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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1993-S42 CLASSES A & R RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 2 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $155.0 million mortgage pass-through certificates, series 1993-S42 classes A and R, are rated 'AAA' by Fitch.
 Credit enhancement for the 'AAA' class A and R senior certificates is provided by the 3.5 percent subordinate class M-1, class M-2, and class B certificates. Fitch believes the above credit enhancement will be adequate to support the 'AAA' class loss level, including mortgagor defaults as well as limited bankruptcy, fraud, and special hazard. 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, fully amortizing, 15-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 65.0 percent. Loans originated under a limited loan documentation program account for approximately 16.7 percent of the pool, cash-out refinance loans 15.0 percent, and jumbo loans 47.3 percent (balances between $300,001-$600,000). Approximately 46.3 percent of the mortgaged properties are located in California, of which 21 percent are located in Los Angeles and 10 percent in San Francisco. With the exception of 15.1 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 real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 11/2/93
 /CONTACT: Justin L. Ventura, 212-908-0675, or Betty Tan, 212-908-0688, both of Fitch/


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

LD -- NY085 -- 9820 11/02/93 16:39 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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