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FBS MORTGAGE CTFS SERIES 1993-C, CLASS A, 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 25 /PRNewswire/ -- FBS Mortgage Corp.'s (FBSMC) $162.5 million mortgage pass-through certificates, series 1993-C, 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 49 percent and 51 percent, respectively, with the exception of one 20-year and two 10-year loans), 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 71 percent. The pool contains approximately 16 percent alternative documentation loans, 12 percent cash-out refinance loans, 42 percent jumbo loans (balances between $300,000-$600,000) and 5 percent super jumbo loans (balances between $600,001-$1,000,000). In addition, 99 percent of the loans are owner occupied. The pool is well diversified geographically, with approximately 17 percent in Minnesota, 11 percent in Illinois, 10 percent in Colorado and 9 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- 6/25/93
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Suzanne L. Michaud, 212-908-0604, both of Fitch/


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

MP -- NY022 -- 5693 06/25/93 11:35 EDT
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Date:Jun 25, 1993
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