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Fitch Rates MASTR $1.2637B Mortgage P-T Ctfs Series 2003-5.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 30, 2003

Mortgage Asset Securitization Transactions, Inc. (MASTR) $1.2637 billion mortgage pass-through certificates series 2003-5, MASTR Asset Securitization Trust 2003-5 classes 1-A-1, 2-A-1 through 2-A-5, 3-A-1, 4-A-1 through 4-A-5, 5-A-1, 15-PO, 30-PO, 15-A-X, 30-A-X, and A-R (senior certificates) ($1.2637 billion) are rated 'AAA' by Fitch Ratings.

The 'AAA' rating on the 1-A-1, 2-A-1 through 2-A-5, 3-A-1, 4-A-1 through 4-A-5, 5-A-1, 15-PO, 30-PO, 15-A-X, 30-A-X, and A-R senior certificates reflects the 2% subordination provided by the 1.10% class B-1, 0.35% class B-2, 0.20% class B-3 and 0.35% privately offered classes B-4 through B-6 certificates. 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 Wells Fargo Bank Minnesota, N.A., which is rated 'RMS1' by Fitch.

The trust consists of five cross-collateralized groups of 2,550 conventional, fully amortizing 15- to 30-year fixed-rate mortgage loans secured by first liens on one- to four-family residential properties and condominiums with an aggregate scheduled principal balance of $1,289,457,049. The average unpaid principal balance as of the cut-off date is $505,669. The weighted average original loan-to-value ratio (OLTV) is 61.60%. The three states that represent the largest portion of the mortgage loans are California (55.12%), New York (4.44%), and Massachusetts (4.27%).

Group 1 ($261,804,168) consists of fully amortizing, mostly 30-year fixed-rate, mortgage loans secured by first liens. As of the cut-off date (May 1, 2003), the mortgage pool demonstrates a weighted average OLTV of 62.64%. Approximately 82.19% of the loans were originated under a reduced documentation or streamlined program. Cash-out and rate/term refinance loans represent 14.41% and 70.82% of the mortgage pool, respectively. Second homes account for 2.76% of the pool. The average loan balance is $532,662. The weighted average FICO score is 744. All of mortgage loans in Group 1 originate from California (100%).

Group 2 ($407,256,412) consists of fully amortizing, mostly 15-year fixed-rate, mortgage loans secured by first liens. As of the cut-off date (May 1, 2003), the mortgage pool demonstrates a weighted average original loan-to-value ratio (OLTV) of 57.89%. Approximately 22.7% of the loans were originated under a reduced documentation, streamlined, no ratio or stated income program, and 0.21% of the loans were originated under a No Income - No Asset documentation program. Cash-out and rate/term refinance loans represent 23.33% and 71.09% of the mortgage pool, respectively. Second homes account for 3.62% of the pool. The average loan balance is $515,981. The weighted average FICO score is 738. The states that represent the largest portion of mortgage loans are California (39.94%), New York (7.51%), Maryland (6.32%), and Texas (5.36%).

Group 3 ($20,556,418) consists of fully amortizing, mostly 15-year fixed-rate, mortgage loans secured by first liens. As of the cut-off date (May 1, 2003), the mortgage pool demonstrates a weighted average OLTV of 61.12%. Approximately 52.52% of the loans were originated under a streamlined, reduced documentation, or limited program. Cash-out and rate/term refinance loans represent 17.39% and 75.36% of the mortgage pool, respectively. Second homes account for 14.45% of the pool. The average loan balance is $519,106. The weighted average FICO score is 724. The states that represent the largest portion of mortgage loans are Texas (20.68%), California (18.39%), Maryland (10.78%), Virginia (10.05%), Ohio (9.18%), New Jersey (9.06%), and Indiana (5.63%).

Group 4 ($395,343,966) consists of fully amortizing, mostly 30-year fixed-rate, mortgage loans secured by first liens. As of the cut-off date (May 1, 2003), the mortgage pool demonstrates a weighted average OLTV of 66.93%. Approximately 28.14% of the loans were originated under a streamlined, reduced documentation, limited or stated income program, and 5.08% of the loans were originated under a No Ratio documentation program. Cash-out and rate/term refinance loans represent 19.27% and 63.62% of the mortgage pool, respectively. Second homes account for 2.39% of the pool. The average loan balance is $480,731. The weighted average FICO score is 730. The states that represent the largest portion of mortgage loans are California (49.25%), and Massachusetts (8.84%).

Group 5 ($204,496,085) consists of fully amortizing, mostly 15-year fixed-rate, mortgage loans secured by first liens. As of the cut-off date (May 1, 2003), the mortgage pool demonstrates a weighted average OLTV of 57.40%. Approximately 21.30% of the loans were originated under a streamlined, reduced documentation, limited or stated income program, and 0.94% of the loans were originated under a No Income - No Asset documentation program. Cash-out and rate/term refinance loans represent 21.47% and 72.14% of the mortgage pool, respectively. Second homes account for 2.71% of the pool. The average loan balance is $516,716. The weighted average FICO score is 741. The states that represent the largest portion of mortgage loans are California (42.95%) and New York (6.57%).

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'.

MASTR, a special purpose corporation, deposited the loans into the trust, which issued the certificates. Deutsche Bank National Trust Company will act as trustee. For federal income tax purposes, elections will be made to treat the trust fund as three real estate mortgage investment conduits (REMICs).
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Publication:Business Wire
Geographic Code:1U9CA
Date:May 30, 2003
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