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FBS MORTGAGE CORP. CERTIFICATES SERIES 1992-F RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 22 /PRNewswire/ -- FBS Mortgage Corp. (FBSMC)'s $54.2 million mortgage pass-through certificates, series 1992-F are rated AAA' by Fitch. The rating reflects the high quality of the underlying collateral, the strength of the legal and financial structures, and the strong master servicing capabilities of FBSMC.
 The mortgage pool consists of conventional, fixed-rate, fully- amortizing, one- to four-family, 15-year mortgage loans secured by first liens on residential properties located primarily in California (18 percent), Michigan (18 percent), and Illinois (12 percent). Approximately 30 percent and 16 percent, respectively, of the pool contains alternative documentation loans and cash-out refinance loans. The weighted average original loan-to-value ratio (LTV) for the mortgage pool is a low 65 percent. The low LTV along with the credit quality of the 15-year collateral primarily contribute to the low credit enhancement level for the pool.
 Credit enhancement will be provided by a 5.25 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.
 The certificates are structured in a super senior' format, where in the unlikely event that coverage under the mortgage pool policy is depleted, the class M certificates will absorb excess credit losses. Fitch believes, however, that the pool policy will be able to provide adequate protection for the class M certificates against credit losses, irrespective of their loss position.
 FBSMC deposited the loans in the trust, which issued the certificates. For federal income tax purposes, a real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund.
 -0- 12/22/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Mary Sue Lundy, 212-908-0526, both of Fitch/


CO: FBS Mortgage Corp. ST: IN: SU: RTG

WB -- NY047 -- 9246 12/22/92 15:53 EST
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Publication:PR Newswire
Date:Dec 22, 1992
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