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PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-31 CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-31 CLASS A RATED 'AAA'
 BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 21 /PRNewswire/ -- The Prudential Home Mortgage Securities Co., Inc.'s (PHMSC) $252.3 million mortgage pass-through certificates, Series 1992-31, Class A, are rated "AAA" by Fitch.
 The rating reflects credit loss protection provided by the 7.75 percent subordinate Class B certificates, which are not rated. Additional key rating factors are the high quality of the mortgage collateral, strength of the legal and financial structures, and servicing capabilities of The Prudential Home Mortgage Co., Inc. (PHMC).
 The mortgage pool consists of recently originated, conventional, fixed-rate, five- and seven-year (approximately 42 percent and 58 percent, respectively) balloon payment mortgage loans secured by one- to four-family residential properties located primarily in California (81 percent). Because a refinancing risk exists at maturity for balloon payment mortgage loans, Fitch assumes a higher level of defaults. However, the increased potential for losses and defaults on this type of loan is mitigated somewhat by the relatively low weighted average original loan-to-value ratio of 69 percent, as well as the fact that all of the loans are secured by owner-occupied properties. In addition, the pool contains approximately 20 percent cash-out refinance loans and approximately 30 percent alternative documentation loans.
 The mortgage loans were originated or acquired by PHMC and, in turn, sold to The Prudential Home Mortgage Securities Co. PHMSC, a special purpose corporation, deposited the loans in the trust, which then issued the certificates. PHMC will act as servicer for the pool. For federal income tax purposes, two real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust fund.
 -0- 9/21/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Mary Sue Lundy, 212-908-0526, both of Fitch/ CO: Prudential Home Mortgage Securities Co., Inc. ST: New York IN: FIN SU: RTG


GK -- NY058 -- 1708 09/21/92 13:06 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
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