MOODY'S RATES MASTR ALTERNATIVE LOAN TRUST 2004-4 ALTERNATIVE-A MORTGAGE DEAL Aaa
Approximately $558.6 Million of Mortgage-Backed Securities Rated
New York, May 07, 2004 -- Moody's Investors Service has assigned a Aaa rating to the senior certificates
issued by MASTR Alternative Loan Trust 2004-4, and ratings
ranging from Aa3 to Baa3 to the subordinate certificates in the deal.
The Aa1 rating for the Class 10-A-2 certificates considers
it will be allocated losses from the Class 10-A-1 certificates
after the subordinate certificates are reduced to zero, and the
severity of those losses on the Class 10-A-2 certificates,
since it represents approximately 4% of the Class 10-A-1
certificate size.
The securitization is backed by multiple originators' fixed-rate
Alt-A mortgage loans acquired by UBS Real Estate Securities,
Inc. The 11 loan groups were divided into two groups with separate
subordinate certificates. The Groups 1, 9 10, and 11
certificates are supported by the Group "B" subordinate certificates.
The Groups 2, 3, 4,5,6,7, and 8 certificates
are supported by the Group "B-I" subordinate certificates.
The ratings are based primarily on the credit quality of the loans in
each group and on the protection from the subordination. The credit
quality of the loan pool is similar to other UBS fixed-rate securitizations
issued under this shelf.
Chase Manhattan Mortgage Corporation (22.88%) ABN AMRO Mortgage
Group (19.75%); CitiMortgage, Inc. ( 16.77%);
Countrywide Home Loans Servicing LP (16.07%) and others
will service the loans, and Wells Fargo Bank, N.A.
will act as master servicer.
The complete rating actions are as follows:
Issuer: MASTR Alternative Loan Trust 2004-4
Class 1-A-1, $63,374,000,
Senior P&I, Variable, rated Aaa
Class 2-A-1, $20,000,000,
Senior P&I, Variable, rated Aaa
Class 3-A-1, $30,434,000,
Senior P&I, Variable, rated Aaa
Class 4-A-1, $37,000,000,
Senior P&I, Variable, rated Aaa
Class 5-A-1, $44,310,000,
Senior P&I, Variable, rated Aaa
Class 6-A-1, $52,834,000,
Senior P&I, Variable, rated Aaa
Class 7-A-1, $60,363,000,
Senior P&I, Variable, rated Aaa
Class 8-A-1, $26,269,000,
Senior P&I, Variable, rated Aaa
Class 9-A-1, $121,160,000,
Senior P&I, Variable, rated Aaa
Class 10-A-1, $22,706,000,
Super Senior P&I, Variable, rated Aaa
Class 10-A-2, $1,000,000,
Senior P&I, Variable, rated Aa1
Class 11-A-1, $61,723,000,
Senior P&I, Variable, rated Aaa
Class 15-PO, $2,158,195, Senior
PO, Principal Only, rated Aaa
Class 30-PO, $2,316,433, Senior
PO, Principal Only, rated Aaa
Class 15-AX-1, IO, Senior IO, Variable,
rated Aaa
Class 15-AX-2, IO, Senior IO, Variable,
rated Aaa
Class 30-AX-1, IO, Senior IO, Variable,
rated Aaa
Class 30-AX-2, IO, Senior IO, Variable,
rated Aaa
Class B-I-1, $8,526,000,
Subordinate , Variable, rated Aa3
Class B-I-2, $2,602,000,
Subordinate , Variable, rated A3
Class B-I-3, $1,878,000,
Subordinate , Variable, rated Baa3
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
Bruce D. Fabrikant
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653