**EXHIBIT 99.3**

PricewaterhouseCoopers LLP1177 Avenue of the AmericasNew York NY 10036

 

**Report ofIndependent Accountants**

 

To the Boards of Directors of Fleet National BankAnd Bank of America Corporation: 

We have examined management’s assertion, included in the accompanying Reportof Management on Compliance with the Sale and Servicing Agreement, that FleetNational Bank (the “Company”), a wholly owned subsidiary of Bank of AmericaCorporation, maintained an effective system of internal control over administrationand servicing of accounts for the fiscal year ended March 31, 2005, incompliance with the Sale and Servicing Agreement dated April 15, 2003 (the“Agreement”), among Fleet Home Equity Loan Trust 2003-1 (the “Trust”), FleetNational Bank, as Seller and Servicer, Fleet Home Equity Loan, LLC, asDepositor, and U.S. Bank National Association, as Indenture Trustee on behalfof the Class A Noteholders. We have also examined management’s assertion,included in the accompanying Report of Management on Compliance with the Saleand Servicing Agreement, about the Company’s compliance with sections 3.01,3.02 (a-e), 3.03 (iv), 3.03 (vi), 3.01, 3.05, 3.07, 3.09, 5.01(a), 5.03 (exceptfor subsections a, b and c), 5.05(a), except for references from such sectionsto a section (and references therefrom) not specifically delineated therein, ofthe Agreement, among the Trust, Fleet National Bank, as Seller and Servicer,Fleet Home Equity Loan, LLC, as Depositor, and U.S. Bank National Association,as Indenture Trustee on behalf of the Class A Noteholders (the “SpecifiedServicing Requirements”), for the fiscal year ended March 31, 2005. TheCompany’s management is responsible for maintaining an effective system ofinternal control over administration and servicing of accounts in compliancewith the Agreement (hereafter referred to as “servicing”), and for compliancewith the Specified Servicing Requirements. Our responsibility is to express anopinion on the assertions based on our examinations.

Our examinations were conducted in accordance with attestation standardsestablished by the American Institute of Certified Public Accountants and,accordingly, included obtaining an understanding of the Company’s internalcontrol over servicing and evaluating the design and operating effectiveness ofinternal control as of March 31, 2005. Our examinations also includedexamining, on a test basis, evidence about the Company’s compliance with theSpecified Servicing Requirements during the fiscal year ended March 31, 2005and performing such other procedures as we considered necessary in thecircumstances. We believe that our examinations provide a reasonable basis forour opinion.

Because of inherent limitations in any internal control system,misstatements due to error or fraud may occur and not be detected. Also,projections of any evaluation of the internal control over compliance with theSpecified Servicing Requirements to future periods are subject to the risk thatthe internal control may become inadequate because of changes in conditions, orthat the degree of compliance with the policies and procedures may deteriorate.

In our opinion, management’s assertions that the Company maintained aneffective system of internal control over servicing as of March 31, 2005, basedupon the criteria for effective internal control described in Internal Control– Integrated Framework issued by the Committee of Sponsoring Organizations ofthe Treadway Commission (COSO), and that the Company complied with theSpecified Servicing Requirements during the fiscal year ended March 31, 2005,are fairly stated, in all material respects.

/s/PRICEWATERHOUSECOOPERS LLP

PricewaterhouseCoopersLLPMay 30, 2005