EXHIBIT 1

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                          INDEPENDENT AUDITORS' CONSENT


The Board of Directors
Ambac Assurance Corporation:

         We consent to the incorporation by reference in the registration
statement (No. 333-60707) on Form S-3 of IMH Assets Corp. (the "Registrant"),
and in the Prospectus Supplement of the Registrant (the "Prospectus Supplement")
via the Form 8-K of the Registrant dated November 21, 2000, of our report dated
January 21, 2000 on the consolidated financial statements of Ambac Assurance
Corporation and subsidiaries as of December 31, 1999 and 1998, and for each of
the years in the three-year period ended December 31, 1999, which report appears
in the Form 10-K of Ambac Financial Group, Inc. which was filed with the
Securities and Exchange Commission on March 30, 2000 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.


                                                                /s/ KPMG LLP


New York, New York
November 21, 2000


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