EXHIBIT 1



            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


The Board of Directors
Ambac Assurance Corporation:

We consent to the incorporation by reference in the registration statement (No.
333-113187) 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 July 26, 2004 of our report dated February 27, 2004 on the
consolidated financial statements of Ambac Assurance Corporation and
subsidiaries as of December 31, 2003 and 2002, and for each of the years in the
three-year period ended December 31, 2003, 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 15, 2004 and to the reference to our
firm under the heading "Experts" in the Prospectus Supplement. Our report refers
to changes, in 2003, in Ambac Assurance Corporation's methods of accounting for
variable interest entities and stock-based compensation.


 /s/ KPMG LLP
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KPMG LLP
New York, New York
July 26, 2004