MOODY'S RATES CHL MORTGAGE PASS-THROUGH TRUST 2003-28 Aaa
Approximately $309.0 Million of Mortgage-Backed Securities Rated.
New York, July 18, 2003 -- Moody's Investors Service has assigned a rating of Aaa to the senior certificates
in Countrywide's CHL 2003-28 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, Tamara Zaliznyak, 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-13 (mezzanine senior class) will take loss
priority over Class A-1, Class A-2, Class A-4,
Class A-6, Class A-7, Class A-9,
Class A-10 and Class A-11 (super-senior classes).
The incremental risk posed by an increase in severity to Class A-13
certificates (due to its small size) was a consideration in the Aa1 rating
of the Class A-13 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 credit quality of loans supporting the transaction is in line with
other recent Countrywide's jumbo loans. The weighted average FICO
score for the pool is 730 and weighted average CLTV is 69%.
In addition, substantially all loans with LTV's greater than 80%
are covered by mortgage insurance. At least 95% of the properties
were single-family homes and 96% of properties are occupied
as primary residences. Loans to owner-occupied properties
have lower default rates as owners have more incentive to remain current
on their payments.
All loans in the pool were originated in California. The ratings
took into consideration the additional risk posed by the high geographic
concentration.
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 2003-28
$ 56,511,797 Class A-1, rated Aaa
$ 29,649,892 Class A-2, rated Aaa
$ 20,000,000 Class A-3, rated Aaa
$ 13,600,000 Class A-4, rated Aaa
$ 42,570,000 Class A-5, rated Aaa
$ 15,480,000 Class A-6, rated Aaa
$ 269,000 Class A-7, rated Aaa
$ 53,000,000 Class A-8, rated Aaa
$ 50,000 Class A-9, rated Aaa
$ 7,000,000 Class A-10, rated Aaa
$ 54,527,311 Class A-11, rated Aaa
Interest Only Class A-12, rated Aaa
$ 5,300,000 Class A-13, rated Aa1
$ 2,234,546 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
Tamara Zaliznyak
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653