Last week\'s residential mortgage ratings actions
By SAM GARCIA
4/10/2002

Moody's Investors Service rated Countrywide Home Loan's series 2002-3 residential mortgage pass through certificates (RMPTC's) at 'Aaa' based on the credit quality of the collateral pool, the level of subordination, the legal structure of the transaction and Countrywide's ability as the servicer of the loans. Nearly 92% of the 15 and 30-year loans were originated under Countrywide's Standard Guidelines (for jumbo loans), with the remaining originated under its Expanded Criteria Guidelines (for Alt-A loans). Most of the loans are owner-occupied, and Moody's said that the 15-year loans are less risky as they have lower average loan-to-value (LTV's) and higher average FICO's than the 30-year product.

Classes of WaMu Mortgage RMPTC's, series 2002-AR4 were rated at 'Aaa' to 'B2' by Moody's based on credit support provided through subordination, the integrity of the cash flow, the legal structure and WaMu's servicing capability. The $3.6 billion pool of hybrid adjustable rate mortgages (ARM's) have a weighted
average FICO score of 744 and a weighted average combined LTV of 60.7%, with no loans having a combined LTV higher than 80%.

Fitch Ratings rated classes of Structured Asset Securities Corporation (SASCO) $941.8 million RMPTC's, series 2002-5A at 'AAA' to 'BBB' based on the credit enhancement, the quality of the underlying mortgage collateral, strength of the legal and financial structures and the master servicing capabilities of Aurora Loan Services, Inc. Six pools of hybrid ARM loans have weighted average original LTV's ranging from 66.32% to 70.22% and weighted average coupon's (WAC's) ranging from 6.269% to 6.995%. A significant portion of the pool is located in California.

Classes of Wells Fargo Mortgage Backed Securities (WFMBS) $395.2 million mortgage RMPTC's, series 2002-6 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. The pool of recently originated 10 to 15-year fixed rate loans has a weighted average original LTV of 58.26%, a WAC of 6.47% and a weighted average FICO of 737.

Fitch rated classes of WFMBS RMPTC's series 2002-4 at 'AAA' based on the same qualities mentioned in series 2002-6. One of two loan groups of fixed rate loans has 10 and 15 year terms with a weighted average original LTV of nearly 60%, a WAC of 6.757% and a weighted average FICO score of 735. The second group, consisting of 20 to 20-year loans, has a weighted average original LTV of 65%, a WAC of 6.933% and a weighted average FICO of 733.

Fitch also rated classes of WFMBS $943.4 million RMPTC's, series 2002-7 at 'AAA' to 'BBB', reflecting similar attributes as series 2002-6. Two groups of recently originated loans have weighted average original LTV's of 68.43% & 77.08%, WAC's of 6.951% & 6.51% and weighted average FICO scores of 727 & 735. About a quarter of the loans are in California.

Classes of CWMBS, Inc.'s $675.4 million RMPTC's, CHL Mortgage Pass-Through Trust 2002-5 were rated at 'AAA' by Fitch, reflecting the subordination level, quality of the underlying mortgage collateral, strength of the legal and financial structures and the master servicing capabilities of Countrywide Home Loans Servicing LP. Two groups of loans have terms from 10 to 30 years, weighted average original LTV's of 70.39% & 60.26% and weighted average FICO scores of 724 and 739. A significan portion of the pool is located in California.

Fitch rated classes of First Horizon Asset Securities Inc. $531.3 million RMPTC's, series 2002-2 at 'AAA' to 'BBB', reflecting credit enhancement, quality of the mortgage collateral, strength of the legal and financial structures, and the servicing capabilities of First Horizon Home Loan Corporation. Two pools of fixed rate first lien loans have terms of 15 & 30-years, weighted average original LTV's of 59.45% & 69.90% and cash-out proportions of 20.54% & 18.78%.

Classes of ABN AMRO Mortgage Corporation's RMPTC's, series 2002-3 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 ABN AMRO Mortgage Group, Inc. The pool of 15-year loans has a weighted average original LTV of 61.03%, a WAC of 6.49% and a weighted average FICO of 737.

Classes of BCF 1997-R1 and BCF 1997-R3 RMPTC's were downgraded 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. As of the March 25, 2002 distribution. BCF 1997-R1 remittance information indicates that approximately 12.32% of that pool is over 90 days delinquent, and BCF 1997-R3 remittance information indicates that approximately 12.99% of that pool is over 90 days delinquent.

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