Fitch Rates Bank Of America Mortgage Securities Series 2002-9

Business Wire, Sept 26, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 26, 2002

Bank of America Mortgage Securities, Inc., series 2002-9 residential mortgage pass-through certificates are rated by Fitch Ratings as follows:

Group 1 certificates:

--$582,425,000 classes 1-A-1 through 1-A-16, and 1-A-WIO, 'AAA';

--$100 classes 1-A-R, 1-A-MR, and 1-A-LR, 'AAA';

--$7,805,000 class 1-B-1, 'AA';

--$3,602,000 class 1-B-2, 'A';

--$1,801,000 class 1-B-3, 'BBB'.

Group 2 certificates:

--$187,766,000 classes 2-A-1, and 2-A-WIO, 'AAA'.

Group 3 certificates:

--$274,482,000 classes 3-A-1, and 3-A-WIO, 'AAA'.

and

--$2,381,024 class A-PO, 'AAA'.

The 'AAA' rating on the group 1 senior certificates reflects the 2.70% subordination provided by the 1.30% class 1-B-1, the 0.60% class 1-B-2, the 0.30% class 1-B-3, and the 0.50% privately offered class 1-B-4 through 1-B-6 certificates.

The 'AAA' rating on the group 2 and group 3 senior certificates reflects the 1.20% subordination provided by the 0.65% class CB-1, the 0.20% class CB-2, the 0.15% class CB-3, and the 0.20% privately offered class CB-4 through CB-6 certificates.

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

The transaction is secured by three pools of mortgage loans. Loan group 1 is not cross-collaterized; groups 2 and 3 are cross-collaterized. The class A-PO consists of three separate components that are cross-collateralized.

The Group 1 collateral consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 240 to 360 months. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 64.92%. The average balance of the mortgage loans is $483,000 and the weighted average coupon of the loans is 6.618%. The three states that represent the largest portion of mortgage loans are California (49.98%), Illinois (8.16%), and Virginia (4.90%).

The Group 2 collateral consists of recently originated, conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 120 to 180 months. The weighted average original LTV for the mortgage loans in the pool is approximately 55.59%. The average balance of the mortgage loans is $496,384 and the weighted average coupon of the loans is 6.243%. The three states that represent the largest portion of mortgage loans are California (49.69%), Florida (5.72%), and Illinois (5.36%).

The Group 3 collateral consists of conventional, fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans with original terms to stated maturity ranging from 120 to 226 months. The collateral consists of seasoned loans with a weighted average seasoning of approximately 15 months. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans in the pool is approximately 56.79%. The average balance of the mortgage loans is $480,836 and the weighted average coupon of the loans is 6.608%. The state that represents the largest portion of mortgage loans is California (60.79%), all other states represent less than 5% of the outstanding balance of the pool.

Bank 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 three separate real estate mortgage investment conduits (REMICs). The Bank of New York will act as trustee.