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RESIDENTIAL FDG MTGE CERTS 1993-S28 Cl A,R RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 30 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $200.6 million mortgage pass-through certificates, series 1993-S28 classes A and R, are rated 'AAA' by Fitch. The $5.4 million class M-1 certificates are rated 'AA'; the $3.2 million class M-2 certificates are rated 'A'; and the $2.1 million class M-3 certificates are rated 'BBB'.
 The credit enhancement for the 'AAA' class A and R senior certificates reflect subordination of the 2.50 percent class M-1, 1.50 percent class M-2, 1.00 percent class M-3, and 1.25 percent class B certificates. Credit enhancement for the 'AA' class M-1 is provided by the 1.50 percent class M-2, 1.00 percent class M-3, and the 1.25 percent class B certificates, while the 1.00 percent class M-3 plus the 1.25 percent class B certificates supply 'A' coverage for class M-2. Lastly, class M-3 is rated 'BBB' based on the subordination of the 1.25 percent class B. Fitch believes the subordination amounts will be adequate to cover mortgagor defaults as well as limited bankruptcy, fraud and special hazard losses. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and Residential Funding Corp.'s (RFC) servicing capabilities as master servicer.
 The issue is securitized by a mortgage pool consisting of recently originated, conventional, fully amortizing, 30-year fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates a weighted average original loan-to-value ratio (LTV) of 71.3 percent. Loans originated under a limited documentation program account for approximately 13 percent of the pool; cash-out refinance loans 12 percent; jumbo loans 46 percent (balances between $300,001--$600,000); and super jumbo loans 6 percent (balances between $600,001-$1,000,000). The mortgage properties are located primarily in California, of which 29 percent of the properties are located in Los Angeles, 17 percent in San Francisco, and 6 percent in San Diego.
 With the exception of 3.7 percent purchased from GMAC Mortgage Corp. of PA, an RFC affiliate, all of the mortgage loans were purchased by RFC from unaffiliated sellers. RFMSI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. A separate real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 8/30/93
 /CONTACT: Betty Tan, 212-908-0688, or Justin L. Ventura, 212-908-0675, both of Fitch/


CO: Residential Funding Mortgage Securities I, Inc. ST: New York IN: FIN SU: RTG

TM -- NY078 -- 7202 08/30/93 16:24 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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