CWMBS Inc. $593.7MM Mtge P-T Ctfs Ser 2000-9 Rated By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 30, 2000

CWMBS Inc.'s (CWMBS) $573.0 million mortgage pass-through certificates, series 2000-9 classes A-1 through A-14, PO, X and A-R (senior certificates) are rated 'AAA' by Fitch. Additionally, the $11.1 million class M certificates are rated 'AA,' $6.0 million class B-1 certificates are rated 'A,' and $3.6 million class B-2 certificates are rated 'BBB.'

The 'AAA' rating on the senior certificates reflects the 4.50% subordination provided by the 1.85% class M, the 1.00% class B-1, the 0.60% class B-2 and the 1.05% privately offered classes B-3 through B-5 certificates. Classes M, B-1 and B-2 are rated 'AA,' 'A' and 'BBB' 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 Countrywide Home Loans Inc.'s (CHL) servicing capabilities as master servicer.

All of the certificates are collateralized initially 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. Fitch's analysis is based on the initial mortgage loans totaling $451.7 million, which represents approximately 75.29% of the total $600 million in funding. Additional loans will be purchased between the closing date and Dec. 31, 2000, with the remaining $148.3 million in the pre-funding account. Any amounts in the pre-funding account not used to purchase subsequent loans during the funding period will be paid to certificate holders as a prepayment of principal on the January 2001 distribution date. Fitch monitors the characteristics of the additional collateral to ensure conformity to the representations made by CHL.

The initial mortgage pool demonstrates a weighted average original loan-to-value ratio (OLTV) of 75.91%. Approximately 17.95%, 1.41% and 2.33% of the loans were originated under the Reduced, Clues Plus and No Income/No Asset Documentation Programs, respectively. Cash-out refinance loans represent 14.58% of the mortgage pool, second homes 3.86% and investor properties 1.33%. The average loan balance is $319,022. The three states that represent the largest portion of mortgage loans are California (43.40%), Colorado (6.30%) and Washington (5.30%).

Approximately 60% and 40% 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 loans amounts 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).