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Rating Action:

MOODY'S RATES MORTGAGE PASS-THROUGH CERTIFICATES, MASTR ADJUSTABLE RATE MORTGAGES TRUST 2003-6 Aaa

22 Dec 2003
MOODY'S RATES MORTGAGE PASS-THROUGH CERTIFICATES, MASTR ADJUSTABLE RATE MORTGAGES TRUST 2003-6 Aaa

Approximately $795.8 Million of Mortgage-Backed Securities Rated.

New York, December 22, 2003 -- Moody's Investors Service has assigned ratings of Aaa to the senior investor certificates of MASTR Adjustable Rate Mortgages Trust 2003-6. Moody's also assigned ratings of Aa3, A3, and Baa3 to certain mezzanine and subordinate tranches. Mortgage Asset Securitization Transactions Inc. was the depositor of mortgage pools from different originators.

The ratings are based on the expected performance of the mortgages, the 6.00% credit enhancement provided by the subordination of the mezzanine and subordinate certificates, and the structural and legal protections in the transaction, according to Moody's analyst, Tyler Wiggers. The ratings of the mezzanine and subordinate tranches are based on the respective subordination of the more junior tranches.

The certificates are secured by average 30-year adjustable-rate Alternative A jumbo mortgages originated primarily by GreenPoint Mortgage Funding, Inc. and Countrywide and were divided into eight loan groups that have common subordinate classes. Credit enhancement levels are based on the blended portfolio characteristics of each originator and the expected performance of the mortgages. The mortgages have a fixed-rate for the initial three years (groups 1, 5, 7), five years (groups 2, 3, 6, 8), and ten years (group 4) and are reset both semi-annually (groups 2, 5, 7, 8) and annually (groups 1, 2, 3, 4) thereafter.

Both Class 2-A-1 and Class 7-A-1 are Super Senior tranches in which their relative Senior Support tranches (Class 2-A-2 and Class 7-A-3) will absorb the Super Senior tranche's pro rata losses until the Senior Support tranches equal zero. This structural feature is factored into Moody's rating.

Positive portfolio characteristics that minimize loss frequency include good obligor quality with weighted average FICO scores of 715, that is on the higher end of Alternative A loans, and owner-occupied dwellings represents 94% of the total pool. The pool is concentrated with loans originated in California comprising 62% of the pool. The original loan to value ratio of 76% is a factor is assessing loss frequency and loss severity. Approximately 47% of the pool balance is required to pay interest only through the initial reset period and this could increase the severity of loss if default occurs since no principal amortization is made during this period.

The complete rating actions are as follows:

Issuer: MASTR Adjustable Rate Mortgages Trust 2003-6

Class 1-A-1, $37,824,000, Senior, Variable Rate, rated Aaa

Class 1-A-1X, IO, Senior, Variable Rate, rated Aaa

Class 1-A-2, $27,800,000, Senior, Variable Rate, rated Aaa

Class 1-A-2X, IO, Senior, Variable Rate, rated Aaa

Class 2-A-1, $160,584,000, Super Senior, Variable Rate, rated Aaa

Class 2-A-2, $3,277,000, Senior Support, Variable Rate, rated Aaa

Class 2-A-X, IO, Senior, Variable Rate, rated Aaa

Class 3-A-1, $136,770,000, Senior, Variable Rate, rated Aaa

Class 3-A-X, IO, Senior, Variable Rate, rated Aaa

Class 4-A-1, $20,783,000, Senior, Variable Rate, rated Aaa

Class 4-A-2, $34,975,000, Senior, Variable Rate, rated Aaa

Class 4-A-X, IO, Senior, Variable Rate, rated Aaa

Class 5-A-1, $51,499,000, Senior, Variable Rate, rated Aaa

Class 5-A-X, IO, Senior, Variable Rate, rated Aaa

Class 6-A-1, $105,912,000, Senior, Variable Rate, rated Aaa

Class 7-A-1, $77,082,000, Super Senior, Variable Rate, rated Aaa

Class 7-A-1X, IO, Senior, Variable Rate, rated Aaa

Class 7-A-2, $10,000,000, Senior, Variable Rate, rated Aaa

Class 7-A-2X, IO, Senior, Variable Rate, rated Aaa

Class 7-A-3, $1,976,000, Senior Support, Variable Rate, rated Aaa

Class 8-A-1, $89,760,000, Senior, Variable Rate, rated Aaa

Class 8-A-X, IO, Senior, Variable Rate, rated Aaa

Class B-1, $20,973,000, Subordinate, Variable Rate, rated Aa3

Class B-2, $10,486,000, Subordinate, Variable Rate, rated A3

Class B-3, $6,050,000, Subordinate, Variable Rate, rated Baa3

GreenPoint Mortgage Funding, Inc. will service 63% of the portfolio, Countrywide Home Loans Servicing will service 34%, and Alliance Mortgage, Downey Savings and Loan, and Nexstar Financial will all be servicing less than five percent of the pool. 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 Adjustable Rate Mortgages Trust 2003-6 is a REMIC established for acquiring mortgage loans and issuing the certificates.

Additional research is available on http://www.moodys.com

New York
Pramila Gupta
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Tyler R. Wiggers
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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