CWMBS $502MM Mtge P-T Ctfs 2003-6, ALT 2003-2CB Rated By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 30, 2003

CWMBS, Inc.'s (CWMBS) $502 million mortgage pass-through certificates, series 2003-6, Alternative Loan Trust 2003-2CB, classes 1-A-1, 2-A-1, PO and A-R (senior certificates) are rated 'AAA' by Fitch Ratings.

The 'AAA' rating on the senior certificates reflects the 5.50% subordination provided by the classes M and B 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 mortgage loan groups. The senior certificates in each certificate group are generally related to the corresponding loan group and will receive interest and/or principal from its respective mortgage loan group. The particular certificate group to which a class of senior certificates belongs is designated by the first number of the name of that class. 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 its 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 subordinate certificates will be cross-collateralized and will receive interest and/or principal from available funds collected in the aggregate from both mortgage pools.

The certificates are collateralized by pools of conventional, fully amortizing, 30-year fixed-rate, conforming balance mortgage loans secured by first liens on one- to four-family residential properties. As of the closing date (Jan. 30, 2003), the mortgage pool in the aggregate demonstrates an approximate weighted-average original loan-to-value ratio (OLTV) of 75.42%. Approximately 66.91% of the loans were originated under a reduced documentation program. Cash-out refinance loans represent 31.84% of the mortgage pool, second homes 2.54% and investor properties 17.78%. The average loan balance is $176,411. The three states that represent the largest portion of mortgage loans are California (38.78%), New York (5.83%), and Florida (5.81%).

Approximately 1.10% of the mortgage loans are secured by properties located in the State of Georgia, none of which are covered under the Georgia Fair Lending Act (GFLA), effective as of October 2002. For additional information on GFLA, please see the press release issued Dec. 24, 2002 entitled 'Fitch Ratings Comments on Recent Predatory Lending Legislation,' available on the Fitch Ratings web site at 'www.fitchratings.com.'

Approximately 78.05% and 21.95% of the mortgage loans in loan group 1 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. All of the mortgage loans in loan group 2 were originated or acquired in accordance with the underwriting guidelines of GreenPoint Mortgage Funding, Inc.

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).