Printer Friendly

DUFF & PHELPS RATES DLJ MORTGAGE ACCEPTANCE CORP. $78,153,837 MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1993-Q15

 NEW YORK, Oct. 27 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated the publicly offered mortgage pass-through certificates issued by DLJ Mortgage Acceptance Corp. The ratings on the four classes of certificates range from 'AAA' to 'AA', as follows:
 Class Amount Rate D&P Rating
 S-P $0 variable AAA (Triple A)
 S-C $0 variable AAA (Triple A)
 A-1 $70,401,000 adjustable AAA (Triple A)
 A-2 $7,752,837 adjustable AA (Double A)
 The ratings reflect the level of subordination provided to each class by the aggregate amount of the other classes subordinate to it. Classes S-P and S-C are interest-only strips that receive cash flow prior to all subordinate classes. Class A-1 is supported by Class A-2 and privately placed subordinate classes. Class A-2 is supported by the privately placed subordinate classes. D&P's ratings do not address the effect on the certificates' yield attributable to prepayments or recoveries on the underlying mortgage loans. Further, the ratings on the Class S-P and S-C certificates do not address whether investors will recoup their initial investment.
 The certificates represent beneficial ownership interests in a pool of adjustable-rate first-lien residential mortgage loans originated by Quality Mortgage USA, Inc. Quality Mortgage USA, Inc. lends for the purchase or refinancing of properties located throughout California as well as Colorado, Washington, Georgia, Texas, Arizona, Nevada, Utah and Oregon. The majority of the loans originated by Quality 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 different MSAs (Metropolitan Statistical Areas) in which Quality Mortgage lends. In January, D&P released a study of Los Angeles and surrounding counties' housing price changes. This analysis, combined with D&P's quantitative model incorporating performance experience obtained from The Mortgage Information Corporation on several million securitized loans, gives D&P a unique insight into the performance and loss experience on loans in those areas.
 -0- 10/27/93
 /CONTACT: Jennifer E. Schneider, 212-908-0207, or Andrew B. Jones, 212-908-0205, both of Duff & Phelps Credit Rating Co./


CO: DLJ Mortgage Acceptance Corporation ST: New York IN: FIN SU: RTG

TM -- NY130 -- 7608 10/27/93 19:33 EDT
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:Oct 27, 1993
Words:394
Previous Article:NORTHWESTERN STEEL AND WIRE COMPANY REPORTS INCREASED SALES AND PRO FORMA NET INCOME BEFORE SFAS-106 AND REFINANCING CHARGES
Next Article:DUFF & PHELPS: DLJ MORTGAGE ACCEPTANCE CORP. $60,205,452 MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1993-Q16
Topics:

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