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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S44 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 30 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s $125 million mortgage pass-through certificates, series 1992-S44 classes A and R, are rated 'AAA'. The $3.0 million class M certificates are rated 'AA'.
 The 'AAA' rating on the class A and R senior certificates reflects the credit enhancement provided by the 2.25 percent subordinate class M certificates and the 4.25 percent unrated subordinate class B certificates. The 'AA' rating on the class M certificates reflects the credit support provided by the 4.25 percent subordinate class B certificates. Fitch believes the credit support levels will be adequate to cover credit losses including 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. (RFC)'s servicing capabilities as master servicer.
 The recently originated, conventional, fully amortizing, 30-year fixed-rate, first lien mortgage loan portfolio is strong, with approximately 99 percent of the mortgaged properties owner-occupied and a relatively low weighted average original loan-to-value ratio (LTV) of 69.9 percent. Approximately 96.5 percent of the pool consists of one- to four- family residential properties located primarily in California (52.9 percent). Limited documentation loans, somewhat lower compared to prior RFMSI transactions, comprise only 13.8 percent of the pool, cash- out refinance loans total 14.4 percent, and jumbo loans 38.3 percent (balances between $300,001-600,000). With the exception of 20.2 percent purchased from GMAC Mortgage Corporation of PA, an RFC affiliate, all of the mortgage loans were purchased by RFC from unaffiliated sellers.
 The class A-1 through A-9 and R certificates are structured in a "super senior" format, whereby, in the unlikely event classes M and B are reduced to zero, class A-10 and A-11 (senior support) certificates will absorb additional defaulted mortgage losses on a pro rata basis until the certificate principal balances thereof are reduced to zero. However, Fitch believes, the subordination of classes M and B ensures 'AAA' level protection to the senior support certificates, regardless of its loss position.
 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- 12/30/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671 or Betty Tan, 212-908-0688, both of Fitch/


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

LR -- NY030 -- 0638 12/30/92 14:02 EST
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Date:Dec 30, 1992
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