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CMC SECURITIES CORP. CMO SERIES 1992-A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 CMC SECURITIES CORP. CMO SERIES 1992-A RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 3 /PRNewswire/ -- CMC Securities Corp. $200 million collateralized mortgage obligations Series 1992-A are rated "AAA" by Fitch. The rating reflects the high quality of the underlying collateral, an adequate level of credit support, and the integrity of the legal and financial structures.
 The collateral for the bonds will be provided by two pools, divided by pool insurer, of conventional, 30-year fixed-rate, first lien, one- to four-family residential mortgage loans. The total mortgage pool consists of approximately 30 percent cash-out refinance loans, 36 percent limited documentation loans, and 56 percent loans with balances greater than $300,000. The credit enhancement level was increased to reflect the presence of these loan types. However, the weighted average original loan-to-value ratio (LTV) of 72 percent, combined with all of the loans being secured by owner-occupied properties, as well as all of the loans with LTVs greater than 80 percent having mortgage insurance, mitigates the potential for defaults and losses.
 Credit loss coverage for the mortgage loans in pool one will be provided by an 8.25 percent General Electric Mortgage Insurance Co. (GEMICO) insurance policy. On Oct. 8, 1992, Fitch placed the "AAA" claims-paying ability rating of PMI Mortgage Insurance Co. on FitchAlert with negative implications. Therefore, credit coverage for the mortgage loans in pool two will be provided by two insurance policies instead of one. A 4.5 percent PMI mortgage insurance policy combined with a 4.5 percent GEMICO supplemental mortgage pool insurance policy will provide adequate credit loss coverage up to the "AAA" level. Additionally, a 4.5 percent Financial Security Assurance Inc. financial guaranty insurance policy will be available as credit coverage, although Fitch's "AAA" rating is based solely on the coverage provided by the PMI and GEMICO pool policies.
 The PMI pool policy and both GEMICO pool insurance policies contain a fraud waiver which covers losses due to borrower fraud up to specified amounts. Additionally, special hazard and borrower bankruptcy loss coverage for the total mortgage pool will be provided by a $2.7 million special hazard policy and $100,450 bankruptcy bond issued by Commerce and Industry Insurance Co.
 The bonds will be issued by CMC Securities Corp., a limited purpose subsidiary wholly owned by CMF Mortgage Funding Corp. The mortgage loans will be acquired by CMF Mortgage Funding Corp. from CMC Investment Partnership, which has purchased the mortgage loans from various sellers. Two real estate mortgage investment conduit elections will be made with respect to the trust estate 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/ CO: CMC Securities Corp. ST: IN: FIN SU: RTG


GK -- NY059 -- 2165 11/03/92 16:07 EST
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Date:Nov 3, 1992
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