CWMBS $1.173B Mtge P-T Ctfs Series 2002-25 Rated By Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 31, 2002

CWMBS, Inc.'s (CWMBS) $1.173 billion mortgage pass-through certificates series 2002-25, classes 1-A-1 through 1-A-15, 1-X, 2-A-1, 2-X, PO and A-R (senior certificates) are rated 'AAA' by Fitch Ratings.

The 'AAA' rating on the senior certificates reflects the 2.25% subordination provided by the classes M, B-1, B-2, and the privately offered classes B-3 through B-5 certificates. 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 master servicing capabilities of Countrywide Home Loans Servicing LP (Countrywide Servicing), a direct wholly owned subsidiary of Countrywide Home Loans, Inc. (CHL).

The certificates represent ownership in a trust fund, which consists primarily of 2 separate Groups of mortgage loans. Each of the classes 1-A-1 through 1-A-15, 1-X, A-R, and PO-1 (the Group 1 senior certificates), and the classes 2-A-1, 2-X, and PO-2 (the Group 2 senior certificates) will receive interest and/or principal from its respective mortgage loan group. If on any distribution date, the available funds from one loan group is insufficient to make distributions of interest and/or principal on that related senior certificate group, available funds from the other loan group, after first making the interest and/or principal distribution on it's related senior certificates, will be available to cover shortfalls of interest and/or principal distributions on the loan group's senior certificates, before any distributions of interest and/or principal are made to the subordinate certificates.

The Group 1 senior 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 cut-off date (Oct. 1, 2002), the mortgage pool demonstrates an approximate weighted-average original loan-to-value ratio (OLTV) of 67.51%. Approximately 23.21% of the loans were originated under a reduced documentation program. Cash-out and rate/term refinance loans represent 21.46% and 51.56% of the mortgage pool, respectively. Second homes account for 1.51% of the pool. The average loan balance is $448,797. The three states that represent the largest portion of mortgage loans are California (54.23%), Washington (5.19%) and Massachusetts (4.32%).

The Group 2 senior certificates are collateralized by a pool of conventional, fully amortizing, 10- to 15-year fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties. As of the cut-off date (Oct. 1, 2002), the mortgage pool demonstrates an approximate weighted-average OLTV of 59.24%. Approximately 7.08% of the loans were originated under a reduced documentation program. Cash-out and rate/term refinance loans represent 18.85% and 68.30% of the mortgage pool, respectively. Second homes account for 4.6% of the pool. The average loan balance is $470,485. The three states that represent the largest portion of mortgage loans are California (29.62%), Florida (9.73%) and Illinois (4.94%).

The collateral characteristics provided for Groups 1 and 2 are based off the mortgage loans as of the cut-off date. Fitch ensures that the deposits of subsequent loans conform to representations made by Countrywide Home Loans, Inc.

As of the cut-off date, Countrywide Servicing will directly service 96.69% and 89.64% of the Group 1 and 2 mortgage loans, respectively. HSBC will directly service 3.31% and 5.71% of the Group 1 and 2 mortgage loans, respectively. The remaining 4.65% of the Group 2 mortgage loans will be directly serviced by Bank United FSB.

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).