DBRS Rates Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-WF1, Asset-Backed Certificates, Series 2006-WF1

Dominion Bond Rating Service (“DBRS”) has assigned the above ratings to the Asset Backed Certificates, Series 2006-WF1 issued by Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-WF1.

The AAA ratings on the Class A certificates (“Senior Certificates”) reflect 20.20% of credit enhancement provided by the subordinate classes, initial overcollateralization (2.20%), and monthly excess spread. The AA (high) rating on Class M-1 reflects 16.80% of credit enhancement. The AA (high) rating on Class M-2 reflects 13.65% of credit enhancement. The AA rating on Class M-3 reflects 11.80% of credit enhancement. The AA (low) rating on Class M-4 reflects 10.15% of credit enhancement. The A (high) rating on Class M-5 reflects 8.65% of credit enhancement. The “A” rating on Class M-6 reflects 7.20% of credit enhancement. The A (low) rating on Class M-7 reflects 5.80% of credit enhancement. The BBB (high) rating on Class M-8 reflects 4.65% of credit enhancement. The BBB rating on Class M-9 reflects 3.90% of credit enhancement. The BBB (low) rating on Class B-1 reflects 3.10% of credit enhancement. The BB (high) rating on Class B-2 reflects 2.20% of credit enhancement.

The ratings of the certificates also reflect the quality of the underlying assets and the capabilities of Wells Fargo Bank, N.A as Servicer, Master Servicer, and Securities Administrator. HSBC Bank USA, National Association will act as Trustee. In addition, the certificates will be entitled to the benefits of an interest rate Swap Agreement provided by Bear Stearns Financial Products, Inc. The Trust will pay the Swap Provider a fixed payment at 5.614% per annum in exchange for a floating payment at one-month LIBOR.
Interest and principal payments collected from the mortgage loans will be distributed on the 25th day of each month commencing in July 2006. Interest will be first paid to the Senior Certificates concurrently and then sequentially to the subordinate classes. Until the step-down date, principal collected will be paid exclusively to the Senior Certificates unless they are paid down to zero. After the step-down date, and provided that certain performance tests have been met, principal payments will be distributed among the certificates of all classes on a pro rata basis. In addition, provided that certain performance tests have been met, the level of overcollateralization may be allowed to step down to 4.40% of the then-current balance of the mortgage loans.

The mortgage loans were originated or acquired by Wells Fargo Bank, N.A. As of the cut-off date (June 1, 2006), the aggregate principal balance of the mortgage loans is US$622,964,000. The weighted average mortgage rate is 7.950 %, the weighted average FICO is 619, and the weighted average original loan-to-value ratio is 80.60%%, without taking into consideration the combined loan-to-value on the piggybacked loans.

DBRS's rating definitions and the terms of use of such ratings are available at www.dbrs.com.

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