<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
ABS NEW TRANSACTION
FREE WRITING PROSPECTUS
$[1,874,757,000] (APPROXIMATE)
FIRST FRANKLIN MORTGAGE LOAN TRUST
MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
SERIES 2005-FF12
MERRILL LYNCH MORTGAGE LENDING, INC.
SELLER
MERRILL LYNCH MORTGAGE INVESTORS, INC.
DEPOSITOR
FIRST FRANKLIN FINANCIAL CORP.
ORIGINATOR
NATIONAL CITY HOME LOAN SERVICES
SERVICER
[TBD]
MASTER SERVICER
[TBD]
TRUSTEE
DECEMBER 12, 2005
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
1
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
IMPORTANT NOTICES
The depositor has filed a registration
statement (including a prospectus) with
the SEC (File no. 333-127233) for the
offering to which this free writing
prospectus relates. Before you invest, you
should read the prospectus in that
registration statement and other documents
the issuer has filed with the SEC for
more complete information about the issuer
and this offering. You may get these
documents for free by visiting EDGAR on the
SEC Web site at www.sec.gov.
Alternatively, the issuer, any underwriter
or any dealer participating in the
offering will arrange to send you the
prospectus when it is available if you
request it by calling the toll-free number
at 1-800-248-3580.
This free writing prospectus is not
required to contain all information that is
required to be included in the base
prospectus and the prospectus supplement.
The information in this free writing
prospectus is preliminary and is subject to
completion or change.
The information in this free writing
prospectus, if conveyed prior to the time
of your commitment to purchase, supersedes
any inconsistent information
contained in any prior similar free writing
prospectus relating to these
securities.
Numerous assumptions were used in preparing
the Free Writing Prospectus which
may or may not be stated therein. The Free
Writing Prospectus should not be
construed as either projections or
predictions or as legal, tax, financial or
accounting advice.
Any yields or weighted average lives shown
in the Free Writing Prospectus are
based on prepayment assumptions and actual
prepayment experience may
dramatically affect such yields or weighted
average lives. In addition, it is
possible that prepayments on the underlying
assets will occur at rates slower or
faster than the rates assumed in the Free
Writing Prospectus. Furthermore,
unless otherwise provided, the Free Writing
Prospectus assumes no losses on the
underlying assets and no interest
shortfall. The specific characteristics of the
securities may differ from those shown in
the Free Writing Prospectus due to
differences between the actual underlying
assets and the hypothetical assets
used in preparing the Free Writing
Prospectus.
This communication shall not constitute an
offer to sell or the solicitation of
any offer to buy nor shall there be any
sale of the securities discussed in this
Free Writing Prospectus 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 be advised that asset-backed
securities may not be appropriate for all
investors. Potential investors must be
willing to assume, among other things,
market price volatility, prepayments, yield
curve and interest rate risk.
Investors should fully consider the risk of
an investment in these securities.
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
2
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
TERM SHEET
DECEMBER 12, 2005
FIRST FRANKLIN MORTGAGE LOAN TRUST
MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
SERIES 2005-FF12
$[1,874,757,000] (APPROXIMATE)
SUBJECT TO REVISION
<Table>
<Caption>
EXPECTED
STATED
WAL (YRS) PAYMENT WINDOW
FINAL FINAL
EXPECTED
CLASS
APPROX
(CALL(4)/
(CALL(4)/ PAYMENT
INTEREST
MATURITY
MATURITY RATINGS
SIZE ($)
COUPON MATURITY)
MATURITY)
DELAY
ACCRUAL (4)
(5)
(S&P /
MOODY'S)
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
CLASS A-1
663,543,000
Information not provided hereby
AAA / Aaa
------------------------------------------------------------------------------------------------------------------------------------
CLASS A-2A
440,895,000 LIBOR + [ ]
1.00 / 1.00
1 -
21 /1 - 21 0 Actual/360
Sep-2007 Nov-2036 AAA / Aaa
(1), (2)
------------------------------------------------------------------------------------------------------------------------------------
CLASS A-2B
406,266,000
LIBOR + [ ]
3.00 / 3.07
21 - 73 /
21 - 97 0
Actual/360 Jan-2012
Nov-2036
AAA /
Aaa
(1), (2)
------------------------------------------------------------------------------------------------------------------------------------
CLASS A-2C
21,136,000
LIBOR + [ ] 6.08
/ 9.65 73
- 73 / 97 - 147 0
Actual/360 Jan-2012
Nov-2036
AAA /
Aaa
(1), (2)
------------------------------------------------------------------------------------------------------------------------------------
CLASS M-1
71,728,000
LIBOR + [ ] 4.68
/ 5.15 47
- 73 / 47 - 144 0
Actual/360 Jan-2012
Nov-2036
AA+ /
Aa1
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
CLASS M-2
64,850,000
LIBOR + [ ] 4.52
/ 4.97 44
- 73 / 44 - 138 0
Actual/360 Jan-2012
Nov-2036
AA+ /
Aa2
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
CLASS M-3
43,233,000
LIBOR + [ ] 4.43
/ 4.87 42
- 73 / 42 - 131 0
Actual/360 Jan-2012
Nov-2036
AA /
Aa3
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
CLASS M-4
32,425,000
LIBOR + [ ] 4.38
/ 4.80 41
- 73 / 41 - 126 0
Actual/360 Jan-2012
Nov-2036
AA-
/ A1
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
CLASS M-5
32,425,000
LIBOR + [ ] 4.35
/ 4.75 40
- 73 / 40 - 126 0
Actual/360 Jan-2012
Nov-2036
A+ /
A2
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
CLASS M-6
27,512,000
LIBOR + [ ] 4.32
/ 4.70 40
- 73 / 40 - 116 0
Actual/360 Jan-2012
Nov-2036
A / A3
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
CLASS B-1
29,477,000
LIBOR + [ ] 4.29
/ 4.64 39
- 73 / 39 - 111 0
Actual/360 Jan-2012
Nov-2036
A- /
Baa1
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
CLASS B-2
21,616,000
LIBOR + [ ] 4.28
/ 4.60 38
- 73 / 38 - 104 0
Actual/360 Jan-2012
Nov-2036
BBB+ / Baa2
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
CLASS B-3
19,651,000
LIBOR + [ ] 4.26
/ 4.53
38 - 73 / 38 - 99
0 Actual/360
Jan-2012 Nov-2036 BBB / Baa3
(1), (3)
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
1,874,757,000
------------------------------------------------------------------------------------------------------------------------------------
</Table>
1) Subject to the related
Available Funds Cap and the related Maximum
Rate Cap
2) If the 10% optional
termination is not exercised on the first
Distribution Date on which it is exercisable, the margin on each
of
the Class A-1, Class A-2A, Class A-2B and Class A-2C Certificates
will
increase to 2x its respective margin.
3) If the 10% optional
termination is not exercised on the first
Distribution Date on which it is exercisable, the margin on each
of
the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class
M-6,
Class B-1, Class B-2 and Class B-3 Certificates will increase to
1.5x
its respective margin.
4) The Certificates will be
priced at 20% HEP for the fixed rate mortgage
loans and at 100% PPC (2% CPR in month 1, building linearly
(rounded
to the nearest hundredth) to 30% CPR in month 12, remaining at 30%
CPR
until month 22, 50% CPR, from month 23 to month 27, and 35% CPR
in
month 28 and thereafter) for the adjustable rate mortgage
loans.
Assumes 10% optional termination occurs.
5) Latest maturity date for any
mortgage loan plus one year.
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
3
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
CONTACTS
MBS/ABS TRADING/SYNDICATE
-------------------------
Scott Soltas
212-449-3659
scott_soltas@ml.com
Vince Mora
212-449-1437
vince_morajr@ml.com
Charles Sorrentino
212-449-3659
charles_sorrentino@ml.com
Colin Sheen
212-449-3659
colin_sheen@ml.com
Edgar Seah
212-449-3659
edgar_seah@ml.com
GLOBAL ASSET BACKED FINANCE
---------------------------
Matt Whalen
212-449-0752
matthew_whalen@ml.com
Paul Park
212-449-6380
paul_park@ml.com
Tom Saywell
212-449-2122
tom_saywell@ml.com
Alan Chan
212-449-8140
alan_chan@ml.com
Fred Hubert
212-449-5071
fred_hubert@ml.com
Alice Chu
212-449-1701
alice_chu@ml.com
Sonia Lee
212-449-5067
sonia_lee@ml.com
Oleg Saitskiy
212-449-1901
oleg_saitskiy@ml.com
Keith Singletary
212-449-9431
keith_singletary@ml.com
Calvin Look
212-449-5029
calvin_look@ml.com
MOODY'S
-------
Deepika Kothari
201-915-8732
deepika.kothari@moodys.com
STANDARD & POOR'S
-----------------
Amanda Hopkins
212-438-2465
amanda_hopkins@standardandpoors.com
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
4
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
<TABLE>
<S>
<C>
TITLE OF CERTIFICATES
First Franklin Mortgage Loans Trust, Mortgage Loan
Asset-Backed Certificates Series 2005-FF12,
consisting of:
Class A-1 Certificates,
Class A-2A, Class A-2B and Class A-2C Certificates
(collectively , the "Class A-2 Certificates", and
together with the Class A-1 Certificates, the
"Class A Certificates"),
Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5 and Class M-6 Certificates
(collectively, the "Class M Certificates"), and
Class B-1, Class B-2 and Class B-3 Certificates
(collectively, the "Class B Certificates")
The Class A Certificates, the Class M
Certificates, Class B Certificates are
collectively known as the "Offered Certificates".
The Class M and Class B Certificates are
collectively known as the "Subordinate
Certificates".
UNDERWRITER
Merrill Lynch, Pierce, Fenner & Smith Incorporated
DEPOSITOR
Merrill Lynch Mortgage Investors, Inc.
SELLER
Merrill Lynch Mortgage Capital Inc.
ORIGINATOR
First Franklin Financial Corp. ("FFFC")
SERVICER
National City Home Loan Services
MASTER SERVICER
[TBD]
TRUSTEE
[TBD]
CUT-OFF DATE
December 1, 2005
PRICING DATE
On or about December [13], 2005
CLOSING DATE
On or about December [28], 2005
DISTRIBUTION DATES
Distribution of principal and interest on the Certificates 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 January 2006.
ERISA CONSIDERATIONS
The Offered Certificates will be ERISA eligible as of the Closing
Date. However, investors should
consult with their counsel with respect to the consequences under
ERISA and the Internal Revenue
Code of an ERISA Plan's acquisition and ownership of such Offered
Certificates.
LEGAL INVESTMENT
The Offered Certificates will not constitute "mortgage-related
securities" for the
purposes of SMMEA.
TAX STATUS
For federal income tax purposes, the Trust Fund will include two or
more segregated asset
pools, with respect to which elections will be made to treat each
as a "real estate mortgage
investment conduit" ("REMIC").
</TABLE>
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
5
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
<TABLE>
<S>
<C>
OPTIONAL TERMINATION
The Trustee will be required to effect an auction of the assets of
the Trust Fund when the aggregate
stated principal balance of the Mortgage Loans is less than or
equal to 10% of the aggregate stated
principal balance of the Mortgage Loans as of the Cut-Off Date. The
auction will be effected
via a solicitation of bids from at least three bidders. Any such
auction will result in the
termination of the Trust Fund only if the highest bid received is
at least equal to the sum of (i)
the aggregate outstanding principal balance of the Certificates,
plus accrued interest on the
Certificates, (ii) any unreimbursed out-of-pocket costs and
expenses and the principal portion of
Advances, in each case previously incurred by the Servicer in the
performance of its servicing
obligations, (iii) certain amounts described in the Prospectus
Supplement, and (iv) the costs
incurred by the Trustee in connection with such auction.
MORTGAGE LOANS
Fixed rate and adjustable rate, first lien, sub-prime Mortgage
Loans having an aggregate
stated principal balance as of the Cut-Off Date of approximately
$1,965,157,627 originated by First
Franklin Financial Corp.
The mortgage pool will be divided into two groups referred to as
Group I and Group II. Group I will
consist of fixed rate and adjustable rate mortgage loans that had a
principal balance 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). Group II will consist of fixed rate and adjustable rate
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 I.
TOTAL DEAL SIZE
Approximately [$1,874,757,000]
ADMINISTRATIVE
FEES Fees aggregating 50 bps per annum (payable monthly) on the
stated principal balance of the
Mortgage Loans will be paid to the Servicer, the Master Servicer
and the Trustee.
CREDIT ENHANCEMENTS
1. Excess interest
2. Over-Collateralization
3. Subordination
EXCESS INTEREST
Excess interest cashflow will be available as credit
enhancement.
</Table>
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
6
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
<TABLE>
<S>
<C>
OVER-COLLATERALIZATION
The over-collateralization ("O/C") amount is equal to the excess of
the aggregate principal balance
of the Mortgage Loans over the aggregate principal balance of the
Certificates. On the Closing Date,
the over-collateralization amount will equal approximately 4.60% of
the aggregate principal
balance of the Mortgage Loans as of the Cut-Off Date. To the extent
the over-collateralization
amount is reduced below the over-collateralization target amount
(i.e., 4.60% of the aggregate
principal balance of the Mortgage Loans as of the Closing Date),
excess cashflow will be directed to
build O/C until the over-collateralization target amount is
restored.
Initial: Approximately 4.60% of the aggregate principal balance of
the Mortgage Loans as of the
Cut-Off Date
Target: 4.60% of the aggregate principal balance of the Mortgage
Loans as of the
Cut-Off Date before stepdown, 9.20% of the current balance of the
Mortgage Loans after stepdown
Floor: 0.50% of the original balance of the
aggregate principal balance of the Mortgage Loans as of the Cut-Off
Date
(PRELIMINARY AND SUBJECT TO REVISION)
</Table>
<Table>
<Caption>
SUBORDINATION (1):
CLASSES
RATING (S/M)
SUBORDINATION
-------
------------
-------------
<S>
<C>
<C>
<C>
Class A
AAA / Aaa
22.05%
Class M-1
AA+ / Aa1
18.40%
Class M-2
AA+ / Aa2
15.10%
Class M-3
AA / Aa3
12.90%
Class M-4
AA- / A1
11.25%
Class M-5
A+ / A2
9.60%
Class M-6
A / A3
8.20%
Class B-1
A- / Baa1
6.70%
Class B-2
BBB+ / Baa2
5.60%
Class B-3
BBB / Baa3
4.60%
CLASS SIZES:
CLASSES
RATING (S/M)
CLASS SIZES
-------
------------
-----------
Class A
AAA / Aaa
77.95%
Class M-1
AA+ / Aa1
3.65%
Class M-2
AA+ / Aa2
3.30%
Class M-3
AA / Aa3
2.20%
Class M-4
AA- / A1
1.65%
Class M-5
A+ / A2
1.65%
Class M-6
A / A3
1.40%
Class B-1
A- / Baa1
1.50%
Class B-2
BBB+ / Baa2
1.10%
Class B-3
BBB / Baa3
1.00%
</TABLE>
(1)The subordination includes the initial
over-collateralization level of
approximately 4.60%.
<TABLE>
<S>
<C>
INTEREST ACCRUAL
For the Offered Certificates, interest will initially accrue from
the Closing Date to (but excluding)
the first Distribution Date, and thereafter, from the prior
Distribution Date to (but excluding) the
current Distribution Date.
COUPON STEP UP
If the 10% optional termination does not occur on the first
distribution date on which it is possible,
(i) the margin on each of the Class A Certificates will increase to
2x its respective margin, and
(ii) the margin on each of the Class M and Class B Certificates
will increase to 1.5x its
respective margin.
</Table>
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
7
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
<TABLE>
<S>
<C>
AVAILABLE FUNDS CAPS
Class A-1 Certificates: The per annum rate equal to (A) 12 times
the quotient of (x) the total
scheduled interest based on the Group I Net Mortgage Rates in
effect on the related due date,
divided by (y) the aggregate principal balance of the Group I
Mortgage Loans 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.
Class A-2 Certificates: The per annum rate equal to (A) 12 times
the quotient of (x) the total
scheduled interest based on the Group II Net Mortgage Rates in
effect on the related due date,
divided by (y) the aggregate principal balance of the Group II
Mortgage Loans 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.
Subordinate Certificates: The per annum rate equal to the weighted
average (weighted in proportion to
the results of subtracting from the aggregate principal balance of
each loan group the current
principal balance of the related Class A Certificates) of the Class
A-1 Available Funds Cap
and the Class A-2 Available Funds Cap.
"Net Mortgage Rate" means, with respect to any mortgage loan the
mortgage rate on such mortgage
loan less the administrative fees.
CAP CONTRACTS
The Certificates will each have the benefit of one of the three cap
contracts as specified below:
BEGINNING
1ML STRIKE, UPPER
CLASS
NUMBER OF
MONTHS
DISTRIBUTION DATE
COLLAR
-----
----------------
-----------------
-----------------
Class A-1 Certificates
34
January 2006
9.26%
Class A-2 Certificates
34
January 2006
9.28%
Subordinate Certificates
34
January 2006
8.73%
Payments received on the related cap contract will be available to
pay amounts to the holders of the
Certificates, in respect of shortfalls arising as a result of the
applicable Available Funds Cap, as
described herein (except to the extent attributable to the fact
that Realized Losses are
not allocated to the Class A Certificates after the Subordinate
Certificates have been written
down to zero).
MAXIMUM RATE CAPS
The pass-through rates of each of the Offered Certificates will
also be subject to a related
"Maximum Rate Cap", which will be calculated in the same manner as
the related Available Funds Cap,
but based on the net maximum mortgage rate rather than the net
mortgage rate. Any interest shortfall
due to the Maximum Rate Caps will not be reimbursed.
SHORTFALL REIMBURSEMENT If
on any Distribution Date the pass-through rate for any class of
Certificates is limited by the
related Available Funds Cap, the amount of such interest that would
have been distributed if the
pass-through rate had not been so limited by the related Available
Funds Cap, up to but not exceeding
the greater of (i) the related Maximum Rate Cap and (ii) the lesser
of (A) One Month LIBOR and (B) the
applicable rate for the related class or classes of certificates
shown under the heading, "1ML Strike,
Upper Collar", under the heading, "Cap Contracts" shown above), and
the aggregate of such shortfalls
from previous Distribution Dates together with accrued interest at
the pass-through rate will be
carried over to the next Distribution Date until paid (herein
referred to as "Carryover"). Such
reimbursement will be paid only on a subordinated basis. No such
Carryover with respect to a Class
will be paid to such Class once the Certificate principal balance
thereof has been reduced to zero.
</Table>
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
8
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
<TABLE>
<S>
<C>
CASHFLOW PRIORITY
1.
Administrative Fees.
2.
Available interest funds, as follows: monthly interest, including
any unpaid monthly interest
from prior months, concurrently, to the Class A Certificates; then
monthly interest, including
any unpaid monthly interest from prior months, to the Class M-1
Certificates, then to the Class
M-2 Certificates, then to the Class M-3 Certificates, then to the
Class M-4 Certificates, then
to the Class M-5 Certificates, then to the Class M-6 Certificates,
then to the Class B-1
Certificates, then to the Class B-2 Certificates and then to the
Class B-3 Certificates.
3.
Available principal funds, as follows: monthly principal to the
Class A Certificates as
described under "PRINCIPAL PAYDOWN", then monthly principal to the
Class M-1 Certificates, then
monthly principal to the Class M-2 Certificates, then monthly
principal to the Class M-3
Certificates, then monthly principal to the Class M-4 Certificates,
then monthly principal to
the Class M-5 Certificates, then monthly principal to the Class M-6
Certificates, then monthly
principal to the Class B-1 Certificates, then monthly principal to
the Class B-2 Certificates
and then monthly principal to the Class B-3 Certificates, in each
case as described under
"PRINCIPAL PAYDOWN."
4. Excess
interest in the order as described under "PRINCIPAL PAYDOWN" if
necessary to restore
O/C to the
required level.
5. Excess
interest to pay subordinate principal shortfalls.
6. Excess
interest to pay Carryover resulting from imposition of the related
Available Funds Cap.
7. Any
remaining amount will be paid in accordance with the Pooling and
Servicing Agreement and
will not be available for payment to holders of the Offered
Certificates.
Payments received on the related Cap Contracts will only be
available to the Certificates to pay
amounts in respect of Carryovers other than any Carryovers
resulting from the fact that realized
losses are not allocated to the Class A Certificates after the
Class M and Class B
Certificates have been written down to zero. Any excess of amounts
received on the related Cap
Contracts over amounts needed to pay such Carryovers on the
Certificates will be distributed
in respect of other classes of certificates not described
herein.
</Table>
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
9
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
PRINCIPAL PAYDOWN
IF THE SUBORDINATE CLASS PRINCIPAL
DISTRIBUTION TEST IS NOT MET:
1) The Group I Principal
Distribution Percentage of (i) scheduled and
unscheduled principal received from the Mortgage Loans and (ii)
excess
spread to the extent distributable as principal to replenish O/C
to
the required level will be paid to the Class A-1 Certificates.
2) The Group II Principal
Distribution Percentage of (i) scheduled and
unscheduled principal received from the Mortgage Loans and (ii)
excess
spread to the extent distributable as principal to replenish O/C
to
the required level will be paid to the Class A-2 Certificates.
Group I Principal
Distribution Percentage means with respect to any
Distribution
Date, the fraction expressed as a percentage, the numerator of
which is the
amount of scheduled and unscheduled principal received with
respect to Group
I mortgage loans and distributable on such Distribution
Date, and the
denominator of which is the amount of scheduled and
unscheduled
principal received from all of the Mortgage Loans and
distributable on
such Distribution Date.
Group II
Principal Distribution Percentage means with respect to any
Distribution
Date, the fraction expressed as a percentage, the numerator of
which is the
amount of scheduled and unscheduled principal received with
respect to Group
II mortgage loans and distributable on such Distribution
Date, and the
denominator of which is the amount of scheduled and
unscheduled
principal received from all of the Mortgage Loans and
distributable on
such Distribution Date.
Principal
distributions allocated to the Class A-2 Certificates will be
distributed to
the Class A-2A Certificates until the Certificate principal
balance thereof
has been reduced to zero, then to the Class A-2B
Certificates
until the Certificate principal balance thereof has been
reduced to zero
and then to the Class A-2C Certificates until the
Certificate
principal balance thereof has been reduced to zero; provided,
however, that on
and after the Distribution Date on which the aggregate
Certificate
Principal Balance of the Subordinate Certificates have been
reduced to zero,
any principal distributions allocated to the Class A-2A,
Class A-2B and
Class A-2C Certificates are required to be allocated pro
rata among such
classes of Certificates based on their respective
Certificate
Principal Balances, until their Certificate Principal Balances
have been
reduced to zero.
After the
Certificate principal balance of either the Class A-1 or Class
A-2 Certificates
has been reduced to zero, the amounts remaining referred
to in (1) or (2)
above, as applicable, will be distributed to the Class A-1
or Class A-2
Certificates (i.e., whichever such class or classes remain
outstanding), as
the case may be. After the aggregate Certificate principal
balance of both
the Class A-1 and Class A-2 Certificates has been reduced
to zero, the
amounts remaining referred to in (1) and (2) above will be
distributed
sequentially to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class
M-6, Class B-1, Class B-2 and Class B-3 Certificates.
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section
following the cover page of this Free Writing Prospectus.
10
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
IF THE SUBORDINATE CLASS PRINCIPAL
DISTRIBUTION TEST IS MET:
All Certificates
will be entitled to receive payments of principal, in the
following order
of priority: first to the Class A Certificates, second to
the Class M-1
Certificates, third to the Class M-2 Certificates, fourth to
the Class M-3
Certificates, fifth to the Class M-4 Certificates, sixth to
the Class M-5
Certificates, seventh to the Class M-6 Certificates, eighth
to the Class B-1
Certificates, ninth to the Class B-2 Certificates and
tenth to the
Class B-3 Certificates, in each case up to amounts necessary
to maintain the
subordination for each class at its required level. Such
required levels
of subordination are approximately as follows:
CLASS A
44.10%*
CLASS M-1
36.80%*
CLASS M-2
30.20%*
CLASS M-3
25.80%*
CLASS M-4
22.50%*
CLASS M-5
19.20%*
CLASS M-6
16.40%*
CLASS B-1
13.40%*
CLASS B-2
11.20%*
CLASS B-3
9.20%*
*includes overcollateralization
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
11
<PAGE>
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST,
[MERRILL LYNCH LOGO]
SERIES 2005-FF12
--------------------------------------------------------------------------------
THE SUBORDINATE CLASS PRINCIPAL
DISTRIBUTION TEST IS MET IF:
i) The Distribution Date is on
or after the January 2009 Distribution Date;
ii) The applicable Subordinate Class
Principal Distribution Date has occurred
(as described
below); and
iii) A Stepdown Loss Trigger Event does not
exist.
<TABLE>
<S>
<C>
SUBORDINATE
The first Distribution Date on which the Senior Enhancement
Percentage (i.e., the sum of the
CLASS PRINCIPAL
outstanding principal balance of the Subordinate Certificates and
the O/C amount divided by
DISTRIBUTION
the aggregate stated principal balance of the Mortgage Loans, as of
the end of the related due
DATE
period) is greater than or equal to the Senior Specified
Enhancement Percentage (including O/C),
which is equal to two times the initial Class A subordination
percentage.
SENIOR SPECIFIED ENHANCEMENT PERCENTAGE:
44.10%
or
(17.45%+4.60%)*2
STEPDOWN LOSS TRIGGER
The situation that exists with respect to any Distribution Date
after the Stepdown Date, if (a) the
EVENT
quotient of (1) the aggregate Stated Principal Balance of all
Mortgage Loans 60 or more days
(PRELIMINARY AND
delinquent, measured on a rolling three month basis (including
Mortgage Loans in foreclosure and REO
SUBJECT TO
Properties) and (2) the Stated Principal Balance of all the
Mortgage Loans as of the preceding
REVISION)
Servicer Remittance Date, equals or exceeds the product of (i) 35%
and (ii) the Senior Enhancement
Percentage or (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
Distribution Date and (2) the aggregate principal balance of the
Mortgage Loans as of the Cut-off
Date exceeds the Required Loss Percentage shown
below.
DISTRIBUTION DATE OCCURRING
REQUIRED LOSS PERCENTAGE
---------------------------
------------------------
January 2009 - December 2009
2.85% with respect to January 2009, plus an additional 1/12th
of
1.40% for each month thereafter
January 2010 - December 2010
4.25% with respect to January 2010, plus an additional 1/12th
of
0.50% for each month thereafter
January 2011 - December 2011
4.75% with respect to January 2011, plus an additional 1/12th
of
0.25% for each month thereafter
January 2012 and thereafter
5.00%
(PRELIMINARY AND SUBJECT TO REVISION)
PROSPECTUS
The Offered Certificates will be offered pursuant to a Prospectus
which includes a Prospectus
Supplement (together, the "Prospectus"). Complete information with
respect to the Offered
Certificates 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 Offered
Certificates 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 close
of business on the Cut-off Date. The sum of the columns below may
not equal the total indicated due
to rounding.
</Table>
--------------------------------------------------------------------------------
Recipients should read the
information contained in the Important Notices
section following the cover page of this Free Writing
Prospectus.
12
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
----------------------------------------------------------------------------------------------------------
<S>
<C>
Aggregate Outstanding Principal Balance
$1,965,157,627
Aggregate Original Principal Balance
$1,966,540,555
Number of Mortgage Loans
9,194
----------------------------------------------------------------------------------------------------------
</TABLE>
<Table>
<Caption>
----------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
MINIMUM
MAXIMUM
AVERAGE (1)
-------
-------
-----------
Original Principal Balance
$20,000
$1,500,000
$213,894
Outstanding Principal Balance
$20,000
$1,500,000
$213,743
----------------------------------------------------------------------------------------------------------
MINIMUM
MAXIMUM
WEIGHTED AVERAGE (2)
-------
-------
--------------------
Original Term (mos)
180
360
359
Stated remaining Term (mos)
177
359
357
Loan Age (mos)
1
15
2
Current Interest Rate
4.750%
10.250%
6.838%
Initial Interest Rate Cap(4)
1.000%
3.000%
2.993%
Periodic Rate Cap(4)
1.000%
1.000%
1.000%
Gross Margin(4)
3.500%
7.875%
5.437%
Maximum Mortgage Rate(4)
10.750%
16.250%
12.797%
Minimum Mortgage Rate(4)
4.750%
10.250%
6.797%
Months to Roll(4)
3
59
26
Original Loan-to-Value
10.98%
100.00%
80.13%
Credit Score (3)
540
817
656
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
EARLIEST
LATEST
--------
------
Maturity Date
09/01/2020
11/01/2035
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
LIEN POSITION
PERCENT OF MORTGAGE POOL YEAR OF
ORIGINATION PERCENT OF
MORTGAGE POOL
-------------
------------------------
-------------------
------------------------
1st Lien
100.00% 2004
0.01%
--------------------------------------------------------
2005
99.99%
--------------------------------------------------------
---------------------------------------------
--------------------------------------------------------
---------------------------------------------
OCCUPANCY
PERCENT OF MORTGAGE POOL
---------
------------------------
---------------------------------------------
Primary
96.85% LOAN PURPOSE
PERCENT OF MORTGAGE POOL
------------
-------------------------
Second Home
0.51% Purchase
68.74%
Investment
2.65% Refinance -
Rate/Term
2.75%
--------------------------------------------------------
Refinance - Cashout
28.51%
--------------------------------------------------------
---------------------------------------------
LOAN TYPE
PERCENT OF MORTGAGE POOL
---------
------------------------
---------------------------------------------
Fixed Rate
10.37% PROPERTY TYPE
PERCENT OF
MORTGAGE POOL
-------------
--------------------------
ARM
89.63% Single Family
67.51%
--------------------------------------------------------
Planned Unit
19.70%
Development
--------------------------------------------------------
AMORTIZATION TYPE
PERCENT OF MORTGAGE POOL Condominium
8.43%
-----------------
------------------------
Fully Amortizing
34.33% Two- to
Four-Family
4.35%
Interest Only
65.64% Modular Home
0.01%
--------------------------------------------
Balloon
0.03%
--------------------------------------------------------
(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.
(4) ARM Loans only
</Table>
-------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
13
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
MORTGAGE RATES
-----------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF
WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
RANGE OF
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
MORTGAGE RATES
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
-----------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
5.000% or less
19 $3,713,487
0.19%
4.933%
696
$195,447 76.01%
97.12%
77.14%
-----------------------------------------------------------------------------------------------------------------------------------
5.001% to 5.500%
150
35,962,093
1.83
5.392 693
239,747
75.50 84.07
66.47
-----------------------------------------------------------------------------------------------------------------------------------
5.501% to 6.000%
846
238,547,743 12.14
5.868 684
281,971
78.06 82.07
78.93
-----------------------------------------------------------------------------------------------------------------------------------
6.001% to 6.500%
1,907 507,521,571
25.83
6.336 674
266,136
78.85 65.80
75.48
-----------------------------------------------------------------------------------------------------------------------------------
6.501% to 7.000%
2,362 523,645,336
26.65
6.817 657
221,696
79.38 54.88
70.41
-----------------------------------------------------------------------------------------------------------------------------------
7.001% to 7.500%
1,769 325,416,220
16.56
7.306 641
183,955
81.12 54.49
57.18
-----------------------------------------------------------------------------------------------------------------------------------
7.501% to 8.000%
1,235 204,268,485
10.39
7.797 624
165,400
83.07 59.45
45.41
-----------------------------------------------------------------------------------------------------------------------------------
8.001% to 8.500%
567 81,267,604
4.14
8.289 612
143,329
86.24 62.78
35.46
-----------------------------------------------------------------------------------------------------------------------------------
8.501% to 9.000%
270 37,697,908
1.92
8.773 595
139,622
86.66 64.60
34.44
-----------------------------------------------------------------------------------------------------------------------------------
9.001% to 9.500%
58
6,416,319 0.33
9.241 581
110,626
87.47 71.53
39.47
-----------------------------------------------------------------------------------------------------------------------------------
9.501% to 10.000%
10
658,442 0.03
9.665 572
65,844
87.04 78.11
27.34
-----------------------------------------------------------------------------------------------------------------------------------
10.001% to 10.500%
1
42,417 0.00
10.250
563
42,417
90.00
100.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
-----------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, Mortgage Rates
borne by the Mortgage Loans ranged from 4.750% per annum to 10.250%
per annum and the
weighted average Mortgage Rate of the
Mortgage Loans was approximately 6.838% per annum.
<Caption>
REMAINING MONTHS TO STATED MATURITY
-----------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
RANGE OF
NUMBER OF PRINCIPAL
PERCENT OF
WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
REMAINING MONTHS
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
TO STATED MATURITY
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
-----------------------------------------------------------------------------------------------------------------------------------
169 to 180
118
$12,118,222 0.62%
7.017%
647
$102,697 71.23%
60.22%
13.63%
-----------------------------------------------------------------------------------------------------------------------------------
229 to 240
2
260,945 0.01
7.895 624
130,473
94.54 0.00
0.00
-----------------------------------------------------------------------------------------------------------------------------------
337 to 348
1
116,249 0.01
6.000 705
116,249
79.97
100.00
100.00
-----------------------------------------------------------------------------------------------------------------------------------
349 to 360
9,073
1,952,662,210 99.36
6.837 656
215,217
80.18 62.62
65.98
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00% 6.838%
656
$213,743 80.13%
62.60%
65.65%
-----------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the remaining term
to stated maturity of the Mortgage Loans ranged from 177 months to
359 months and the
weighted average term to stated maturity of
the Mortgage Loans was approximately 357 months.
</Table>
-------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
14
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
ORIGINAL MORTGAGE LOAN PRINCIPAL
BALANCES
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
RANGE OF
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
ORIGINAL MORTGAGE LOAN MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
PRINCIPAL BALANCES
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
$50,000 or less
254
$10,605,165 0.54%
7.901%
620
$41,753 77.12%
81.95%
6.26%
------------------------------------------------------------------------------------------------------------------------------------
$50,001 to $100,000
1,597 125,656,030
6.39
7.324
629
78,683
79.62 79.45
24.65
------------------------------------------------------------------------------------------------------------------------------------
$100,001 to $150,000
2,091 261,003,957
13.28
7.065 639
124,823
80.13 73.71
41.91
------------------------------------------------------------------------------------------------------------------------------------
$150,001 to $200,000
1,641 286,293,718
14.57
6.970 645
174,463
80.35 67.65
54.63
------------------------------------------------------------------------------------------------------------------------------------
$200,001 to $250,000
1,019 228,733,537
11.64
6.853 651
224,469
80.38 63.16
65.09
------------------------------------------------------------------------------------------------------------------------------------
$250,001 to $300,000
759
208,008,136 10.58
6.782 656
274,056
80.09 56.02
73.82
------------------------------------------------------------------------------------------------------------------------------------
$300,001 to $350,000
499
162,208,206 8.25
6.763 663
325,067
80.37 52.21
78.33
------------------------------------------------------------------------------------------------------------------------------------
$350,001 to $400,000
377
141,671,382 7.21
6.664 669
375,786
80.52 48.70
80.65
------------------------------------------------------------------------------------------------------------------------------------
$400,001 to $450,000
247
104,822,167 5.33
6.666 669
424,381
80.68 52.48
76.98
------------------------------------------------------------------------------------------------------------------------------------
$450,001 to $500,000
222
105,680,406 5.38
6.618 668
476,038
80.60 51.94
79.69
------------------------------------------------------------------------------------------------------------------------------------
$500,001 to $550,000
119 62,385,322
3.17
6.723 675
524,246
80.38 44.50
82.32
------------------------------------------------------------------------------------------------------------------------------------
$550,001 to $600,000
103 59,449,820
3.03
6.635 665
577,183
80.79 63.05
90.30
------------------------------------------------------------------------------------------------------------------------------------
$600,001 to $650,000
55 34,442,307
1.75
6.701 660
626,224
79.80 59.89
88.99
------------------------------------------------------------------------------------------------------------------------------------
$650,001 to $700,000
54 36,456,902
1.86
6.639 672
675,128
79.88 53.82
83.45
------------------------------------------------------------------------------------------------------------------------------------
$700,001 to $750,000
35 25,466,187
1.30
6.497 680
727,605
78.55 65.66
91.37
------------------------------------------------------------------------------------------------------------------------------------
$750,001 to $800,000
28 21,868,557
1.11
6.492 673
781,020
77.91 74.91
85.55
------------------------------------------------------------------------------------------------------------------------------------
$800,001 to $850,000
18 14,914,224
0.76
6.521 684
828,568
80.91 72.14
66.76
------------------------------------------------------------------------------------------------------------------------------------
$850,001 to $900,000
19 16,714,458
0.85
6.423 689
879,708
78.84 78.79
89.39
------------------------------------------------------------------------------------------------------------------------------------
$900,001 to $950,000
12 11,137,793
0.57
6.534 669
928,149
75.47 66.55
75.32
------------------------------------------------------------------------------------------------------------------------------------
$950,001 to $1,000,000
24 23,627,857
1.20
6.453 689
984,494
77.67 87.35
83.31
------------------------------------------------------------------------------------------------------------------------------------
$1,000,001 or greater
21 24,011,493
1.22
6.363 717
1,143,404
78.30 85.26
95.83
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the outstanding
principal balances of the Mortgage Loans ranged from approximately
$20,000 to approximately
$1,500,000 and the average outstanding
principal balance of the Mortgage Loans was approximately
$213,743.
PRODUCT TYPES
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF
WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
PRODUCT TYPES
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
15 Year Fixed Loans
114
$11,507,516 0.59%
6.976%
648
$100,943 70.49%
58.10%
12.07%
------------------------------------------------------------------------------------------------------------------------------------
20 Year Fixed Loans
2
260,945 0.01
7.895 624
130,473
94.54 0.00
0.00
------------------------------------------------------------------------------------------------------------------------------------
30 Year Fixed Loans
1,274 191,402,693
9.74
7.201 647
150,238
78.44 73.15
14.70
------------------------------------------------------------------------------------------------------------------------------------
6 Month LIBOR ARM
14
4,497,664 0.23
6.255 667
321,262
79.08 46.67
100.00
------------------------------------------------------------------------------------------------------------------------------------
1/29 LIBOR ARM
8
2,491,598 0.13
6.652 692
311,450
82.38 46.98
0.00
------------------------------------------------------------------------------------------------------------------------------------
2/28 LIBOR ARM
5,865
1,341,274,029 68.25
6.828 655
228,691
80.47 59.13
72.24
------------------------------------------------------------------------------------------------------------------------------------
3/27 LIBOR ARM
1,642 344,417,663
17.53
6.744 658
209,755
80.52 68.48
67.92
------------------------------------------------------------------------------------------------------------------------------------
5/25 LIBOR ARM
271 68,694,814
3.50
6.496 687
253,486
77.83 73.68
77.09
------------------------------------------------------------------------------------------------------------------------------------
Balloon Loans
4
610,706 0.03
7.790 619
152,677 85.16
100.00
43.18
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
</Table>
--------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
15
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
ADJUSTMENT TYPE
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED
AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF
WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL PERCENT
ADJUSTMENT TYPE
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
ARM
7,800 $1,761,375,766
89.63% 6.797%
657
$225,817 80.37% 61.48% 71.56%
------------------------------------------------------------------------------------------------------------------------------------
Fixed Rate
1,394 203,781,861
10.37
7.191 647
146,185
78.03 72.29
14.62
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743
80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
AMORTIZATION TYPE
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
AMORTIZATION TYPE
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
Fully Amortizing
4,340
$674,651,978 34.33%
7.099%
641
$155,450 80.31%
61.94%
0.00%
------------------------------------------------------------------------------------------------------------------------------------
Balloon
4
610,706 0.03
7.790 619
152,677
85.16
100.00
43.18
------------------------------------------------------------------------------------------------------------------------------------
60 Month Interest-Only
4,850
1,289,894,943 65.64
6.701 664
265,958
80.03 62.93
100.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
</Table>
--------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
16
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
STATE DISTRIBUTIONS OF MORTGAGED
PROPERTIES
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
GEOGRAPHIC LOCATION
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
Alabama
67 $7,038,264
0.36%
7.425%
628
$105,049 82.34%
86.01%
40.31%
------------------------------------------------------------------------------------------------------------------------------------
Arizona
220 43,188,292
2.20
6.783 646
196,310
79.33 77.11
69.96
------------------------------------------------------------------------------------------------------------------------------------
Arkansas
33
3,419,279 0.17
7.100 660
103,615
81.67 75.55
18.91
------------------------------------------------------------------------------------------------------------------------------------
California
2055
754,168,543 38.38
6.538 670
366,992
78.80 56.58
87.14
------------------------------------------------------------------------------------------------------------------------------------
Colorado
198 35,329,377
1.80
6.803 648
178,431
80.30 67.74
82.35
------------------------------------------------------------------------------------------------------------------------------------
Connecticut
54 12,988,067
0.66
7.022 650
240,520
79.30 66.47
40.90
------------------------------------------------------------------------------------------------------------------------------------
Delaware
11
2,079,750 0.11
7.635 627
189,068
81.32 50.90
49.30
------------------------------------------------------------------------------------------------------------------------------------
District of Columbia
9
2,939,979 0.15
7.054 671
326,664
81.94 49.22
82.90
------------------------------------------------------------------------------------------------------------------------------------
Florida
698
141,127,709 7.18
7.075 653
202,189
80.57 61.90
59.26
------------------------------------------------------------------------------------------------------------------------------------
Georgia
318 50,433,906
2.57
7.144 641
158,597
81.72 82.89
68.52
------------------------------------------------------------------------------------------------------------------------------------
Idaho
57
7,046,729 0.36
6.802 636
123,627
79.73 80.00
31.14
------------------------------------------------------------------------------------------------------------------------------------
Illinois
581
105,537,908 5.37
7.236 644
181,649
82.43 46.15
37.33
------------------------------------------------------------------------------------------------------------------------------------
Indiana
88
9,198,994 0.47
7.090 643
104,534
83.38 76.19
25.78
------------------------------------------------------------------------------------------------------------------------------------
Iowa
42
3,391,283 0.17
7.656 609
80,745
83.87 78.07
9.60
------------------------------------------------------------------------------------------------------------------------------------
Kansas
32
3,217,770 0.16
7.326 634
100,555
82.26 96.77
24.78
------------------------------------------------------------------------------------------------------------------------------------
Kentucky
95
9,634,981 0.49
7.210 625
101,421
82.47 78.38
20.26
------------------------------------------------------------------------------------------------------------------------------------
Maine
20
2,706,110 0.14
7.334 643
135,305
80.87 72.34
46.68
------------------------------------------------------------------------------------------------------------------------------------
Maryland
213 54,163,077
2.76
6.994 640
254,287
80.31 73.23
76.28
------------------------------------------------------------------------------------------------------------------------------------
Massachusetts
127 31,206,269
1.59
7.020 665
245,719
80.89 65.25
55.46
------------------------------------------------------------------------------------------------------------------------------------
Michigan
371 51,822,580
2.64
7.180 634
139,684
83.71 58.79
39.52
------------------------------------------------------------------------------------------------------------------------------------
Minnesota
286 51,077,272
2.60
6.886 656
178,592
81.02 59.83
65.70
------------------------------------------------------------------------------------------------------------------------------------
Mississippi
9
1,187,368 0.06
7.445 627
131,930
81.82
100.00
58.58
------------------------------------------------------------------------------------------------------------------------------------
Missouri
143 17,024,434
0.87
7.301 630
119,052 82.11 69.31
27.05
------------------------------------------------------------------------------------------------------------------------------------
Montana
3
299,160 0.02
7.507 577
99,720
79.86
100.00
79.97
------------------------------------------------------------------------------------------------------------------------------------
Nebraska
12
1,076,237 0.05
7.243 635
89,686
81.68 93.40
0.00
------------------------------------------------------------------------------------------------------------------------------------
Nevada
203 49,077,600
2.50
6.761 656
241,762
79.97 63.30
82.21
------------------------------------------------------------------------------------------------------------------------------------
New Hampshire
21
4,126,649 0.21
7.227 636
196,507
79.85 65.92
45.39
------------------------------------------------------------------------------------------------------------------------------------
New Jersey
140 36,155,024
1.84
7.024
650
258,250
79.21 51.38
43.63
------------------------------------------------------------------------------------------------------------------------------------
New Mexico
29
4,021,169 0.20
7.270 623
138,661
81.03 80.41
42.76
------------------------------------------------------------------------------------------------------------------------------------
New York
269 67,453,365
3.43
6.951 672
250,756
80.09 48.62
50.63
------------------------------------------------------------------------------------------------------------------------------------
North Carolina
214
31,776,771
1.62
7.154 642
148,490
81.83 83.02
50.32
------------------------------------------------------------------------------------------------------------------------------------
North Dakota
8
735,307 0.04
7.181 649
91,913
82.75 43.40
26.66
------------------------------------------------------------------------------------------------------------------------------------
Ohio
411 45,649,295
2.32
7.230 629
111,069
82.37 74.70
40.15
------------------------------------------------------------------------------------------------------------------------------------
Oklahoma
54
5,017,692 0.26
7.520 621
92,920
82.51 68.61
21.73
------------------------------------------------------------------------------------------------------------------------------------
Oregon
282 47,783,071
2.43
6.693 656
169,444
80.25 79.94
64.42
------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania
143 19,008,866
0.97
7.194 642
132,929
82.63 69.24
25.16
------------------------------------------------------------------------------------------------------------------------------------
Rhode Island
40
8,274,691 0.42
6.749 679
206,867
80.73 62.23
51.22
------------------------------------------------------------------------------------------------------------------------------------
South Carolina
73 11,816,556
0.60
7.012 648
161,871
82.80 71.37
64.99
------------------------------------------------------------------------------------------------------------------------------------
South Dakota
9
893,079 0.05
7.076 651
99,231
81.16 77.54
20.96
------------------------------------------------------------------------------------------------------------------------------------
Tennessee
219 22,653,873
1.15
7.338 628
103,442
81.11 80.02
36.93
------------------------------------------------------------------------------------------------------------------------------------
Texas
454 56,880,507
2.89
7.110 642
125,287
79.23 62.58
14.30
------------------------------------------------------------------------------------------------------------------------------------
Utah
336 49,455,773
2.52
6.837 648
147,190
80.49 71.71
52.98
------------------------------------------------------------------------------------------------------------------------------------
Vermont
4
700,809 0.04
7.208 653
175,202
85.95 60.10
22.83
------------------------------------------------------------------------------------------------------------------------------------
Virginia
115 30,890,601
1.57
6.848 648
268,614
79.06 72.36
61.28
------------------------------------------------------------------------------------------------------------------------------------
Washington
258 48,960,850
2.49
6.711 649
189,771
80.91 78.54
63.86
------------------------------------------------------------------------------------------------------------------------------------
West Virginia
18
2,506,128 0.13
6.468 661
139,229
79.27 90.22
61.96
------------------------------------------------------------------------------------------------------------------------------------
Wisconsin
147 19,301,334
0.98
7.207 635
131,302
82.11 71.41
23.95
------------------------------------------------------------------------------------------------------------------------------------
Wyoming
5
715,279 0.04
7.370 605
143,056
82.31 85.53
52.50
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
No more than approximately 0.33% of the
Mortgage Loans will be secured by mortgaged properties located in
any one zip code.
</TABLE>
--------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
17
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
ORIGINAL LOAN-TO-VALUE RATIOS
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
RANGE OF ORIGINAL
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
LOAN-TO-VALUE RATIOS
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
10.01% to 20.00%
8
$565,989 0.03%
6.510%
710
$70,749 16.86%
57.91%
22.09%
------------------------------------------------------------------------------------------------------------------------------------
20.01% to 30.00%
21
2,008,239 0.10
6.863 638
95,630
24.70 50.12
31.27
------------------------------------------------------------------------------------------------------------------------------------
30.01% to 40.00%
35
4,612,433 0.23
6.497 641
131,784
35.56 68.03
35.76
------------------------------------------------------------------------------------------------------------------------------------
40.01% to 50.00%
84 13,340,916
0.68
6.735 636
158,820
46.18 70.66
47.99
------------------------------------------------------------------------------------------------------------------------------------
50.01% to 60.00%
141 28,036,505
1.43
6.744 629
198,840
55.95 54.97
40.22
------------------------------------------------------------------------------------------------------------------------------------
60.01% to 70.00%
390 74,464,910
3.79
6.750 636
190,936
66.16 55.41
43.96
------------------------------------------------------------------------------------------------------------------------------------
70.01% to 75.00%
296 70,815,398
3.60
6.802 643
239,241
73.66 56.35
51.29
------------------------------------------------------------------------------------------------------------------------------------
75.01% to 80.00%
6365
1,424,739,220 72.50
6.645 663
223,840
79.88 65.26
74.01
------------------------------------------------------------------------------------------------------------------------------------
80.01% to 85.00%
437 81,627,421
4.15
7.564 617
186,790
84.51 57.78
39.60
------------------------------------------------------------------------------------------------------------------------------------
85.01% to 90.00%
921
173,076,160 8.81
7.755 634
187,922
89.64 57.06
48.37
------------------------------------------------------------------------------------------------------------------------------------
90.01% to 95.00%
493 91,320,793
4.65
7.625 662
185,235
94.61 47.58
32.98
------------------------------------------------------------------------------------------------------------------------------------
95.01% to 100.00%
3
549,641 0.03
8.447 669
183,214
99.99
100.00
72.77
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Original
Loan-to-Value Ratios of the Mortgage Loans ranged from 10.98% to
100.00%.
LOAN PURPOSE
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF
WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
LOAN PURPOSE
LOANS
OUTSTANDING POOL
COUPON
SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
Purchase
6,158 $1,350,886,691
68.74% 6.745%
665
$219,371 80.60%
65.14%
74.59%
------------------------------------------------------------------------------------------------------------------------------------
Refinance - Cashout
2,736 560,315,245
28.51
7.044 635
204,794
79.14 55.47
46.58
------------------------------------------------------------------------------------------------------------------------------------
Refinance - Rate Term
300 53,955,691
2.75
7.041 638
179,852
78.61 73.08
39.89
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
</Table>
--------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
18
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
PROPERTY TYPE
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
PROPERTY TYPE
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
Single Family Residence
6,606 $1,326,703,650
67.51% 6.865%
652
$200,833 80.12%
61.31%
62.49%
------------------------------------------------------------------------------------------------------------------------------------
Planned Unit
1491
387,102,625 19.70
6.789 658
259,626
80.14 69.71
73.31
Development
------------------------------------------------------------------------------------------------------------------------------------
Condominium
768
165,586,456 8.43
6.717 667
215,607
80.19 61.75
76.79
------------------------------------------------------------------------------------------------------------------------------------
Two-to-Four Family
328 85,565,266
4.35
6.872 680
260,870
80.24 52.21
58.60
------------------------------------------------------------------------------------------------------------------------------------
Modular Home
1
199,629 0.01
6.375 793
199,629
60.42 0.00
0.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
DOCUMENTATION
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
DOCUMENTATION
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
Full Documentation
6,204 $1,230,216,167
62.60% 6.765%
647
$198,294 80.00%
100.00%
66.01%
------------------------------------------------------------------------------------------------------------------------------------
No Income Verification
2,891 704,654,216
35.86
6.954 671
243,741
80.23 0.00
64.64
------------------------------------------------------------------------------------------------------------------------------------
Stated Plus
48 20,059,337
1.02
7.084 677
417,903
83.54 0.00
86.63
------------------------------------------------------------------------------------------------------------------------------------
Limited Income
Verification
51 10,227,907
0.52
7.128 648
200,547
82.00 0.00
51.46
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
OCCUPANCY
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
OCCUPANCY
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
Primary
8,812 $1,903,172,564
96.85% 6.816%
655
$215,975 80.02%
61.85%
65.91%
------------------------------------------------------------------------------------------------------------------------------------
Investment
326 52,024,861
2.65
7.517 685
159,585
83.22 88.64
57.20
------------------------------------------------------------------------------------------------------------------------------------
Second Home
56
9,960,202 0.51
7.463 674
177,861
84.19 70.65
61.30
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
The information set forth above with
respect to occupancy is based upon representations of the related
mortgagors at the time of
origination.
</TABLE>
--------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
19
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
MORTGAGE LOAN AGE SUMMARY
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
MORTGAGE LOAN
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
AGE (MONTHS)
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C> <C>
1
44 $8,269,069
0.42%
6.913%
650
$187,933 78.97%
72.48%
56.27%
------------------------------------------------------------------------------------------------------------------------------------
2
8,325
1,768,079,556 89.97
6.847 656
212,382
80.10 62.91
65.06
------------------------------------------------------------------------------------------------------------------------------------
3
621
134,730,135 6.86
6.870 657
216,957
80.52 60.33
68.93
------------------------------------------------------------------------------------------------------------------------------------
4
161 43,063,941
2.19
6.457 665
267,478
79.98 55.68
78.55
------------------------------------------------------------------------------------------------------------------------------------
5
27
7,702,385 0.39
6.226 646
285,274
80.27 46.70
77.90
------------------------------------------------------------------------------------------------------------------------------------
6
9
2,122,809 0.11
6.908 630
235,868
84.20 93.48
80.89
------------------------------------------------------------------------------------------------------------------------------------
7
5
878,483 0.04
7.394 635
175,697
87.98 78.09
49.48
------------------------------------------------------------------------------------------------------------------------------------
8
1
195,000 0.01
7.125 564
195,000
67.24
100.00
100.00
------------------------------------------------------------------------------------------------------------------------------------
15
1
116,249 0.01
6.000 705
116,249
79.97
100.00
100.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the weighted
average age of the Mortgage Loans was approximately 2 months.
ORIGINAL PREPAYMENT PENALTY TERM
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
ORIGINAL PREPAYMENT
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
PENALTY TERM
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
None
2,073
$431,002,376 21.93%
7.104%
657
$207,912 80.80%
59.36%
56.32%
------------------------------------------------------------------------------------------------------------------------------------
12 Months
469
145,214,098 7.39
7.040 663
309,625
80.66 55.39
79.43
------------------------------------------------------------------------------------------------------------------------------------
24 Months
4399
952,654,576 48.48
6.762 656
216,562
79.90 61.29
69.27
------------------------------------------------------------------------------------------------------------------------------------
36 Months
2253
436,286,576 22.20
6.674 653
193,647
79.80 71.08
62.39
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
The weighted average prepayment penalty
term at origination with respect to the Mortgage Loans having
prepayment penalties is
approximately 26 months.
</Table>
--------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
20
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
CREDIT SCORES
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
RANGE OF
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
CREDIT SCORES
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
540 to 550
165
$21,804,011 1.11%
8.132%
545
$132,146 75.99%
84.13%
26.20%
------------------------------------------------------------------------------------------------------------------------------------
551 to 575
536 78,834,661
4.01
7.824 565
147,080
78.32 77.14
28.00
------------------------------------------------------------------------------------------------------------------------------------
576 to 600
1063
161,638,059 8.23
7.510 589
152,058
80.06 80.82
41.05
------------------------------------------------------------------------------------------------------------------------------------
601 to 625
1710
311,075,804 15.83
7.045 613
181,916
80.26 80.73
61.25
------------------------------------------------------------------------------------------------------------------------------------
626 to 650
1670
365,125,386 18.58
6.829 639
218,638
80.49 66.14
68.95
------------------------------------------------------------------------------------------------------------------------------------
651 to 675
1606
390,341,207 19.86
6.651 663
243,052
80.23 53.01
72.24
------------------------------------------------------------------------------------------------------------------------------------
676 to 700
1041
262,885,953 13.38
6.586 687
252,532
80.14 51.78
72.78
------------------------------------------------------------------------------------------------------------------------------------
701 to 725
657
177,666,152 9.04
6.492 712
270,420
80.67 46.30
74.46
------------------------------------------------------------------------------------------------------------------------------------
726 to 750
402
107,225,379 5.46
6.476 737
266,730
80.15 47.66
76.09
------------------------------------------------------------------------------------------------------------------------------------
751 to 775
204 54,200,283
2.76
6.427 763
265,688
80.10 57.56
75.32
------------------------------------------------------------------------------------------------------------------------------------
776 to 800
115 28,614,143
1.46
6.454 786
248,819
78.58 53.31
76.23
------------------------------------------------------------------------------------------------------------------------------------
801 to 817
25
5,746,589 0.29
6.319 805
229,864
76.30 86.45
68.07
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
9,194 $1,965,157,627
100.00%
6.838%
656
$213,743 80.13%
62.60%
65.65%
------------------------------------------------------------------------------------------------------------------------------------
The Credit Scores of the Mortgage Loans
that were scored as of the Cut-off Date ranged from 540 to 817 and
the weighted average
Credit Score of the Mortgage Loans that
were scored as of the Cut-off Date was approximately 656.
GROSS MARGINS
(EXCLUDES FIXED RATE LOANS)
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE PERCENT
RANGE OF
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
GROSS MARGINS
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
3.001% to 3.500%
1
$116,249 0.01%
6.000%
705
$116,249 79.97%
100.00%
100.00%
------------------------------------------------------------------------------------------------------------------------------------
4.001% to 4.500%
4
778,950 0.04
5.234 650
194,737
78.20 59.57
100.00
------------------------------------------------------------------------------------------------------------------------------------
4.501% to 5.000%
1917
563,131,928 31.97
6.242 667
293,757
78.67 61.81
91.07
------------------------------------------------------------------------------------------------------------------------------------
5.001% to 5.500%
2746
647,453,781 36.76
6.719 661
235,781
79.49 61.29
76.44
------------------------------------------------------------------------------------------------------------------------------------
5.501% to 6.000%
1870
350,024,943 19.87
7.244 645
187,179
81.61 63.93
54.90
------------------------------------------------------------------------------------------------------------------------------------
6.001% to 6.500%
954
153,401,955 8.71
7.737
638
160,799
84.53 56.94
32.26
------------------------------------------------------------------------------------------------------------------------------------
6.501% to 7.000%
249 39,133,935
2.22
8.102 637
157,164
89.85 55.84
19.90
------------------------------------------------------------------------------------------------------------------------------------
7.001% to 7.500%
53
6,857,391 0.39
8.547 644
129,385
92.92 59.12
32.93
------------------------------------------------------------------------------------------------------------------------------------
7.501% to 8.000%
6
476,633 0.03
8.846 642
79,439
92.16 84.07
0.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
7,800
$1,761,375,766
100.00%
6.797%
657
$225,817 80.37%
61.48%
71.56%
------------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Gross Margin
for the Adjustable Rate Mortgage Loans ranged from 3.500% per annum
to 7.875% per annum and
the weighted average Gross Margin of the
Adjustable Rate Mortgage Loans was approximately 5.437% per
annum.
</Table>
--------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
21
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
MAXIMUM MORTGAGE RATES
(EXCLUDES FIXED RATE LOANS)
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT OF WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
RANGE OF MAXIMUM
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
MORTGAGE RATES
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
11.000% or less
15 $3,375,934
0.19%
4.926%
693
$225,062 78.98%
96.83%
84.85%
------------------------------------------------------------------------------------------------------------------------------------
11.001% to 11.500%
119 30,164,024
1.71
5.396 691
253,479
77.10 82.08
79.25
------------------------------------------------------------------------------------------------------------------------------------
11.501% to 12.000%
782
224,987,670 12.77
5.870 683
287,708
78.41 81.59
83.22
------------------------------------------------------------------------------------------------------------------------------------
12.001% to 12.500%
1760
480,425,748 27.28
6.337 673
272,969
78.99 65.12
79.24
------------------------------------------------------------------------------------------------------------------------------------
12.501% to 13.000%
2114
479,496,442 27.22
6.814 656
226,820
79.62 53.56
75.20
------------------------------------------------------------------------------------------------------------------------------------
13.001% to 13.500%
1456
279,356,469 15.86
7.304 642
191,866
81.77 51.89
63.62
------------------------------------------------------------------------------------------------------------------------------------
13.501% to 14.000%
948
168,849,159 9.59
7.797 625
178,111
83.70 57.59
51.49
------------------------------------------------------------------------------------------------------------------------------------
14.001% to 14.500%
387 61,836,267
3.51
8.289 612
159,784
86.63 62.38
43.44
------------------------------------------------------------------------------------------------------------------------------------
14.501% to 15.000%
179 27,826,872
1.58
8.775 592
155,457
87.04 62.04
39.54
------------------------------------------------------------------------------------------------------------------------------------
15.001% to 15.500%
34
4,658,288 0.26
9.244 584
137,008
89.44 71.40
51.54
------------------------------------------------------------------------------------------------------------------------------------
15.501% to 16.000%
5
356,477 0.02
9.625 575
71,295
88.69 70.40
50.49
------------------------------------------------------------------------------------------------------------------------------------
16.001% to 16.500%
1
42,417 0.00
10.250
563
42,417
90.00
100.00 0.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL:
7,800 $1,761,375,766
100.00%
6.797%
657
$225,817 80.37%
61.48%
71.56%
------------------------------------------------------------------------------------------------------------------------------------
As of the Cut-off Date, the Maximum
Mortgage Rates for the Adjustable Rate Mortgage Loans ranged from
10.750% per annum to 16.250%
per annum and the weighted average Maximum
Mortgage Rate of the Adjustable Rate Mortgage Loans was
approximately 12.797% per annum.
</Table>
--------------------------------------------------------------------------------
Recipients should read the information
contained in the Important Notices
section following the cover page of this
Free Writing Prospectus.
22
<PAGE>
[MERRILL LYNCH LOGO]
FREE WRITING PROSPECTUS FOR
FIRST
FRANKLIN MORTGAGE LOAN TRUST, SERIES 2005-FF12
TOTAL COLLATERAL SUMMARY
--------------------------------------------------------------------------------
<Table>
<Caption>
NEXT RATE ADJUSTMENT DATE
(EXCLUDES FIXED RATE LOANS)
------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE
WEIGHTED AVERAGE
WEIGHTED
NUMBER OF PRINCIPAL
PERCENT WEIGHTED
AVERAGE
PRINCIPAL
AVERAGE
PERCENT
NEXT RATE
MORTGAGE BALANCE
MORTGAGE
AVERAGE
CREDIT BALANCE
ORIGINAL
FULL
PERCENT
ADJUSTMENT DATE
LOANS
OUTSTANDING POOL
COUPON SCORE
OUTSTANDING LTV
DOC
IO
------------------------------------------------------------------------------------------------------------------------------------
<S>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
<C>
March 2006
1
$188,983 0.01%
6.875%
705
$188,983 90.00%
100.00%
100.00%
------------------------------------------------------------------------------------------------------------------------------------
April 2006
13
4,308,681 0.24
6.228 666
331,437
78.61 44.33
100.00
------------------------------------------------------------------------------------------------------------------------------------
October 2006
8
2,491,598 0.14
6.652 692
311,450
82.38 46.98
0.00
------------------------------------------------------------------------------------------------------------------------------------
April 2007
1
195,000 0.01
7.125 564
195,000
67.24
100.00
100.00
------------------------------------------------------------------------------------------------------------------------------------
May 2007
2
276,755 0.02
7.919 586
138,378
85.00
100.00 70.64
------------------------------------------------------------------------------------------------------------------------------------
June 2007
7
1,732,066 0.10
6.708 634
247,438
84.20 92.01
89.68
------------------------------------------------------------------------------------------------------------------------------------
July 2007
20
5,954,337 0.34
6.243 644
297,717
79.82 45.48
81.27
------------------------------------------------------------------------------------------------------------------------------------
August 2007
102 29,141,120
1.65
6.481
660
285,697
80.36 52.74
80.51
------------------------------------------------------------------------------------------------------------------------------------
September 2007
401 95,592,688
5.43
6.850 657
238,386
80.67 56.32
73.32
------------------------------------------------------------------------------------------------------------------------------------
October 2007
5311
1,204,127,267 68.36
6.839 655
226,723
80.46 59.46
71.88
------------------------------------------------------------------------------------------------------------------------------------
November 2007
21
4,254,795
0.24
6.562 653
202,609
77.42 75.91
74.17
------------------------------------------------------------------------------------------------------------------------------------
May 2008
2
409,252 0.02
6.989 663
204,626
89.05
100.00 58.45
------------------------------------------------------------------------------------------------------------------------------------
July 2008
5
1,356,457 0.08
6.191 640
271,291
82.33 61.13
61.13
------------------------------------------------------------------------------------------------------------------------------------
August 2008
30
8,552,257 0.49
6.306 682
285,075
80.27 56.00
86.73
------------------------------------------------------------------------------------------------------------------------------------
September 2008
114 22,032,774
1.25
6.727 655
193,270
81.46 73.12
77.70
------------------------------------------------------------------------------------------------------------------------------------
October 2008
1481
309,944,089 17.60
6.756 657
209,280
80.41 68.58
66.88
------------------------------------------------------------------------------------------------------------------------------------
November 2008
10
2,122,834 0.12
7.181 677
212,283
85.44 55.54
47.90
------------------------------------------------------------------------------------------------------------------------------------
September 2009
1
116,249 0.01
6.000 705
116,249
79.97
100.00
100.00
------------------------------------------------------------------------------------------------------------------------------------
June 2010
1
226,943 0.01
7.375 563
226,943
80.00
100.00 0.00
------------------------------------------------------------------------------------------------------------------------------------
July 2010
1
332,000 0.02
5.750 695
332,000
80.00 0.00
100.00
------------------------------------------------------------------------------------------------------------------------------------
August 2010
12
2,498,494 0.14
6.343 678
208,208
79.33 78.48
95.21
------------------------------------------------------------------------------------------------------------------------------------
September 2010
19
5,301,917 0.30
6.427 708
279,048
76.42 62.24
80.33
------------------------------------------------------------------------------------------------------------------------------------
October 2010
235 59,868,142
3.40
6.508 686
254,758
77.86 74.88
76.32
------------------------------------------------------------------------------------------------------------------------------------
November 2010 &n
![FREE WRITING PROSPECTUS FOR FIRST FRANKLIN MORTGAGE LOAN TRUST, [MERRILL LYNCH LOGO] SERIES 2005-FF12 -------------------------------------------------------------------------------- ABS NEW TRANSACTION FREE WRITING PROSPECTUS $[1,874,757,000] (APPROXIMATE) FIRST FRANKLIN MORTGAGE LOAN TRUST | Document Parties: MERRILL LYNCH MORTGAGE INVESTORS INC](/images/dev/header/icon-document.gif){kind=icon}
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