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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1993-S38 CLASS A AND R 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 29 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $127.1 million mortgage pass-through certificates, series 1993-S38 classes A and R, are rated `AA' by Fitch. The issuer's $3.0 million class M certificates are rated `A.'
 Credit enhancement for the `AA' class A and R senior certificates reflects subordination of the 2.25 percent class M and the 3.25 percent class B certificates. Credit enhancement for the `A' class M certificates is provided by the 3.25 percent class B certificates. Fitch believes the above credit enhancement will be adequate to support each class' loss levels, 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.'s (RFC) servicing capabilities as master servicer.
 The collateral consists of recently originated, conventional, 30- year, adjustable-rate, fully amortizing mortgage loans secured by first liens on one- to four-family residential properties. The index applicable to the mortgage loans will be a per annum rate equal to the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year. The mortgage pool demonstrates a weighted average original loan-to-value ratio (LTV) of 72 percent. Loans originated under a limited loan documentation program account for approximately 28.3 percent of the pool, cash-out refinance loans 17.2 percent, jumbo loans 43.0 percent (balances between $300,001-$600,000), and super jumbo loans 19.7 percent (balances between $600,001-$1,000,000). Approximately 79.6 percent of the mortgaged properties are located in California, of which 31 percent are located in Los Angeles and 19 percent in San Francisco. 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 real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 9/29/93
 /CONTACT: Justin L. Ventura, 212-908-0675, or Betty Tan, 212-908-0688, both of Fitch/


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

CK -- NY092 -- 7032 09/29/93 18:26 EDT
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Date:Sep 29, 1993
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