MOODY'S RATES CHL MORTGAGE PASS-THROUGH TRUST 2003-24 Aaa
Approximately $486.00 Million of Mortgage-Backed Securities Rated.
New York, June 16, 2003 -- Moody's Investors Service has assigned a rating of Aaa to the senior certificates
in Countrywide's CHL 2003-24 securitization. Moody's said
that the loans backing the transaction are better than average quality
for 30-year jumbo loans.
According to Moody's analyst, Marjan Riggi, the ratings are
based on the credit quality of the collateral pool, credit enhancement
provided by subordination, the legal structure of the transaction
and Countrywide's ability as servicer of the loans.
The transaction incorporates a "super senior" structure within its senior
classes. Class A-15 (mezzanine senior class) will take loss
priority over Class A-13 (super-senior class). The
incremental risk posed by an increase in severity to Class A-15
certificates (due to its small size) was a consideration in the Aa2 rating
of the Class A-15 certificates.
The pool consists of 30-year fixed-rate loans originated
by Countrywide under their Standard Guidelines. Standard Guidelines
are used for originating jumbo loans.
The pool has a very high weighted average credit score of 743, weighted
average LTV of 71% and mortgage insurance coverage on substantially
all loans with LTV's greater than 80%. At least 95%
of the properties were single-family homes. In addition,
a majority of loans were made against properties, which are occupied
as primary residences (at least 96%). Loans to owner-occupied
properties have lower default rates as owners have more incentive to remain
current on their payments. The pool has a concentration in California
of approximately 50%.
Countrywide's previous pools have experienced low losses and delinquencies.
This is largely attributable to the company's business practices,
retail origination channels and appraisal quality.
The complete rating actions are as follows:
Seller: Countrywide Home Loans, Inc.
Depositor: CWMBS, Inc.
Issuer: CHL Mortgage Pass-Through Trust 2003-24
$ 130,000,000 Class A-1, rated Aaa
$ 51,476,000 Class A-2, rated Aaa
$ 27,450,000 Class A-3, rated Aaa
$ 26,323,000 Class A-4, rated Aaa
$ 7,125,000 Class A-5, rated Aaa
Interest Only Class A-6, rated Aaa
Interest Only Class A-7, rated Aaa
$ 11,664,460 Class A-8, rated Aaa
$ 101,161,044 Class A-9, rated Aaa
$ 3,819,000 Class A-10, rated Aaa
Interest Only Class A-11, rated Aaa
$ 85,614,000 Class A-12, rated Aaa
$ 27,663,000 Class A-13, rated Aaa
$ 12,357,000 Class A-14, rated Aaa
$ 810,000 Class A-15, rated Aa2
Interest Only Class A-16, rated Aaa
Interest Only Class A-17, rated Aaa
$ 537,395 Principal Only Class PO, rated Aaa
$ 100 Class A-R, rated Aaa
Countrywide Home Loans Inc., the seller and master servicer
of the loans, is a highly capable servicer of mortgage loans and
has a substantial presence in the prime-quality mortgage sector.
Countrywide's long-term corporate debt obligations are rated A3
by Moody's.
New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Marjan Riggi
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653