Fitch Rates MASTR $305.9MM Mortgage P-T Ctfs Series 2002-1

Business Wire, March 1, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--March 1, 2002

Mortgage Asset Securitization Transactions, Inc. (MASTR) $302.4 million mortgage pass-through certificates, series 2002-1, MASTR Asset Securitization Trust 2002-1 classes A-1, PO, A-R and A-X (senior certificates) are rated 'AAA' by Fitch Ratings. In addition, $2.3 million class B-1 certificates are rated 'AA', $767,000 class B-2 certificates 'A', and $460,000 class B-3 certificates 'BBB'.

The 'AAA' rating on the senior certificates reflects the 1.45% subordination provided by the 0.75% class B-1, the 0.25% class B-2, the 0.15% class B-3, and the 0.30% 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 Ratings.

The certificates represent ownership in a trust fund, which is collateralized by a pool of conventional, fully amortizing, mostly 15-year fixed-rate, mortgage loans secured by first liens. As of the cut-off date (Feb. 1, 2002), the mortgage pool demonstrates a weighted average original loan-to-value ratio (OLTV) of 61.01%. Approximately 27.75% of the loans were originated under a reduced documentation program. Cash-out and rate/term refinance loans represent 20.08% and 73.32% of the mortgage pool, respectively. Second homes account for 2.52% of the pool. The average loan balance is $435,031. The weighted average FICO score is 743. The three states that represent the largest portion of mortgage loans are California (15.95%), Texas (12.27%), and Illinois (6.46%).

Approximately 90.56%, 4.11%, 3.07% and 2.25% of the loans as of the cut-off date pool balance were originated by National City, Bank One, Guaranty Residential and Chevy Chase, respectively. National City will service 90.56% of the mortgage loans, and GMACMC will service 9.44%.

MASTR, a special purpose corporation, deposited the loans into the trust, which issued the certificates. JP Morgan Chase Bank will act as trustee. For federal income tax purposes, an election will be made to treat the trust fund as a real estate mortgage investment conduit (REMIC).