Fitch Upgrades 5 & Affirms 1 RMBS Rating from WAMU 2002-AR2 Securitization.

NEW YORK -- Fitch Ratings has taken rating actions on the following Washington Mutual (WAMU) residential mortgage-backed certificates:

Washington Mutual mortgage pass-through certificates (WAMU), series 2002-AR2

-- Class A affirmed at 'AAA';

-- Class B1 upgraded to 'AAA' from 'AA';

-- Class B2 upgraded to 'AA' from 'A';

-- Class B3 upgraded to 'A' from 'BBB';

-- Class B4 upgraded to 'BBB' from 'BB';

-- Class B5 upgraded to 'BB-' from 'B'.

Fitch is affirming the 'AAA' rating of the class A certificates (approximately $224 million). The upgrades, affecting approximately $15 million of the outstanding balances, are being taken as a result of low delinquencies and losses, as well as increased credit support levels. To date, WAMU 2002-AR2 has a very low cumulative loss of $259 million and all of the rated classes have experienced an increase in credit enhancement percentage 2.5 times (x) the original. Delinquency figures have been relatively stable, with loans delinquent for 90 days or higher comprising less than 1% of the scheduled pool balance every month since origination. The percentage of loans that are 30 days delinquent has been fluctuating and increased to as high as around 15% of the scheduled pool balance in March 2005. However, they do not have a roll over effect on the higher delinquency buckets.

The collateral of the WAMU 2002-AR2 consists of 15- to 40-year adjustable-rate mortgages that were purchased from trusts established in connection with the issuance of the Home Savings of America, FSB, series 1993-4 and the Home Savings of America, FSB, series 1994-1 by Washington Mutual, FA. The pool factor (i.e., current mortgage loans outstanding as a percentage of the initial pool) of this deal is 28%.

Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com.