CWMBS, Inc. $451.6MM Mortgage P-T Ctfs Series 2000-10 Rated by Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 1, 2000

CWMBS, Inc.'s (CWMBS) $435.7 million mortgage pass-through certificates, series 2000-10 classes 1-A-1 through 1-A-9, 2-A-1, 3-A-1, PO, X and A-R (senior certificates) are rated 'AAA' by Fitch.

Additionally, the $10.5 million class M certificates are rated 'AA', $3.4 million class B-1 certificates are rated 'A', and $2.0 million class B-2 certificates are rated 'BBB'.

The 'AAA' rating on the senior certificates reflects the 4.25% subordination provided by the 2.30% class M, the 0.75% class B-1, the 0.45% class B-2, and the 0.75% privately offered classes B-3 through B-5 certificates. Classes M, B-1 and B-2 are rated `AA', `A', and `BBB' based on their respective subordination. Fitch believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures and Countrywide Home Loans, Inc.'s (CHL) servicing capabilities as master servicer.

All of the certificates are collateralized initially by a pool of conventional, fully amortizing, fixed-rate mortgage loans secured by first liens on one- to four-family residential properties. Fitch's analysis is based on the initial mortgage loans totaling $355.9 million, which represents approximately 78.23% of the total $455.0 million in funding. Additional loans will be purchased between the closing date and Dec. 31, 2000 with the remaining $99.1 million in the pre-funding account. Any amounts in the pre-funding account not used to purchase subsequent loans during the funding period will be paid to certificate holders as a prepayment of principal on the Jan. 2000-1 distribution date. Fitch monitors the characteristics of the additional collateral to ensure conformity to the representations made by CHL.

The trust consists of three cross-collateralized mortgage loan pools, each pool designated as Loan Group 1, Loan Group 2 and Loan Group 3, respectively. The class 1-A-1 certificates, class 2-A-1 certificates and class 3-A-1 certificates will receive interest and principal payments from the loan groups designated as Loan Group 1, Loan Group 2 and Loan Group 3, respectively. The junior certificates represent interests in all three loan groups and will receive interest and principal payments based on collections from all three groups.

The initial mortgage loans of Loan Group 1 have an aggregate principal balance of $153,330,082. The average loan balance is $369,470. All the loans have amortization terms of approximately 30 years. The weighted average original loan-to-value ratio (OLTV) is 77.72%. All of the loans were originated under the Reduced Documentation Program and all are owner occupied properties. The three states that represent the largest portion of mortgage loans are California (57.58%), Colorado (5.22%) and Florida (3.62%).

The initial mortgage loans of Loan Group 2 have an aggregate principal balance of $79,175,442. The average loan balance is $293,242. All the loans have amortization terms of approximately 10- to 15- years. The weighted average original loan-to-value ratio (OLTV) is 69.89%. Approximately 24.17%, 5.74% and 1.46% of the loans were originated under the Reduced, Clues Plus and No Income/No Asset Documentation Programs, respectively. Cash-out refinance loans represent 22.36% of the mortgage pool, second homes 11.33% and investor properties 2.49%. The three states that represent the largest portion of mortgage loans are California (27.51%), Florida (6.29%) and Texas (6.09%).

The initial mortgage loans of Loan Group 3 have an aggregate principal balance of $123,441,715. The average loan balance is $120,314. All the loans have amortization terms of approximately 20- to 30- years. The weighted average original loan-to-value ratio (OLTV) is 86.49%. Approximately 12.45%, 0.99% and 22.50% of the loans were originated under the Reduced, Clues Plus and No Income/No Asset Documentation Programs, respectively. Cash-out refinance loans represent 6.06% of the mortgage pool, second homes 0.39% and investor properties 4.93%. The three states that represent the largest portion of mortgage loans are California (16.69%), Texas (11.07%) and Florida (5.63%).

Approximately 58% and 42% of all the initial mortgage loans were originated under CHL's Standard Underwriting Guidelines and Expanded Underwriting Guidelines, respectively. Mortgage loans underwritten pursuant to the Expanded Underwriting Guidelines may have higher loan- to-value ratios, higher loans amounts and different documentation requirements than those associated with the Standard Underwriting Guidelines. In analyzing the collateral pool, Fitch adjusted its frequency of foreclosure and loss assumptions to account for the presence of these attributes.

CWMBS purchased the mortgage loans from CHL and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, an election will be made to treat the trust fund as a real estate mortgage investment conduit (REMIC).