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PNC MORTGAGE SECURITIES CORPORATION SERIES 1993-12 CLASSES T,W,F,S RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 29 /PRNewswire/ -- PNC Mortgage Securities Corp.'s (PNC) $150.4 million mortgage pass-through certificates, series 1993-12, classes T, W, F, and S are rated 'AAA' by Fitch. Also rated are: $4.2 million class B-1 'AA'; $2.6 million class B-2 'A'; and $1.5 million class B-3 'BBB'.
 The 'AAA' rating on the classes T-1 through T-4, W, F-1, F-2, and S- 1 through S-3 is based on the credit loss protection provided by the subordinated 2.75 percent class B-1, 1.75 percent class B-2, 1.0 percent class B-3, and 1.0 percent class B-4 through B-6 certificates. The 'AA' rating on class B-1 reflects the 3.75 percent credit support provided by classes B-2 through B-6. The 'A' rating on class B-2 reflects the 2.0 percent credit support provided by classes B-3 through B-6, and the 'BBB' rating on class B-3 reflects the 1.0 percent credit support provided by classes B-4 through B-6.
 The class B certificates provide additional protection for losses arising from mortgagor bankruptcy, borrower fraud, and special hazard events up to specified amounts. The rating on the certificates also reflects Fitch's confidence in the integrity of the legal and financial structures, the quality of the mortgage collateral, and master servicing capabilities of PNC.
 The mortgage pool consists of 30-year, recent origination, conventional, first lien, fixed-rate, one- to four-family residential mortgage loans. Approximately 24 percent of the pool is secured by properties located in California, with the remaining properties located primarily in the Northeast. The pool has a weighted average original loan-to-value ratio of 73 percent. Additionally, 3 percent of the pool was originated under a limited documentation program; 5 percent are cash-out refinance loans; and 37 percent is comprised of jumbo mortgage loans (balances between $300,001-$600,000).
 All loans were originated in accordance with the underwriting guidelines of PNC, a private residential mortgage conduit, which also acts as master servicer. A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 12/29/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or Jill Guido, 212-908-0682, both of Fitch/


CO: PNC Mortgage Securities Corporation ST: New York IN: FIN SU: RTG

TM -- NY044 -- 7882 12/29/93 17:09 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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