MOODY'S RATES MASTR ALTERNATIVE LOAN TRUST 2003-2 MORTGAGE PASS-THROUGH CERTIFICATES Aaa
Approximately $570.4 Million of Mortgage Backed Securities Rated.
New York, May 16, 2003 -- Moody's Investors Service has assigned ratings of Aaa, Aa3,
A3, Baa3 and Ba3 to certain classes of certificates of MASTR Alternative
Loan Trust 2003-2. The certificates are secured by "Alternative
A" (Alt A) 30-year and 15-year fixed-rate mortgages
originated by a number of different originators. Mortgage Asset
Securitization Transactions Inc. purchased the loans from these
different originators.
According to Shelly Garg, a Moody's analyst, the Aaa ratings
on the senior classes of certificates are based on the expected performance
of the mortgages, the 6.00% credit enhancement provided
by subordination of the mezzanine and subordinate certificates,
and the structural and legal protections in the transaction. The
rating of the mezzanine and the subordinate certificates are based on
the subordination of the respective junior classes.
The major originators for the combined 30 year and 15-year Alt
A collateral were National City (50%), Chase (16%)
and Bank of America (10%). Credit enhancement levels are
based on the blended portfolio characteristics of each originator and
the expected performance of the mortgages.
This mortgage pool is on balance, comparable to Alt A pools securtized
in recent months. The weighted average FICO score of 719 is comparable
to the weighted average FICO score of recent average Alt A pools.
The original loan to value ratio of 73% is better than the original
loan to value ratio of average Alt A pools securitized recently.
Mortgage insurance companies have provided insurance on all loans with
LTV greater than 80%, reducing the severity of loss given
default by the obligor. The pool also has lower than usual California
concentration at 19.76%.
On the other hand, the pool has weaker characteristics in terms
of occupancy status and reduced documentation. 38% of the
loans by pool balance are investor properties. Approximately 21%
of the loan pool consists of no documentation and 15% is stated
income documentation. These programs involve limited income disclosure
and income verification, an important measure to verify a borrower's
level of indebtedness.
National City Mortgage Company (50%), Chase (16%)
and Bank of America, N.A (10%) are the major servicers
for the portfolio. Wells Fargo Bank Minnesota, N.A.will
act as master servicer.
Mortgage Asset Securitization Transactions, Inc. (MAST) is
a Delaware corporation established for acquiring mortgage loans and acting
as depositor. MAST is an indirect wholly-owned subsidiary
of UBS Warburg LLC. MASTR Alternative Loan Trust 2003-2
is a REMIC established for acquiring mortgage loans and issuing the certificates.
The complete rating actions are as follows:
Issuer: MASTR Alternative Loan Trust 2003-2
$228,683,000Class 1-A-1 certificates,
rated Aaa
$92,906,000,Class 2-A-1 certificates,
rated Aaa
$ 58,512,000,Class 3-A-1 certificates,
rated Aaa
$62,561,000,Class 4-A-1 certificates,
rated Aaa
$14,495,000,Class 5-A-1 certificates,
rated Aaa
$30,282,000,Class 6-A-1 certificates,
rated Aaa
$7,778,000,Class 6-A-2 certificates,
rated Aaa
$3,526,000,Class 6-A-3 certificates,
rated Aaa
$2,627,000,Class 6-A-4 certificates,
rated Aaa
Interest Only,Class 6-A-IO certificates, rated
Aaa
$86,960,Class 6-A-PO certificates,
rated Aaa
$39,023,000Class 7-A-1 certificates,
rated Aaa
Interest Only, Class 15-A-X certificates, rated
Aaa
$572,366,Class 15-PO certificates, rated
Aaa
Interest OnlyClass 30-A-X certificates, rated Aaa
$1,924,413Class 30-PO certificates, rated
Aaa
$15,884,000,Class B-1 certificates,
rated Aa3
$7,220,000,Class B-2 certificates,
rated A3
$4,332,000,Class B-3 certificates,
rated Baa3
$2,311,000Class B-4 certificates, rated
Ba3
Additional research and New Issue Report 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
Shelly Garg
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653