes are not expected to be SMMEA eligible.

CREDIT | FIRST 5 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Initial Mortgage Loans As of November 1, 2005, the mortgage pool consists of 4,402 fully amortizing and balloon fixed rate and adjustable rate mortgage loans with an aggregate principal balance of approximately $875,331,945, and secured by first and second liens on primarily 1 - 4 family properties. On the Closing Date, these mortgage loans will be delivered to the trust (the "Initial Mortgage Loans"). Approximately 81.92% of the Initial Mortgage Loans are subject to prepayment penalties and approximately 61.22% of the Initial Mortgage Loans require borrower payments of interest only during their first 5 years. The mortgage pool will be divided into two groups referred to as Group 1 and Group 2. Group 1 will consist of fixed rate and adjustable rate mortgage loans (the "Group 1 Mortgage Loans") that had principal balances at origination of no more than $359,650 if a single-unit property (or $539,475 if the property is located in Hawaii or Alaska), $460,400 if a two-unit property (or $690,600 if the property is located in Hawaii or Alaska), $556,500 if a three-unit property (or $834,750 if the property is located in Hawaii or Alaska), or $691,600 if a four-unit property (or $1,037,400 if the property is located in Hawaii or Alaska) and second lien fixed rate mortgage loans that had a principal balance at origination of no more than $179,825 (or $269,773.50 if the property is located in Hawaii or Alaska). Group 2 will consist of fixed rate and adjustable rate mortgage loans (the "Group 2 Mortgage Loans") that had principal balances at origination that may or may not conform to the criteria specified above for mortgage loans included in Group 1. For collateral statistics please see the "Collateral Summary" herein. Subsequent Mortgage Loans After the Closing Date, in addition to the Initial Mortgage Loans, approximately $290,000,000 of subsequent mortgage loans will be added to the trust, consisting of approximately (i) $103,387,449 of conforming balance mortgage loans (the "Subsequent Group 1 Mortgage Loans") and (ii) approximately $186,612,551 of conforming balance and non-conforming balance mortgage loans (the "Subsequent Group 2 Mortgage Loans"). The Subsequent Group 1 Mortgage Loans and the Subsequent Group 2 Mortgage Loans are collectively referred to herein as the "Subsequent Mortgage Loans." The Initial Mortgage Loans and the Subsequent Mortgage Loans are collectively referred to herein as the "Mortgage Loans". Pre-Funding Account On the Closing Date, a deposit of approximately $290,000,000 (the "Pre-Funding Amount") will be made to an account (the "Pre-Funding Account"). Approximately $103,387,449 will be used to purchase Subsequent Group 1 Mortgage Loans and $186,612,551 will be used to purchase Subsequent Group 2 Mortgage Loans. During the period from the Closing Date to February 22, 2006 (the "Pre-Funding Period"), the Pre-Funding Amount will be used to purchase Subsequent Mortgage Loans having similar characteristics as the Initial Mortgage Loans. Cut-off Date Pool Balance The aggregate unpaid principal balance of the Mortgage Loans as of the Cut-off Date and the initial Pre-Funding Amount. This Cut-off Date Pool Balance will be approximately $1,165,331,945. Repurchase or Substitution of The Servicer shall have the option at any time Mortgage Loans to purchase any delinquent Mortgage Loan or substitute an eligible Substitute Mortgage Loan for any delinquent Mortgage Loan as defined in the Transfer and Servicing Agreement. In addition, in connection with its management of the liquidation of defaulted Mortgage Loans, the Servicer will have sole discretion, subject to the terms of the Transfer and Servicing Agreement, to sell delinquent Mortgage Loans; provided, however, that the Servicer shall not take any action that is inconsistent with or prejudices the interest of the noteholders in any Mortgage Loan or the rights and interest of the Depositor, the Indenture Trustee, the Master Servicer, the Trust Administrator and the noteholders.

CREDIT | FIRST 6 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Total Deal Size Approximately $1,156,009,000. Optional Termination On and after the first Payment Date on which the aggregate unpaid principal balance of the Mortgage Loans (the "Pool Balance") as of the beginning of the related Due Period is less than 20% of the Cut-off Date Pool Balance, Fieldstone Servicing Corp., as owner of the servicing rights, will have the option to purchase the remaining Mortgage Loans from the Trust. If Fieldstone Servicing Corp. has not exercised its optional termination right on the first Payment Date on which the aggregate unpaid balance of the Mortgage Loans as of the beginning of the related Due Period is less than 10% of the Cut-off Date Pool Balance, then on each subsequent Payment Date, the margins for the Class A Notes will double, the margins for the Subordinate Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, will be multiplied by 1.5 and the coupon on the Class M10, Class M11, Class M12 and Class M13 Notes will increase by 0.50%. Servicing Fee 50 basis points per annum (0.50%) on the outstanding principal balance of each Mortgage Loan as of the first day of any Due Period. Master Servicer and Trust 0.20 basis points per annum (0.0020%) on the Administrator Fee outstanding principal balance of each Mortgage Loan as of the first day of any Due Period. Owner Trustee Fee $3,000 per annum, payable monthly. Note Rate The Note Rate on each Class of Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, is equal to the least of (i) the Formula Rate, (ii) the Available Funds Rate and (iii) the Fixed Rate Cap. The Note Rate for the first Payment Date for such Notes will equal the Formula Rate. The Class M10, Class M11, Class M12 and Class M13 Notes will initially accrue interest at a rate equal to the lesser of (i) [5.00]% per annum, and (ii) the Available Funds Rate. After the Payment Date on which the aggregate principal balance of the Mortgage Loans is less than 10% of the Cut-off Date Pool Balance, the rate referred to in clause (i) will increase to [5.50]% per annum. Formula Rate One-Month LIBOR plus a margin for each class of Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes. Available Funds Rate For any Payment Date and for any Class of Notes, (a) the amount of all interest received in respect of the Mortgage Loans with respect to the related Due Period plus any net swap payments received by the trust for that Payment Date, less expenses of the trust (including the servicing fee, master servicing fee, owner trustee fee and securities administrator fee) and less any net swap payments to the swap counterparty for such Payment Date divided by (b) the product of (i) the aggregate Note principal balance as of the first day of the related Accrual Period multiplied by (ii) (A) the actual number of days in the related Accrual Period (or, in the case of the Class M10, Class M11, Class M12 and Class M13 Notes, 30) divided by (B) 360. Fixed Rate Cap As to any Payment Date (other than the first Payment Date), a per annum rate equal to 12.25%. Monthly Interest The interest accrued during the related Accrual Period at the applicable Note Rate.

CREDIT | FIRST 7 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Available Funds Shortfall To the extent that the amount of interest payable to a Class of Notes on any Payment Date at (a) the lesser of (i) the Formula Rate and (ii) the Fixed Rate Cap would exceed (b) the amount of interest payable at the Available Funds Rate (such excess, an "Available Funds Shortfall"), that Class will be entitled (1) to the amount of such Available Funds Shortfall and (2) the aggregate of all Available Funds Shortfalls for such Class of Notes for all previous Payment Dates, together with interest thereon at the applicable Note Rate computed without regard to the Available Funds Rate less all payments made with respect to such Class of Notes in respect of such Available Funds Shortfalls prior to such Payment Date. Swap Contract The Trust will include a swap derivative *Preliminary and Subject to contract for the benefit of the Notes (the Revision** "Swap Contract"). The Trust will make payments based on a fixed rate of approximately [4.49]% and the applicable notional balance for the Payment Date specified below and the Trust will receive payments based on one-month LIBOR and the applicable notional balance for the Payment Date specified below. If, on any Payment Date, the Trust receives net swap payments under the swap contract, the amounts received by the Trust will be included with interest funds. ----------------------------------- Payment Date Notional Balance ($) ----------------------------------- 12/25/2005 700,000,000 1/25/2006 700,000,000 2/25/2006 600,000,000 3/25/2006 600,000,000 4/25/2006 550,000,000 5/25/2006 550,000,000 6/25/2006 600,000,000 7/25/2006 600,000,000 8/25/2006 600,000,000 9/25/2006 550,000,000 10/25/2006 550,000,000 11/25/2006 550,000,000 12/25/2006 500,000,000 1/25/2007 450,000,000 2/25/2007 450,000,000 3/25/2007 450,000,000 4/25/2007 450,000,000 5/25/2007 425,000,000 6/25/2007 450,000,000 7/25/2007 325,000,000 8/25/2007 275,000,000 9/25/2007 250,000,000 10/25/2007 125,000,000 11/25/2007 100,000,000 12/25/2007 100,000,000 1/25/2008 100,000,000 2/25/2008 100,000,000 3/25/2008 75,000,000 4/25/2008 75,000,000 5/25/2008 75,000,000 6/25/2008 25,000,000 7/25/2008 25,000,000 8/25/2008 25,000,000 9/25/2008 25,000,000 10/25/2008 25,000,000 11/25/2008 25,000,000 12/25/2008 25,000,000 1/25/2009 25,000,000 ------------------------------- Credit Enhancements Consist of the following: 1. Net Monthly Excess Cashflow; 2. Any net swap payments received from the swap counterparty; 3. Overcollateralization Amount; and 4. Subordination. Overcollateralization Excess interest will be used to pay down the principal balance of the Notes so the Pool Balance exceeds the aggregate Note balance ("Overcollateralization" or "O/C"). The "Overcollateralization Amount" with respect to any Payment Date will be the amount by which the Pool Balance exceeds the aggregate outstanding Note principal balance.

CREDIT | FIRST 8 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Overcollateralization Target Prior to the Stepdown Date, equal to 0.80% of the Cut-off Date Pool Balance. *Preliminary and Subject to On or after the Stepdown Date, equal to the Revision** lesser of (x) 0.80% of the Cut-off Date Pool Balance and (y) 1.60% of the Pool Balance as of the end of the related Due Period, subject to a floor equal to 0.50% of the Cut-off Date Pool Balance, provided, however, if a Trigger Event has occurred on the related Payment Date, the Overcollateralization Target is the same as the Overcollateralization Target on the preceding Payment Date. Subordination: Class Rating (M/S/F) Subordination -------------------------------------- A Aaa/AAA/AAA 23.70% M1 Aa1/AA+/AA+ 19.90% M2 Aa2/AA+/AA 16.35% M3 Aa3/AA+/AA- 13.95% M4 A1/AA+/A+ 12.25% M5 A2/AA/A 10.60% M6 A3/AA/A- 9.00% M7 Baa1/A+/BBB+ 7.40% M8 Baa2/A+/BBB 6.10% M9 Baa3/A/BBB- 5.00% M10 NR/A-/NR 3.20% M11 NR/BBB+/NR 2.20% M12 NR/BBB/NR 1.45% M13 NR/BBB-/NR 0.80% -------------------------------------- (1) The initial Subordination Percentages include the Initial Overcollateralization Amount of 0.80%. Stepdown Date The earlier of (i) the first Payment Date on which the aggregate note principal balance of the Class A Notes has been reduced to zero and (ii) the later to occur of (1) the Payment Date in December 2008 or (2) the first Payment Date on which the aggregate note principal balance of the Class A Notes (after giving effect to payments of the principal funds amount for such Payment Date) is less than or equal to 52.60% of the aggregate stated principal balance of the Mortgage Loans as of the end of the immediately preceding Due Period. Subordinate Class Principal The first Payment Date on which the Senior Payment Date Enhancement Percentage (i.e., the sum of the outstanding principal balance of the Class M Notes and the Overcollateralization Amount divided by the aggregate stated principal balance of the Mortgage Loans) is greater than or equal to the "Senior Specified Enhancement Percentage", which is equal to two times the initial Class A subordination percentage (including the Initial Overcollateralization Amount). Senior Specified Enhancement Percentage: [47.40]% or [([22.90]%+[0.80]%)*2]

CREDIT | FIRST 9 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Trigger Event The situation that exists with respect to any *Preliminary and Subject to Payment Date after the Stepdown Date, if (a) Revision** the quotient of (1) the aggregate stated principal balance of all Mortgage Loans 60 or more days delinquent, measured on a rolling three month basis (including Mortgage Loans in foreclosure and REO Properties) and (2) the stated principal balance of all the Mortgage Loans as of the beginning of the related Due Period), equals or exceeds the product of (i) 33.75% and (ii) the required Class A subordination percentage for such Payment Date, (b) the quotient (expressed as a percentage) of (1) the aggregate realized losses incurred from the Cut-off Date through the last day of the calendar month preceding such Payment Date and (2) the Cut-off Date Pool Balance exceeds the Required Loss Percentage shown below or (c) a subordinate principal shortfall exists. -------------------------------------------------------------- PAYMENT DATE OCCURRING REQUIRED LOSS PERCENTAGE -------------------------------------------------------------- Dec 2007 to Nov 2008 1.60% with respect to December 2007, plus an additional 1/12th of 1.95% for each month thereafter Dec 2008 to Nov 2009 3.55% with respect to December 2008, plus an additional 1/12th of 1.45% for each month thereafter Dec 2009 to Nov 2010 5.00% with respect to December 2009, plus an additional 1/12th of 1.00% for each month thereafter Dec 2010 to Nov 2011 6.00% with respect to December 2010, plus an additional 1/12th of 0.25% for each month thereafter Dec 2011 and thereafter 6.25% (Preliminary and Subject to Revision) --------------------------------------------------------------

CREDIT | FIRST 10 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Cashflow Priority *Preliminary and Subject to Revision** 1. Repayment of any unreimbursed Servicer advances. 2. Servicing Fees and Master Servicing and Trust Administrator Fees. 3. Owner Trustee Fee. 4. To pay to the swap counterparty, to the extent not previously paid from the collection account, any net swap payment or swap termination payment owed to the swap counterparty pursuant to the Swap Contract in the event that the Trust is the defaulting party or an affected party under the Swap Contract, to be paid from available interest funds in respect of the Group 1 Mortgage Loans and the Group 2 Mortgage Loans in an amount proportionate to their respective loan balance. 5. Available interest funds (as well as any swap payments received from the swap counterparty), as follows: (A) for available interest funds from Group 1 Mortgage Loans, Monthly Interest to the Class 1-A Notes, then Monthly Interest pro rata to the Class 2-A1 Notes, the Class 2-A2 Notes and the Class 2-A3 Notes, then Monthly Interest to the Class M1 Notes, then Monthly Interest to the Class M2 Notes, then Monthly Interest to the Class M3 Notes, then Monthly Interest to the Class M4 Notes, then Monthly Interest to the Class M5 Notes, then Monthly Interest to the Class M6 Notes, then Monthly Interest to the Class M7 Notes, then Monthly Interest to the Class M8 Notes, then Monthly Interest to the Class M9 Notes, then Monthly Interest to the Class M10 Notes, then Monthly Interest to the Class M11 Notes, then Monthly Interest to the Class M12 Notes and then Monthly Interest to the Class M13 Notes; and (B) for available interest funds from Group 2 Mortgage Loans, Monthly Interest pro rata to the Class 2-A1 Notes, the Class 2-A2 Notes and the Class 2-A3 Notes, then Monthly Interest to the Class 1-A Notes, then Monthly Interest to the Class M1 Notes, then Monthly Interest to the Class M2 Notes, then Monthly Interest to the Class M3 Notes, then Monthly Interest to the Class M4 Notes, then Monthly Interest to the Class M5 Notes, then Monthly Interest to the Class M6 Notes, then Monthly Interest to the Class M7 Notes, then Monthly Interest to the Class M8 Notes, then Monthly Interest to the Class M9 Notes, then Monthly Interest to the Class M10 Notes, then Monthly Interest to the Class M11 Notes, then Monthly Interest to the Class M12 Notes and then Monthly Interest to the Class M13 Notes. 6. To pay unpaid Monthly Interest from prior Payment Dates. 7. To pay any unreimbursed Owner Trustee, Master Servicer, Trust Administrator, Servicer and Sub-Servicer costs to the extent provided in the Transfer and Servicing Agreement. 8. To pay to the swap counterparty, to the extent not previously paid from the collection account, any swap termination payment owed to the swap counterparty pursuant to the Swap Contract, in the event that the Trust is the defaulting party or an affected party under the Swap Contract, to be paid from available principal funds in respect of the Group 1 Mortgage Loans and the Group 2 Mortgage Loans in an amount proportionate to their respective loan balance. 9. Available principal funds, as follows: monthly principal to the Class A Notes as described under "PRINCIPAL PAYDOWN", then monthly principal to the Class M1 Notes, then monthly principal to the Class M2 Notes, then monthly principal to the Class M3 Notes, then monthly principal to the Class M4 Notes, then monthly principal to the Class M5 Notes, then monthly principal to the Class M6 Notes, then monthly principal to the Class M7 Notes, then monthly principal to the Class M8 Notes, then monthly principal to the Class M9 Notes, then monthly principal to the Class M10 Notes, then monthly principal to the Class M11 Notes, then monthly principal to the Class M12 Notes and then monthly principal to the Class M13 Notes in each case as described under "PRINCIPAL PAYDOWN." 10. Excess interest in the order as described under "PRINCIPAL PAYDOWN" to the extent that the Overcollateralization Target exceeds the Overcollateralization Amount. 11. Excess interest and any OC release to pay any Available Funds Shortfall in respect of the Notes in the order of priority as set forth under "Principal Paydown". 12. Excess interest and any OC release to pay interest on subordinate principal shortfalls. 13. Any remaining amount will be paid in accordance with the Indenture and will not be available for payment to holders of the Notes. CREDIT | FIRST 11 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Principal Paydown Prior to the Stepdown Date, and whenever a Trigger Event is in effect: 1. Scheduled and unscheduled principal and recoveries received from the Group 1 Mortgage Loans less OC release and the Group 1 Principal Payment Percentage of excess spread to the extent payable as principal to increase the Overcollateralization Amount to the Overcollateralization Target (the "Group 1 Principal Collections") will be paid to the Class 1-A Notes until the principal balance of the Class 1-A Notes has been reduced to zero. 2. Scheduled and unscheduled principal and recoveries received from the Group 2 Mortgage Loans less OC release and the Group 2 Principal Payment Percentage of excess spread to the extent payable as principal to increase the Overcollateralization Amount to the Overcollateralization Target (the "Group 2 Principal Collections") will be paid to the Class 2-A1 Notes until the principal balance of the Class 2-A1 Notes has been reduced to zero, then to the Class 2-A2 Notes until the principal balance of the Class 2-A2 Notes has been reduced to zero and then to the Class 2-A3 Notes until the principal balance of the Class 2-A3 Notes has been reduced to zero. The Group 1 Principal Payment Percentage means with respect to any Payment Date, the fraction expressed as a percentage, the numerator of which is the amount of scheduled and unscheduled principal and recoveries received with respect to Group 1 Mortgage Loans and payable on such Payment Date, and the denominator of which is the amount of scheduled and unscheduled principal and recoveries received from all of the Mortgage Loans and distributable on such Payment Date. Group 2 Principal Payment Percentage means with respect to any Payment Date, the fraction expressed as a percentage, the numerator of which is the amount of scheduled and unscheduled principal and recoveries received with respect to Group 2 Mortgage Loans and payable on such Payment Date, and the denominator of which is the amount of scheduled and unscheduled principal and recoveries received from all of the Mortgage Loans and distributable on such Payment Date. After the Note principal balance of each Class of the Group 1 Senior Notes or of the Group 2 Senior Notes has been reduced to zero, the amounts referred to in (1) or (2) above, as applicable, will be paid to the remaining Class A Notes in the manner referred to in (1) or (2), as the case may be. After the aggregate Note principal balance of the Class A Notes has been reduced to zero, the amounts referred to in (1) and (2) above will be paid sequentially to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10, Class M11, Class M12 and Class M13 Notes. On or after the Stepdown Date and as long as a Trigger Event is not in effect: All Notes will be entitled to receive payments of principal, in the following order of priority: 1) first, (a) the Group 1 Principal Collections will be paid to the Group 1 Senior Notes, and (b) the Group 2 Principal Collections will be paid to the Group 2 Senior Notes, in each case up to the amounts necessary to maintain the subordination for the Class A Notes at its required level, as set out below; 2) second, (a) if the Group 1 Senior Notes has been reduced to zero and any Class of the Group 2 Senior Notes remains outstanding, then the Group 1 Principal Collections will be paid to the Group 2 Senior Notes, and (b) if each Class of the Group 2 Senior Notes has been reduced to zero and the Group 1 Senior Notes remains outstanding, then the Group 2 Principal Collections will be paid to the Group 1 Senior Notes, in each case up to the amounts necessary to maintain the subordination for the Class A Notes at its required level, as set out below; and 3) third, principal will then be allocated sequentially to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10, Class M11, Class M12 and Class M13 Notes, in each case up to amounts necessary to maintain the subordination for each such Class at its required level. Payments made to the Group 2 Senior Notes under (1) or (2) above will be allocated among each Class of Group 2 Senior Notes on a sequential basis, with amounts in accordance with the amount being paid to the Class 2-A1 Notes until the principal balance of the Class 2-A1 Notes has been reduced to zero, then to the Class 2-A2 Notes until the CREDIT | FIRST 12 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- principal balance of the Class 2-A2 Notes has been reduced to zero and then to the Class 2-A3 Notes until the principal balance of the Class 2-A3 Notes has been reduced to zero. The required levels of subordination referred to above are as follows:

(1) Includes the Overcollateralization Target Amount. Prospectus The Notes will be offered pursuant to a Prospectus which includes a Prospectus Supplement (together, the "Prospectus"). Complete information with respect to the Notes and the Mortgage Loans is contained in the Prospectus. The foregoing is qualified in its entirety by the information appearing in the Prospectus. To the extent that the foregoing is inconsistent with the Prospectus, the Prospectus shall govern in all respects. Sales of the Notes may not be consummated unless the purchaser has received the Prospectus. Mortgage Loan Tables The following tables describe the mortgage loans and the related mortgaged properties as of the Cut-off Date. The sum of the columns below may not equal the total indicated due to rounding.

CREDIT | FIRST 13 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Aggregate Collateral Summary ~~Aggregate Outstanding Principal Balance $875,331,945 Aggregate Original Principal Balance $875,745,037 Number of Mortgage Loans 4,402~~

---------- (1) Sum of Principal Balance divided by total number of loans. (2) Weighted by Outstanding Principal Balance. (3) Minimum and Weighting only for loans with scores. CREDIT | FIRST 14 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Mortgage Rates for the Aggregate Mortgage Loans

As of the Cut-off Date, Mortgage Rates borne by the Mortgage Loans ranged from 6.150% per annum to 10.990% per annum and the weighted average Mortgage Rate of the Mortgage Loans was approximately 7.278% per annum. Remaining Months to Stated Maturity for the Aggregate Mortgage Loans

As of the Cut-off Date, the remaining term to stated maturity of the Mortgage Loans ranged from 176 months to 360 months and the weighted average term to stated maturity of the Mortgage Loans was approximately 351 months. CREDIT | FIRST 15 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Outstanding Mortgage Loan Principal Balances for the Aggregate Mortgage Loans

As of the Cut-off Date, the outstanding principal balances of the Mortgage Loans ranged from approximately $19,788.65 to approximately $1,196,729.87 and the average outstanding principal balance of the Mortgage Loans was approximately $198,848.69. CREDIT | FIRST 16 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Product Types for the Aggregate Mortgage Loans

Amortization Types for the Aggregate Mortgage Loans

Loan Programs for the Aggregate Mortgage Loans

CREDIT | FIRST 17 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- State Distributions of Mortgaged Properties for the Aggregate Mortgage Loans

No more than approximately 0.54% of the Mortgage Loans will be secured by mortgaged properties located in any one zip code. CREDIT | FIRST 18 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Original Loan-to-Value Ratios for the Aggregate Mortgage Loans

As of the Cut-off Date, the Original Loan-to-Value Ratios of the Mortgage Loans ranged from 14.41% to 100.00% and the weighted average Original Loan-to-Value was approximately 82.40%. Combined Loan-to-Value Ratios for the Aggregate Mortgage Loans

As of the Cut-off Date, the Combined Loan-to-Value Ratios of the Mortgage Loans ranged from 14.41% to 100.00% and the weighted average Combined Loan-to-Value was approximately 92.35%. Loan Purpose for the Aggregate Mortgage Loans

CREDIT | FIRST 19 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Property Type for the Aggregate Mortgage Loans

Documentation for the Aggregate Mortgage Loans

Occupancy for the Aggregate Mortgage Loans

The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. CREDIT | FIRST 20 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Mortgage Loan Age Summary for the Aggregate Mortgage Loans

As of the Cut-off Date, the weighted average age of the Mortgage Loans was approximately 2 months. Original Prepayment Penalty Term for the Aggregate Mortgage Loans

The weighted average prepayment penalty term at origination with respect to the Mortgage Loans having prepayment penalties is approximately 25 months. Credit Scores for the Aggregate Mortgage Loans

The Credit Scores of the Mortgage Loans that were scored as of the Cut-off Date ranged from 502 to 815 and the weighted average Credit Score of the Mortgage Loans that were scored as of the Cut-off Date was approximately 650. CREDIT | FIRST 21 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Credit Grade for the Aggregate Mortgage Loans

Margins for the Aggregate Adjustable-Rate Mortgage Loans

As of the Cut-off Date, the Gross Margins for the Adjustable Rate Mortgage Loans ranged from 3.000% per annum to 6.750% per annum and the weighted average Gross Margin of the Adjustable Rate Mortgage Loans was approximately 5.729% per annum. Maximum Mortgage Rates for the Aggregate Adjustable-Rate Mortgage Loans

As of the Cut-off Date, the Maximum Mortgage Rates for the Adjustable Rate Mortgage Loans ranged from 12.150% per annum to 16.600% per annum and the weighted average Maximum Mortgage Rate of the Adjustable Rate Mortgage Loans was approximately 13.154% per annum. CREDIT | FIRST 22 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Next Rate Adjustment Date for the Aggregate Adjustable-Rate Mortgage Loans

Lien Type for the Aggregate Mortgage Loans

CREDIT | FIRST 23 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Group 1 Collateral Summary ~~Aggregate Outstanding Principal Balance $312,063,230 Aggregate Original Principal Balance $312,199,961 Number of Mortgage Loans 1,964~~

---------- (1) Sum of Principal Balance divided by total number of loans. (2) Weighted by Outstanding Principal Balance. (3) Minimum and Weighting only for loans with scores. CREDIT | FIRST 24 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Mortgage Rates for the Group 1 Mortgage Loans

As of the Cut-off Date, Mortgage Rates borne by the Group 1 Mortgage Loans ranged from 6.150% per annum to 10.990% per annum and the weighted average Mortgage Rate of the Group 1 Mortgage Loans was approximately 7.370% per annum. Remaining Months to Stated Maturity for the Group 1 Mortgage Loans

As of the Cut-off Date, the remaining term to stated maturity of the Group 1 Mortgage Loans ranged from 177 months to 360 months and the weighted average term to stated maturity of the Group 1 Mortgage Loans was approximately 353 months. CREDIT | FIRST 25 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Outstanding Mortgage Loan Principal Balances for the Group 1 Mortgage Loans

As of the Cut-off Date, the outstanding principal balances of the Group 1 Mortgage Loans ranged from approximately $19,788.65 to approximately $600,000.00 and the average outstanding principal balance of the Group 1 Mortgage Loans was approximately $158,891.66. CREDIT | FIRST 26 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Product Types for the Group 1 Mortgage Loans

Amortization Types for the Group 1 Mortgage Loans

Loan Programs for the Group 1 Mortgage Loans

CREDIT | FIRST 27 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- State Distributions of Mortgaged Properties for the Group 1 Mortgage Loans

No more than approximately 0.53% of the Group 1 Mortgage Loans will be secured by mortgaged properties located in any one zip code. CREDIT | FIRST 28 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Original Loan-to-Value Ratios for the Group 1 Mortgage Loans

As of the Cut-off Date, the Original Loan-to-Value Ratios of the Group 1 Mortgage Loans ranged from 30.33% to 100.00% and the weighted average Original Loan-to-Value of the Group 1 Mortgage Loans was approximately 81.38%. Combined Loan-to-Value Ratios for the Group 1 Mortgage Loans

As of the Cut-off Date, the Combined Loan-to-Value Ratios of the Group 1 Mortgage Loans ranged from 30.33% to 100.00% and the weighted average Combined Loan-to-Value of the Group 1 Mortgage Loans was approximately 89.81%. Loan Purpose for the Group 1 Mortgage Loans

CREDIT | FIRST 29 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Property Type for the Group 1 Mortgage Loans

Documentation for the Group 1 Mortgage Loans

Occupancy for the Group 1 Mortgage Loans

The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. CREDIT | FIRST 30 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Mortgage Loan Age Summary for the Group 1 Mortgage Loans

As of the Cut-off Date, the weighted average age of the Group 1 Mortgage Loans was approximately 2 months. Original Prepayment Penalty Term for the Group 1 Mortgage Loans

The weighted average prepayment penalty term at origination with respect to the Group 1 Mortgage Loans having prepayment penalties is approximately 25 months. Credit Scores for the Group 1 Mortgage Loans

The Credit Scores of the Group 1 Mortgage Loans that were scored as of the Cut-off Date ranged from 503 to 804 and the weighted average Credit Score of the Group 1 Mortgage Loans that were scored as of the Cut-off Date was approximately 642. CREDIT | FIRST 31 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Credit Grade for the Group 1 Mortgage Loans

Margins for the Group 1 Adjustable-Rate Mortgage Loans

As of the Cut-off Date, the Gross Margins for the Group 1 Adjustable Rate Mortgage Loans ranged from 3.000% per annum to 6.750% per annum and the weighted average Gross Margin of the Group 1 Adjustable Rate Mortgage Loans was approximately 5.755% per annum. Maximum Mortgage Rates for the Group 1 Adjustable-Rate Mortgage Loans

As of the Cut-off Date, the Maximum Mortgage Rates for the Group 1 Adjustable Rate Mortgage Loans ranged from 12.150% per annum to 16.600% per annum and the weighted average Maximum Mortgage Rate of the Group 1 Adjustable Rate Mortgage Loans was approximately 13.275% per annum. CREDIT | FIRST 32 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Next Rate Adjustment Date for the Group 1 Adjustable-Rate Mortgage Loans

Lien Type for the Group 1 Mortgage Loans

CREDIT | FIRST 33 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Hypothetical Available Funds Rate Table Class A and Class M Notes

(1) Available Funds Rate means for any Payment Date and for any Class of Notes, (a) the amount of all interest received in respect of the Mortgage Loans with respect to the related Due Period plus any net swap payments received by the trust for that Payment Date, less expenses of the trust (including the servicing fee, master servicing fee, owner trustee fee and securities administrator fee) and less any net swap payments to the swap counterparty for such Payment Date divided by (b) the product of (i) the aggregate Note principal balance as of the first day of the related Accrual Period multiplied by (ii) (A) the actual number of days in the related Accrual Period (or, in the case of the Class M10, Class M11, Class M12 and Class M13 Notes, 30) divided by (B) 360. Subject to the Fixed Rate Cap of 12.25%. (2) Assumes no losses, 20% cleanup call, 100% of the prepayment assumption on the mortgage loans, and 1 month LIBOR and 6 month LIBOR remain constant at 4.051% and 4.376%, respectively. (3) Assumes no losses, 20% cleanup call, 100% of the prepayment assumption on the mortgage loans, and 1 month LIBOR and 6 month LIBOR remain constant at 4.051% and 4.376%, respectively, for the first Payment Date and all increase to 20.00% after the first Payment Date. CREDIT | FIRST 34 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Bond Sensitivity Tables (to 20% Call) Class 1-A

CREDIT | FIRST 35 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Bond Sensitivity Tables (to 10% Call) Class 1-A

CREDIT | FIRST 36 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Bond Sensitivity Tables (to Maturity) Class 1-A

CREDIT | FIRST 37 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Excess Spread The table below displays excess spread in basis points. Calculations are run to 10% call at both static (1ML = 4.051%, 6ML = 4.376%)and fwd LIBOR. Excess spread means the per annum rate equal to 12 times the quotient of (x) the difference between (a) the total scheduled interest of the Mortgage Loans based on the net mortgage rates in effect on the related due date (as well as any swap payments received from the swap counterparty) minus (b) the total interest due on the Notes, the Owner Trustee Fee and net swap payments owed to the swap counterparty, divided by (y) the aggregate principal balance of the Notes as of the first day of the applicable accrual period multiplied by 30 and divided by the actual number of days in the related accrual period. Other assumptions include: (1) prepayment speed of 100% PPC for the mortgage loans, (2) no defaults and no losses:

CREDIT | FIRST 38 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- CSFB Contacts

Rating Agency Contacts

CREDIT | FIRST 39 SUISSE | BOSTON SUBJECT TO REVISION COMPUTATIONAL MATERIALS DATED OCTOBER 26, 2005 -------------------------------------------------------------------------------- $1,156,009,000 (Approximate) [FIELDSTONE LOGO] FIELDSTONE MORTGAGE INVESTMENT TRUST, SERIES 2005-3 FIELDSTONE MORTGAGE INVESTMENT CORPORATION Depositor FIELDSTONE INVESTMENT CORPORATION Seller WELLS FARGO BANK, N.A. Trust Administrator, Master Servicer and Custodian JPMORGAN CHASE BANK, NATIONAL ASSOCIATION Sub-Servicer October 26, 2005 -------------------------------------------------------------------------------- CREDIT | FIRST SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Computational Materials Disclaimer The information contained in the attached materials (the "Information") has been provided by Credit Suisse First Boston LLC ("CSFB"). The Information contained herein is preliminary and subject to change. The Information does not include all of the information required to be included in the final prospectus relating to the securities. As such, the Information may not reflect the impact of all structural characteristics of the securities. The assumptions underlying the Information, including structure and collateral, may be modified from time to time to reflect changed circumstances. Prospective investors in the securities should read the relevant documents filed, or to be filed, with the Securities and Exchange Commission (the "Commission") because they contain important information. Such documents may be obtained without charge at the Commission's website. Although a registration statement (including the base prospectus) relating to the securities discussed in this communication has been filed with the Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not yet been filed with the Commission. Prospective purchasers are recommended to review the final prospectus and prospectus supplement relating to the securities ("Offering Documents") discussed in this communication. Offering Documents contain data that is current as of their publication dates and after publication may no longer be complete or current. A final prospectus and prospectus supplement may be obtained by contacting the CSFB trading desk or from the Commission's website. There shall not be any offer or sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Please contact the CSFB Syndicate Desk at (212) 325-8549 for additional information. CREDIT | FIRST SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Fieldstone Mortgage Investment Corp., Series 2005-3 $1,156,009,000 (Approximate) Subject to Revision

(1) Subject to a permitted variance of [+/- 5%]. (2) The Notes will be priced assuming 100% of the Prepayment Assumption to the 10% cleanup call. 100% of the Prepayment Assumption assumes, for the fixed rate mortgage loans, 20% HEP, and for the adjustable rate mortgage loans, 8% CPR for the first month and an additional 2% each month until reaching 30% CPR in month 12 and remaining constant through month 22, remaining constant at 55% CPR for months 23 through 27 and then remaining constant at 35% CPR for month 28 and thereafter. The CPR will be capped at a maximum of 95% for the adjustable rate mortgage loans. (3) On and after the Payment Date on which the aggregate unpaid principal balance of the Mortgage Loans as of the beginning of the related Due Period is less than 20% of the sum of (i) the aggregate unpaid principal balance of the Mortgage Loans as of the Cut-off Date and (ii) the initial Pre-Funding Amount (the "Cut-off Date Pool Balance"), Fieldstone Servicing Corp., as owner of the servicing rights, will have the option to purchase the remaining Mortgage Loans from the Trust. If Fieldstone Servicing Corp. has not exercised the optional termination right on the first Payment Date on which the aggregate unpaid balance of the Mortgage Loans as of the beginning of the related Due Period is less than 10% of the Cut-off Date Pool Balance, then on the following and each subsequent Payment Date, the margins for the Class A Notes will double, the margins for the Subordinate Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, will be multiplied by 1.5 and the coupon for the Class M10, Class M11, Class M12 and Class M13 Notes will increase by 0.50%. The interest rate on each of the Notes, excluding the Class M10, Class M11, Class M12 and Class M13 Notes, is subject to a cap equal to the lesser of (i) the Available Funds Rate and (ii) the Fixed Rate Cap and the interest rate on the Class M10, Class M11, Class M12 and Class M13 Notes is subject to a cap equal to the Available Funds Rate. (4) Assumes the Payment Date following the latest possible maturity date of any Mortgage Loan assuming a Subsequent Mortgage Loan having a maturity date of January 2036. CREDIT | FIRST 3 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Summary of Terms Title of the Notes Fieldstone Mortgage Investment Trust, Series 2005-3, consisting of: Class 1-A Notes (the "Group 1 Senior Notes") and Class 2-A1 Notes, Class 2-A2 Notes and Class 2-A3 Notes (the "Group 2 Senior Notes" and together with the Group 1 Senior Notes, the "Class A Notes") Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10, Class M11, Class M12 and Class M13 Notes (collectively, the "Class M Notes" or the "Subordinate Notes"). Collectively, the Class A Notes and the Class M Notes are referred to as the "Notes". Lead-Underwriter Credit Suisse First Boston LLC Co-Underwriters Bear, Stearns & Co. Inc., Lehman Brothers Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated Issuer Fieldstone Mortgage Investment Trust, Series 2005-3 Depositor Fieldstone Mortgage Investment Corporation Seller Fieldstone Investment Corporation Master Servicer, Custodian and Wells Fargo Bank, N.A. Trust Administrator Servicer Fieldstone Servicing Corp., a wholly-owned subsidiary of Fieldstone Investment Corporation Sub-Servicer JPMorgan Chase Bank, National Association ("Chase"). Chase has a subprime mortgage servicer rating of "Strong" from S&P, SQ1 from Moody's and RPS1 from Fitch, the highest rating category from S&P, Moody's and Fitch. As Sub-Servicer, Chase will perform all acts of primary servicing in respect of the Mortgage Loans. Indenture Trustee HSBC Bank USA, National Association Owner Trustee U.S. Bank Trust National Association Ratings Moody's Investor Services, Inc. ("Moody's"), Standard and Poor's Rating Services, Inc. ("S&P"), and Fitch Ratings ("Fitch"). Expected Pricing Date On or about October [28], 2005 Expected Closing Date November [23], 2005 Cut-off Date November 1, 2005 Payment Dates Payment of principal and interest on the Notes will be made on the 25th day of each month or, if such day is not a business day, on the first business day thereafter, commencing in December 2005. The first Payment Date will be December 27, 2005.

CREDIT | FIRST 7 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Available Funds Shortfall To the extent that the amount of interest payable to a Class of Notes on any Payment Date at (a) the lesser of (i) the Formula Rate and (ii) the Fixed Rate Cap would exceed (b) the amount of interest payable at the Available Funds Rate (such excess, an "Available Funds Shortfall"), that Class will be entitled (1) to the amount of such Available Funds Shortfall and (2) the aggregate of all Available Funds Shortfalls for such Class of Notes for all previous Payment Dates, together with interest thereon at the applicable Note Rate computed without regard to the Available Funds Rate less all payments made with respect to such Class of Notes in respect of such Available Funds Shortfalls prior to such Payment Date. Swap Contract The Trust will include a swap derivative [Preliminary and Subject to contract for the benefit of the Notes (the Revision] "Swap Contract"). The Trust will make payments based on a fixed rate of approximately [4.49]% and the applicable notional balance for the Payment Date specified below and the Trust will receive payments based on one-month LIBOR and the applicable notional balance for the Payment Date specified below. If, on any Payment Date, the Trust receives net swap payments under the swap contract, the amounts received by the Trust will be included with interest funds. ----------------------------------- Payment Date Notional Balance ($) ----------------------------------- 12/25/2005 700,000,000 1/25/2006 700,000,000 2/25/2006 600,000,000 3/25/2006 600,000,000 4/25/2006 550,000,000 5/25/2006 550,000,000 6/25/2006 600,000,000 7/25/2006 600,000,000 8/25/2006 600,000,000 9/25/2006 550,000,000 10/25/2006 550,000,000 11/25/2006 550,000,000 12/25/2006 500,000,000 1/25/2007 450,000,000 2/25/2007 450,000,000 3/25/2007 450,000,000 4/25/2007 450,000,000 5/25/2007 425,000,000 6/25/2007 450,000,000 7/25/2007 325,000,000 8/25/2007 275,000,000 9/25/2007 250,000,000 10/25/2007 125,000,000 11/25/2007 100,000,000 12/25/2007 100,000,000 1/25/2008 100,000,000 2/25/2008 100,000,000 3/25/2008 75,000,000 4/25/2008 75,000,000 5/25/2008 75,000,000 6/25/2008 25,000,000 7/25/2008 25,000,000 8/25/2008 25,000,000 9/25/2008 25,000,000 10/25/2008 25,000,000 11/25/2008 25,000,000 12/25/2008 25,000,000 1/25/2009 25,000,000 ----------------------------------- Credit Enhancements Consist of the following: 1. Net Monthly Excess Cashflow; 2. Any net swap payments received from the swap counterparty; 3. Overcollateralization Amount; and 4. Subordination. Overcollateralization Excess interest will be used to pay down the principal balance of the Notes so the Pool Balance exceeds the aggregate Note balance ("Overcollateralization" or "O/C"). The "Overcollateralization Amount" with respect to any Payment Date will be the amount by which the Pool Balance exceeds the aggregate outstanding Note principal balance.

CREDIT | FIRST 8 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Overcollateralization Target Prior to the Stepdown Date, equal to 0.80% of [Preliminary and Subject to the Cut-off Date Pool Balance. Revision] On or after the Stepdown Date, equal to the lesser of (x) 0.80% of the Cut-off Date Pool Balance and (y) 1.60% of the Pool Balance as of the end of the related Due Period, subject to a floor equal to 0.50% of the Cut-off Date Pool Balance, provided, however, if a Trigger Event has occurred on the related Payment Date, the Overcollateralization Target is the same as the Overcollateralization Target on the preceding Payment Date. -------------------------------------- Subordination: Class Rating (M/S/F) Subordination -------------------------------------- A Aaa/AAA/AAA 23.70% M1 Aa1/AA+/AA+ 19.90% M2 Aa2/AA+/AA 16.35% M3 Aa3/AA+/AA- 13.95% M4 A1/AA+/A+ 12.25% M5 A2/AA/A 10.60% M6 A3/AA/A- 9.00% M7 Baa1/A+/BBB+ 7.40% M8 Baa2/A+/BBB 6.10% M9 Baa3/A/BBB- 5.00% M10 NR/A-/NR 3.20% M11 NR/BBB+/NR 2.20% M12 NR/BBB/NR 1.45% M13 NR/BBB-/NR 0.80% -------------------------------------- (1) The initial Subordination Percentages include the Initial Overcollateralization Amount of 0.80%. Stepdown Date The earlier of (i) the first Payment Date on which the aggregate note principal balance of the Class A Notes has been reduced to zero and (ii) the later to occur of (1) the Payment Date in December 2008 or (2) the first Payment Date on which the aggregate note principal balance of the Class A Notes (after giving effect to payments of the principal funds amount for such Payment Date) is less than or equal to 52.60% of the aggregate stated principal balance of the Mortgage Loans as of the end of the immediately preceding Due Period. Subordinate Class Principal The first Payment Date on which the Senior Payment Date Enhancement Percentage (i.e., the sum of the outstanding principal balance of the Class M Notes and the Overcollateralization Amount divided by the aggregate stated principal balance of the Mortgage Loans) is greater than or equal to the "Senior Specified Enhancement Percentage", which is equal to two times the initial Class A subordination percentage (including the Initial Overcollateralization Amount). Senior Specified Enhancement Percentage: [47.40]% or [([22.90]%+[0.80]%)*2]

CREDIT | FIRST 9 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Trigger Event The situation that exists with respect to any [Preliminary and Subject to Payment Date after the Stepdown Date, if (a) Revision] the quotient of (1) the aggregate stated principal balance of all Mortgage Loans 60 or more days delinquent, measured on a rolling three month basis (including Mortgage Loans in foreclosure and REO Properties) and (2) the stated principal balance of all the Mortgage Loans as of the beginning of the related Due Period), equals or exceeds the product of (i) 33.75% and (ii) the required Class A subordination percentage for such Payment Date, (b) the quotient (expressed as a percentage) of (1) the aggregate realized losses incurred from the Cut-off Date through the last day of the calendar month preceding such Payment Date and (2) the Cut-off Date Pool Balance exceeds the Required Loss Percentage shown below or (c) a subordinate principal shortfall exists. ------------------------------------------------------------------------------------------- PAYMENT DATE OCCURRING REQUIRED LOSS PERCENTAGE ------------------------------------------------------------------------------------------- Dec 2007 to Nov 2008 1.60% with respect to December 2007, plus an additional 1/12th of 1.95% for each month thereafter Dec 2008 to Nov 2009 3.55% with respect to December 2008, plus an additional 1/12th of 1.45% for each month thereafter Dec 2009 to Nov 2010 5.00% with respect to December 2009, plus an additional 1/12th of 1.00% for each month thereafter Dec 2010 to Nov 2011 6.00% with respect to December 2010, plus an additional 1/12th of 0.25% for each month thereafter Dec 2011 and thereafter 6.25% (Preliminary and Subject to Revision) -------------------------------------------------------------------------------------------

CREDIT | FIRST 10 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Cashflow Priority [Preliminary and Subject to Revision] 1. Repayment of any unreimbursed Servicer advances. 2. Servicing Fees and Master Servicing and Trust Administrator Fees. 3. Owner Trustee Fee. 4. To pay to the swap counterparty, to the extent not previously paid from the collection account, any net swap payment or swap termination payment owed to the swap counterparty pursuant to the Swap Contract in the event that the Trust is the defaulting party or an affected party under the Swap Contract, to be paid from available interest funds in respect of the Group 1 Mortgage Loans and the Group 2 Mortgage Loans in an amount proportionate to their respective loan balance. 5. Available interest funds (as well as any swap payments received from the swap counterparty), as follows: (A) for available interest funds from Group 1 Mortgage Loans, Monthly Interest to the Class 1-A Notes, then Monthly Interest pro rata to the Class 2-A1 Notes, the Class 2-A2 Notes and the Class 2-A3 Notes, then Monthly Interest to the Class M1 Notes, then Monthly Interest to the Class M2 Notes, then Monthly Interest to the Class M3 Notes, then Monthly Interest to the Class M4 Notes, then Monthly Interest to the Class M5 Notes, then Monthly Interest to the Class M6 Notes, then Monthly Interest to the Class M7 Notes, then Monthly Interest to the Class M8 Notes, then Monthly Interest to the Class M9 Notes, then Monthly Interest to the Class M10 Notes, then Monthly Interest to the Class M11 Notes, then Monthly Interest to the Class M12 Notes and then Monthly Interest to the Class M13 Notes; and (B) for available interest funds from Group 2 Mortgage Loans, Monthly Interest pro rata to the Class 2-A1 Notes, the Class 2-A2 Notes and the Class 2-A3 Notes, then Monthly Interest to the Class 1-A Notes, then Monthly Interest to the Class M1 Notes, then Monthly Interest to the Class M2 Notes, then Monthly Interest to the Class M3 Notes, then Monthly Interest to the Class M4 Notes, then Monthly Interest to the Class M5 Notes, then Monthly Interest to the Class M6 Notes, then Monthly Interest to the Class M7 Notes, then Monthly Interest to the Class M8 Notes, then Monthly Interest to the Class M9 Notes, then Monthly Interest to the Class M10 Notes, then Monthly Interest to the Class M11 Notes, then Monthly Interest to the Class M12 Notes and then Monthly Interest to the Class M13 Notes. 6. To pay unpaid Monthly Interest from prior Payment Dates. 7. To pay any unreimbursed Owner Trustee, Master Servicer, Trust Administrator, Servicer and Sub-Servicer costs to the extent provided in the Transfer and Servicing Agreement. 8. To pay to the swap counterparty, to the extent not previously paid from the collection account, any swap termination payment owed to the swap counterparty pursuant to the Swap Contract, in the event that the Trust is the defaulting party or an affected party under the Swap Contract, to be paid from available principal funds in respect of the Group 1 Mortgage Loans and the Group 2 Mortgage Loans in an amount proportionate to their respective loan balance. 9. Available principal funds, as follows: monthly principal to the Class A Notes as described under "PRINCIPAL PAYDOWN", then monthly principal to the Class M1 Notes, then monthly principal to the Class M2 Notes, then monthly principal to the Class M3 Notes, then monthly principal to the Class M4 Notes, then monthly principal to the Class M5 Notes, then monthly principal to the Class M6 Notes, then monthly principal to the Class M7 Notes, then monthly principal to the Class M8 Notes, then monthly principal to the Class M9 Notes, then monthly principal to the Class M10 Notes, then monthly principal to the Class M11 Notes, then monthly principal to the Class M12 Notes and then monthly principal to the Class M13 Notes in each case as described under "PRINCIPAL PAYDOWN." 10. Excess interest in the order as described under "PRINCIPAL PAYDOWN" to the extent that the Overcollateralization Target exceeds the Overcollateralization Amount. 11. Excess interest and any OC release to pay any Available Funds Shortfall in respect of the Notes in the order of priority as set forth under "Principal Paydown". 12. Excess interest and any OC release to pay interest on subordinate principal shortfalls. 13. Any remaining amount will be paid in accordance with the Indenture and will not be available for payment to holders of the Notes. CREDIT | FIRST 11 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Principal Paydown Prior to the Stepdown Date, and whenever a Trigger Event is in effect: 1. Scheduled and unscheduled principal and recoveries received from the Group 1 Mortgage Loans less OC release and the Group 1 Principal Payment Percentage of excess spread to the extent payable as principal to increase the Overcollateralization Amount to the Overcollateralization Target (the "Group 1 Principal Collections") will be paid to the Class 1-A Notes until the principal balance of the Class 1-A Notes has been reduced to zero. 2. Scheduled and unscheduled principal and recoveries received from the Group 2 Mortgage Loans less OC release and the Group 2 Principal Payment Percentage of excess spread to the extent payable as principal to increase the Overcollateralization Amount to the Overcollateralization Target (the "Group 2 Principal Collections") will be paid to the Class 2-A1 Notes until the principal balance of the Class 2-A1 Notes has been reduced to zero, then to the Class 2-A2 Notes until the principal balance of the Class 2-A2 Notes has been reduced to zero and then to the Class 2-A3 Notes until the principal balance of the Class 2-A3 Notes has been reduced to zero. The Group 1 Principal Payment Percentage means with respect to any Payment Date, the fraction expressed as a percentage, the numerator of which is the amount of scheduled and unscheduled principal and recoveries received with respect to Group 1 Mortgage Loans and payable on such Payment Date, and the denominator of which is the amount of scheduled and unscheduled principal and recoveries received from all of the Mortgage Loans and distributable on such Payment Date. Group 2 Principal Payment Percentage means with respect to any Payment Date, the fraction expressed as a percentage, the numerator of which is the amount of scheduled and unscheduled principal and recoveries received with respect to Group 2 Mortgage Loans and payable on such Payment Date, and the denominator of which is the amount of scheduled and unscheduled principal and recoveries received from all of the Mortgage Loans and distributable on such Payment Date. After the Note principal balance of each Class of the Group 1 Senior Notes or of the Group 2 Senior Notes has been reduced to zero, the amounts referred to in (1) or (2) above, as applicable, will be paid to the remaining Class A Notes in the manner referred to in (1) or (2), as the case may be. After the aggregate Note principal balance of the Class A Notes has been reduced to zero, the amounts referred to in (1) and (2) above will be paid sequentially to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10, Class M11, Class M12 and Class M13 Notes. On or after the Stepdown Date and as long as a Trigger Event is not in effect: All Notes will be entitled to receive payments of principal, in the following order of priority: 1) first, (a) the Group 1 Principal Collections will be paid to the Group 1 Senior Notes, and (b) the Group 2 Principal Collections will be paid to the Group 2 Senior Notes, in each case up to the amounts necessary to maintain the subordination for the Class A Notes at its required level, as set out below; 2) second, (a) if the Group 1 Senior Notes has been reduced to zero and any Class of the Group 2 Senior Notes remains outstanding, then the Group 1 Principal Collections will be paid to the Group 2 Senior Notes, and (b) if each Class of the Group 2 Senior Notes has been reduced to zero and the Group 1 Senior Notes remains outstanding, then the Group 2 Principal Collections will be paid to the Group 1 Senior Notes, in each case up to the amounts necessary to maintain the subordination for the Class A Notes at its required level, as set out below; and 3) third, principal will then be allocated sequentially to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10, Class M11, Class M12 and Class M13 Notes, in each case up to amounts necessary to maintain the subordination for each such Class at its required level. Payments made to the Group 2 Senior Notes under (1) or (2) above will be allocated among each Class of Group 2 Senior Notes on a sequential basis, with amounts in accordance with the amount being paid to the Class 2-A1 Notes until the principal balance of the Class 2-A1 Notes has been reduced to zero, then to the Class 2-A2 Notes until the CREDIT | FIRST 12 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- principal balance of the Class 2-A2 Notes has been reduced to zero and then to the Class 2-A3 Notes until the principal balance of the Class 2-A3 Notes has been reduced to zero. The required levels of subordination referred to above are as follows:

------------------------------------------------------------------------------- (1) Sum of Principal Balance divided by total number of loans. (2) Weighted by Outstanding Principal Balance. (3) Minimum and Weighting only for loans with scores. CREDIT | FIRST 14 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Mortgage Rates for the Aggregate Mortgage Loans

Amortization Types for the Aggregate Mortgage Loans

Loan Programs for the Aggregate Mortgage Loans

Documentation for the Aggregate Mortgage Loans

Occupancy for the Aggregate Mortgage Loans

The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. CREDIT | FIRST 20 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. ------------------------------------------------------------------------------- Mortgage Loan Age Summary for the Aggregate Mortgage Loans

As of the Cut-off Date, the weighted average age of the Mortgage Loans was approximately 2 months. Original Prepayment Penalty Term for the Aggregate Mortgage Loans

The weighted average prepayment penalty term at origination with respect to the Mortgage Loans having prepayment penalties is approximately 25 months. Credit Scores for the Aggregate Mortgage Loans

Margins for the Aggregate Adjustable-Rate Mortgage Loans

Lien Type for the Aggregate Mortgage Loans

------------------------------------------------------------------------------- (1) Sum of Principal Balance divided by total number of loans. (2) Weighted by Outstanding Principal Balance. (3) Minimum and Weighting only for loans with scores. CREDIT | FIRST 24 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Mortgage Rates for the Group 1 Mortgage Loans

Amortization Types for the Group 1 Mortgage Loans

Loan Programs for the Group 1 Mortgage Loans

Documentation for the Group 1 Mortgage Loans

Occupancy for the Group 1 Mortgage Loans

As of the Cut-off Date, the weighted average age of the Group 1 Mortgage Loans was approximately 2 months. Original Prepayment Penalty Term for the Group 1 Mortgage Loans

Margins for the Group 1 Adjustable-Rate Mortgage Loans

Lien Type for the Group 1 Mortgage Loans

CREDIT | FIRST 33 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Group 2 Collateral Summary ~~Aggregate Outstanding Principal Balance $563,268,715 Aggregate Original Principal Balance $563,545,077 Number of Mortgage Loans 2,438~~

------------------------------------------------------------------------------- (1) Sum of Principal Balance divided by total number of loans. (2) Weighted by Outstanding Principal Balance. (3) Minimum and Weighting only for loans with scores. CREDIT | FIRST 34 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Mortgage Rates for the Group 2 Mortgage Loans

As of the Cut-off Date, Mortgage Rates borne by the Group 2 Mortgage Loans ranged from 6.150% per annum to 10.900% per annum and the weighted average Mortgage Rate of the Group 2 Mortgage Loans was approximately 7.228% per annum. Remaining Months to Stated Maturity for the Group 2 Mortgage Loans

As of the Cut-off Date, the remaining term to stated maturity of the Group 2 Mortgage Loans ranged from 176 months to 360 months and the weighted average term to stated maturity of the Group 2 Mortgage Loans was approximately 350 months. CREDIT | FIRST 35 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Outstanding Mortgage Loan Principal Balances for the Group 2 Mortgage Loans

As of the Cut-off Date, the outstanding principal balances of the Group 2 Mortgage Loans ranged from approximately $19,978.07 to approximately $1,196,729.87 and the average outstanding principal balance of the Group 2 Mortgage Loans was approximately $231,037.21. CREDIT | FIRST 36 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Product Types for the Group 2 Mortgage Loans

Amortization Types for the Group 2 Mortgage Loans

Loan Programs for the Group 2 Mortgage Loans

No more than approximately 0.82% of the Group 2 Mortgage Loans will be secured by mortgaged properties located in any one zip code. CREDIT | FIRST 38 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Original Loan-to-Value Ratios for the Group 2 Mortgage Loans

As of the Cut-off Date, the Original Loan-to-Value Ratios of the Group 2 Mortgage Loans ranged from 14.41% to 100.00% and the weighted average Original Loan-to-Value of the Group 2 Mortgage Loans was approximately 82.97%. Combined Loan-to-Value Ratios for the Group 2 Mortgage Loans

As of the Cut-off Date, the Combined Loan-to-Value Ratios of the Group 2 Mortgage Loans ranged from 14.41% to 100.00% and the weighted average Combined Loan-to-Value of the Group 2 Mortgage Loans was approximately 93.76%. Loan Purpose for the Group 2 Mortgage Loans

CREDIT | FIRST 39 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Property Type for the Group 2 Mortgage Loans

Documentation for the Group 2 Mortgage Loans

Occupancy for the Group 2 Mortgage Loans

The information set forth above with respect to occupancy is based upon representations of the related mortgagors at the time of origination. CREDIT | FIRST 40 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Mortgage Loan Age Summary for the Group 2 Mortgage Loans

As of the Cut-off Date, the weighted average age of the Group 2 Mortgage Loans was approximately 2 months. Original Prepayment Penalty Term for the Group 2 Mortgage Loans

The weighted average prepayment penalty term at origination with respect to the Group 2 Mortgage Loans having prepayment penalties is approximately 25 months. Credit Scores for the Group 2 Mortgage Loans

The Credit Scores of the Group 2 Mortgage Loans that were scored as of the Cut-off Date ranged from 502 to 815 and the weighted average Credit Score of the Group 2 Mortgage Loans that were scored as of the Cut-off Date was approximately 654. CREDIT | FIRST 41 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Credit Grade for the Group 2 Mortgage Loans

Margins for the Group 2 Adjustable-Rate Mortgage Loans

As of the Cut-off Date, the Gross Margins for the Group 2 Adjustable Rate Mortgage Loans ranged from 3.000% per annum to 6.250% per annum and the weighted average Gross Margin of the Group 2 Adjustable Rate Mortgage Loans was approximately 5.715% per annum. Maximum Mortgage Rates for the Group 2 Adjustable-Rate Mortgage Loans

As of the Cut-off Date, the Maximum Mortgage Rates for the Group 2 Adjustable Rate Mortgage Loans ranged from 12.150% per annum to 16.550% per annum and the weighted average Maximum Mortgage Rate of the Group 2 Adjustable Rate Mortgage Loans was approximately 13.087% per annum. CREDIT | FIRST 42 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Next Rate Adjustment Date for the Group 2 Adjustable-Rate Mortgage Loans

Lien Type for the Group 2 Mortgage Loans

CREDIT | FIRST 43 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Hypothetical Available Funds Rate Table Class A and Class M Notes

(1) Available Funds Rate means for any Payment Date and for any Class of Notes, (a) the amount of all interest received in respect of the Mortgage Loans with respect to the related Due Period plus any net swap payments received by the trust for that Payment Date, less expenses of the trust (including the servicing fee, master servicing fee, owner trustee fee and securities administrator fee) and less any net swap payments to the swap counterparty for such Payment Date divided by (b) the product of (i) the aggregate Note principal balance as of the first day of the related Accrual Period multiplied by (ii) (A) the actual number of days in the related Accrual Period (or, in the case of the Class M10, Class M11, Class M12 and Class M13 Notes, 30) divided by (B) 360. Subject to the Fixed Rate Cap of 12.25%. (2) Assumes no losses, 20% cleanup call, 100% of the prepayment assumption on the mortgage loans, and 1 month LIBOR and 6 month LIBOR remain constant at 4.051% and 4.376%, respectively. (3) Assumes no losses, 20% cleanup call, 100% of the prepayment assumption on the mortgage loans, and 1 month LIBOR and 6 month LIBOR remain constant at 4.051% and 4.376%, respectively, for the first Payment Date and all increase to 20.00% after the first Payment Date. CREDIT | FIRST 44 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Bond Sensitivity Tables (to 20% Call)

CREDIT | FIRST 45 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. --------------------------------------------------------------------------------

CREDIT | FIRST 46 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Bond Sensitivity Tables (to 10% Call)

CREDIT | FIRST 47 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. --------------------------------------------------------------------------------

CREDIT | FIRST 48 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Bond Sensitivity Tables (to Maturity)

CREDIT | FIRST 49 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. --------------------------------------------------------------------------------

CREDIT | FIRST 50 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Breakeven CDR Table The table below displays the Constant Default Rate ("CDR"), and the related cumulative collateral loss percentage, that can be sustained without the referenced Class incurring a writedown. Calculations are run to maturity at both static and forward LIBOR. Other assumptions incorporated include: (1) prepayment speed is 100% of the Prepayment Assumption, (2) 40% loss severity, (3) 12 month lag from default to loss, (4) triggers fail (i.e., no stepdown) and (5) 100% principal and interest advanced:

---------- (1) Assumes 1 month LIBOR and 6 month LIBOR remain constant at 4.051% and 4.376%, respectively. CREDIT | FIRST 51 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- Excess Spread The table below displays excess spread in basis points. Calculations are run to 10% call at both static (1ML = 4.051%, 6ML = 4.376%) and fwd LIBOR. Excess spread means the per annum rate equal to 12 times the quotient of (x) the difference between (a) the total scheduled interest of the Mortgage Loans based on the net mortgage rates in effect on the related due date (as well as any swap payments received from the swap counterparty) minus (b) the total interest due on the Notes, the Owner Trustee Fee and net swap payments owed to the swap counterparty, divided by (y) the aggregate principal balance of the Notes as of the first day of the applicable accrual period multiplied by 30 and divided by the actual number of days in the related accrual period. Other assumptions include: (1) prepayment speed of 100% PPC for the mortgage loans, (2) no defaults and no losses:

CREDIT | FIRST 52 SUISSE | BOSTON Fieldstone Mortgage Investment Trust, Series 2005-3 This page must be accompanied by a disclaimer. If you did not receive such a disclaimer, please contact Credit Suisse First Boston LLC. -------------------------------------------------------------------------------- CSFB Contacts

Rating Agency Contacts

CREDIT | FIRST 53 SUISSE | BOSTON

Fieldstone Mortgage Investment CORP 8-K