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Rating Action:

MOODY'S RATES SENIOR CLASSES OF CHL MORTGAGE PASS-THROUGH TRUST 2004-7 Aaa

12 Aug 2004
MOODY'S RATES SENIOR CLASSES OF CHL MORTGAGE PASS-THROUGH TRUST 2004-7 Aaa

Approximately $944 Million of Mortgage-Backed Securities Rated

New York, August 12, 2004 -- Moody's Investors Service has assigned a rating of Aaa to the senior certificates issued in the CHL Mortgage Pass-Through Trust 2004-07 securitization of prime-quality jumbo hybrid and negative amortization loans secured by first liens on one- to four-family residential properties. In addition, ratings of Aa2 were assigned to Classes I-M and II-M, A2 to Classes I-B-1 and II-B-1, Baa2 to I-B-2 and II-B-2, Ba2 to Classes I-B-3 and II-B-3 and B2 to Classes I-B-4 and II-B-4.

According to Moody's analyst Amita Shrivastava, the ratings of the certificates are based on the quality of the underlying mortgages, the credit support provided through subordination, the legal structure of the transaction, as well as Countrywide's capability as a servicer of mortgage loans.

The underlying collateral consists of 30-year hybrid and negative amortization mortgage loans. The mortgage loans are divided into six groups. Loans in groups 1 through 4 are hybrid loans with fixed mortgage rates for a certain period of time after which they adjust annually.

The mortgage rates for loans in group 1 are fixed for approximately 36 months from origination after which they are reset annually. The average principal balance of loans in this group is $505,607. As of the initial cut-off date, group 1 loans have a weighted average FICO score of 724 and weighted average original loan-to-value ratio of 73.6%. Approximately 68% of the loans in this group pay interest only for the first three years after which the principal balance is amortized fully over the remaining life of the loan.

The mortgage rates for loans in group 2 are fixed for approximately 60 months from origination after which they are reset annually. The average principal balance of loans in this group is $500,504. As of the initial cut-off date, group 2 loans have a weighted average FICO score of 720 and weighted average original loan-to-value ratio of 74%. Approximately 65% of the loans in this group pay interest only for the first five years after which the principal balance is amortized fully over the remaining life of the loan.

The mortgage rates for loans in group 3 are fixed for approximately 84 months from origination after which they are reset annually. The average principal balance of loans in this group is $522,534. As of the initial cut-off date, group 3 loans have a weighted average FICO score of 736 and weighted average original loan-to-value ratio of 70.4%. Approximately 55% of the loans in this group pay interest only for the first seven years after which the principal balance is amortized fully over the remaining life of the loan.

The mortgage rates for loans in group 4 are fixed for approximately 120 months from origination after which they are reset annually. The average principal balance of loans in this group is $543,115. As of the initial cut-off date, group 4 loans have a weighted average FICO score of 732 and weighted average original loan-to-value ratio of 71%. Approximately 60% of the loans in this group pay interest only for the first ten years after which the principal balance is amortized fully over the remaining life of the loan.

Loans in group 5 and 6 are negative amortization loans. The mortgage rates on negative amortization loans adjust monthly but the scheduled payments are reset annually. Additionally, there is a cap on the percentage change in the monthly payments following the reset. As a result, the monthly payment amount may be higher or lower than the amount necessary to cover the accrued interest and fully amortize the principal balance over the remaining life of the loan. Negative amortization occurs when the total monthly payment is less than the accrued interest for that period. In such a case the interest shortfall is added to the principal balance resulting in an increase in the unpaid balance. These loans are riskier than fixed-rate fully amortizing loans in that the principal balance can potentially grow throughout the life of the loan. The additional risk is somewhat limited by the fact that the unpaid principal balance is allowed to grow only up to a certain percentage of the original principal balance, after which the monthly payments are recast to fully amortize the loans over the remaining term to maturity without regard to the monthly payment cap. Moreover, the loans are recast every five years even if the unpaid balance is within the allowable limit.

The mortgage rates for loans in group 5 are indexed to LIBOR. The average principal balance of loans in this group is $333,869. As of the initial cut-off date, group 5 loans have a weighted average FICO score of 717 and weighted average original loan-to-value ratio of 69.9%.

The mortgage rates for loans in group 6 are indexed to the one-year MTA. The average principal balance of loans in this group is $328,657. As of the initial cut-off date group 6 loans have a weighted average FICO score of 719 and weighted average original loan-to-value ratio of 70.3%.

The Class A-R and classes with prefixes "1", "2", "3", "4" and "I" are backed by group 1, 2, 3 and 4 loans. Certificates with prefixes "5", "6" and "II" correspond to loan groups 5 and 6.

Countrywide Home Loans Servicing LP will be the master servicer of the mortgage loans. Countrywide is considered to be a highly capable servicer of prime quality mortgage loans.

The complete rating actions are as follows:

Issuer: Countrywide Mortgage Pass-Through Trust 2004-7

Depositor: CWMBS, Inc.

Master Servicer: Countrywide Home Loans Servicing LP

Class 1-A-1, $129,161,900, Aaa

Class 2-A-1, $252,340,000, Aaa

Class 3-A-1, $245,313,000, Aaa

Class 3-X, Interest Only, Aaa

Class 4-A-1, $96,335,000, Aaa

Class 4-X, Interest Only, Aaa

Class I-M, $9,376,000, Aa2

Class I-B-1, $6,752,000, A2

Class I-B-2, $4,876,000, Baa2

Class I-B-3, $2,625,000, Ba2

Class I-B-4, $1,876,000, B2

Class 5-A-1, $52,135,000, Aaa

Class 5-A-2, $63,379,000, Aaa

Class 5-A-3, $7,042,400, Aaa

Class 6-A-1, $63,798,900, Aaa

Class II-A-M, $4,760,200, Aaa

Class II-X, Interest Only, Aaa

Class II-M, $3,747,300, Aa2

Class II-B-1, $2,734,600, A2

Class II-B-2, $1,924,300, Baa2

Class II-B-3, $709,000, Ba2

Class II-B-4, $810,200, B2

Class A-R, $100, Aaa

Additional research will be available on 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
Amita Shrivastava
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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