EXHIBIT 1



                          INDEPENDENT AUDITORS' CONSENT
                          -----------------------------


The Board of Directors
Ambac Assurance Corporation:

We consent to the incorporation by reference in the registration statement (No.
333-69178) 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 February 21, 2002 of our report dated January 22, 2001 on
the consolidated financial statements of Ambac Assurance Corporation and
subsidiaries as of December 31, 2000 and 1999, and for each of the years in the
three-year period ended December 31, 2000, which report appears in the Annual
Report on Form 10-K of Ambac Financial Group, Inc. which was filed with the
Securities and Exchange Commission on March 28, 2001 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.



/s/ KPMG LLP
-------------------------------------------
KPMG LLP
New York, New York
February 21, 2002