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Related Issuers
ABN AMRO Mortgage Corporation, Series 2002-6
ABN AMRO Mortgage Corporation, Series 2002-9
ABN AMRO Mortgage Corporation, Series 2003-3
ABN AMRO Mortgage Corporation, Series 2003-4
Banc of America Mortgage 2002-L Trust
Banc of America Mortgage 2003-A Trust
Banc of America Mortgage 2003-B Trust
Banc of America Mortgage 2003-C Trust
Banc of America Mortgage 2003-D Trust
Banc of America Mortgage 2003-E Trust
Bank of America Mortgage 2002-7 Trust
Bear Stearns ARM Trust 2002-12
Bear Stearns ARM Trust 2002-4
Cendant Mortgage Capital LLC, CDMC Mortgage Pass-Through Certificates, Series 2002-1
Cendant Mortgage Capital LLC, CDMC Mortgage Pass-Through Certificates, Series 2002-3
Chase Mortgage Finance Trust, Series 2001-S7
Chase Mortgage Finance Trust, Series 2002-S3
CHL Mortgage Pass-Through Certificates, Series 2002-J1
CHL Mortgage Pass-Through Trust 2002-18
CHL Mortgage Pass-Through Trust 2002-30
CHL Mortgage Pass-Through Trust 2002-34
CHL Mortgage Pass-Through Trust 2002-36
CHL Mortgage Pass-Through Trust 2003-1
Citicorp Mtg Sec Inc 2003-1
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-1
CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-7
FNT Mortgage-Backed PassThrough Certificates, Series 2001-5
MASTR Adjustable Rate Mortgages Trust 2003-1
Merrill Lynch Mortgage Investors, Inc., 2000-3
Morgan Stanley Dean Witter Capital I Inc. Trust 2002-WL1
MRFC Mortgage Pass-Through Certificates, Series 2001-TBC1
MRFC Mortgage Pass-Through Certificates, Series 2002-TBC1
Residential Asset Securitization Trust 2002-A14J
Residential Asset Securitization Trust 2002-A2J
RFMSI Series 2002-SA1 Trust
RFMSI Series 2002-SA2 Trust
RFSC Series 2002-RM1 Trust
Salomon Brothers Mortgage Securities VII, Inc. 2000-BoA1
Salomon Mortgage Loan Trust, Series 2001-CPB1 Mortgage Pass-Through Certificates
Structured Asset Securities Corp 2001-18A
Structured Asset Securities Corp 2002-18A
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Thornburg Mortgage Securities Trust 2001-2
Thornburg Mortgage Securities Trust 2002-1
Thornburg Mortgage Securities Trust Pass-Through Certificates, Series 2001-1
WaMu Mortgage Pass-Through Ceritficates 2002-AR10 Trust
WAMU Mortgage Pass-Through Certificates 2002-AR13 Trust
WaMu Mortgage Pass-Through Certificates Series 2002-AR6 Trust
WaMu Mortgage Pass-Through Certificates Series 2002-AR7 Trust
WAMU Mortgage Pass-Through Certificates Series 2002-AR8 Trust
WaMu Mortgage Pass-Through Certificates Series 2002-AR9
WaMu Mortgage Pass-Through Certificates, Series 2001-AR6
WaMu Mortgage Pass-Through Certificates, Series 2002-AR1
WaMu Mortgage Pass-Through Certificates, Series 2002-AR11
WaMu Mortgage Pass-Through Certificates, Series 2002-AR12
WaMu Mortgage Pass-Through Certificates, Series 2002-AR14
WaMu Mortgage Pass-Through Certificates, Series 2002-AR16
WaMu Mortgage Pass-Through Certificates, Series 2002-AR18
WaMu Mortgage Pass-Through Certificates, Series 2002-AR19
WaMu Mortgage Pass-Through Certificates, Series 2002-AR2
WaMu Mortgage Pass-Through Certificates, Series 2002-AR3
WaMu Mortgage Pass-Through Certificates, Series 2002-AR4
WaMu Mortgage Pass-Through Certificates, Series 2003-AR1
WaMu Mortgage Pass-Through Certificates, Series 2003-AR2
WaMu Mortgage Pass-Through Certificates, Series 2003-AR3
WaMu Mortgage Pass-Through Certificates, Series 2003-AR4
WaMu Mortgage Pass-Through Ctfs. 2002-AR15 Trust
WaMu Mortgage-Backed Pass-Through Certificates, Series 2001-AR5
Washington Mutual Mortgage Loan Trust, 2000-1
Washington Mutual MSC 2003-MS6 Trust
Wells Fargo Mortgage Backed Securities 2003-1 Trust
Wells Fargo Mortgage Backed Securities 2003-C Trust
Wells Fargo Mortgage Backed Securities 2003-D Trust
Rating Action:

MOODY'S PLACES 257 JUMBO RESIDENTIAL MBS TRANCHES UNDER REVIEW FOR POSSIBLE UPGRADE

03 Aug 2004
MOODY'S PLACES 257 JUMBO RESIDENTIAL MBS TRANCHES UNDER REVIEW FOR POSSIBLE UPGRADE

New York, August 03, 2004 -- Moody's has placed 257 tranches from 73 "I-structure" securitizations under review for possible upgrade. The rating actions follow Moody's comprehensive examination of the "jumbo" loan collateral deals issued and rated from 1998 through 2003. The examination was prompted by the unusually strong mortgage credit environment of the past few years, which includes rapid industry-wide prepayment speeds and generally rising home prices.

Over the last several years the jumbo RMBS securitization market has experienced very strong performance. Many securitization pools have experienced no losses or very low levels of losses. High prepayment rates, combined with the virtually standard jumbo RMBS shifting-interest structure, have resulted in a significant increase in tranche credit enhancement levels. In the standard shifting interest structure, 100% of prepayment principal is allocated to the most senior tranches, typically for at least the first five years. High prepayment rates have also reduced loss rates, as some loans that may have defaulted in later years have prepaid prior to the borrower experiencing a "life event." While the economic environment of the recent past has caused some financial strain on borrowers, the strong housing market has enabled many borrowers to avoid foreclosure by selling their properties prior to incurring any loss on the mortgage loan. In addition, the continued strong housing market has decreased the amount of the loss realized on the low percentage of loans that have experienced a loss.

Among the 257 tranches on review for possible upgrade were 20 super senior support tranches. Super senior support tranches carry more risk than a senior tranche that is not divided into super senior and support tranches. This risk is due to the potentially higher severity of loss on the support tranche, should a loss be realized. The 20 senior support tranches have been placed under review for upgrade due to the substantial increase in credit enhancement percentages since issuance.

The complete rating action is as follows:

The following classes are under review for possible upgrade:

ABN AMRO 2002-6, Class B-1, current rating A2

ABN AMRO 2002-6, Class B-2, current rating Baa2

ABN AMRO 2002-9, Class M, current rating Aa3

ABN AMRO 2002-9, Class B-1, current rating A3

ABN AMRO 2002-9, Class B-2, current rating Baa3

ABN AMRO 2002-9, Class B-3, current rating Ba3

ABN AMRO 2003-3, Class B-1, current rating A3

ABN AMRO 2003-3, Class B-2, current rating Baa3

ABN AMRO 2003-4, Class M, current rating Aa3

ABN AMRO 2003-4, Class B-1, current rating A3

ABN AMRO 2003-4, Class B-2, current rating Baa3

Banc Of America 2002-L, Class 1-A-3, current rating Aa1

Banc Of America 2002-L, Class 2-A-4, current rating Aa1

Banc Of America 2003-A, Class 2-A-9, current rating Aa1

Banc Of America 2003-B, Class 2-A-8, current rating Aa1

Banc Of America 2003-C, Class 1-A-3, current rating Aa1

Banc Of America 2003-C, Class 2-A-3, current rating Aa1

Banc Of America 2003-D, Class 1-A-2, current rating Aa1

Banc Of America 2003-D, Class 2-A-6, current rating Aa1

Banc Of America 2003-E, Class 1-A-3, current rating Aa1

Bank Of America 2002-7, Class 1-A-37, current rating Aa1

Bank Of America 2002-7, Class 1-B-1, current rating Aa2

Bank Of America 2002-7, Class 1-B-2, current rating A2

Bank Of America 2002-7, Class 1-B-3, current rating Baa2

Bank Of America 2002-7, Class 1-B-4, current rating Ba2

Bank Of America 2002-7, Class 1-B-5, current rating B2

Bank Of America 2002-7, Class 2-A-4, current rating Aa2

Bear Stearns ARM Trust 2002-4, Class B-1, current rating Aa2

Bear Stearns ARM Trust 2002-4, Class B-2, current rating A2

Bear Stearns ARM Trust 2002-4, Class B-3, current rating Baa2

Bear Stearns ARM Trust 2002-4, Class B-4, current rating Ba2

Bear Stearns ARM Trust 2002-12, Class I-B-1, current rating Aa2

Bear Stearns ARM Trust 2002-12, Class I-B-2, current rating A2

Bear Stearns ARM Trust 2002-12, Class I-B-3, current rating Baa2

Bear Stearns ARM Trust 2002-12, Class II-B-1, current rating Aa2

Bear Stearns ARM Trust 2002-12, Class II-B-2, current rating A2

Bear Stearns ARM Trust 2002-12, Class II-B-3, current rating Baa2

Cendant Mortgage 2002-1, Class B-2, current rating A3

Cendant Mortgage 2002-1, Class B-3, current rating Baa3

Cendant Mortgage 2002-1, Class B-4, current rating Ba3

Cendant Mortgage 2002-3, Class B-3, current rating Baa3

Cendant Mortgage 2002-3, Class B-4, current rating Ba3

Chase Mortgage 2001-S7, Class B-1, current rating Aa3

Chase Mortgage 2001-S7, Class B-2, current rating A3

Chase Mortgage 2002-S3, Class B-1, current rating Aa3

Chase Mortgage 2002-S3, Class B-2, current rating A2

Chase Mortgage 2002-S3, Class B-3, current rating Baa3

CHL Mortgage 2002-J1, Class B-2, current rating A2

CHL Mortgage 2002-18, Class A-9, current rating Aa1

CHL Mortgage 2002-30, Class M, current rating Aa2

CHL Mortgage 2002-30, Class B-1, current rating A2

CHL Mortgage 2002-30, Class B-2, current rating Baa2

CHL Mortgage 2002-30, Class B-3, current rating Ba2

CHL Mortgage 2002-30, Class B-4, current rating B2

CHL Mortgage 2002-34, Class A-16, current rating Aa1

CHL Mortgage 2002-36, Class A-24, current rating Aa1

CHL Mortgage 2003-1, Class 1-A-5, current rating Aa2

CHL Mortgage 2003-1, Class 1-A-15, current rating Aa1

Citicorp Mortgage 2003-1, Class A-65, current rating Aa1

CSFB Mortgage 2003-1, Class III-B-1, current rating Aa3

CSFB Mortgage 2003-1, Class III-B-2, current rating A3

CSFB Mortgage 2003-1, Class III-B-3, current rating Baa3

CSFB Mortgage 2003-7, Class I-B-2, current rating A3

CSFB Mortgage 2003-7, Class I-B-3, current rating Baa3

FNT Mortgage 2001-5, Class B-1, current rating Aa2

FNT Mortgage 2001-5, Class B-2, current rating A2

FNT Mortgage 2001-5, Class B-3, current rating Baa2

FNT Mortgage 2001-5, Class B-4, current rating Ba2

MASTR Adjustable Rate Mortgage 2003-1, Class 2-A-3, current rating Aa1

Merrill Lynch Mortgage Investors 2000-3, Class M-1, current rating Aa2

Merrill Lynch Mortgage Investors 2000-3, Class M-2, current rating A2

Merrill Lynch Mortgage Investors 2000-3, Class B-1, current rating Baa2

Merrill Lynch Mortgage Investors 2000-3, Class B-2, current rating Ba2

Merrill Lynch Mortgage Investors 2000-3, Class B-3, current rating B2

Morgan Stanley Capital I Inc. 2002-WL1, Class 3-B-2, current rating Aa2

Morgan Stanley Capital I Inc. 2002-WL1, Class 3-B-3, current rating A2

Morgan Stanley Capital I Inc. 2002-WL1, Class 3-B-4, current rating Baa2

Morgan Stanley Capital I Inc. 2002-WL1, Class 3-B-5, current rating Ba2

MRFC 2001-TBC 1, Class B-1, current rating Aa2

MRFC 2001-TBC 1, Class B-2, current rating A2

MRFC 2001-TBC 1, Class B-3, current rating Baa2

MRFC 2001-TBC 1, Class B-4, current rating Ba2

MRFC 2002-TBC 1, Class B-1, current rating Aa2

MRFC 2002-TBC 1, Class B-2, current rating A2

MRFC 2002-TBC 1, Class B-3, current rating Baa2

RAST 2002-A2J, Class B-1, current rating Aa2

RAST 2002-A2J, Class B-2, current rating A2

RAST 2002-A2J, Class B-3, current rating Baa2

RAST 2002-A14J, Class A-9, current rating Aa1

RFMSI 2002-SA1, Class M-1, current rating Aa2

RFMSI 2002-SA1, Class M-2, current rating A2

RFMSI 2002-SA1, Class M-3, current rating Baa2

RFMSI 2002-SA2, Class M-1, current rating Aa2

RFMSI 2002-SA2, Class M-2, current rating A2

RFMSI 2002-SA2, Class M-3, current rating Baa2

RFSC 2002-RM1, Class M-I-1, current rating Aa2

RFSC 2002-RM1, Class M-I-2, current rating A2

RFSC 2002-RM1, Class M-I-3, current rating Baa2

RFSC 2002-RM1, Class B-I-1, current rating Ba2

RFSC 2002-RM1, Class B-I-2, current rating B2

RFSC 2002-RM1, Class M-II-1, current rating Aa2

RFSC 2002-RM1, Class M-II-2, current rating A2

RFSC 2002-RM1, Class M-II-3, current rating Baa2

RFSC 2002-RM1, Class B-II-1, current rating Ba2

RFSC 2002-RM1, Class B-II-2, current rating B2

RFSC 2002-RM1, Class M-III-1, current rating Aa2

RFSC 2002-RM1, Class M-III-2, current rating A2

RFSC 2002-RM1, Class M-III-3, current rating Baa2

RFSC 2002-RM1, Class B-III-1, current rating Ba2

RFSC 2002-RM1, Class B-III-2, current rating B2

SBMS VII 2000-BoA1, Class B-1, current rating Aa2

SBMS VII 2000-BoA1, Class B-2, current rating A2

SBMS VII 2000-BoA1, Class B-3, current rating Baa2

Salomon 2001-CPB1, Class B-2, current rating Aa2

Salomon 2001-CPB1, Class B-3, current rating A2

Salomon 2001-CPB1, Class B-4, current rating Baa2

Salomon 2001-CPB1, Class B-5, current rating Ba2

SASC 2001-18A, Class B1, current rating Aa2

SASC 2001-18A, Class B2, current rating A2

SASC 2001-18A, Class B3, current rating Baa2

SASC 2002-18A, Class B2-I, current rating A2

SASC 2002-18A, Class B3, current rating Baa2

SASC 2002-18A, Class B2-I-X, current rating A2

SASC 2002-24, Class A14, current rating Aa1

Thornburg Mortgage 2001-1, Class B-1, current rating Aa2

Thornburg Mortgage 2001-1, Class B-2, current rating A2

Thornburg Mortgage 2001-1, Class B-3, current rating Baa2

Thornburg Mortgage 2001-1, Class B-4, current rating Ba2

Thornburg Mortgage 2001-1, Class B-5, current rating B2

Thornburg Mortgage 2001-2, Class B-1, current rating Aa2

Thornburg Mortgage 2001-2, Class B-2, current rating A2

Thornburg Mortgage 2001-2, Class B-3, current rating Baa2

Thornburg Mortgage 2002-1, Class B-1, current rating Aa2

Thornburg Mortgage 2002-1, Class B-2, current rating A2

Thornburg Mortgage 2002-1, Class B-3, current rating Baa2

WaMu 2001-AR5, Class B-1, current rating Aa2

WaMu 2001-AR5, Class B-2, current rating A2

WaMu 2001-AR5, Class B-3, current rating Baa2

WaMu 2001-AR5, Class B-4, current rating Ba2

WaMu 2001-AR6, Class B-1, current rating Aa2

WaMu 2001-AR6, Class B-2, current rating A2

WaMu 2001-AR6, Class B-3, current rating Baa2

WaMu 2001-AR6, Class B-4, current rating Ba2

WaMu 2001-AR6, Class B-5, current rating B2

WaMu 2002-AR1, Class B-1, current rating Aa2

WaMu 2002-AR1, Class B-2, current rating A2

WaMu 2002-AR1, Class B-3, current rating Baa2

WaMu 2002-AR1, Class B-4, current rating Ba2

WaMu 2002-AR1, Class B-5, current rating B2

WaMu 2002-AR2, Class B-1, current rating Aa2

WaMu 2002-AR2, Class B-2, current rating A2

WaMu 2002-AR2, Class B-3, current rating Baa2

WaMu 2002-AR2, Class B-4, current rating Ba2

WaMu 2002-AR3, Class B-1, current rating Aa2

WaMu 2002-AR3, Class B-2, current rating A2

WaMu 2002-AR3, Class B-3, current rating Baa2

WaMu 2002-AR3, Class B-4, current rating Ba2

WaMu 2002-AR3, Class B-5, current rating B2

WaMu 2002-AR4, Class B-1, current rating Aa2

WaMu 2002-AR4, Class B-2, current rating A2

WaMu 2002-AR4, Class B-3, current rating Baa2

WaMu 2002-AR4, Class B-4, current rating Ba2

WaMu 2002-AR4, Class B-5, current rating B2

WaMu 2002-AR6, Class B-1, current rating Aa2

WaMu 2002-AR6, Class B-2, current rating A2

WaMu 2002-AR6, Class B-3, current rating Baa2

WaMu 2002-AR6, Class B-4, current rating Ba2

WaMu 2002-AR6, Class B-5, current rating B2

WaMu 2002-AR7, Class B-1, current rating Aa2

WaMu 2002-AR7, Class B-2, current rating A2

WaMu 2002-AR7, Class B-3, current rating Baa2

WaMu 2002-AR7, Class B-4, current rating Ba2

WaMu 2002-AR7, Class B-5, current rating B2

WaMu 2002-AR8, Class B-1, current rating Aa2

WaMu 2002-AR8, Class B-2, current rating A2

WaMu 2002-AR8, Class B-3, current rating Baa2

WaMu 2002-AR8, Class B-4, current rating Ba2

WaMu 2002-AR8, Class B-5, current rating B2

WaMu 2002-AR9, Class I-B-1, current rating Aa2

WaMu 2002-AR9, Class I-B-2, current rating A2

WaMu 2002-AR9, Class I-B-3, current rating Baa2

WaMu 2002-AR9, Class I-B-4, current rating Ba2

WaMu 2002-AR9, Class I-B-5, current rating B2

WaMu 2002-AR9, Class II-B-1, current rating Aa2

WaMu 2002-AR9, Class II-B-2, current rating A2

WaMu 2002-AR9, Class II-B-3, current rating Baa2

WaMu 2002-AR9, Class II-B-4, current rating Ba2

WaMu 2002-AR9, Class II-B-5, current rating B2

WaMu 2002-AR10, Class B-1, current rating Aa2

WaMu 2002-AR10, Class B-2, current rating A2

WaMu 2002-AR10, Class B-3, current rating Baa2

WaMu 2002-AR10, Class B-4, current rating Ba2

WaMu 2002-AR10, Class B-5, current rating B2

WaMu 2002-AR11, Class B-1, current rating Aa2

WaMu 2002-AR11, Class B-2, current rating A2

WaMu 2002-AR11, Class B-3, current rating Baa2

WaMu 2002-AR12, Class B-1, current rating Aa2

WaMu 2002-AR12, Class B-2, current rating A2

WaMu 2002-AR12, Class B-3, current rating Baa2

WaMu 2002-AR12, Class B-4, current rating Ba2

WaMu 2002-AR12, Class B-5, current rating B2

WaMu 2002-AR13, Class B-1, current rating Aa2

WaMu 2002-AR13, Class B-2, current rating A2

WaMu 2002-AR13, Class B-3, current rating Baa2

WaMu 2002-AR13, Class B-4, current rating Ba2

WaMu 2002-AR13, Class B-5, current rating B2

WaMu 2002-AR14, Class B-1, current rating Aa2

WaMu 2002-AR14, Class B-2, current rating A2

WaMu 2002-AR14, Class B-3, current rating Baa2

WaMu 2002-AR14, Class B-4, current rating Ba2

WaMu 2002-AR14, Class B-5, current rating B2

WaMu 2002-AR15, Class B-1, current rating Aa2

WaMu 2002-AR15, Class B-2, current rating A2

WaMu 2002-AR15, Class B-3, current rating Baa2

WaMu 2002-AR15, Class B-4, current rating Ba2

WaMu 2002-AR15, Class B-5, current rating B2

WaMu 2002-AR16, Class B-1, current rating Aa2

WaMu 2002-AR16, Class B-2, current rating A2

WaMu 2002-AR16, Class B-3, current rating Baa2

WaMu 2002-AR16, Class B-4, current rating Ba2

WaMu 2002-AR16, Class B-5, current rating B2

WaMu 2002-AR18, Class B-1, current rating Aa2

WaMu 2002-AR18, Class B-2, current rating A2

WaMu 2002-AR18, Class B-3, current rating Baa2

WaMu 2002-AR18, Class B-4, current rating Ba2

WaMu 2002-AR18, Class B-5, current rating B2

WaMu 2002-AR19, Class B-1, current rating Aa2

WaMu 2002-AR19, Class B-2, current rating A2

WaMu 2002-AR19, Class B-3, current rating Baa2

WaMu 2002-AR19, Class B-4, current rating Ba2

WaMu 2002-AR19, Class B-5, current rating B2

WaMu 2003-AR1, Class B-1, current rating Aa2

WaMu 2003-AR1, Class B-2, current rating A2

WaMu 2003-AR1, Class B-3, current rating Baa2

WaMu 2003-AR1, Class B-4, current rating Ba2

WaMu 2003-AR1, Class B-5, current rating B2

WaMu 2003-AR2, Class B-1, current rating Aa2

WaMu 2003-AR2, Class B-2, current rating A2

WaMu 2003-AR2, Class B-3, current rating Baa2

WaMu 2003-AR3, Class B-1, current rating Aa2

WaMu 2003-AR3, Class B-2, current rating A2

WaMu 2003-AR3, Class B-3, current rating Baa2

WaMu 2003-AR4, Class B-1, current rating Aa2

WaMu 2003-AR4, Class B-2, current rating A2

WaMu 2003-AR4, Class B-3, current rating Baa2

WaMu 2003-AR4, Class B-4, current rating Ba2

WaMu 2003-AR4, Class B-5, current rating B2

Washington Mutual 2000-1, Class M-1, current rating Aa2

Washington Mutual 2000-1, Class M-2, current rating A2

Washington Mutual 2000-1, Class M-3, current rating Baa2

Washington Mutual 2003-MS6 Three, Class III-B-1, current rating Aa3

Washington Mutual 2003-MS6 Three, Class III-B-2, current rating A3

Washington Mutual 2003-MS6 Three, Class III-B-3, current rating Baa3

Wells Fargo 2003-1, Class I-A-2, current rating Aa1

Wells Fargo 2003-C, Class A-7, current rating Aa1

Wells Fargo 2003-C, Class B-3, current rating Baa3

Wells Fargo 2003-D, Class B-3, current rating Baa2

New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Warren Kornfeld
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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