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PRUDENTIAL SECURITIES FINANCIAL ASSET FUNDING CORP SERIES 1993-4 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 27 /PRNewswire/ -- Prudential Securities Financial Asset Funding Corp.'s (PSFAFC) mortgage pass-through certificates, series 1993-4, $258.8 million class A is rated `AAA' by Fitch. The ratings are based on the credit support provided by the 3.75 percent subordinated unrated class B certificates, the quality of the mortgage collateral and the integrity of the legal and financial structures. In addition, the rating reflects the capabilities of Countrywide Funding Corp. (Countrywide) as servicer of the mortgage loans.
 Credit losses will be allocated to the class B certificates until their principal balance is reduced to zero. Noncredit losses, including special hazards, borrower fraud, and borrower bankruptcy events will initially be allocated to the class B up to specified limits.
 The certificates are collateralized by a pool of 15-year, recently originated, conventional, fixed-rate, fully amortizing mortgage loans secured by first liens on residential real properties. Approximately 12 percent of the pool consists of cash out refinance loans, 9 percent were underwritten using a reduced documentation program, and 58 percent have balances greater than $300,000. The weighted average original loan- to-value (LTV) ratio of the pool is a low 65 percent and all loans with LTVs greater than 80 percent have primary mortgage insurance. The loans are located primarily in California (50 percent, with the majority in Los Angeles (25 percent) and San Francisco (10 percent), Massachusetts (10 percent), Texas (5 percent) and Florida (5 percent).
 All of the mortgage loans were originated by Countrywide. The mortgage loans were acquired by Prudential Securities Realty Funding Corp. from Countrywide and sold to PSFAFC, which deposited the loans in the trust. A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 8/27/93
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Michele J. Loesch, 212-908-0686, both of Fitch/


CO: Prudential Securities Financial Asset Funding Corp. ST: New York IN: SU: RTG

MP -- NY047 -- 6702 08/27/93 15:14 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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