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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1993-S29 CLASS A, R RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 30 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $250.7 million mortgage pass-through certificates, series 1993-S29 classes A and R, are rated "AAA" by Fitch. The $3.9 million class M-1 certificates are rated "AA"; the $1.9 million class M-2 certificates are rated "A"; and the $1.3 million class M-3 certificates are rated "BBB".
 The credit enhancement for the "AAA" class A and R senior certificates reflect subordination of the 1.50 percent class M-1, 0.75 percent class M-2, 0.50 percent class M-3, and 0.75 percent class B certificates. Credit enhancement for the "AA" class M-1 is provided by the 0.75 percent class M-2, 0.50 percent class M-3, and 0.75 percent class B certificates, while the 0.50 percent class M-3 plus the 0.75 percent class B certificates supply "A" coverage for class M-2. Lastly, class M-3 is rated "BBB" based on the subordination of the 0.75 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. The credit enhancement reflects the strong features associated with 15-year mortgage loans as well as quality of the mortgage collateral. In addition, the ratings reflect the 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, 15-year fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates a low weighted average original loan-to-value ratio (LTV) of 65.7 percent. Loans originated under a limited documentation program account for approximately 25 percent of the pool; cash-out refinance loans 13 percent; jumbo loans 46 percent (balances between $300,001--$600,000); and super jumbo loans 9 percent (balances between $600,001-$1,000,000). Approximately 42 percent of the mortgaged properties are located in California, of which 21 percent comprise of properties located in Los Angeles and 9 percent in San Francisco.
 With the exception of 6.4 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. For federal income tax purposes, two separate real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust fund.
 -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: RLE SU: RTG

TS -- NY079 -- 7203 08/30/93 16:26 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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