MOODY'S RATES CSFB'S 2003-AR24 MORTGAGE PASS-THROUGH CERTIFICATES Aaa
Approximately $950 Million of Mortgage-Backed Securities Rated
New York, November 25, 2003 -- Moody's Investors Service has assigned a rating of Aaa to the senior Class
I, Class II, Class III, Class IV, Class V,
and Class VI-A-1 Certificates of the CSFB 2003-24
securitization. In addition, Moody's has assigned ratings
ranging from Aa2 to B2 to the Subordinate Certificates.
Christine Lachnicht, a Moody's vice president, indicated that
the ratings were based upon the credit enhancement provided by a combination
of structural features which include subordination, cross-collateralization
and overcollateralization.
The mortgage pool consists of six groups of adjustable rate, first
lien mortgage loans acquired from a variety of originators. Group
I consists of 143 mortgage loans with an aggregate principal balance of
$71,143,814, an average principal balance of
$497,509, a weighted average seasoning of 3 months
and a weighted average current mortgage rate of 4.314% per
annum. The weighted average credit score of Group I is 716,
loan-to-value ratio (LTV) is 71.64% and the
largest state concentration is in California, which comprises 40.64%
of the Group I principal balance. Primary occupancy represents
96.88% of the Group I mortgage loans.
Group II consists of 1,068 mortgage loans with an aggregate principal
balance of $532,684,897, an average principal
balance of $498,769, a weighted average seasoning of
2 months and a weighted average current mortgage rate of 4.776%
per annum. The weighted average credit score of Group II is 728,
loan-to-value ratio (LTV) is 70.02% and the
largest state concentration is in California, which comprises 70.52%
of the Group II principal balance. Primary occupancy represents
94.65% of the Group II mortgage loans.
Group III consists of 77 mortgage loans with an aggregate principal balance
of $24,371,299, an average principal balance
of $316,510, a weighted average seasoning of 2 months
and a weighted average current mortgage rate of 4.604% per
annum. The weighted average credit score of Group III is 703,
loan-to-value ratio (LTV) is 77.44% and the
largest state concentration is in California, which comprises 47.16%
of the Group III principal balance. Primary occupancy represents
97.03% of the Group III mortgage loans.
Group IV consists of 216 mortgage loans with an aggregate principal balance
of $82,998,315, an average principal balance
of $384,251, a weighted average seasoning of 3 months
and a weighted average current mortgage rate of 5.078% per
annum. The weighted average credit score of Group IV is 734,
loan-to-value ratio (LTV) is 68.67% and the
largest state concentration is in California, which comprises 41.01%
of the Group IV principal balance. Primary occupancy represents
95.95% of the Group IV mortgage loans.
Group V consists of 122 mortgage loans with an aggregate principal balance
of $54,097,024, an average principal balance
of $443,418, a weighted average seasoning of 1 month
and a weighted average current mortgage rate of 4.353% per
annum. The weighted average credit score of Group V is 707,
loan-to-value ratio (LTV) is 73.10% and the
largest state concentration is in California, which comprises 31.06%
of the Group V principal balance. Primary occupancy represents
94.58% of the Group V mortgage loans.
Group VI consists of 698 mortgage loans with an aggregate principal balance
of $186,434,648, an average principal balance
of $267,098, a weighted average seasoning of 3 months
and a weighted average current mortgage rate of 6.401% per
annum. The weighted average credit score of Group VI is 681,
loan-to-value ratio (LTV) is 79.21% and the
largest state concentration is in California, which comprises 54.79%
of the Group VI principal balance. Primary occupancy represents
74.68% of the Group VI mortgage loans.
Depositor: Credit Suisse First Boston Mortgage Securities Corp.
Securities Issued: CSFB Mortgage Backed Pass-Through Certificates,
Series 2003-AR24
The complete rating actions are as follows:
$68,298,000, Variable Rate, Class I-A-1,
Rated Aaa
$209,200,000, Variable Rate, Class II-A-1,
Rated Aaa
$99,465,000, Variable Rate, Class II-A-2,
Rated Aaa
$57,200,000, Variable Rate, Class II-A-3,
Rated Aaa
$145,512,000, Variable Rate, Class II-A-4,
Rated Aaa
Interest Only, Variable Rate, Class II-X, Rated
Aaa
$23,396,000, Variable Rate, Class III-A-1,
Rated Aaa
$79,678,000, Variable Rate, Class IV-A-1,
Rated Aaa
$51,933,000, Variable Rate, Class V-A-1,
Rated Aaa
Interest Only, Variable Rate, Class V-X, Rated
Aaa
$177,113,000, Variable Rate, Class VI-A-1
Rated Aaa
$4,660,800, Variable Rate, Class VI-M-1,
Rated Aa2
$2,796,400, Variable Rate, Class VI-M-2,
Rated A1
$1,864,447, Variable Rate, Class VI-M-3,
A3
$14,541,500, Variable Rate, Class C-B-1,
Rated Aa2
$6,122,500, Variable Rate, Class C-B-2,
Rated A2
$4,209,200, Variable Rate, Class C-B-3,
Rated Baa1
$1,913,400, Variable Rate, Class C-B-4,
Rated Ba1
$1,913,400, Variable Rate, Class C-B-5,
Rated B2
The loans will be serviced by Fairbanks Capital Corp. (60.61%),
Wells Fargo Home Mortgage, Inc. (6.22%),
Greenpoint Mortgage Funding, Inc. (8.03%) and
Washington Mutual Mortgage Securities Corp. (WMMSC) (18.84%).
Chase Manhattan Mortgage Corp. will act as Master Servicer,
and will be obligated to make advances, for all loans other than
those serviced by WMMSC.
Bank One, N.A. will act as Trustee.
Additional research is available on http://www.moodys.com
New York
Jay A. Siegel
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Christine Lachnicht
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653