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Fitch Rates BOAMSI $790.4MM Series 2005-I.

NEW YORK -- Banc of America Mortgage Securities, Inc. (BoAMSI) mortgage pass-through certificates, series 2005-I are rated by Fitch Ratings as follows:

--$764,288,100 classes 1-A-1, 1-A-2, 1-A-R, 2-A-1 through 2-A-5, 3-A-1, 3-A-2, 4-A-1 and 4-A-2 (senior certificates) 'AAA';

--$15,445,000 class B-1 'AA';

--$5,148,000 class B-2 'A';

--$2,772,000 class B-3 'BBB';

--$1,584,000 class B-4 'BB';

--$1,189,000 class B-5 'B'.

The 'AAA' rating on the senior certificates reflects the 3.50% subordination provided by the 1.95% class B-1, the 0.65% class B-2, the 0.35% class B-3, the 0.20% privately offered class B-4, the 0.15% privately offered class B-5, and the 0.20% privately offered class B-6. The ratings on class B-1, B-2, B-3, B-4, and B-5 certificates reflect each certificate's respective level of subordination. Class B-6 is not rated by Fitch.

The ratings also reflect the quality of the underlying mortgage collateral, the primary servicing capabilities of Bank of America Mortgage, Inc. (rated 'RPS1' by Fitch), and Fitch's confidence in the integrity of the legal and financial structure of the transaction.

The transaction consists of four groups of adjustable interest rate, fully amortizing mortgage loans secured by first liens on one- to four-family properties with a total of 1,455 loans and an aggregate principal balance of $792,010,124.84 as of Sept. 1, 2005 (the cut-off date). The four loan groups are cross-collateralized.

The group 1 collateral consists of 3/1 hybrid adjustable-rate mortgage (ARM) loans. After the initial fixed interest rate period of three years, the interest rate will adjust annually based on the sum of one-year LIBOR index and a gross margin specified in the applicable mortgage note. Approximately 69.29% of group 1 loans require interest-only payments until the month following the first adjustment date. As of the cut-off date, the group has an aggregate principal balance of approximately $86,087,501 and an average balance of $544,858. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans is approximately 72.54%. The weighted average remaining term to maturity (WAM) is 358 months, and the weighted average FICO credit score for the group is 746. Second homes and investor-occupied properties constitute 14.22% and 1.24% of the loans in group 1, respectively. Rate/term and cashout refinances account for 23.94% and 21.55% of the loans in group 1, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (47.84%) and Florida (13.05%). All other states represent less than 5% of the outstanding balance of the group.

The group 2 collateral consists of 5/1 hybrid ARM mortgage loans. After the initial fixed interest rate period of five years, the interest rate will adjust annually based on the sum of one year LIBOR index and a gross margin specified in the applicable mortgage note. Approximately 71.77% of group 2 loans require interest-only payments until the month following the first adjustment date. As of the cut-off date, the group has an aggregate principal balance of approximately $451,029,038.67 and an average balance of $540,155. The weighted average OLTV for the mortgage loans is approximately 71.5%. The WAM is 359 months, and the weighted average FICO credit score for the group is 746. Second homes and investor-occupied properties constitute 8.39% and 0.57% of the loans in group 2, respectively. Rate/term and cashout refinances account for 21.55% and 13.72% of the loans in group 2, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (51.32%), Florida (8.65%), and Virginia (7.43%). All other states represent less than 5% of the outstanding balance of the pool.

The group 3 collateral consists of 7/1 hybrid ARM mortgage loans. After the initial fixed interest rate period of seven years, the interest rate will adjust annually based on the sum of one year LIBOR index and a gross margin specified in the applicable mortgage note. Approximately 59.56% of group 3 loans require interest-only payments until the month following the first adjustment date. As of the cut-off date, the group has an aggregate principal balance of approximately $142,694,888.28 and an average balance of $542,566. The weighted average OLTV for the mortgage loans is approximately 69.34%. The WAM is 359 months, and the weighted average FICO credit score for the group is 745. Second homes and investor-occupied properties constitute 8.30% and 0.64% of the loans in group 3, respectively. Rate/term and cashout refinances account for 26.68% and 19.68% of the loans in group 3, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (44.71%), Virginia (6.54%), Florida (6.14%), and South Carolina (6.01%). All other states represent less than 5% of the outstanding balance of the pool.

The group 4 collateral consists of 10/1 hybrid ARM mortgage loans. After the initial fixed interest rate period of 10 years, the interest rate will adjust annually based on the sum of one year LIBOR index and a gross margin specified in the applicable mortgage note. Approximately 80.68% of group 4 loans require interest-only payments until the month following the first adjustment date. As of the cut-off date, the group has an aggregate principal balance of approximately $112,198,696.06 and an average balance of $563,813. The weighted average OLTV for the mortgage loans is approximately 67.11%. The WAM is 360 months, and the weighted average FICO credit score for the group is 753. Second homes properties constitute 6.86%. Rate/term and cashout refinances account for 32.33% and 20.41% of the loans in group 4, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (47.44%), Virginia (10.67%), and Florida (6.51%). All other states represent less than 5% of the outstanding balance of the pool.

Approximately 70.01% of group 1, approximately 70.35% of group 2, approximately 67.67% of group 3, approximately 77.18% of group 4, and approximately 70.80% of all of the mortgage loans were originated under the Accelerated Processing Programs. None of group 1, approximately 0.28% of group 2, none of group 3, none of group 4, and approximately 0.16% of all of the mortgage loans were originated under the Accelerated Processing Programs of All-Ready Home and Rate Reduction Refinance.

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, see the press release 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003, available on the Fitch Ratings web site at www.fitchratings.com.

Banc of America Mortgage Securities, Inc. deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, elections will be made to treat the trust as two separate real estate mortgage investment conduits (REMICs). Wells Fargo Bank, N.A. will act as trustee.

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.
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Publication:Business Wire
Date:Sep 28, 2005
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