Fitch Rates $385.3MM J.P. Morgan Mortgage Trust 2004-A4

Business Wire, July 29, 2004

NEW YORK -- J.P. Morgan Mortgage Trust $373.3 million mortgage pass-through certificates, series 2004-A4, are rated by Fitch as follows:

--Classes 1-A-1, 1-A-2, 1-A-3, 1-A-4, 2-A-1, 2-A-2, 2-A-3, 3-A-1, and A-R (senior certificates) ($373.3 million) 'AAA';

--Class B-1 certificates ($6,180,400) 'AA';

--Class B-2 certificates ($2,510,700) 'A';

--Class B-3 certificates ($1,545,000) 'BBB';

--Privately offered class B-4 certificates ($1,158,800) 'BB';

--Privately offered class B-5 certificates ($579,400) 'B';

Privately offered class B-6 certificates ($965,921) are not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 3.35% subordination provided by the 1.60% class B-1, the 0.65% class B-2, the 0.40% class B-3, the 0.30% privately offered class B-4, the 0.15% privately offered class B-5, and the 0.25% privately offered class 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, the primary servicing capabilities of Cendant Mortgage Corporation, Countrywide Home Loans Servicing LP, and Chase Manhattan Mortgage Corporation (all rated 'RPS1' by Fitch), and the master servicing capabilities of Wells Fargo Bank Minnesota, National Association, which is rated 'RMS1' by Fitch.

As of the cut-off date, July 1, 2004, the trust consists of three cross-collateralized groups of 976 conventional, adjustable-rate mortgage loans secured by first liens on one- to four-family residential properties with an aggregate scheduled balance of $386,270,320.51. The average unpaid principal balance of the aggregate pool as of the cut-off date is $395,769. The weighted average original loan-to-value ratio (LTV) is 71.44%. The loans were originated by Chase Manhattan Mortgage Corporation (56.77%), Cendant Mortgage Corporation (23.91%), and Countrywide Home Loans, Inc. (19.32%).

Group 1 consists of 168 one- to four-family residential properties with an aggregate principal balance of $82,010,957. The mortgage pool has a weighted average original LTV of 69.40% with a weighted average mortgage rate of 4.962%. All of the mortgage loans have mortgage rates that are fixed for approximately seven years and will be adjusted annually or semi-annually thereafter. All the loans in group 1 are originated under a full documentation program, while cash-out refinance loans approximate 24.63% of the pool and second homes 4.59%. The average loan balance is $488,160, and the loans are primarily concentrated in California (26.56%), Virginia (12.80%), and Missouri (10.48%).

Group 2 consists of 334 one- to four-family residential properties with an aggregate principal balance of $166,985,930, as of the cut-off date. The mortgage pool has a weighted average original LTV of 72.32% with a weighted average mortgage rate of 5.095%. All of the mortgage loans have mortgage rates that are fixed for approximately seven years and will be adjusted annually or semi-annually thereafter. Approximately 67.72% of the pool 2 mortgage loans provide for payments of interest at the related mortgage interest rate but no payments of principal for a period of seven years following origination of such mortgage loan. Loans originated under a reduced loan documentation program account for approximately 34.70% of the pool, cash-out refinance loans 20.25%, and second homes 7.30%. The average loan balance is $499,958, and the loans are primarily concentrated in California (35.31%), New Jersey (8.88%), and Illinois (6.01%).

Group 3 consists of 474 one- to four-family residential properties with an aggregate principal balance of $137,273,434, as of the cut-off date. The mortgage pool has a weighted average original LTV of 71.60% with a weighted average mortgage rate of 4.645%. All of the mortgage loans have mortgage rates that are fixed for approximately five years and will be adjusted annually or semi-annually thereafter. Loans originated under a reduced loan documentation program account for approximately 0.65% of the pool, cash-out refinance loans 31.74%, and second homes 5.06%. The average loan balance is $289,606, and the loans are primarily concentrated in California (47.76%) and Washington (7.91%).

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, see the press release 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003, available on the Fitch Ratings web site at 'www.fitchratings.com'.

Wachovia Bank, National Association, will serve as trustee. J.P. Morgan Acceptance Corporation I, a special purpose corporation, deposited the loans in the trust that issued the certificates. For federal income tax purposes, the trustee will elect to treat all or portion of the assets of the trust funds as comprising multiple real estate mortgage investment conduits (REMICs).