Last week\'s residential mortgage ratings actions
By SAM GARCIA
6/14/2002

Classes of Countrywide Home Loan's loan securitization, Series 2002-HYB1 were rated at 'Aaa' to 'Baa2' by Moody's Investor Service based on the level of subordination, the integrity of the cash flows, the legal structure and Countrywide's ability as master servicer. The $656.9 million pool of jumbo loans consists of hybrid adjustable rate mortgage (ARM) loans with fixed rate terms of three, five and seven years. The weighted average loan-to-value (LTV) is 69% -- low for ARM loans, and the weighted average FICO is 724. Most of the loans were originated by Countrywide, National City, Wells Fargo and other smaller issuers.

A $250 million jumbo loan securitization from Chase, series 2002-S7 had its senior certificates rated at 'Aaa' by Moody's based on the quality of the underlying loans, structure of the transaction, and level of subordination. The loans backing the transaction are better than average because of Chase's strong underwriting guidelines, the geographic diversification, the high proportion of retail originations and purchase-money mortgages, and low LTV's. The weighted average LTV is 68% for a group of 30-year loans, and 57% for the other group of 15-year loans. The weighted average FICO is 721 for the 30-year loans and 727 for the 15-year loans.

Standard & Poor's (S&P) affirmed classes of United Mortgage Securities Corp.'s conduit mortgage pass-through certificates, series 1993-1, reflecting classes that have sufficient current and projected credit support percentages that meet or exceed the suggested loss coverage levels for their current ratings.

Classes of CWMBS (IndyMac) Inc.'s mortgage pass-through certificates, series 1995-W, series 1996-H and series 1997-A were downgraded by Fitch Ratings. The actions are due to the level of losses incurred and the high delinquencies in relation to the applicable credit support levels as of the May, 2002 distribution.

Fitch lowered its ratings on class B4 of Chase Mortgage Finance Trust's loan securitization, series 1999-S15 as a result of a review of the level of losses incurred to date and the current high delinquencies relative to the applicable credit support levels. Remittance information indicates that 1.83% of the pool is over 90 days delinquent, and cumulative losses are $300,481 or 0.24% of the initial pool.

Classes of CNL Commercial Mortgage Loan Trust's $125 million commercial mortgage loan notes, series 2002-1 were rated at 'AAA' & 'A' by S&P. The preliminary ratings reflect the credit enhancement consisting of subordination, a reserve account, and excess spread. The ratings are also based on CNL Commercial Finance Inc's demonstrated servicing ability.

S&P affirmed classes of United Mortgage Securities Corp.'s conduit mortgage pass-through certificates, series 1993-1 and 1994-1. The affirmations on series 1993-1 reflect classes having sufficient current and projected credit support percentages that meet or exceed the suggested loss coverage levels for their current ratings. Affirmations on series 1994-1 reflect the adequate support derived from the subordination of the class B bond and financial guaranty insurance policy issued by Financial Security Assurance Inc.

Fitch upgraded classes of the following series of residential mortgage pass-through certificates as a result of low delinquencies and losses, as well as increased credit support.

* CWMBS, Inc. (IndyMac), series 1997-B
* PHH Mortgage Services Corporation, series 1997-1
* PHH Mortgage Services Corporation, series 1997-2
* PHH Mortgage Services Corporation, series 1997-4
* PHH Mortgage Services Corporation, series 1997-6
* PNC Mortgage Securities Corporation, series 1997-1
* PNC Mortgage Securities Corporation, series 1997-2
* Residential Accredit Loans, Inc., series 1997-QS8
* Residential Accredit Loans, Inc., series 1997-QS9

Moody's rated a $389.1 million pool of jumbo mortgage loans issued by Wells Fargo mortgage backed securities, series 2002-9 Trust at 'Aaa'. The senior certificates are part of a securitization with a weighted average FICO of 731 and a weighted average original LTV of 65%. Most of the loans are owner-occupied, and nearly half are in California.

The senior certificates of Wells Fargo MBS, series 2002-10 Trust were rated at 'Aaa' by Moody's. The ratings on the $243.7 million pool of relocation jumbo loans is based on the historical and expected performance and the credit support. The weighted average FICO score is 735 and the weighted average original LTV is 76%.

245 classes of the following Wells Fargo Mortgage Backed Securities Trusts' mortgage pass-through certificates were affirmed, reflecting credit enhancement percentages sufficient to maintain the assigned ratings, along with low delinquency and cumulative loss percentages.

* 2000-1
* 2000-2
* 2000-3
* 2000-4
* 2000-6
* 2000-7
* 2000-8
* 2000-9
* 2000-10
* 2000-11



* 2000-12
* 2000-14
* 2001-3
* 2001-4
* 2001-5
* 2001-10
* 2001-14
* 2001-15
* 2001-16
* 2001-18



* 2001-21
* 2001-22
* 2001-23
* 2001-25
* 2001-29
* 2001-30
* 2001-31
* 2001-32
* 2001-33
* 2001-34

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