Printer Friendly

HOUSING SECURITIES' MORTGAGE PASS-THROUGH CERTS SERIES 1993-G RATED 'AAA' BY FITCH

 NEW YORK, Jan. 12 /PRNewswire/ -- Housing Securities, Inc.'s (HSI) $277.7 million mortgage pass-through certificates, series 1993-G class G-1 through G-9 certificates are rated "AAA" by Fitch.
 The "AAA" rating reflects credit loss protection provided by the subordination of the 3.25% class B certificates. Fitch believes the subordination amount will be adequate to cover mortgagor defaults as well as limited bankruptcy, fraud, and special hazard losses. The rating also reflects the integrity of the legal and financial structures as well as the capabilities of the master servicer, Citibank, N.A.
 The certificates are secured by a pool of one- to-four family, residential, recently originated, conventional, fully amortizing, fixed-rate, first mortgages with original terms to maturity of 15 years. The mortgage collateral quality is high as demonstrated by the very low weighted average original loan-to-value (LTV) ratio of 64.4% and strong credit features generally associated with 15-year mortgage loans. Other properties of the mortgage pool include limited documentation loans representing approximately 9%; cash-out refinance loans accounting for 14%; jumbo loans 49% (balances between $300,001-$600,000); and super jumbo loans 11% (balances between $600,001-$1,000,000. Geographically, approximately 52% of the mortgaged properties are located in California, followed by 13% and 5% in Illinois and New York, respectively.
 All of the mortgage loans were purchased by Citibank, N.A. or certain affiliates, as sellers, and sold to HSI, a wholly owned, special-purpose subsidiary of Citicorp. HSI, deposited the loans in the trust, which issued the certificates. For federal income tax purposes, a real estate mortgage investment conduit election will be made with respect to the trust.
 -0- 1/12/94
 /CONTACT: Betty Tan, 212-908-0688 or Michele Loesch, 212-908-0682, both of Fitch/


CO: Housing Securities, Inc. ST: IN: FIN SU: RTG

LG -- NY057 -- 1012 01/12/94 13:39 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 12, 1994
Words:304
Previous Article:TELEX COMMUNICATIONS GROUP, INC. ANNOUNCES STOCK REPURCHASE
Next Article:CBOE BOARD OF DIRECTORS RE-ELECTS FLOERSCH TO FOURTH TERM; CHAIRMAN REAPPOINTS SHAD, ZECHER AS PUBLIC DIRECTORS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters