Fitch Affirms 4 & Downgrades 2 Classes from CWMBS 2002-13 Alt 2002-8

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has taken the following actions on RMBS classes from CWMBS (Countrywide Home Loans, Inc.), mortgage pass-through certificates, series 2002-13 Alt 2002-8:

--Class A affirmed at 'AAA';

--Class M affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'BBB+';

--Class B3 downgraded to 'B' from 'BB';

--Class B4 downgraded to 'C' from 'B-'; and Distressed Recovery (DR) rating is lowered to 'DR5' from 'DR3'.

The underlying collateral for the transaction consists of conventional, fully amortizing, 20- to 30-year fixed-rate, mortgage loans secured by first liens on one-to four-family residential properties. At origination, approximately 43.86% and 56.14% 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 loan amounts, higher debt-to-income ratios and different documentation requirements than those associated with the Standard Underwriting Guidelines.

The affirmations affect approximately $70.87 million in outstanding certificates and reflect adequate relationships of credit enhancement (CE) to future loss expectations. The negative rating actions reflect the deterioration in the relationship of CE to future loss expectations and affects approximately $3 million of outstanding certificates.

As of the March 25, 2007 distribution date, the trust is seasoned 57 months and the pool factor (current mortgage loan principal outstanding as a percentage of the initial pool) is 13%. The cumulative loss to date is 26 bps of the original balance and approximately 8% of the remaining loans are delinquent (including approximately 2.5% in foreclosure and REO). The CE of the class B-4 has decreased considerably the past few months and is currently only .25%, which is 5 bps lower than the original CE to the bond. Fitch will continue to monitor this trust.

The loans are being serviced by Countrywide Home Loans Servicing LP (Countrywide Servicing), a direct wholly owned subsidiary of Countrywide Home Loans, Inc. (CHL). Countrywide Servicing is rated 'RPS1' for primary servicing and 'RMS2' for master servicing by Fitch.

Further information regarding delinquencies, losses and credit enhancement is available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com.

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.