Last week\'s residential mortgage ratings activity
By SAM GARCIA
4/24/2002

Despite a recent improvement in corporate credit quality in the first quarter of 2002, 31% of U.S. corporate ratings have a negative outlook, according to Standard and Poor's (S&P). At the sector level, S&P said U.S. banks have a 69% stable outlook.

S&P affirmed its ratings on classes of Homeside Mortgage Securities Inc. series 1998-1 and 1998-2, reflecting the adequate credit support present at each class rating level. The collateral for series 1998-1 is composed of 30-year, fixed-rate, first lien conventional mortgage loans, while the collateral for series 1998-2 includes 15-year and 30-year fixed rates loans secured by first and second lien balloon and conventional mortgages.

Fitch Ratings upgraded classes of the following residential mortgage pass through certificates (RMPTC's), while removing 2 classes from Rating Watch, based on low delinquencies and losses, as well as increased credit support.

* CWMBS, Inc. (Countrywide Home Loans) series 1996-1
* CWMBS, Inc. (IndyMac)
series 1996-B
series 1996-E
series 1996-G
series 1996-H
series 1996-J, RAST A6
series 1996-K
series 1996-L, RAST 8
series 1996-M RAST A-9
series 1996-N RAST A-10
series 1996-O RAST A-11
* Chemical Mortgage Securities, Inc., series 1996-1



* First Union National Bank of North Carolina, series 1996-1
* Morgan Stanley Capital I Inc., series 1996-1
* PHH Mortgage Services Corporation
series 1996-1
series 1996-3
series 1996-6
series 1996-7
* Residential Accredit Loans, Inc.
series 1996-QS3
series 1996-QS5
series 1996-QS7
series 1996-QS8

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