NEW YORK -- Fitch rates GSR Mortgage Loan Trust, series 2006-2F, residential mortgage pass-through certificates as follows:

-- $708,720,000 classes 1A-1, 2A-1 through 2A-20, 3A-1 through 3A-6, 4A-1, 4A-2, 5A-1, 6A-1, 7A-1, and A-X (senior certificates) 'AAA';

-- $8,493,000 class M-1 'AA+';

-- $9,228,000 class B-1 'AA';

-- $4,429,000 class B-2 'A';

-- $2,583,000 class B-3 'BBB';

-- $1,845,000 class B-4 'BB';

-- $1,107,000 class B-5 'B'.

The 'AAA' rating on the senior certificates reflects the 4.00% subordination provided by the 1.15% class M-1, 1.25% class B-1, 0.60% class B-2, 0.35% class B-3, 0.25% privately offered class B-4, 0.15% privately offered class B-5, and 0.25% privately offered class B-6 (not rated by Fitch).

The ratings also reflect the quality of the underlying collateral, the strength of the legal and financial structures, and the master servicing capabilities of Wells Fargo Bank, N.A., which is rated 'RMS1' by Fitch.

This transaction contains certain classes designated as exchangeable certificates and others as regular certificates. Classes 2A-5, 2A-18, and 3A-6 are the exchangeable certificates. Classes 1A-1, 2A-1 through 2A-4, 2A-6 through 2A-17, 2A-19, 2A-20, 3A-1 through 3A-5, 3A-6, 4A-1, 4A-2, 5A-1, 6A-1, and 7A-1 are the regular certificates.

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