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CALIFORNIA FEDERAL BANK MORTGAGE PASS-THROUGH SERIES 1992 MW-2 CLASS A RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

CALIFORNIA FEDERAL BANK MORTGAGE PASS-THROUGH SERIES 1992 MW-2 CLASS A
 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 3 /PRNewswire/ -- California Federal Bank's $250.6 million Adjustable Rate Mortgage Pass-Through Certificates, Series 1992 MW-2, Class A, are rated "AA" by Fitch. The rating reflects the high quality of the underlying collateral, the integrity of the legal and financial structures, and the excellent servicing capabilities of the bank as servicer. Credit loss protection will be provided by a 6.25 percent PMI Mortgage Insurance Co. mortgage pool insurance policy. Fitch believes that PMI will provide adequate "AA" credit loss protection to the pool, although its "AAA" claims-paying ability is currently on FitchAlert with negative implications. In addition, borrower bankruptcy and special hazard losses will be covered by a $147,700 reserve fund and an $8.2 million Aetna Casualty and Surety Co. special hazard insurance policy.
 The certificates are collateralized by a pool of conventional, 30-year, fully amortizing, first lien residential mortgage loans located primarily in California. The loans are semi-annual, adjustable rate mortgage loans indexed to the 11th District Cost of Funds Index. The credit enhancement level was adjusted to reflect the presence of cash-out refinance loans, limited documentation loans and loans with balances greater than $300,000 which comprise approximately 18 percent, 32 percent and 36 percent respectively, of the mortgage pool. However, the combination of 93 percent of the pool being secured by owner- occupied properties and seasoning on average of five years should mitigate the potential for defaults and losses. In addition, the weighted average original loan-to-value ratio of the pool is approximately 74 percent.
 The mortgage loans were originated by the bank, its wholly owned subsidiary, CalFed Mortgage Co., or Camden Financial Services, a mortgage banker not affiliated with the bank. A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 11/3/92
 /CONTACT: Michele J. Loesch, 212-908-0686, or Alexander K. Zabik, 212-908-0634, both of Fitch/
 (CAL) CO: California Federal Bank ST: California IN: FIN SU: RTG


TS -- NY050 -- 2132 11/03/92 14:58 EST
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Publication:PR Newswire
Date:Nov 3, 1992
Words:355
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