Exhibit 31.2



Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002



I, John S. Buchanan, certify that:



1. I have reviewed this annual report on Form 10-K of Accredited Mortgage
Loan REIT Trust;



2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report;



3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;



4. The registrants other certifying officer and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:



| | a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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| | b) | Paragraph omitted pursuant to SEC Release Nos. 33-8545 and 34-51293;
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| | c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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| | d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants fourth fiscal quarter of 2004 that
has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
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5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrants auditors and the audit committee of registrants board of trustees (or persons performing the equivalent functions):



| | a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrants ability to record, process, summarize and report financial information; and
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| | b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
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Date: March 30, 2005



By:

/S/ JOHN S. BUCHANANJohn S. BuchananChief Financial Officer