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FBS MORTGAGE CERTIFICATES $115 MILLION SERIES 1993-E CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 20 /PRNewswire/ -- FBS Mortgage Corp.'s (FBSMC) $115.0 million mortgage pass-through certificates, series 1993-E, class A are rated 'AAA'. The rating is based on the credit enhancement provided by the 6.25 percent subordinated class B certificates. This level of subordination is deemed sufficient to cover credit losses, including limited special hazard, fraud, and limited bankruptcy losses. In addition, the rating reflects the high quality of the underlying collateral, the integrity of the legal and financial structures, and strong master servicing capabilities of FBSMC.
 The mortgage pool consists of conventional, 15- and 30-year fixed rate (approximately 37 percent and 63 percent, respectively), fully amortizing, one- to four-family mortgage loans secured by first liens on residential properties. The weighted average original loan-to-value ratio (LTV) for the mortgage pool is approximately 68 percent, and LTVs greater than 80 percent is a low 5 percent. The pool contains approximately 17 percent alternative documentation loans, 15 percent cash-out refinance loans, 46 percent jumbo loans (balances between $300,000-$600,000) and 7 percent super jumbo loans (balances between $600,001-$1,000,000). In addition, 98 percent of the properties are owner occupied. The pool is well diversified geographically, with approximately 15 percent in California, 11 percent in Minnesota, 10 percent in Maryland, and 10 percent in New York.
 FBSMC deposited the loans into the trust, which issued the certificates. For federal income tax purposes, two real estate mortgage investment conduit elections will be made with respect to the trust fund.
 -0- 8/20/93
 /CONTACT: Suzanne L. Michaud, 212-908-0604, or Joanne M. Scatassa, 212-908-0671/


CO: FBS Mortgage Corp. ST: New York IN: SU:

SH -- NY041 -- 4736 08/20/93 15:36 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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