Fitch Rates Banc of America Mortgage Securities $1.006B Series 2004-G

Business Wire, July 30, 2004

NEW YORK -- Banc of America Mortgage Securities, Inc., (BoAMSI) series 2004-G mortgage pass-through certificates, is rated by Fitch Ratings as follows:

-- $981,205,100 classes 1-A-1, 1-A-R, 1-A-MR, 1-A-LR, 2-A-1 through 2-A-7, 2-A-IO, 3-A-1, 3-A-2 and 4-A-1, (senior certificates) 'AAA';

-- $12,673,000 class B-1 'AA';

-- $8,616,000 class B-2 'A';

-- $2,027,000 class B-4 'BB';

-- $1,521,000 class B-5 'B'.

The $4,561,000 class B-3 certificates are not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 3.20% subordination provided by the 1.25% class B-1, the 0.85% class B-2, the 0.45% class B-3, the 0.20% privately offered class B-4, the 0.15% privately offered class B-5, and the 0.30% privately offered class B-6. The ratings on class B-1, B-2, B-4 and B-5 certificates reflect each certificates' respective level of subordination.

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

Fitch ratings do not address whether a class of auction certificates will receive its par price on the auction distribution date.

The transaction consists of four groups of adjustable interest rate, fully amortizing mortgage loans, secured by first liens on one- to four-family properties, with a total of 2,492 loans and an aggregate principal balance of $1,013,644,196, as of July 1, 2004 (cut-off date). The four loan groups are cross-collateralized.

The group 1 collateral consists of 3/1 hybrid ARM mortgage loans. After the initial fixed interest rate period of three years, the interest rate will adjust annually based on the sum of One-Year LIBOR index and a gross margin specified in the applicable mortgage note. As of the cut-off date, the group has an aggregate principal balance of approximately $129,213,120 and an average balance of $502,775. The weighted average original loan-to-value ratio (OLTV) for the mortgage loans is approximately 71.51%. The weighted average remaining term to maturity is 356 months and the weighted average FICO credit score for the group is 734. Second homes and investor-occupied properties comprise 9.17% and 1.25% of the loans in group 1, respectively. Rate/Term and cashout refinances account for 28.58% and 19.61% of the loans in group 1, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (65.04%), Illinois (5.37%) and Florida (5.21%). All other states represent less than 5% of the outstanding balance of the group.

The group 2 collateral consists of 5/1 hybrid ARM mortgage loans. After the initial fixed interest rate period of five years, the interest rate will adjust annually based on the sum of One-Year LIBOR index and a gross margin specified in the applicable mortgage note. Approximately 61.07% of group 2 loans are Net 5 mortgage loans, which require interest-only payments until the month following the first adjustment date. As of the cut-off date, the group has an aggregate principal balance of approximately $631,543,065 and an average balance of $537,483. The weighted average OLTV for the mortgage loans is approximately 70.88%. The weighted average remaining term to maturity is 357 months and the weighted average FICO credit score for the group is 734. Second homes and investor-occupied properties comprise 10.17% and 1.18% of the loans in group 2, respectively. Rate/Term and cashout refinances account for 25.26% and 16.55% of the loans in group 2, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (60.39%) and Florida (8.16%). All other states represent less than 5% of the outstanding balance of the pool.

The group 3 collateral consists of 5/1 hybrid ARM mortgage loans. After the initial fixed interest rate period of five years, the interest rate will adjust annually based on the sum of One-Year LIBOR index and a gross margin specified in the applicable mortgage note. All of the group 3 loans are Net 5 mortgage loans, which require interest-only payments until the month following the first adjustment date. As of the cut-off date, the group has an aggregate principal balance of approximately $208,702,441.07 and an average balance of $214,274. The weighted average OLTV for the mortgage loans is approximately 71.41%. The weighted average remaining term to maturity is 359 months and the weighted average FICO credit score for the group is 734. Second homes and investor-occupied properties comprise 13.33% and 4.80% of the loans in group 3, respectively. Rate/Term and cashout refinances account for 23.47% and 23.03% of the loans in group 3, respectively. The states that represent the largest geographic concentration of mortgaged properties are California (36.91%), Florida (15.25%), Virginia (6.43%), Nevada (5.66%) and Georgia (5.47%). All other states represent less than 5% of the outstanding balance of the pool.