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EXHIBIT A

Summary of Loan Modification Examples


For Trusts Covered by the Proposed Countrywide RMBS Settlement

Summaryof530TrustsCoveredundertheProposedCountrywideSettlement($inmillions)
Collateral
Vintage
2004
2005
2006
2007
2008

#of
#of
Trusts
Loans
110
426,137
170
560,181
150
467,987
99
236,961
1
246
530 1,691,512

Original Realized
Collateral
Loss
$89,917
$2,643
$142,967 $12,970
$120,025 $21,265
$73,469 $10,635
$162
$5
$426,539 $47,518

Active
Collateral
$13,391
$40,605
$44,138
$35,748
$56
$133,937

Loans
Modified
17,357
41,099
60,584
35,653
17
154,710

%loans
Modified
4.1%
7.3%
12.9%
15.0%
6.9%
9.1%

Modified
Collateral
$3,158
$9,714
$14,895
$10,429
$10
$38,205

Modified
StillActive
$2,436
$7,621
$12,006
$8,992
$9
$31,064

Losson
Active
$100
$440
$879
$614
$0
$2,035

Losson
Liquidated
$338
$1,183
$1,914
$836
$0
$4,270

%loans
Modified
NA
NA
NA
16.1%
6.9%
16.1%

Modified
Collateral
$0
$0
$0
$6,166
$10
$6,175

Modified
StillActive
$0
$0
$0
$5,361
$9
$5,370

Losson
Active
$0
$0
$0
$350
$0
$350

Losson
Liquidated
$0
$0
$0
$458
$0
$459

%loans
Modified
4.1%
7.3%
12.9%
13.9%
NA
8.6%

Modified
Collateral
$3,158
$9,714
$14,895
$4,263
$0
$32,030

Modified
StillActive
$2,436
$7,621
$12,006
$3,631
$0
$25,694

Losson
Active
$100
$440
$879
$265
$0
$1,685

Losson
Liquidated
$338
$1,183
$1,914
$377
$0
$3,812

62TrustsServicerisNOTRequiredtoPurchaseModifiedLoans($inmillions)
Collateral
Vintage
2004
2005
2006
2007
2008

#of
Trusts
0
0
0
61
1
62

#of
Loans
0
0
0
124,441
246
124,687

Original Realized
Collateral
Loss
$0
$0
$0
$0
$0
$0
$44,292
$5,912
$162
$5
$44,454
$5,917

Active
Collateral
$0
$0
$0
$21,762
$56
$21,818

Loans
Modified
0
0
0
20,062
17
20,079

468TrustsServicerisRequiredtoPurchaseModifiedLoans($inmillions)
Collateral
Vintage
2004
2005
2006
2007
2008

#of
#of
Trusts
Loans
110
426,137
170
560,181
150
467,987
38
112,520
0
0
468 1,566,825

Original Realized
Collateral
Loss
$89,917
$2,643
$142,967 $12,970
$120,025 $21,265
$29,177
$4,724
$0
$0
$382,085 $41,601

Active
Collateral
$13,391
$40,605
$44,138
$13,985
$0
$112,119

Loans
Modified
17,357
41,099
60,584
15,591
0
134,631

Redacted

Loan Example 1: 139987080 (Potential Mis-Managed Loan Modification)


The Loan
Loan Number
Trust
Lender
Origination Date
Purpose
Appraised Value
Loan Amount
LTV / CLTV
Loan Type
Interest Rate

The Timeline

Redacted
139987080
CWHL 2006-13
Countrywide
July 7, 2006
Purchase
$828,500
$662,800
80% / 90%
30Y Fixed
6.625%

Jan 11, 2006

Subject property was sold at $750,000.

Jul 7, 2006

Subject property was sold again at $828,500. The buyer


financed the purchase with 90% financing.

Jul 28, 2006

The 1st lien loan in the amount of $662,800 was sold into
the CWHL 2006-13 trust.

Feb 26, 2009

The borrower stopped making payments on the subject


loan.

May 25, 2010

The servicer finalized loan modification to reduce the rate


from 6.625% to 2%. The outstanding principal balance
reflected on CWHL 2006-13s records was reduced from
$639,581 to $243,703. After the modification, monthly
principal and interest for this loan dropped from $4,244 to
$739. Meanwhile, a loss amount of $426,007 was booked
to the CWHL 2006-13 trust.

Subject Property
Address
Location
Type
Use
Year House Built
BR/BA
Gross Living Area
Site/Yard
Purchase Date
Purchase Price
Amount Financed
Seller Concession
Cost of Closing
Borrower Paid

XXXX XXXth Street


Redacted
Bayside,
NY 11361
SFR
Owner Occupied
1930
3 / 1.5
2,208 sqft
3,817 sqft
July 7, 2006
$828,500
$745,650
NA
NA
NA

Holder of the 2nd lien potentially gained $82.850, provided


the 2nd lien remained in place. Prior to modification, the
collateral value to the 2nd lien had fully eroded.

Property Transactions and Fair Value Estimates

Findings
1. Property

Based on recent real estate activity


in the local market, it's likely that
the subject property is worth
between $550,000 and $650,000.
From the perspective of CWHL
2006-13 trust (and its investors), a
short sale or foreclosure would
have been a much better strategy
than loan modification.

800k

Second Lien
First Lien
Loss / no collateral

Sold @ $828K

2
1
Sold
@ $750K

600k

400k

$83k Potential gain /


value transfer from
1st lien to the 2nd lien

200k

2. 2nd Lien

Countrywide is holding the 2nd lien


on this property that carried
principal balance of $82,850 at
origination (July 2006). There is no
evidence in the data available that
indicated any impact to the 2nd lien
while the 1st lien investors suffered
losses in excess of $400,000.

1st Lien Principal


modified to $244K

0.0

-200k

Loss booked to the trust = $426K


-400k
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Redacted

Real Estate Market Activity in the Local Area (Loan ID 139987080)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Street Address

Miles

Size

Yard

XXXX XXXXX St

0.00

2,318

3,817

XXXX XXXXXX St
XXXX XXXXXX St
XXXXX XXXXXX Ave
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX Pl
XXXXX XXXXXX Rd
XXXX XXXXXX St
XXXX XXXXXX Pl
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXXX XXXXXX Dr
XXXXX XXXXXX Ave
XXXXX XXXXXX Ave
XXXXX XXXXXX Ave
XXXXX XXXXXX Ave
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX St
XXXX XXXXXX Expy
XXXX XXXXXX St

0.05
0.13
0.15
0.15
0.20
0.20
0.21
0.22
0.24
0.25
0.43
0.43
0.48
0.58
0.63
0.64
0.64
0.64
0.64
0.66
0.69
0.71
0.71
0.72
0.72
0.72
0.72
0.75
0.75
0.75

2,080
2,016
2,033
2,068
2,054
1,919
2,112
1,894
2,040
2,722
2,200
2,380
2,278
1,872
1,929
2,092
2,228
2,103
2,104
2,008
1,897
1,975
2,095
1,866
2,000
1,800
2,487
2,320
2,233
1,862

4,600
3,000
3,800
2,900
4,000
4,000
4,400
3,325
2,700
2,700
3,750
3,000
2,900
4,600
4,000
3,696
4,166
4,450
4,500
4,242
4,400
4,000
4,000
4,000
4,000
4,000
4,000
4,242
4,000
4,000

2011Tax Date

Price

Px/sqft

$3,925 07/07/06
05/01/10

$828,500
$243,000

$357
$105

$5,993
$6,072
$5,655
$6,347
$4,825
$4,915
$5,438
$2,890
$2,566
$6,564
$5,322
$6,468
$6,322
$5,439
$4,007
$6,072
$4,669
$6,509
$6,260
$7,074
$6,611
$4,875
$5,457
$4,746
$4,646
$5,929
$5,208
$5,294
$6,713
$5,185

$685,000
$834,000
$740,000
$775,000
$749,000
$921,125
$645,000
$527,000
$699,000
$730,000
$980,000
$600,000
$875,000
$651,000
$600,000
$635,000
$630,000
$710,000
$810,000
$880,000
$784,000
$660,000
$672,000
$666,000
$750,000
$775,000
$687,000
$680,000
$760,000
$570,000

$329
$414
$364
$375
$365
$480
$305
$278
$343
$268
$445
$252
$384
$348
$311
$304
$283
$338
$385
$438
$413
$334
$321
$357
$375
$431
$276
$293
$340
$306

09/29/10
06/23/09
12/30/10
03/28/11
04/16/10
06/13/09
12/17/09
06/14/10
06/09/10
12/17/09
03/22/10
04/22/11
06/10/11
08/12/09
03/01/11
05/17/11
03/26/10
12/13/10
09/02/09
08/21/09
03/27/09
11/03/10
11/09/09
11/04/10
10/26/09
06/11/09
10/06/10
01/28/10
05/17/10
01/13/10

Purchase in 2006
Loan mod in 2010

max px/sqft
$480
avg px/sqft
$349
min px/sqft
$252

within
0.75 miles

Methodology and Relevant Notes:


Redacted
1. The subject property is located in a quiet residential area, known as Bayside, in the borough of Queens. Most of the houses are
single family or two to four unit residential dwellings built prior to the second World War.

2. The above list of comparable properties are selected based on square footage, lot size, property tax and proximity to the subject
property. We are showing 30 comparable properties in the table above that are within 0.75 miles of the subject property. We also
examined comparable properties within 1.5 miles with almost identical results.
3. All the transactions cited above are from the period of 2009 to 2010 to match the time frame of the subject property's loan
modification (finalized in May 2010).
4. The above price levels are consistent with a 20% drop from the 2006 peak for the New York metropolitan area. The subject
property was purchased in 2006 at $828,500. A 20% drop would lead to a $663,000 fair value, much higher that the $243,000
interest bearing principal (after modification).

Redacted

Loan Example 2: 152389269 (Potential Mis-Managed Loan Modification)


The Loan
Loan Number
Trust
Lender
Origination Date
Purpose
Appraised Value
Loan Amount
LTV / CLTV
Loan Type
Interest Rate

The Timeline

Redacted
152389269
CWHL 2006-19
Countrywide
November 2, 2006
Purchase
$720,000
$575,900
80% / 90%
10 Y IO
6.500%

Nov 2, 2006

Subject property was sold by the home builder (Windsor


Premier Homes) at $719,990.

Nov 2, 2006

The buyer financed the purchase of the subject property


with a $575,900 1st lien loan and $72,000 2nd lien loan.

Nov 28, 2006

The subject loan was sold into the CWHL 2006-19 trust.

Oct 5, 2007

The borrower refinanced the $72,000 2nd lien into a


$110,000 2nd lien from Bank of America.

Aug 26, 2008

The borrower stopped making payments on the subject


loan.

May 25, 2010

The servicer finalized loan modification to reduce the rate


from 6.5% to 2%. The outstanding principal balance
reflected on CWHL 2006-19s records was reduced from
$574,947 to $282,842. After the modification, monthly
principal and interest for this loan dropped from $3,114 to
$858. Meanwhile, a loss amount of $349,726 was booked
to the CWHL 2006-19 trust.
Holder of the 2nd lien potentially gained $110.000,
provided the 2nd lien remained in place. Prior to
modification, the collateral value to the 2nd lien had fully
eroded.

Subject Property
Address
Location
Type
Use
Year House Built
BR/BA
Gross Living Area
Site/Yard
Purchase Date
Purchase Price
Amount Financed
Seller Concession
Cost of Closing
Borrower Paid

XXXXX XXXXXX XXXX Drive


Redacted
Mukilteo, WA 98275
SFR
Owner Occupied
2006
4 / 2.5
3,252 sqft
6,720 sqft
November 2, 2006
$719,990
$647,900
NA
NA
NA

Property Transactions and Fair Value Estimates

Findings
900k

1. Property

Based on recent real estate activity


in the local market, it appears that
the subject property is worth
between $450,000 and $550,000.
From the perspective of CWHL
2006-19 trust (and its investors), a
short sale or foreclosure would
have been a more effective strategy
than loan modification that led to
the large writedown.

800k

Second Lien
First Lien
Loss / no collateral

Sold @ $720K

700k
600k
500k

$110k Potential
gain / value transfer
from 1st lien to the
2nd lien

400k
300k
200k

2. 2nd Lien

Bank of America provided


$110,000 2nd lien financing less
than a year after the 1st lien
origination to the homeowner.
There is no evidence based on data
available that indicated any impact
to the 2nd lien while the 1st lien
investors suffered losses to the
tune of $350,000.

1st lien Principal


modified to
$283K

100k

0.0
-100k
-200k

Loss to the trust = $350K

-300k
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Redacted

Real Estate Market Activity in the Local Area (Loan ID 152389269)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Street Address

Miles

Size

Yard 2011Tax

Date

xxxxx XXXXXX Dr

0.00

XXXX XXXXXX Ct
XXXXX XXXXXX Dr
XXXXX XXXXXX Dr
XXXXX XXXXXX Dr
XXXXX XXXXXX Dr
XXXXX XXXXXX Dr
XXXXX XXXXXX Dr
XXXXX XXXXXX St
XXXXX XXXXXX St
XXXX XXXXXX St
XXXXX XXXXXX Dr
XXXXX XXXXXX Dr
XXXXX XXXXXX Dr
XXXXX XXXXXX Dr
XXXXX XXXXXX St
XXXX XXXXXX St
XXXXX XXXXXX Ln
XXXXX XXXXXX Ln
XXXXX XXXXXX Ln
XXXXX XXXXXX Pl
XXXXX XXXXXX Ave
XXXX XXXXXX Dr
XXXX XXXXXX Dr
XXXX XXXXXX Dr
XXXX XXXXXX Dr
XXXXX XXXXXX Ave
XXXX XXXXXX Pl
XXXX XXXXXX Pl
XXXX XXXXXX Pl
XXXXX XXXXXX Ave
XXXX XXXXXX St

0.03
0.03
0.03
0.03
0.03
0.06
0.07
0.07
0.07
0.08
0.09
0.09
0.10
0.10
0.12
0.12
0.13
0.15
0.16
0.54
1.00
1.07
1.07
1.49
1.49
2.47
2.58
2.62
2.62
2.95
2.95

Price

Px/sqft

3,258

8,276

$3,925

11/02/06
05/26/10

$719,990
$282,842

$221
$87

3,419
3,190
3,312
3,312
3,455
3,209
3,302
3,252
3,311
3,419
3,265
3,259
3,237
3,240
3,270
3,258
3,388
3,369
3,280
3,157
3,173
3,093
3,206
3,179
3,028
3,083
3,045
3,121
3,121
3,024
3,091

7,405
5,663
5,227
5,227
5,663
5,663
5,663
5,663
6,534
6,534
5,227
5,663
5,227
5,227
6,534
7,841
5,227
5,663
6,534
8,712
8,712
8,276
8,712
8,276
8,276
7,405
8,276
8,712
7,841
8,276
7,405

$4,788
$5,487
$5,528
$5,528
$5,070
$5,456
$5,506
$4,899
$4,915
$4,980
$4,981
$5,654
$4,979
$5,560
$5,039
$4,977
$4,975
$5,104
$4,940
$4,666
$6,576
$6,763
$6,253
$5,802
$5,773
$4,587
$5,152
$4,502
$4,502
$5,069
$4,617

07/06/10
07/07/09
07/23/11
08/11/11
12/11/09
12/18/09
05/11/09
04/28/09
04/19/11
01/16/09
11/03/09
07/16/09
08/09/11
07/19/11
02/22/11
12/08/09
12/08/09
10/23/09
11/23/09
05/27/09
03/24/09
05/24/11
08/05/10
10/15/09
06/22/09
09/22/10
11/23/10
01/08/09
04/10/09
03/24/09
03/23/11

$450,000
$570,000
$582,500
$583,500
$540,000
$618,000
$669,000
$539,000
$502,450
$540,000
$514,000
$688,500
$495,000
$588,082
$470,100
$525,000
$569,989
$599,989
$559,000
$495,000
$629,000
$600,000
$645,000
$640,000
$644,300
$435,000
$350,000
$540,000
$488,350
$510,000
$442,000

$132
$179
$176
$176
$156
$193
$203
$166
$152
$158
$157
$211
$153
$182
$144
$161
$168
$178
$170
$157
$198
$194
$201
$201
$213
$141
$115
$173
$156
$169
$143

Purchase in 2006
Loan mod in 2010

max px/sqft
$213
Avg px/sqft
$170
min px/sqft
$115

within
3 miles

Methodology and Relevant Notes:


1. The subject property is located 20 miles north of downtown Seattle with a mixture of older homes and newly developed
communities.
2. The above list of comparable properties are selected based on square footage, lot size, property tax and proximity to the subject
property. They are also newer homes built during the housing boom after 2000. The subject property was built in 2006.
3. All the transactions cited above are from the period of 2009 to 2011 to match the time frame of the subject property's loan
modification.
4. The above price levels are consistent with a 30% drop from the 2006 peak for the Seattle metropolitan area. The subject property
was purchased in 2006 at $719,990. A 30% drop would lead to a $504,000 fair value, much higher that the $282,842 interest
bearing principal (after modification).

Redacted

Loan Example 3: 143724897 (Potential Mis-Managed Loan Modification)


The Loan
Loan Number
Trust
Lender
Origination Date
Purpose
Appraised Value
Loan Amount
LTV / CLTV
Loan Type
Interest Rate

The Timeline

Redacted
143724897
CWALT 2006-28CB
Countrywide Home Loans Inc
August 10, 2006
Purchase
$725,000
$580,000
80% / 80%
10Y IO (30Y term)
6.875%

Aug 10, 2006

Subject borrower purchased property.

Aug 10, 2006

Subject borrower took out $580,000 first lien mortgage


from Countrywide Home Loans.

Aug 25, 2006

The sublect loan was sold to CWALT 06-28CB.

Aug 7, 2007

Homeowner took out $174,000 2nd lien from Bank of


America.

Dec 26, 2008

The borrower stopped making mortgage payments on the


subject loan.

Jun 26, 2010

The servicer finalized loan modification to reduce the rate


from 6.875% to 2%. The outstanding principal balance
reflected on CWALT 2006-28CB's records was reduced
from $556,126 to $221,143. After the modification,
monthly principal and interest payment for this loan
dropped from $3,810 to $670. Meanwhile, a loss amount
of $395,536 was booked to the CWALT 2006-28CB trust.

Subject Property
Address
Location
Type
Use
Year House Built
BR/BA
Gross Living Area
Site/Yard
Purchase Date
Purchase Price
Amount Financed
Seller Concession
Cost of Closing
Borrower Paid

XXXX XXXXX St
Redacted
Jamaica, NY 11418
2-4 Units
Owner Occupied
1930
NA / NA
1,512 sqft
3,680 sqft
August 10, 2006
$835,000
$580,000
NA
NA
NA

Holder of the 2nd lien potentially gained $170,000,


provided the 2nd lien remained in place. Prior to
modification, the collateral value to the 2nd lien had fully
eroded.

Property Transactions and Fair Value Estimates

Findings
1.0M

1. Property

2. 2nd Lien

Based on recent real estate activity in the


local market, it appears that the subject
property is worth between $350,000 and
$450,000. From the perspective of
CWALT 2006-28CB trust (and its
investors), a short sale or foreclosure
would have been a more effective
strategy than loan modification that led to
the large writedown.

Bank of America provided $170,000 2nd


lien financing within a year of the 1st lien
origination to the homeowner. There is no
evidence based on data available that
indicated any impact to the 2nd lien while
the 1st lien investors suffered losses to
the tune of $395,000.

Second Lien
First Lien
Loss / no collateral
800k

Appraised @ $725k

Sold @ $835k

600k

400k

$174k Potential gain


/ value transfer from
1st lien to the 2nd
lien

200k

1st Lien Principal


modified to $221K

0.0

-200k

Loss to the trust = 395k

-400k
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Redacted

Real Estate Market Activity in the Local Area (Loan ID 143724897)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Street Address

Miles

Size

Yard 2011Tax

Date

Price

Px/sqft

XXXX XXXXX St

0.00

1,512

3,680

$7,343

08/10/06
06/26/10

$835,000
$221,000

$552
$146

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XXXXX XXXXX St
XXXXX XXXXX St
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XXXXX XXXXX St
XXXX XXXXX St
XXXXX XXXXX St
XXXX XXXXX St
XXXXX XXXXX St
XXXXX XXXX Ave
XXXXX XXXXXX St
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XXXXX XXXXX St
XXXX XXXXX St
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XXXXX XXXXX St
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XXXXX XXXXXXXX

0.16
0.26
0.31
0.31
0.36
0.37
0.41
0.43
0.44
0.54
0.55
0.59
0.59
0.64
0.67
0.72
0.77
0.78
0.79
0.80
0.80
0.84
0.86
0.86
0.88
0.89
0.90
1.01
1.07
1.22

1,472
1,280
1,260
1,594
1,418
1,420
1,432
1,320
1,428
1,344
1,720
1,332
1,344
1,440
1,388
1,328
1,384
1,536
1,598
1,344
1,520
1,312
1,750
1,328
1,314
1,616
1,314
1,288
1,586
1,278

1,600
2,200
1,858
2,760
2,000
2,760
3,938
2,000
2,460
2,270
2,478
2,407
2,218
1,800
2,321
2,500
2,017
2,500
1,618
2,000
3,025
2,458
4,000
2,400
2,335
2,067
2,335
2,086
2,185
1,800

$3,047
$3,040
$3,047
$2,785
$2,858
$3,234
$3,751
$2,475
$3,196
$2,784
$3,869
$3,061
$3,007
$3,524
$2,830
$3,107
$3,220
$3,071
$4,414
$3,405
$3,192
$3,114
$4,080
$3,422
$2,521
$1,028
$2,521
$2,604
$2,784
$3,207

04/29/10
04/15/10
04/22/10
01/15/10
05/17/10
04/08/10
05/03/10
02/12/10
05/17/10
02/01/10
04/02/10
03/19/10
04/29/10
03/12/10
04/20/10
04/08/10
05/05/10
05/20/10
04/12/10
04/21/10
05/11/10
05/18/10
03/11/10
05/10/10
04/27/10
03/02/10
02/18/10
04/21/10
05/19/10
04/29/10

$273,780
$328,600
$285,000
$265,000
$270,000
$345,000
$385,000
$320,000
$325,000
$197,000
$485,000
$295,000
$400,000
$420,000
$376,300
$468,000
$328,600
$392,200
$324,000
$360,000
$350,000
$415,000
$470,000
$332,000
$350,000
$285,000
$240,000
$330,000
$360,000
$480,000

$186
$257
$226
$166
$190
$243
$269
$242
$228
$147
$282
$221
$298
$292
$271
$352
$237
$255
$203
$268
$230
$316
$269
$250
$266
$176
$183
$256
$227
$376

Purchase in 2006
Loan mod in 2010

max px/sqft
$376
Avg px/sqft
$246
min px/sqft
$147

within
1.5 miles

Methodology and Relevant Notes:


Redacted
1. The subject property is located 10 miles east of midtown Manhattan in a desirable residential neighborhood (Richmond Hill).
2. The above list of comparable properties are selected based on square footage, lot size, and proximity to the subject property.
3. All the transactions cited above are from the period of Jan to May 2010 to match the time frame of the subject property's loan
modification.

EXHIBIT B