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CAPSTEAD SECURITIES IV CMO SERIES 1992-X RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 CAPSTEAD SECURITIES IV CMO SERIES 1992-X RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 30 /PRNewswire/ -- Capstead Securities Corp. IV's, $201 million Collateralized Mortgage Obligations Series 1992-X are rated 'AAA' by Fitch. The rating reflects the high quality of the underlying collateral, an adequate level of credit support, and the dependability of the administrator, Lomas Mortgage USA, Inc. Fitch also believes that cash flow from the loans will be sufficient to cover principal and interest on the bonds and that the bondholders are legally insulated from bankruptcy concerns. The prudent underwriting standards developed by Capstead Mortgage Corp. (CMC) for acquiring mortgage loans further enhances the pool's credit quality.
 The pool consists of approximately 639 conventional, fixed-rate 30-year mortgage loans primarily secured by first liens on one- to four- family residential properties. The pool's weighted average original loan-to-value (LTV) ratio is approximately 72 percent and at least 78 percent of the properties are located in California. In addition, approximately 99 percent of the loans are secured by owner-occupied properties. These characteristics, combined with CMC's conservative underwriting policies, should mitigate the potential for defaults and losses in the mortgage pool.
 Credit enhancement will be provided by a 8.75 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp. (GEMICO). Additionally, special hazard and bankruptcy losses will be covered by a special hazard insurance policy and a bankruptcy bond issued by Commerce and Industry Insurance Co. The bonds are special allocation bonds, whereby the Class X-I, X-RU, and X-RL bonds will absorb excess credit losses in the unlikely event that coverage under the mortgage pool insurance policy is depleted. Fitch believes the pool policy will be able to provide protection for the Class VI-I, X-RU, and X-RL bonds against credit losses, irrespective of their loss position.
 Pursuant to a management agreement, Capstead Advisors Inc. will act as bond manager with respect to performing certain administrative functions on behalf of the issuer. Two separate real estate mortgage investment conduit elections will be made with respect to the trust fund for federal income tax purposes.
 -0- 6/30/92
 /CONTACT: Michele J. Loesch, 212-908-0686, or Alexander K. Zabik, 212-908-0634, both of Fitch/ CO: Capstead Securities Corp. IV ST: IN: FIN SU: RTG


SM -- NY091 -- 5366 06/30/92 17:27 EDT
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Date:Jun 30, 1992
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