S&P Raises,Afms Rtgs on Var Cl of CMC Securities Corp.

Business Editors

June 24, 2002-- Standard & Poor's today raised its rating on class M of CMC Securities Corp. III's collateral mortgage obligations series 1994-D to triple-'A' from double-'A'. In addition, ratings are raised on class 30B1 and 30B2 of CMC Securities Corp. IV's collateral

mortgage obligations series 1994-H to double-'A'-plus from single-'A'-plus, and to triple-'B'-plus from triple-'B', respectively. At the same time, ratings are affirmed on the remaining classes of certificates issued by CMC Securities Corp. I, CMC Securities Corp. II, CMC Securities Corp. III, and CMC Securities Corp. IV (see list).

The raised ratings reflect sufficient current and projected credit support percentages available to support the classes. The loss coverage percentages are greater than the original levels for the newly assigned ratings. The credit support for each class of certificates is provided through subordination.

The affirmations are based on adequate credit support for each certificate class rating. Though some classes have projected credit support of more than two times (x) their original credit support percentages (and, in some cases, 100%), the financial strength rating (FSR) of the pool insurance provider limits the rating level. Series 1993-2E and 1993-D have pool insurance policies from PMI Mortgage Insurance Co., which has an FSR of double-'A'-plus. Also, series 1993-2D has an additional pool insurance policy that is provided by General Electric Mortgage Insurance Corp. (GEMICO) (FSR of triple-'A').

As of the May 2002 remittance date, except for series 2000-1 (37.45%), total delinquencies for each of the series reviewed ranged from 0% to 10.75%, and cumulative realize losses as a percentage of original pool balance ranged from 0% to 1.62%. Except for series 2000-1, which is less than 44% of its original size, the outstanding pool balances of these series are no greater than 38% of their original size. Credit support is provided by a number of sources, which include subordination of the underlying classes, bond insurance, and pool insurance.

The collateral for each loan group comprises either 15- or 30-year fixed-rate, fully amortizing, mortgage loans secured by first lien mortgages.

RATINGS RAISED

CMC Securities Corp. III

                                    Rating
Series         Class           To             From
1994-D         D-M             AAA            AA

CMC Securities Corp. IV

                                    Rating
Series         Class           To             From
1994-H         30B1            AA+            A+
1994-H         30B2            BBB+           BBB

RATINGS AFFIRMED

CMC Securities Corp. I

Series    Class                                       Rating
1993-B    B-1M, B-7, B-8, B-9PO, B-RL, B-RU, B10IO    AAA
1993-D    D-4, D-5                                    AAA
1993-D    D-M2, D-PO                                  AA+

CMC Securities Corp. II

Series Class Rating
1993-2A 2A-G, 2A-H, 2A-J, 2A-KPO, 2A-LIO, 2A-R        AAA
1993-2D 2D-D, 2D-E, 2D-F, 2D-R                        AAA
1993-2E 15A, 15B, 15CPO,                              AA+
1993-2E 15DIO, 30H, 30I, 30J, 30K, 30NIO, 30PPO       AA+
1996-C  A                                             AAA

CMC Securities Corp. III

Series    Class                                       Rating
1993-F    F-A7, F-A8, F-A9,                           AAA
1993-F    F-A10, F-A11, F-A12, F-A13, F-A14           AAA
1993-F    F-AIO, F-APO,                               AAA
1993-F    F-M                                         AA
1994-C    C-A6, C-A7, C-A8, C-A9, C-A10,              AAA
1994-C    C-A11, C-A12, C-A13                         AAA
1994-C    C-A14, C-A15, C-AIO, C-APO, C-ARU           AAA
1994-C    C-M                                         AA
1994-D    D-A1, D-AIO, D-APO, D-ARU                   AAA
1994-E    A2, A3IO, A4, A6, A8, A9,                   AAA
1994-E    A10, A11, A12, A13, A14                     AAA
1994-E    AIO, APO                                    AAA
1994-E    M                                           AA
1994-E    B1                                          A
1994-E    B2                                          BBB
1994-F    A3, A4, AIO, APO, AR                        AAA
1994-F    M                                           AA
2000-1    A, R                                        AAA
2000-1    M1                                          AA
2000-1    M2                                          A
2000-1    B                                           BBB-

CMC Securities Corp. IV

Series       Class                                      Rating
1994-G       A-4, A-7, A-IO, A-PO                       AAA
1994-H       15A3, 15AIO, 15APO, 15M,                   AAA
1994-H       15B1                                       AA
1994-H       30A4, 30AIO, 30APO, 30M, ARU               AAA
1994-I       A-1, AIO, APO, ARL, ARU                    AAA
1997-2       IA-1, IA-5, IA-6, IA-11,                   AAA
1997-2       IA-12, IX, IIA-3, IIA-6, IIX               AAA
1997-NAMC3   A-2, A-4, FXA-5, FXP, FXS, P, R, RP, S     AAA

Copyright 2002, Standard & Poor's Ratings Services