CWMBS $499MM Mtge P-T Ctfs Series 2003-29 Rated By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 1, 2003

CWMBS, Inc.'s mortgage pass-through certificates, CHL Mortgage Pass-Through Trust 2003-29 classes A-1, PO and A-R (senior certificates, $486,499,999) are rated 'AAA' by Fitch Ratings. In addition, Fitch rates class M ($6,500,000) 'AA', class B-1 ($2,750,000) 'A', class B-2 ($1,500,000) 'BBB', class B-3 ($1,000,000) 'BB' and class B-4 ($750,000) 'B'.

The 'AAA' rating on the senior certificates reflects the 2.70% subordination provided by the 1.30% class M, 0.55% class B-1, 0.30% class B-2, 0.20% privately offered class B-3, 0.15% privately offered class B-4 and 0.20% privately offered class B-5 (which is not rated by Fitch). Classes M, B-1, B-2, B-3, and B-4 are rated 'AA', 'A', 'BBB', 'BB' and 'B', respectively, 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 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 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 closing date (June 30, 2003), the mortgage pool demonstrates an approximate weighted-average loan-to-value ratio (OLTV) of 68.79%. Approximately 58.45% of the loans were originated under a reduced documentation program. Cash-out refinance loans represent 14.34% of the mortgage pool and second homes 2.83%. The average loan balance is $493,089. The weighted average FICO credit score is approximately 742. The three states that represent the largest portion of mortgage loans are California (50%), Colorado (4.35%) and New York (3.73%).

The collateral characteristics provided are based off the mortgage loans as of the closing date. Fitch ensures that the deposits of subsequent loans conform to representations made by CHL.

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled, 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation', available on the Fitch Ratings web site at 'www.fitchratings.com'.

Approximately 95.28% and 4.72% 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 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 a real estate mortgage investment conduit (REMIC).