EXHIBIT 1



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


The Board of Directors
Ambac Assurance Corporation:

We consent to the incorporation by reference in the registration statement (No.
333-83600) 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 October 24, 2002 of our report dated January 23, 2002 on
the consolidated financial statements of Ambac Assurance Corporation and
subsidiaries as of December 31, 2001 and 2000, and for each of the years in the
three-year period ended December 31, 2001, 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 26, 2002 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement.



/s/ KPMG LLP
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KPMG LLP
New York, New York
October 24, 2002