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GE CAPITAL MORTGAGE SERVICES, INC. $477.6 MILLION SERIES 1993-18 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 29 /PRNewswire/ -- GE Capital Mortgage Services, Inc. (GECMSI) $477.6 million REMIC multiclass pass-through certificates, series 1993-18 classes 18-A1 through 18-A14 and 18-R are rated "AAA" by Fitch.
 Credit enhancement for the senior certificates reflects 3.85% of subordination provided by classes 18-M and 18-B1 through 18-B5 (collectively the junior certificates). Fitch believes the credit enhancement will be sufficient to cover mortgagor defaults as well as limited borrower bankruptcy, fraud, and special hazard losses. The rating also reflects Fitch's confidence in the integrity of the legal and financial structures, the quality of the underlying collateral, and the servicing capabilities of GECMSI as master servicer.
 The certificates are collateralized by a pool of 10- and 15-year, fixed-rate, recently originated, conventional, fully amortizing, mortgage loans secured by first liens on one- to four-family residential properties. The weighted average original loan-to-value ratio (LTV) for the mortgage pool is approximately 67%. Other features of the pool include limited documentation loans representing approximately 11%, cash-out refinance loans 7%, and jumbo loans (balances between $300,001- $600,000) 47%. The mortgage pool is well diversified geographically with the top three concentrations located in California (27%), New Jersey (9%), and Maryland (8%).
 GECSMI, a wholly owned subsidiary of GE Capital Mortgage Corp., deposited the loans in the trust, which issued the certificates. GE Capital Mortgage Services, Inc. will act as servicer for the pool. A real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 12/29/93
 /CONTACT: Betty Tan, 212-908-0688, or Joanne M. Scatassa, 212-908-0671, both of Fitch/


CO: GE Capital Mortgage Services, Inc. ST: IN: FIN SU: RTG

MP -- NY038 -- 7854 12/29/93 15:50 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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