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CWMBS, INC., $376 MILLION MORTGAGE CERTIFICATES 1993-1 CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 1 /PRNewswire/ -- CWMBS, Inc.'s $376 million mortgage pass-through certificates, series 1993-1, class A are rated "AAA" by Fitch.
 The "AAA" rating on the class A certificates is based on the credit loss protection provided by the 5.0 percent class B-1 certificates and 1 percent class B-2 and B-3 certificates. The class B certificates provide additional protection for losses arising from mortgagor bankruptcy, borrower fraud, and special hazard events up to specified amounts. The rating also reflects Fitch's confidence in the integrity of the legal and financial structures, the quality of the mortgage collateral, and master servicing capabilities of Countrywide Funding Corp. (Countrywide).
 The mortgage pool consists of 30-year, recent origination, conventional, first lien, fixed-rate one- to four-family residential mortgage loans. The pool has a weighted average original loan-to-value ratio of 70.8 percent. Additionally, 12 percent of the pool was originated under a limited documentation program; 13 percent are cash-out refinance loans; and 49 percent is composed of jumbo mortgage loans (balances between $300,001-$600,000). Approximately 72 percent of the pool consists of loans located in California: 34 percent in Los Angeles, 16 percent in San Francisco, 5 percent in San Diego, and 17 percent in other areas of California.
 All of the mortgage loans were originated by Countrywide, which also acts as master servicer. CWMBS, Inc., a limited purpose corporation, purchased the mortgage loans from Countrywide and subsequently assigned the loans to the trust. A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 10/1/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or Jill M. Guido, 212-908-0682, both of Fitch/


CO: CWMBS, Inc. ST: California IN: FIN SU: RTG

TW -- NY044 -- 7767 10/01/93 11:48 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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