Fitch Rates CWALT $478.3MM Mtge P-T Ctfs Series 2006-17T1.

NEW YORK -- Fitch rates CWALT, Inc.'s (CWALT) mortgage pass-through certificates, CHL Mortgage Pass-Through Trust 2006-17T1, as follows:

E[acute accent]-- $451.2 million classes A-1, A-2, A-3, A-R, PO, X (senior certificates) 'AAA';

E[acute accent]-- $10.5 million class M-1 certificates 'AA+';

E[acute accent]-- $4.3 million class M-2 certificates 'AA';

E[acute accent]-- $2.2 million class M-3 certificates 'A+';

E[acute accent]-- $2.4 million class M-4 certificates 'A';

E[acute accent]-- $3.1 million class B-1 certificates 'BBB';

E[acute accent]-- $1.2 million class B-2 certificates 'BBB-';

E[acute accent]-- $1.7 million class B-3 certificates 'BB';

E[acute accent]-- $1.7 million class B-4 certificates 'B'.

E[acute accent]The 'AAA' rating on the senior certificates reflects the 6.00% subordination provided by the 2.20% class M-1, the 0.90% class M-2, the 0.45% class M-3, the 0.50% class M-4, the 0.65% class B-1, the 0.25% class B-2, the 0.35% privately offered class B-3, the 0.35% privately offered class B-4 and the 0.35% privately offered class B-5 (not rated by Fitch). Classes M-1, M-2, M-3, M-4, B-1, B-2, B-3 and B-4 are rated 'AA+', 'AA', 'A+', 'A', 'BBB', 'BBB-, 'BB', and 'B' based on their respective subordination only. E[acute accent]Fitch believes the above credit enhancement will be adequate to support mortgagor defaults 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), rated 'RMS2+' by Fitch, a direct wholly owned subsidiary of Countrywide Home Loans, Inc. (CHL). E[acute accent]Approximately 32.65% of the mortgage loans were originated under CHL's Standard Underwriting Guidelines. Approximately 67.35% of the mortgage loans were originated under CHL's Expanded Underwriting Guidelines. 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. E[acute accent]As of the cut-date, April 1, 2006, the mortgage loans will consist primarily of 30-year conventional, fully amortizing fixed-rate mortgage loans totaling $479,999,936, secured by first liens on one- to four-family residential properties. The average loan balance is $671,329. The mortgage pool demonstrates an approximate weighted-average original loan-to-value ratio (OLTV) of 73.89%. The weighted average FICO credit score is approximately 705. Cash-out refinance loans represent 37.34% of the mortgage pool and second homes 4.13%. The three states that represent the largest portion of mortgage loans are California (43.85%), New York (8.41%), and New Jersey (6.42%). E[acute accent]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. E[acute accent]CWALT purchased the mortgage loans from CHL and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. The Bank of New York will serve as trustee. For federal income tax purposes, an election will be made to treat the trust fund as one or more real estate mortgage investment conduits (REMICs). E[acute accent]Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.