Printer Friendly

DLJ MORTGAGE ACCEPTANCE CORP. $43,417,472.06 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1993-QE5 RATED BY DUFF & PHELPS

 NEW YORK, March 26 /PRNewswire/ -- Duff & Phelps Credit Rating Co. rated on March 25, 1993, the publicly offered senior and subordinate mortgage pass-through certificates issued by DLJ Mortgage Acceptance
Corp. The ratings on the four classes of Certificates range from `AAA' to `BBB' as follows:
 Class Amount Rate D&P Rating
 A-1 $0.00 variable `AAA' (Triple A)
 A-2 $35,221,000.00 adjustable `AAA' (Triple A)
 A-3 $ 4,984,548.54 adjustable `AA' (Double A)
 B-1 $ 3,212,013.52 adjustable `BBB' (Triple B)
 The ratings reflect the level of subordination provided to each class by the aggregate amount of the other classes subordinated to it. Class A-1 is an interest only strip that receives cash flow prior to all subordinate classes. Class A-2 is supported by Class A-3, B-1, and a privately placed subordinate class. Class A-3 is supported by Class B-1 and the privately placed subordinate class. Class B-1 is supported by the privately placed subordinate class. The level of subordination behind each class reflects the results of D&P's updated analytical model, which assesses credit enhancement requirements at each rating level. The rating on the Class A-1 certificates does not address the change in yield attributable to prepayments and recoveries on the underlying mortgages.
 The offered certificates represent beneficial ownership interests in a pool of adjustable-rate, first-lien residential mortgage loans originated by Quality Mortgage, Inc. under their "Equity Lending" program. The "Equity Lending" program generally places more emphasis on the value and adequacy of the property as collateral for the mortgage loan and less emphasis on the mortgagor's credit history than Quality's other lending program. The mortgagors may have had significant credit problems in the past. Quality Mortgage requires greater borrower equity in the properties to offset this risk. Duff & Phelps expects delinquency and foreclosure rates to be substantially higher than for pools with more traditional underwriting; however, losses are expected to be in line with other transactions with similar credit enhancement levels. Quality Mortgage, Inc. lends for the purchase or refinancing of properties located throughout California as well as Nevada and Arizona. The majority of the loans originated by Quality Mortgage are in southern California. Lomas Mortgage USA will service the mortgage loans. D&P has visited the servicing operations of Lomas Mortgage USA and believes that Lomas has the experience and expertise to service these loans in a manner sufficient to support the certificate ratings.
 Duff & Phelps tracks housing price changes and associated economic factors in MSAs in California, Nevada and Arizona in which Quality Mortgage lends. In January, D&P released its new study of Los Angeles and surrounding counties' housing price changes, reflecting data prepared by Case Shiller Weiss, Inc. This analysis, combined with D&P's quantitative model incorporating performance experience on several million securitized loans, gives D&P a unique insight into the performance and loss experience on loans in those areas.
 -0- 3/26/93
 /CONTACT: Jennifer E. Schneider, 212-908-0207 or Andrew B. Jones, 212-908-0205, both of Duff & Phelps Credit Rating Company/


CO: DLJ Mortgage Acceptance Corp. ST: California IN: FIN SU: RTG

WB -- NY043 -- 0136 03/26/93 15:55 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 26, 1993
Words:522
Previous Article:COGNITRONICS' STATEMENT ON LAWSUITS
Next Article:NATIONAL HOME CENTERS FILES REGISTRATION STATEMENT WITH SEC
Topics:


Related Articles
DLJ MORTGAGE ACCEPT. CORP. SERIES 1993-14 RATED BY FITCH -- FITCH FINANCIAL WIRE --
DUFF & PHELPS: GREENWICH CAPITAL ACCEPTANCE, INC. $61,388,000.00 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1993-AFC1 RATED
FUND AMERICA INVESTORS CORPORATION II $50,510,000 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1993-I RATED BY DUFF & PHELPS
DUFF & PHELPS: DLJ MORTGAGE ACCEPTANCE CORP. $140,998,045 MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1994-Q13 ADJUSTABLE-RATE MORTGAGES
DUFF & PHELPS: DLJ MORTGAGE ACCEPTANCE CORP. $81,279,707 MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1994-15
DUFF & PHELPS: DLJ MORTGAGE ACCEPTANCE CORP. $147,767,772 MORTGAGE PASS- THROUGH CERTIFICATES SERIES 1994-Q14 ADJUSTABLE-RATE MORTGAGES
DUFF & PHELPS RATES DLJ MORTGAGE ACCEPTANCE CORP. $216,790,367 MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1994-Q16 ADJUSTABLE-RATE MORTGAGES
DLJ MORTGAGE PASS-THRU CERTIFICATES SERIES 1992-MF10 AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
DCR Downgrades Public Securities Backed by Quality Mortgage USA, Inc.
DCR Downgrades Two Public Classes of Subprime Residential Mortgage-Backed Securities

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters