CWMBS $898.2MM Mortgage P-T Ctfs Series 2003-4 Rated By Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 28, 2003

CWMBS, Inc.'s (CWMBS) mortgage pass-through certificates, CHL Mortgage Pass-Through Trust 2003-4 classes 1-A-1 through 1-A-15, 2-A-1, PO and A-R (senior certificates, $876,150,000) are rated 'AAA' by Fitch Ratings. In addition, Fitch rates class M ($11,250,000) 'AA', class B-1 ($4,950,000) 'A', class B-2 ($3,150,000) 'BBB', class B-3 ($1,800,000) 'BB' and class B-4 ($900,000) 'B'.

The 'AAA' rating on the senior certificates reflects the 2.65% subordination provided by the 1.25% class M, 0.55% class B-1, 0.35% class B-2, 0.20% privately offered class B-3, 0.10% 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 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, A-R, and PO-1 (the Group 1 senior certificates), and the classes 2-A-1 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 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 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 closing date (Feb. 28, 2003), the mortgage pool demonstrates an approximate weighted-average original loan-to-value ratio (OLTV) of 68.89%. Approximately 52.25% of the loans were originated under a reduced documentation program. Cash-out and rate/term refinance loans represent 19.82% and 54.04% of the mortgage pool, respectively. Second homes account for 2.38% of the pool. The average loan balance is $438,874. The three states that represent the largest portion of mortgage loans are California (65.38%), Florida (2.98%) and New York (2.63%).

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 closing date (Feb. 28, 2003), the mortgage pool demonstrates an approximate weighted-average OLTV of 64.27%. Approximately 42.87% of the loans were originated under a reduced documentation program. Cash-out and rate/term refinance loans represent 30.92% and 60.76% of the mortgage pool, respectively. Second homes account for 3.22% of the pool. The average loan balance is $479,784. The three states that represent the largest portion of mortgage loans are California (41.16%), Virginia (3.84%) and Maryland (3.66%).

Approximately 1.14% and 1.72% of the Group I and Group II mortgage loans, respectively, 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 95.15% and 4.85% of the Group I mortgage loans and 94.65% and 5.35% of the Group II mortgage loans as of the closing date 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.

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 Countrywide Home Loans, 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).