Fitch Rates J.P. Morgan Resecuritization Trust 2009-13

Fitch rates J.P. Morgan Resecuritization Trust 2009-13. This transaction consists of two non-crossed groups. Each group is a resecuritization of a residential mortgage backed securities certificate. Fitch is not rating Group 2 certificates.

Group 1 is a resecuritization of 22.24% interest in WFMBS 2005-17, Class II-A-1.

As resecuritizations, the certificates will receive their cash-flows from the underlying classes of certificates. The underlying certificates represent beneficial ownership interest in fixed-rate, conventional, first lien residential mortgage loans, substantially all of which have original terms to stated maturity of 30 years.

This transaction contains certain classes designated as Base Certificates and others as Exchangeable Certificates. Class 1-A-1 certificate is a Base Certificate and can be exchanged for certain combinations of 1-A-3 through 1-A-8.

ResiLogic, the regression-based model used by Fitch, takes into account multiple risk factors which can broadly be placed into three categories in the following order of influence: seasoned loan risks, economic risks, and collateral risks. For seasoned loan risks, the delinquency status and volatility are the most important with regards to Frequency of Foreclosure (FOF), while change in home price index and loan age are the most important with regards to Loss Severity (LS). Economic risk is solely comprised of state and MSA level risk multipliers as well as a national multiplier. In the category of collateral risk, the credit score, credit sector, and combined loan-to-value (CLTV) ratio are the most heavily-weighted risk factors in calculating the FOF. Closing balance, loan-to-value (LTV) ratio and loan coupon are the most heavily-weighted risk factors in calculating LS. Due to concerns over recent pool performance and volatility, loss levels were adjusted higher than the ResiLogic model results.

The loan level information used in analyzing pools is taken from the Loan Performance database. In general, fields in the data tapes are complete unless otherwise noted. In this transaction the back-end debt-to-income (DTI) ratio field was missing. For loans missing DTI information, Fitch uses a standard assumption of 35%.

The underlying collateral and cashflow structure were analyzed according to Fitch's 'Global Structured Finance Rating Criteria', 'U.S. Residential Mortgage Re-REMIC', 'ResiLogic: U.S. Residential Mortgage Loss Model' and 'U.S. RMBS Cash Flow Analysis' criteria.

Fitch rates J.P. Morgan Resecuritization Trust 2009-13 as follows:

--$25,903,000 class 1-A-1 'AAA'; Outlook Stable;

--$23,266,000 exchangeable class 1-A-3 'AAA'; Outlook Stable;

--$2,637,000 exchangeable class 1-A-4 'AAA'; Outlook Stable;

--$21,715,000 exchangeable class 1-A-5 'AAA'; Outlook Stable;

--$4,188,000 exchangeable class 1-A-6 'AAA'; Outlook Stable;

--$20,164,000 exchangeable class 1-A-7 'AAA'; Outlook Stable;

--$5,739,000 exchangeable class 1-A-8 'AAA'; Outlook Stable.

Additional information is available at ' www.fitchratings.com'.

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