Printer Friendly

DUFF & PHELPS RATES SECURITIZED ASSET SALES, INC. $172,580,837 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1993-7

 NEW YORK, Nov. 29 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated the publicly offered senior and subordinate mortgage pass- through certificates issued by Securitized Asset Sales, Inc. The ratings on the 17 classes of certificates range from 'AAA' to 'BBB', as follows:
 Class Amount Rate D&P Rating
 T-A1 $40,577,000 6.25 pct. AAA (Triple A)
 T-A2 $ 1,461,000 6.25 pct. AAA (Triple A)
 T-A3 $ 1,359,000 6.25 pct. AAA (Triple A)
 T-A4 $41,788,000 6.25 pct. AAA (Triple A)
 T-A5 $12,078,000 6.25 pct. AAA (Triple A)
 T-A6 $ 2,039,000 6.25 pct. AAA (Triple A)
 T-A7 $26,725,000 6.25 pct. AAA (Triple A)
 T-A8 $ 5,218,000 4.6875 pct. initially AAA (Triple A)
 T-A9 $ 2,296,000 9.8010 pct. initially AAA (Triple A)
 T-A10 $ 1,012 Strip Rate AAA (Triple A)
 F-A1 $30,180,000 6.25 pct. AAA (Triple A)
 F-A2 $ 1,000 Strip Rate AAA (Triple A)
 T-P $ 18,988 PO AAA (Triple A)
 F-P $ 75,307 PO AAA (Triple A)
 A-R $ 1,693 6.25 pct. AAA (Triple A)
 B-1 $ 7,447,770 6.25 pct. A (Single A)
 B-2 $ 1,314,067 6.25 pct. BBB (Triple B)
 The rating on Class B-2 reflects the 1.50 percent subordination provided by Class B-3 and Class B-4, which are not publicly offered. The rating on Class B-1 reflects the 2.25 percent subordination provided by Class B-2, Class B-3, and Class B-4. The ratings on the other classes reflect the subordination of Class B-1, Class B-2, Class B-3, and Class B-4, which total 6.50 percent. All classes, except Classes T-A8, T-A9, T-A10, F-A2, T-P, and F-P, pay interest at a fixed rate. Class T-A8 will pay interest at a floating per annum rate equal to the lesser of a) LIBOR plus 1.50 percent and b) 9.00 percent. Class T-A9 will pay interest at a floating per annum rate equal to approximately 17.04 percent minus the product of approximately 2.27 and LIBOR, subject to a minimum rate of 0.00 percent and a maximum rate of 17.04 percent. Class T-A10 will pay interest on a notional amount initially equal to $140,425,733 (less any partial prepayments received on the Pool T mortgage loans in November 1993) at a per annum rate equal to the product of 1/12 and the weighted average net mortgage interest rates of the Pool T mortgage loans having a net mortgage rate greater than 6.25 percent (Premium Loans) minus 6.25 percent on the principal balance of the Pool T Premium Loans. Class T-A10 is not entitled to any payments of principal in reduction of its notional amount. Class F-A2 will pay interest on a notional amount initially equal to $29,350,092 (less any partial prepayments received on the Pool F mortgage loans in November 1993) at a per annum rate equal to the product of 1/12 and the weighted average net mortgage interest rates of the Pool F mortgage loans having a net mortgage rate greater than 6.25 percent (Premium Loans) minus 6.25 percent on the principal balance of the Pool F Premium Loans. Class F-A2 is not entitled to any payments of principal in reduction of its notional amount. Class A-R will pay interest at the fixed rate of 6.25 percent on a notional amount equal to the sum of the Class A-R, Class T- A10, and Class F-A2 principal balances, which initially equals $3,705. Class T-P and Class F-P are principal only classes and will not pay interest. 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 T-A10, Class F-A2, and Class A-R certificates do not address whether investors will recoup their initial investment. Additionally, the rating on the Class A-R certificates only addresses the return of its principal balance and interest on its notional amount at the stated rate. D&P's ratings on the Classes B-1 and B-2 address the likelihood that, despite potential interest shortfalls, investors in the Class B-1 and Class B-2 certificates will ultimately receive the distributions of principal and interest to which they are entitled.
 The certificates were issued pursuant to a Pooling and Servicing Agreement dated as of November 1, 1993, among Securitized Asset Sales, Inc. as seller, PHH US Mortgage Corporation as servicer, Securitized Asset Services Corporation as certificate administrator, and First Bank National Association as trustee. The certificates represent ownership interests in two pools of fixed-rate first-lien residential mortgage loans originated by PHH US Mortgage Corporation. The "Pool T" mortgage loans have a weighted average remaining term to maturity of 357 months and are located in 35 states, with 25 percent in New Jersey, 13 percent in California, 12 percent in Connecticut, 11 percent in Pennsylvania, 9 percent in New York, and 6 percent in Massachusetts. The "Pool F" mortgage loans have a weighted average remaining term to maturity of 178 months and are located in 22 states, with 16 percent in New Jersey, 15 percent in New York, 10 percent in California, 10 percent in Connecticut, 7 percent in Virginia, and 6 percent in Maine. D&P has visited the servicing operations of PHH US Mortgage and believes that PHH has the experience and expertise to service these loans in a manner sufficient to support the certificate ratings.
 -0- 11/29/93
 /CONTACT: Jennifer E. Schneider, 212-908-0207, or Andrew B. Jones 212-908-0205, both of Duff & Phelps Credit Rating Co.


CO: Securitized Asset Sales, Inc. ST: New York, California, Virginia, Maine IN: SU: RTG

WB -- NY099 -- 8506 11/29/93 19:53 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:Nov 29, 1993
Words:962
Previous Article:CLEARLY CANADIAN BEVERAGE CORP. AND BRIO INDUSTRIES INC. REACH SETTLEMENT OF ARBITRATION ON DISTRIBUTION
Next Article:DUFF & PHELPS: CHASE MORTGAGE FINANCE CORPORATION, $195,046,841 MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1993M RATED
Topics:

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