Last week\'s residential mortgage ratings actions
By SAM GARCIA
5/10/2002

Moody's Investors Service assigned its highest rating of SQ1 as a Primary Servicer of residential prime, subprime and 2nd lien mortgage loans to Homecomings Financial Network, Inc. and assigned Homecomings an SQ2 Special Servicer rating. The ratings are based on Homecoming's strength in payment collections, above average foreclosure timeline management, and overall stability. Homecoming's strong performance -- particularly in servicing special loan products such as 2nd liens, HLTV, HELOC, home equity CES -- is the result of its highly experienced management, well-trained staff, and extensive use of technology. Homecomings is strongly committed to high quality servicing in order to minimize losses on the portfolio it services because its parent, GMAC-RFC , holds many of the residuals associated with its securitizations.

Moody's rated classes of Asset Securities Corporation's 2002-AL1 securitization of disaster assistance loans originated by the Small Business Administration at 'Aaa' to 'Baa2' based on primarily on the level of subordination. The loans supporting the Series 2002-AL1 transaction are primarily secured by single family homes (82%) but also include loans secured by condominiums, mobile homes and commercial property, among others. 36% of the pool is secured by first liens, while 53% is secured by second or higher liens and 11% is not secured. Aurora Loan Services Inc. will service the loans.

Classes of Residential Funding Mortgage Securities I, Inc.'s $301.6 million residential mortgage pass-through certificates (RMPTC's), series 2002-S6 were rated at 'AAA' by Fitch, reflecting the level of subordination. The ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and GMAC-RFC's servicing capabilities as master servicer. The 714 fifteen-year loans have a weighted average original loan-to-value (LTV) of 58.53%, and about 14% of the loans were originated under a reduced loan documentation program.

Fitch Ratings rated classes of Citicorp Mortgage Securities, Inc.'s RMPTC's, series 2002-5 at 'AAA', reflecting the level of subordination, the quality of the mortgage collateral, strength of the legal and financial structures, and CitiMortgage, Inc.'s servicing capabilities as primary servicer. The recently originated fixed rate pool includes a group of 30-year loans with a weighted average original LTV of 64.95% and a weighted average coupon (WAC) of 6.96%. A second group of 15-year loans has a weighted average original LTV of 57.4% and a WAC of 6.62%.

Classes of CWMBS, Inc.'s $287.2 million RMPTC's, series 2002-8, Alternative Loan Trust 2002-5 were rated 'AAA' by Fitch, reflecting the level of subordination. The ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures and the master servicing capabilities of Countrywide Home Loans Servicing LP. The pool of 20-year and 30-year fixed rate loans has a weighted average original LTV of 74.11%, with 8.52% and 70.74% of the loans were originated under the No Income and Reduced Documentation Programs, respectively. More than 60% of the properties are located in California, and approximately 51% and 49% of the initial mortgage loans were originated under CHL's Standard Underwriting Guidelines and Expanded Underwriting Guidelines, respectively.

S&P lowered and affirmed ratings on classes of CWMBS Inc.'s RMPTC's, series 1995-M. The lowered rating reflects the permanent principal write-down of $79,413 experienced by the class due to the complete erosion of the certificates' credit support, and the affirmations reflect credit enhancement percentages sufficient to support the current ratings.

Classes of the $735 million CMPTC's of Wells Fargo Mortgage Backed Securities', series 2002-8, were rated at 'AAA' by Fitch, reflecting the level of subordination, the high quality of the underlying collateral, the integrity of the legal and financial structures and the servicing capabilities of Wells Fargo Home Mortgage, Inc. Two groups of 10-year to 20-year fixed rate loans have weighted average FICO's fo 726 and 735, and weighted average original LTV's of 65.22% and 58.07%.

Fitch rated rated Indiana Housing Finance Authority's $40 million single-family mortgage revenue bonds, 2002 series B at 'AAA' while affirming the 'AAA' rating on the outstanding $663.6 million of 1998 series A-D bonds; 1999 series A, X, Y, Z bonds; 2000 series A-D bonds, 2001 series A-C bonds and 2002 series A bonds, along with the 'AAA/F1+' rating on the 2001 series D bonds. The ratings reflect the current and projected composition of the portfolio, the deep levels of mortgage insurance protection on the whole loan portion of the portfolio, the high level of overcollateralization that exists within the indenture and the program's favorable financial performance.

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