Fitch Rates MASTR Adjustable-Rate Mtge Trust P-T Ctfs Series 2004-12

Business Wire, Oct 29, 2004

NEW YORK -- Mortgage Asset Securitization Transactions, Inc. (MASTR) adjustable-rate mortgage trust, series 2004-12, $320,500,000 pass-through certificates are rated by Fitch Ratings as follows:

--Classes 1-A-1, 2-A-1, 3-A-1, 4-A-1, 5-A-1, A-C-1, A-LR, and A-R ($312,900,000 senior certificates) 'AAA';

--Class B-1 ($7,584,000) 'AA-';

--Class B-2, class B-3, the privately offered B-4, B-5, and B-6 certificates are not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 5.10% subordination provided by the 2.30% class B-1, the 1.30% class B-2, the 0.30% class B-3, the 0.55% privately offered class B-4, the 0.40% privately offered class B-5, and the 0.25% privately offered class B-6 certificates. The rating on the class B-1 certificate reflects its respective subordination.

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.

The mortgage loans are separated into five cross-collateralized mortgage loan groups. Each group's senior certificates will receive interest and/or principal from its respective mortgage loan group. In certain very limited circumstances when a pool experiences either rapid prepayments or disproportionately high realized losses, principal and interest collected from the other loan groups may be applied to pay principal or interest, or both, to the other group's senior certificates. The subordinate certificates will support all five groups and will receive interest and principal from available funds collected in the aggregate from all the mortgage pools.

The five groups in aggregate contain 840 conventional, fully amortizing 30-year 3/1 and 5/1 hybrid adjustable-rate mortgage loans secured by first liens on one- to four-family residential properties with an aggregate scheduled principal balance of $329,730,118. The average unpaid principal balance of the aggregate pool as of the cut-off date (Oct. 1, 2004) is $393,589. The weighted average original loan-to-value ratio (LTV) is 73.70%. The weighted average credit score of the borrowers is 723. Approximately 54.41% of the pool was originated under a reduced (non full/alternative) documentation program. Second home and investor-occupied properties constitute 3.12% and 3.31% of the loans, respectively. The weighted average mortgage interest rate is 5.024%, and the weighted average remaining term to maturity (WAM) is 357 months. The states that represent the largest portion of the aggregate mortgage loans are California (47.17%), Virginia (6.54%), and Maryland (6.43%). All other states represent less than 5% of the pool balance as of the cut-off date.

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'.

MASTR, a special purpose corporation, deposited the loans into the trust, which issued the certificates. JPMorgan Chase Bank will act as trustee. For federal income tax purposes, elections will be made to treat the trust fund as multiple real estate mortgage investment conduits (REMICs).