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BEAR STEARNS MORTGAGE SECURITIES, INC. $ 294,689,866 MORTGAGE PASS- THROUGH CERTIFICATES, SERIES 1993-4 RATED BY DUFF & PHELPS

 NEW YORK, April 29 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated the publicly offered senior and subordinate mortgage pass- through certificates issued by Bear Stearns Mortgage Securities, Inc. The ratings on the twenty-three classes of Certificates range from AAA to BBB+, as follows:
 Class Amount Rate Percent D&P Rating
 AF-1 $85,526,000 Variable AAA
 AS-2 National Variable AAA
 A-3 $ 4,530,000 6.60 AAA
 A-4 $25,073,000 4.90 AAA
 A-5 $17,658,000 5.60 AAA
 A-6 $24,953,000 6.05 AAA
 A-7 $19,500,000 6.60 AAA
 A-8 $11,438,000 6.35 AAA
 A-9 $30,759,000 6.70 AAA
 A-10 $15,220,000 7.10 AAA
 A-11 $16,019,100 7.375 AAA
 A-12 $1,779,900 7.375 AAA
 AZ-13 $4,061,000 7.375 AAA
 AF-14 $16,598,408 Variable AAA
 AS-15 $4,782,592 Variable AAA
 P $208,806 Principal Only AAA
 X-1 Notional Variable AAA
 X-2 Notional Variable AAA
 M $9,044,215 7.375 AA
 B-1 $4,522,107 7.375 A+
 B-2 $3,014,738 7.375 BBB+
 R-1 $1,000 7.375 AAA
 R-2 $1,000 7.375 AAA
 The ratings reflect the level of subordination provided to each class by the aggregate amount of the other classes subordinate to it. Class AF-1 through AS-15, Class P, Class X-1, Class X-2, Class R-1, and Class R-2 are supported as a group by Class M, Class B-1, Class B-2, and privately placed subordinate classes. Class M is supported by Class B-1, Class B-2, and privately placed subordinate classes. Class B-1 is supported by Class B-2 and privately placed subordinate classes. Class B-2 is supported by the privately placed subordinate classes. The level of subordination behind each class reflects the results of D&P's analytical model, which assesses credit enhancement requirements at each rating level. Classes AS-2, X-1, and X-2 are interest only classes. The D&P rating on each of the classes does not address the change in yield attributable to prepayments and recoveries on the underlying mortgages. In particular regarding a class which has no principal amount (such as Classes AS-2, X-1 and X-2) or which may pay interest on its principal amount at an above market rate (such as Class AS-15), investors should note that ratings do not address whether investors will recoup the purchase price of the certificates.
 The certificates offered represent beneficial ownership interests in a pool of fixed-rate first-lien residential mortgage loans approximately one-third of which were originated by PHH US Mortgage Corporation (PHH US) and two-thirds of which were acquired by Bear Stearns Mortgage Capital Corporation (BSMCC). PHH US, with executive offices in Cherry Hill, New Jersey, originates loans in connection with the relocation of employees of its clients, including corporations, financial institutions and governmental units. For the nine months ending January 31, 1993, PHH US had originated over $4.1 billion of mortgage loans. BSMCC, an affiliate of Bear Stearns & Co., is a conduit that acquires mortgage loans from banks, savings and loans, mortgage bankers and other loan originators. PHH US and BSMCC will each act as Master Servicer for the mortgage loans they supplied to the transaction. As of January 31, 1993, PHH US was servicing a total mortgage portfolio of more than $10 billion, and as of December 31, 1993, BSMCC was servicing a total residential mortgage portfolio of more than $2.3 billion. In addition, EMC Mortgage Corporation (a wholly-owned subsidiary of The Bear Stearns Companies Inc.), will act as special servicer, providing support for the servicing, foreclosure, and liquidation of mortgage loans that become more than ninety days delinquent.
 -0- 4/29/93
 /CONTACT: Henry W. Hayssen, 212-908-0209, or Andrew B. Jones 212-908-0205, both of Duff & Phelps/
 (BSC)


CO: Bear Stearns Mortgage Securities, Inc. ST: New York IN: FIN SU: RTG

LD -- NY130 -- 2953 04/29/93 18:27 EDT
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Date:Apr 29, 1993
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