Fitch Rates Wells Fargo Mortgage Backed Securities Series 2002-8 'AAA'

Business Wire, April 29, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--April 29, 2002

Fitch Ratings has assigned 'AAA' ratings to Wells Fargo Mortgage Backed Securities' $735 million mortgage pass-through certificates, series 2002-8, classes A-1 through A-25, II-A-1 through II-A-4, A-R, A-LR, and A-PO.

Credit enhancement for the Group 1 senior certificates reflects the 2.85% subordination provided by the 1.40% class I-B-1, the 0.55% class I-B-2, the 0.40% class I-B-3, and the 0.50% non-offered class I-B certificates. Credit enhancement for the Group 2 senior certificates reflects the 1.25% subordination provided by the 0.60% class II-B-1, the 0.25% class II-B-2, the 0.15% class II-B-3, and the 0.25% non-offered class II-B certificates. Fitch believes the amount of credit enhancement will be sufficient to cover credit losses, as well as limited bankruptcy, fraud and special hazard losses. The rating also reflects the high quality of the underlying collateral, the integrity of the legal and financial structures and the servicing capabilities of Wells Fargo Home Mortgage, Inc. (WFHM), rated RPS1 by Fitch.

The mortgage loans are segregated into two separate loan groups. Group I consist of loans which has an original term to maturity of approximately 30 years. Group II consists of loans that have an original term to maturity of approximately 15 years.

The group I loans consist of recently originated, conventional, 20- to 30-year fixed-rate mortgage loans secured by one- to four- family residential properties located primarily in California (44.68%), New York (5.72%), and Virginia (5.22%). Weighted average FICO scores of the pool is 726 with 70.21% and 7.58% of the loans possessing FICO scores greater than 700 and less than or equal to 650, respectively. The weighted average original loan-to-value ratio (OLTV) of the pool is approximately 65.11% with 3.49% of the loans having an OLTV in excess of 80%. Approximately 26.73% of the loans have principal balances greater than $600,000. The weighted average coupon of the loans is 6.988% and the weighted average remaining term is 356 months.

The group II loans consist of recently originated, conventional, 10- to 15-year fixed-rate mortgage loans secured by one- to four- family residential properties located primarily in California (41.45%), New York (5.71%) and Texas (5.13%). Weighted average FICO scores of the pool is 735 with 78.85% and 5.37% of the loans possessing FICO scores greater than 700 and less than or equal to 650, respectively. The weighted average OLTV of the pool is approximately 58.07% with 0.69% of the loans having an OLTV in excess of 80%. Approximately 24.85% of the loans have principal balances greater than $600,000. The weighted average coupon of the loans is 6.509% and the weighted average remaining term is 178 months.

The mortgage loans were originated or acquired by WFHM, and in turn sold to Wells Fargo Asset Securities Corporation, which transferred the mortgage loans into the trust. Wells Fargo Bank Minnesota, N.A., an affiliate of WFHM, will act as master servicer, and First Union National Bank will act as trustee. Wells Fargo Asset Securities Corporation, a special purpose corporation, deposited the loans into the trust, which then issued the certificates. An election will be made to treat the trust estate as two separate real estate mortgage investment conduits (REMICs) for federal income tax purposes.