Fitch Affirms 117 & Upgrades 2 RMBS Classes from 20 Cendant Securitizations

Business Wire, Feb 1, 2008

NEW YORK -- Fitch has taken rating action on the following Cendant Mortgage Capital mortgage pass-through certificates:

Series 2002-4

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AAA';

--Class B2 affirmed at 'AAA';

--Class B3 affirmed at 'AA ';

--Class B4 affirmed at 'AA';

--Class B5 affirmed at 'A'.

Series 2002-6P

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AAA';

--Class B2 affirmed at 'AAA';

--Class B3 affirmed at 'AA ';

--Class B4 affirmed at 'AA-';

--Class B5 affirmed at 'BBB .

Series 2002-8

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AAA';

--Class B2 affirmed at 'AA';

--Class B3 upgraded to 'A ' from 'A';

--Class B4 upgraded to 'BBB ' from 'BBB';

--Class B5 affirmed at 'BB'.

Series 2002-11P

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2003-1

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA ';

--Class B2 affirmed at 'AA-';

--Class B3 affirmed at 'BBB ';

--Class B4 affirmed at 'BB ';

--Class B5 affirmed at 'B'.

Series 2003-2P

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2003-4

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA ';

--Class B2 affirmed at 'A ';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2003-5P

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2003-6

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2003-7P

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2003-8 Pool 1

--Class A affirmed at 'AAA';

--Class 1B1 affirmed at 'AA';

--Class 1B2 affirmed at 'A';

--Class 1B3 affirmed at 'BBB';

--Class 1B4 affirmed at 'BB';

--Class 1B5 affirmed at 'B'.

Series 2003-8 Pool 2

--Class A affirmed at 'AAA';

--Class 2B1 affirmed at 'AA';

--Class 2B2 affirmed at 'A';

--Class 2B3 affirmed at 'BBB';

--Class 2B4 affirmed at 'BB';

--Class 2B5 affirmed at 'B'.

Series 2003-9 Pool 1

--Class A affirmed at 'AAA';

--Class 1B1 affirmed at 'AA';

--Class 1B2 affirmed at 'A';

--Class 1B3 affirmed at 'BBB';

--Class 1B4 affirmed at 'BB';

--Class 1B5 affirmed at 'B'.

Series 2003-9 Pool 2

--Class A affirmed at 'AAA';

--Class 2B1 affirmed at 'AA';

--Class 2B2 affirmed at 'A';

--Class 2B3 affirmed at 'BBB';

--Class 2B4 affirmed at 'BB';

--Class 2B5 affirmed at 'B'.

Series 2004-1

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2004-2

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2004-3

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2004-4

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2004-5

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

Series 2005-1

--Class A affirmed at 'AAA';

--Class B1 affirmed at 'AA';

--Class B2 affirmed at 'A';

--Class B3 affirmed at 'BBB';

--Class B4 affirmed at 'BB';

--Class B5 affirmed at 'B'.

The affirmations reflect a stable relationship between credit enhancement (CE) and expected losses, and affect approximately $1.46 billion in outstanding certificates. The upgrades reflect an improvement in the relationship between CE and expected losses, and affect approximately $1.09 million in outstanding certificates.

The pool factors (current collateral balance as a percentage of initial collateral balance) range from approximately 8% to 80%, and the transactions are seasoned in a range of 35 months and 66 months. The CE levels for all classes originally rated 'B' range from approximately 0.14% to 2.28%.

For additional information regarding CE, losses, and delinquencies, please visit the Fitch Ratings web site at www.fitchratings.com.

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.