Fitch Rates CWALT $823.9 Million Mtge P-T Ctfs Series 2005-57CB

Business Wire, Oct 31, 2005

NEW YORK -- Fitch rates CWALT, Inc.'s (CWALT) mortgage pass-through certificates, Alternative Loan Trust 2005-57CB as follows:

-- $793.8 million classes 1-A-1, 1-A-2, 3-A-1 through 3-A-8, 4-A-1 through 4-A-8, 1-X, 3-X, 4-X, PO, and A-R certificates (senior certificates) 'AAA';

-- $12.8 million class M certificates 'AA';

-- $6.6 million class B-1 certificates 'A';

-- $5.0 million class B-2 certificates 'BBB';

-- $3.3 million class B-3 certificates 'BB';

-- $2.5 million class B-4 certificates 'B'.

The 'AAA' rating on the senior certificates reflects the 3.90% subordination provided by the 1.55% class M, the 0.80% class B-1, the 0.60% class B-2, the 0.40% privately offered class B-3, the 0.30% privately offered class B-4 and the 0.25% privately offered class B-5 (not rated by Fitch). Classes M, B-1, B-2, B-3 and B-4 are rated 'AA', 'A', 'BBB', 'BB' and 'B' based on their respective subordination only.

Fitch believes the above credit enhancement will be adequate to support mortgagor defaults. 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 Countrywide Home Loans Servicing LP (Countrywide Servicing), rated 'RMS2+' by Fitch, a direct wholly owned subsidiary of Countrywide Home Loans, Inc. (CHL).

The mortgage pool consists of three loans groups. Loan group 1 consists primarily of 30-year conventional, fully amortizing mortgage loans totaling $187,997,234 as of the cut-off date, Oct. 1, 2005, secured by first liens on one- to four-family residential properties. The mortgage pool, as of the cut-off date, demonstrates an approximate weighted-average original loan-to-value ratio (OLTV) of 79.03%. The weighted average FICO credit score is approximately 733. The average loan balance is $146,758. The three states that represent the largest portion of mortgage loans are Arizona (7.06%), Texas (6.09%), and Colorado (5.62%).

Loan Group 3 consists primarily of 30-year conventional, fully amortizing mortgage loans totaling $296,340,422 as of the cut-off date, Oct. 1, 2005, secured by first liens on one- to four-family residential properties. The mortgage pool, as of the cut-off date, demonstrates an approximate weighted-average OLTV of 71.84%. The weighted average FICO credit score is approximately 726. Cash-out refinance loans represent 38.57% of the mortgage pool and second homes 6.14%. The average loan balance is $210,021. The three states that represent the largest portion of mortgage loans are California (18.22%), Arizona (10.64%) and Florida (8.76%).

Loan Group 4 consists primarily of 30-year conventional, fully amortizing mortgage loans totaling $318,717,700 as of the cut-off date, Oct. 1, 2005, secured by first liens on one- to four-family residential properties. The mortgage pool, as of the cut-off date, demonstrates an approximate weighted-average OLTV of 70.88%. The weighted average FICO credit score is approximately 727. Cash-out refinance loans represent 39.69% of the mortgage pool and second homes 7.06%. The average loan balance is $229,624. The three states that represent the largest portion of mortgage loans are California (20.84%), Arizona (10.03%) and Florida (8.09%).

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, please see the press release issued May 1, 2003 entitled 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' available at www.fitchratings.com.

Approximately 78.62% and 21.38% of the Group 1 mortgage loans, 76.35% and 23.65% of the Group 3 mortgage loans, and 76.03% and 23.97% of the Group 4 mortgage loans were originated under CHL's Standard Underwriting Guidelines and Expanded Underwriting Guidelines, respectively. Mortgage loans underwritten pursuant to the Expanded Underwriting Guidelines may have higher loan-to-value ratios, higher loan amounts, higher debt-to-income ratios and different documentation requirements than those associated with the Standard Underwriting Guidelines. In analyzing the collateral pool, Fitch adjusted its frequency of foreclosure and loss assumptions to account for the presence of these attributes.

CWALT purchased the mortgage loans from CHL and deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. The Bank of New York will serve as trustee. For federal income tax purposes, an election will be made to treat the trust fund as one or more real estate mortgage investment conduits (REMICs).

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.