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CMC SECURITIES CORP. II $318 MILLION CERTTFICATES 1993-2E 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 30 /PRNewswire/ -- CMC Securities Corp. II's $318 million REMIC multiclass pass-through certificates, series 1993-2E are rated "AAA" by Fitch. The rating reflects the quality of the underlying collateral, the integrity of the legal and financial structures, and the capabilities of Capstead Mortgage Corp. (CMC) as administrator. In addition, the rating reflects adequate credit loss coverage provided by a 7.75 percent PMI Mortgage Insurance Co. (PMI) mortgage pool insurance policy and noncredit loss coverage provided by a special hazard and bankruptcy account initially sized at $3,278,700.
 Collateral for the certificates will be provided by a mortgage pool of 10- to 15-year (30.7 percent) and 20- to 30-year (68.9 percent) fixed-rate, conventional, recently originated, first lien, one- to four- family residential real properties located in California (68 percent), Maryland (6 percent) and various other states. The mortgage pool's weighted average original loan-to-value ratio (LTV) is 71.2 percent; approximately 22.3 percent are cash-out refinance loans; 14.6 percent are limited documentation loans; and 47.6 percent have balances between $300,000-$600,000.
 The certificates will be issued by CMC Securities Corp. II, a limited purpose finance 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 acquired or will acquire such mortgage loans from various sellers. CMC will act as administrator of the mortgage loans. CMC also will service approximately 43 percent of the 10- to 15-year and 55 percent of the 20- to 30- year mortgage loans. The remaining loans will be serviced by Lomas Mortgage USA, Inc. (40 percent of the 10- to 15-year and 34 percent of the 20- to 30-year) and various other subservicers. For federal income tax purposes, a real estate mortgage investment conduit election will be made with respect to the certificates.
 -0- 9/30/93
 /CONTACT: Justin L. Ventura, 212-908-0675, or Michele J. Loesch, 212-908-0686, both of Fitch/


CO: CMC Securities Corp. ST: California IN: FIN SU: RTG

WB -- NY097 -- 7440 09/30/93 16:00 EDT
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Date:Sep 30, 1993
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