Exhibit 99.2
------------
CSC Computational Materials dated September 9, 2005.
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Computational Materials for
CWHEQ Revolving Home Equity Loan Trust, Series 2005-F
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ABS New Transaction
Computational Materials
-----------------------
$2,706,750,000
(Approximate)
CWHEQ, Inc.
Depositor
CWHEQ REVOLVING HOME EQUITY LOAN TRUST,
Series 2005-F
Revolving Home Equity Loan Asset Backed
Notes, Series 2005-F
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HOME LOANS
Sponsor and Master Servicer
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Computational Materials for
CWHEQ Revolving Home Equity Loan Trust, Series 2005-F
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The attached tables and other statistical
pool analyses, together with all
other information presented herein (the
"Computational Materials") are
privileged and confidential and are
intended for use by the addressee only.
These Computational Materials are furnished
to you solely by Countrywide
Securities Corporation ("Countrywide
Securities") and not by the issuer of the
securities or any of its affiliates (other
than Countrywide Securities). The
issuer of these securities has not prepared
or taken part in the preparation
of these materials. The information herein
regarding the mortgage loans is
preliminary, and will be superseded by the
applicable prospectus supplement,
any related supplement and by any other
information subsequently filed with
the Securities and Exchange Commission. The
information herein may not be
provided by the addressees to any third
party other than the addressee's
legal, tax, financial and/or accounting
advisors for the purposes of
evaluating said material.
Numerous assumptions were used in preparing
the Computational Materials which
may or may not be stated therein. As such,
no assurance can be given as to the
accuracy, appropriateness or completeness
of the Computational Materials in
any particular context; or as to whether
the Computational Materials and/or
the assumptions upon which they are based
reflect present market conditions or
future market performance. These
Computational Materials should not be
construed as either projections or
predictions or as legal, tax, financial or
accounting advice.
Without limiting the foregoing, the
collateral information set forth in these
Computational Materials, including without
limitation the collateral tables
which follow, is based only on a
statistical pool of Mortgage Loans expected
to be included in the Trust along with
other Mortgage Loans on the Closing
Date. In addition, certain Mortgage Loans
contained in this statistical pool
may be deleted from the final pool of
Mortgage Loans delivered to the Trust on
the Closing Date. This statistical pool may
not necessarily represent a
statistically relevant population,
notwithstanding any contrary references
herein. Although Countrywide Securities
believes the information with respect
to the statistical pool will be
representative of the final pool of Mortgage
Loans, the collateral characteristics of
the final pool may nonetheless vary
from the collateral characteristics of the
statistical pool.
Any yields or weighted average
lives shown in the Computational Materials are
based on prepayment assumptions and actual
prepayment experience may
dramatically affect such yields or weighted
average lives. In addition, it is
possible that prepayments on the underlying
assets will occur at rates slower
or faster than the rates assumed in the
attached Computational Materials.
Furthermore, unless otherwise provided, the
Computational Materials assume no
losses on the underlying assets and no
interest shortfall. The specific
characteristics of the securities may
differ from those shown in the
Computational Materials due to differences
between the actual underlying
assets and the hypothetical assets used in
preparing the Computational
Materials. The principal amount and
designation of any security described in
the Computational Materials are subject to
change prior to issuance.
Although a registration statement
(including the prospectus) relating to the
securities discussed in this communication
has been filed with the Securities
and Exchange Commission and is effective,
the final prospectus supplement
relating to the securities discussed in
this communication has not been filed
with the Securities and Exchange
Commission. This communication shall not
constitute an offer to sell or the
solicitation of any offer to buy nor shall
there be any sale of the securities
discussed in this communication in any
State in which such offer, solicitation or
sale would be unlawful prior to
registration or qualification under the
securities laws of any such State.
Prospective purchasers are referred to the
final prospectus and prospectus
supplement relating to the securities
discussed in this communication for
definitive Computational Materials on any
matter discussed in this
communication. A final prospectus and
prospectus supplement may be obtained by
contacting your Countrywide Securities
account representative.
Please be advised that asset-backed
securities may not be appropriate for all
investors. Potential investors must be
willing to assume, among other things,
market price volatility, prepayments, yield
curve and interest rate risk.
Investors should fully consider the risk of
an investment in these securities.
If you have received this communication in
error, please notify the sending
party immediately by telephone and return
the original to such party by mail.
Recipients must read the information
contained in the attached statement on
page 2. Do not use or rely on this
information if you have not received or
reviewed the statement. If you have not
received the statement, call your
Countrywide Securities account
representative for another copy. The collateral
and other information set forth in the
Computational Materials supersedes any
previously distributed information relating
to the securities discussed in
this communication and will be superseded
by the information set forth in the
final prospectus supplement.
Page 2 of 11
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<TABLE>
<CAPTION>
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Computational Materials for
CWHEQ Revolving Home Equity Loan Trust, Series 2005-F
-----------------------------------------------------------------------------------------------------------------------------------
Prepared: September 9, 2005
$2,706,750,000 (Approximate)
Revolving Home Equity Loan Trust, Series 2005-F
REVOLVING HOME EQUITY LOAN ASSET BACKED NOTES, SERIES 2005-F
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===================================================================================================================================
Class
Approximate
Note Rate
WAL
Payment Window
Last Scheduled
Expected
Amount (1)
(Years) (Months)
Call/Mat (2) Payment
Date
Rating
Call/Mat (2)
(S&P/Moody's)
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<S>
<C>
<C>
<C>
<C>
<C>
<C>
1-A
$1,092,725,000
Not Offered Herein
AAA / Aaa
-----------------------------------------------------------------------------------------------------------------------------------
2-A
$1,614,025,000
LIBOR +
2.26 / 2.43 1 - 66 / 1
- 136
August 2033
AAA / Aaa
[0.22](3)
Total
$2,706,750,000
===================================================================================================================================
(1) Subject to a permitted variance of
+/- 10%.
(2) Based on a collateral prepayment
assumption of 40.00% CPR and a 10.00% draw rate, with respect to
the Mortgage Loans and a
settlement date
of September 29, 2005.
(3) Subject to the lesser of (a) a
fixed cap of 16.00% and (b) the related Net WAC, as more fully
described herein. Additionally,
the coupon for
the initial interest accrual period shall be based on an
interpolated mid-point LIBOR (using the 1-month and
2-month LIBOR
benchmarks).
Recipients must read the information
contained in the attached statement on page 2. Do not use or rely
on this information if you
have not received or reviewed the
statement. If you have not received the statement, call your
Countrywide Securities account
representative for another copy. The
collateral and other information set forth in the Computational
Materials supersedes any
previously distributed information relating
to the securities discussed in this communication and will be
superseded by the
information set forth in the final
prospectus supplement.
Page 3 of 11
</TABLE>
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Computational Materials for
CWHEQ Revolving Home Equity Loan Trust, Series 2005-F
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Transaction Participants
------------------------
Underwriter:
Countrywide Securities Corporation.
Sponsor and Master Servicer: Countrywide Home Loans, Inc.
("Countrywide").
Depositor:
CWHEQ, Inc. (a limited purpose finance
subsidiary of Countrywide Financial
Corporation).
Custodian:
Treasury Bank, a division of Countrywide Bank,
N.A. (an affiliate of the Sponsor and Master
Servicer).
Note Insurer:
Ambac Assurance Corporation.
Pool Policy Provider:
United Guarantee Mortgage Indemnity Company.
Indenture Trustee:
JP Morgan Chase Bank, National Association.
Owner Trustee:
Wilmington Trust Company.
Relevant Dates
--------------
Expected Closing Date:
September 29, 2005.
Expected Settlement Date: September 29,
2005.
Cut-off Date:
September 23, 2005.
Interest Period:
Except with respect to the first Payment Date,
the interest accrual period with respect to the
Notes for a given
Payment Date will be the
period beginning with the previous Payment Date
and ending on the day prior to such Payment
Date. For the first Payment Date, the Notes will
accrue interest from the Closing Date through
November 14, 2005.
Payment Date:
The fifteenth (15th) day of each month (or, if
not a business day, the next succeeding business
day), commencing November 15, 2005.
Collection Period:
With respect to any Payment Date, the calendar
month preceding the Payment Date or, in the case
of the first Collection Period, the period
beginning on the Cut-off Date and ending on the
last day of October 2005.
The Mortgage Loans
------------------
Description of
Mortgage Loans:
The Trust will consist of two groups of home
equity revolving credit line loans made or to be
made in the future under certain home equity
revolving credit line loan agreements (the
"Group 1 Mortgage Loans", "Group 2 Mortgage
Loans", and each, a "Loan Group"). The Group 1
Mortgage Loans will be secured by second deeds
of trust or mortgages on primarily one-to-four
family residential properties with conforming
loan balances based on maximum credit limits and
will bear interest at rates that adjust based on
the prime rate. The Group 2 Mortgage Loans will
be secured by second deeds of trust or mortgages
on primarily one-to-four family residential
properties and will bear interest at rates that
adjust based on the prime rate. The original
principal balance of each class of Notes will
exceed the aggregate Cut-off Date principal
balance of the Mortgage Loans in the related
Loan Group transferred to the Trust on the
closing date.
Recipients must read the information
contained in the attached statement on
page 2. Do not use or rely on this
information if you have not received or
reviewed the statement. If you have not
received the statement, call your
Countrywide Securities account
representative for another copy. The collateral
and other information set forth in the
Computational Materials supersedes any
previously distributed information relating
to the securities discussed in
this communication and will be superseded
by the information set forth in the
final prospectus supplement.
Page 4 of 11
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Computational Materials for
CWHEQ Revolving Home Equity Loan Trust, Series 2005-F
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The actual pool of Mortgage Loans delivered to
the Trust on the Closing Date is expected to
have a Cut-off Date Balance of at least $2.70
billion (subject to a variance of +/- 10%). The
information presented in these Computational
Materials for the Mortgage Loans, particularly
in the collateral tables, which follow, reflects
a statistical pool of Mortgage Loans as of
August 17, 2005 (the "Statistical Pool
Calculation Date"). However, the characteristics
of the statistical pool are expected to be
representative of the final pool of Mortgage
Loans actually delivered to the Trust on the
Closing Date.
HELOC Amortization:
The Mortgage Loans are adjustable rate, home
equity lines of credit ("HELOCs") which may be
drawn upon generally for a period (the "Draw
Period") of five (5) years (which, in most
cases, may be extendible for an additional five
(5) years with Countrywide's approval). HELOCs
are generally subject to a fifteen (15) year
repayment period following the end of the Draw
Period during which the outstanding principal
balance of the Mortgage Loan will be repaid in
monthly installments equal to 1/180 of the
outstanding principal balance as of the end of
the Draw Period. A relatively small number of
HELOCs are subject to a five (5), ten (10) or
twenty (20) year repayment period following the
Draw Period during which the outstanding
principal balance of the loan will be repaid in
equal monthly installments. Approximately 0.00%
of the Group 1 Mortgage Loans and approximately
0.05% of the Group 2 Mortgage Loans in the
statistical pool, respectively, require a
balloon repayment at the end of the Draw Period.
Approximately 6.36% of the Group 1 Mortgage
Loans and approximately 19.52% of the Group 2
Mortgage Loans in the statistical pool,
respectively, will have underlying senior
mortgages which are negative amortization loans.
Cut-off Date Balance:
The aggregate unpaid principal balance of the
Mortgage Loans as of the Cut-off Date.
The Notes
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Description
of the Notes:
The Class 1-A (which is not offered herein) and
Class 2-A Notes (together, the "Notes") will be
issued by CWHEQ Revolving Home Equity Loan
Trust, Series 2005-F (the "Trust"). As of the
Closing Date, the aggregate principal balance of
both classes of the Notes will be $2,706,750,000
(subject to a permitted variance of +/- 10%).
Federal Tax Status:
It is anticipated that the Notes will be treated
as debt instruments for federal income tax
purposes.
Registration:
The Notes will be available in book-entry form
through DTC, Clearstream and the Euroclear
System.
Note Rate:
Except as noted below, each class of Notes will
accrue interest during each Interest Accrual
Period at a rate equal to the least of: (a)
one-month LIBOR, plus [0.22]%, (b) the Net WAC
of the Mortgage Loans in the related Loan Group,
and (c) 16.00%. With respect to the initial
Interest Accrual Period only, the rate
calculated in clause (a) above will be based on
an interpolated mid-point LIBOR (using the
1-month and 2-month LIBOR as benchmarks).
Net WAC:
The "Net WAC" of the Group 1 or Group 2 Mortgage
Loans shall mean the weighted average of the
loan rates of the Group 1 or Group 2 Mortgage
Loans (as applicable), weighted on the basis of
the daily average balance of each Mortgage Loan
in the applicable Loan Group during the related
billing cycle for the Collection Period relating
to the
Payment Date, net of the Expense Fee
Rate.
Recipients must read the information
contained in the attached statement on
page 2. Do not use or rely on this
information if you have not received or
reviewed the statement. If you have not
received the statement, call your
Countrywide Securities account
representative for another copy. T
