CWMBS $285.7MM Mtge P-T Ctfs Series 2002-14 Rated By Fitch Ratings.

Business Editors

CWMBS, Inc.'s (CWMBS) $285.7 million Mortgage Pass-Through Trust series 2002-14, Alternative Loan Trust 2002-9, classes A-1 through A-8, PO and A-R (senior certificates) are rated 'AAA' by Fitch Ratings.

The 'AAA' rating on the senior certificates reflects the 4.75% subordination provided by 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 senior certificates represent an ownership interest in 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 (June 1, 2002), the mortgage pool demonstrates an approximate weighted-average original loan-to-value ratio (OLTV) of 75.63%. Approximately 9.57% and 62.21% of the loans were originated under the No Income/No Asset and Reduced Documentation Programs, respectively. Cash-out refinance loans represent 15.01% of the mortgage pool, second homes 4.05% and investor properties 2.76%. The average loan balance is $434,659. The three states that represent the largest portion of mortgage loans are California (44.84%), Florida (5.14%) and New York (4.36%).

The collateral characteristics provided are based off the initial 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.

Approximately 43.64% and 56.36% of 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 loan 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).