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FBS MORTGAGE CORP. CERTIFICATE SERIES 1992-C RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 FBS MORTGAGE CORP. CERTIFICATE SERIES 1992-C RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 20 /PRNewswire/ -- FBS Mortgage Corp.'s (FBSMC) $139.2 million mortgage pass-through certificates, series 1992-C are rated 'AAA' by Fitch. The rating reflects the high quality of the underlying collateral, an adequate level of credit support, and the strength of the master servicing capabilities of FBSMC. In addition, Fitch believes that the certificateholders are legally insulated from bankruptcy concerns.
 The certificates are collateralized by two separate mortgage pools, Pool A and Pool B, consisting of conventional, one- to four-family, fully amortizing, fixed-rate mortgage loans secured by first liens on primary residential properties. All mortgage loans in the pools were originated or acquired by FBSMC. Pool A mortgage loans (15-year) collateralize classes A-1 through A-6 certificates and pool B mortgage loans (30-year) collateralize classes B-1 through B-7, R and RS certificates. Pool A and Pool B represent approximately 35 percent and 65 percent, respectively, of the total collateral. The weighted average loan-to-value ratio (LTV) is 66 percent for Pool A and 72 percent for Pool B. Limited documentation loans represent 30 percent for Pool A and 28 percent for Pool B, while cash-out refinance loans represent 20 percent for Pool A and 19 percent for Pool B. Both pools are well diversified geographically, with the largest concentrations in California (21 percent and 31 percent, for Pool A and B, respectively) and New York (18 percent and 15 percent, for Pool A and B, respectively).
 Credit enhancement for both pools will be provided by a 6.25 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp. (GEMICO). Fraud losses will initially be covered by a fraud waiver provided under the GEMICO mortgage pool policy. In addition, special hazard and bankruptcy losses will be initially covered by a special hazard insurance policy and a mortgagor bankruptcy bond issued by Commerce and Industry Insurance Co. (C&I).
 FBSMC deposited the loans in the trust, which issued the certificates. For federal income tax purposes, two real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust fund.
 -0- 8/20/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671, and Mary Sue Lundy, 212-908-0526, both of Fitch/ CO: FBS Mortgage Corp. ST: New York IN: FIN SU: RTG


PS -- NY061 -- 1777 08/20/92 14:28 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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