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PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV SERIES 1993-3 RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 1 /PRNewswire/ -- PaineWebber Mortgage Acceptance Corp. IV's (PWMAC) $103.9 million mortgage pass-through certificates, series 1993-3, classes A-1, A-2, and R are rated `AAA' by Fitch. The $29.1 million classes A-3, M-1 and M-2 certificates are rated `AA'.
 The `AAA' rating reflects the credit enhancement provided by one of three mortgage pool insurance policies, each with a fraud waiver, as well as, in the case of class A-1, the 12.75 percent subordinated class M-1 and in the case of class A-2, the 10.50 percent subordinated class M-2 certificates. For certain of the mortgage loans (the GEMICO loans), General Electric Mortgage Insurance Corp. (GEMICO) issued a 6.00 percent mortgage pool insurance policy and for the remainder of the loans (the PMI loans), PMI Mortgage Insurance Co. issued a 2.00 percent mortgage pool insurance policy and GEMICO, a 7.25 percent supplemental pool policy.
 The `AA' rating on the class A-3 reflects the credit loss protection provided by the 6.00 percent GEMICO mortgage pool insurance policy, and on the 12.75 percent subordinated class M-1 and 10.5 percent subordinated class M-2, for the GEMICO loans, by the 6.00 percent GEMICO pool policy and for the PMI loans, by the 2 percent PMI pool policy and the 7.25 percent GEMICO supplemental pool policy. A $2.8 million Special Hazard Insurance Policy and a $100,000 Bankruptcy Bond issued by Commerce and Industry Insurance Co. will cover special hazard and borrower bankruptcy losses to a limited extent. Fitch's ratings also reflect the integrity of the legal and financial structure and the master servicing capabilities, Countrywide Funding Corp.
 The mortgage pool consists of conventional adjustable rate, fully amortizing mortgage loans secured by first liens on residential properties, and is divided into three sub-pools. Sub-pool 1 consists of mortgage loans indexed to the 1-year Constant Maturity Treasury (CMT) Index; sub-pool 2 consists of mortgage loans indexed to the 6-month Certificate of Deposit Index; and sub-pool 3 consists of loans with interest rates fixed for the first five years after origination, annually adjusting thereafter to the 1-year CMT Index.
 Sub-pool 1 consists of approximately 271 loans primarily secured by properties located in California; 31 percent northern and 46 percent southern. The original weighted average loan-to-value (LTV) ratio is 72 percent, and 16 percent of the loans have LTV's greater than 80 percent. Condominiums, attached planned unit developments (PUDs) or townhomes represent 24 percent of the pool; 17 percent consists of cash-out refinance loans; and 52 percent of the pool is composed of jumbo loans with balances greater than $300,000.
 Sub-pool 2 consists of approximately 97 loans primarily secured by properties located in northern (40 percent) and southern (45 percent) California. The original LTV is 69 percent, and 12 percent of the loans have LTV's greater than 80 percent. Condominiums, attached PUDs or townhomes represent 21 percent of the pool; 19 percent consists of cash- out refinance loans; and 48 percent of the pool is composed of jumbo loans.
 Sub-pool 3 consists of approximately 51 loans primarily secured by properties located in northern (43 percent) and southern (46 percent) California. The original LTV is 75 percent, and 35 percent of the loans have LTV's greater than 80 percent. Condominiums, attached PUDs or townhomes represent 27 percent of the pool; 18 percent consists of cash- out refinance loans; and 41 percent of the pool is composed of jumbo loans.
 All of the mortgage loans were originated by or on behalf of Countrywide, the master servicer. The loans were acquired by PWMAC from an affiliate, PaineWebber Real Estate Securities, Inc., who in turn acquired the loans from Countrywide. A real estate investment conduit election will be made with respect to the trust for federal income tax purposes.
 -0- 4/1/93
 /CONTACT: Jill M. Guido, 212-908-0682 or Betty Tan, 212-908-0688, both of Fitch/
 (PWJ)


CO: PaineWebber Mortgage Acceptance Corp. IV ST: IN: FIN SU: RTG

WB -- NY064 -- 2028 04/01/93 12:35 EST
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Date:Apr 1, 1993
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