CWMBS' $396.2MM Mtge P-T Ctfs Series 2001-26 Rated By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 4, 2001

CWMBS, Inc.'s (CWMBS) $381 million mortgage pass-through certificates Series 2001-26, Alternative Loan Trust 2001-11 classes A-1 through A-8, PO and A-R (senior certificates) are rated 'AAA' by Fitch. In addition, $8.4 million class M certificates are rated 'AA', $3.8 million class B-1 certificates are rated 'A', and $3 million class B-2 certificates are rated 'BBB'.

The 'AAA' rating on the senior certificates reflects the 4.75% subordination provided by the 2.10% class M, the 0.95% class B-1, the 0.75% class B-2, and the 0.95% 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 the servicing capabilities of Countrywide Home Loans Servicing LP, Inc. (Countrywide Servicing), a direct wholly owned subsidiary of Countrywide Home Loans, Inc. (CHL), as master servicer.

All of the certificates are collateralized by a pool of conventional, fully amortizing, 20- to 30-year fixed-rate, mortgage loans secured by first liens on one-to four- family residential properties. As of the initial cut-off date (Nov. 1, 2001), the mortgage pool demonstrates a weighted average original loan-to-value ratio (OLTV) of 75.38%. Approximately 15.32% and 66.99% of the loans were originated under the No Income/No Asset and Reduced Documentation Programs. Cash-out refinance loans represent 20.25% of the mortgage pool, second homes 0.83% and investor properties 1.32%. The average loan balance is $380,793. The weighted average FICO is approximately 717. The three states that represent the largest portion of mortgage loans are California (43.57%), Colorado (5.33%) and Florida (4.63%).

Approximately 31.21% and 68.79% of the 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, higher debt-to-income ratios 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 multiple real estate mortgage investment conduits (REMICs).