CWABS Inc. $179M Asset-Backed Ctfs Ser 1999-4 Rated by Fitch IBCA.

NEW YORK--(BUSINESS WIRE)--Nov. 30, 1999--

CWABS, Inc.'s (CWABS) $154.8 million asset-backed certificates, series 1999-4, class A certificates are rated `AAA' by Fitch IBCA. The $9.9 million class M-1 certificates are rated `AA', the $8.1 million class M-2 certificates `A,' and the $6.3 million class B certificates `BBB'.

The rating on the class A certificates reflects the 13.50% subordination provided by classes M-1, M-2 and B certificates, monthly excess interest, initial overcollateralization of 0.50%, and future overcollateralization (OC) of 2.25%. The rating on class M-1 reflects the 8.00% subordination provided by classes M- 2 and B, monthly excess interest, initial OC and future OC. The rating on the class M-2 reflects the 3.50% subordination provided by the class B, monthly excess interest, initial OC, and future OC. The rating on class B reflects monthly excess interest, initial OC, and future OC.

All certificates have the benefit of monthly excess cash, initially approximately 337 basis points annually for the cross- collateralized fixed- and adjustable-rate groups (after deduction of servicing and trustee fees), to absorb losses. In addition, the ratings on the certificates reflect the quality of the underlying collateral, the capabilities of Countrywide Home Loans, Inc. as servicer, and Fitch IBCA's confidence in the integrity of the legal and financial structure of the transaction.

The certificates represent interests in two cross-collateralized pools of nonconforming, subprime mortgage loans. The fixed-rate portion of the loan group has a combined lien-to-value ratio (CLTV) of approximately 73.82%. The weighted average coupon (WAC) of the loans is approximately 10.40%; the weighted average remaining term (WAM) is 296 months and the average balance is $110,271. The three states that represent the largest portion of the fixed-rate loans are California (36.33%), Michigan (9.45%) and Georgia (5.76%). The adjustable-rate portion of the loan group has a combined lien-to-value ratio (CLTV) of approximately 75.33%. The weighted average coupon (WAC) of the loans is approximately 9.67%; the weighted average remaining term (WAM) is 359 months and the average balance is $154,067. The three states that represent the largest portion of the adjustable-rate loans are California (41.68%), Michigan (8.07%) and Florida (3.58%).

The structure for the 99-4 transaction is different from past CWABS transactions in that the certificates are backed by both fixed- and adjustable-rate mortgage loans cross-collateralized. Interest is paid first to the class A certificates followed by interest to the class M-1, M-2, and B certificates. Prior to the stepdown date or on which a trigger event is in effect, principal will be distributed sequentially to the class A certificates until reduced to zero, followed by the class M-1, M-2, and B certificates. The stepdown date is the later of the distribution date in December 2002 and the distribution date on which the class A stated certificate balance is less than or equal to 68.50% of the stated principal balance of the mortgage loans. A trigger event exists if the current percent of loans 60 or more days delinquent equals or exceeds 2.42 times the senior class enhancement.