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RMSC III COLLATERALIZED MORTGAGE CREDIT BONDS, SERIES 1992-A RATED BY FITCH -- FITCH FINANCIAL WIRE --

 RMSC III COLLATERALIZED MORTGAGE CREDIT BONDS,
 SERIES 1992-A RATED BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 25 /PRNewswire/ -- Ryland Mortgage Securities Corp. Three (RMSC III or issuer) Mortgage Credit Bonds, Series 1992-A are rated as follows: $54.7 million class 1-A and $71.2 million class 2-A bonds are rated 'A-'; $11.9 million class 1-B and $19.0 million class 2- B subordinated bonds are rated 'BBB'; $22.1 million class 1-C and $35.3 million class 2-C subordinated bonds are rated 'BB'; and $10.2 million class 1-D and $16.3 million class 2-D subordinated bonds are rated 'B' by Fitch.
 The ratings on the fixed (classes 1-A through 1-D) and adjustable rate mortgage (ARM) bonds (classes 2-A through 2-D) primarily reflect the credit enhancement provided by the related subordinated bonds and overcollateralization. Additionally, the ratings reflect the integrity of the financial and legal structure, as well as the capabilities of the master servicer, Ryland Mortgage Co. and the special servicer, General Electric Capital Asset Management Corp.
 The unrated class 1-E and 2-E bonds are secured by overcollateralization in the form of a surplus account as well as first- loss mortgage certificates from the underlying transactions. The first- loss mortgage certificates have been acquired by the issuer but are not pledged to secure the bonds. The approximate required support percentage for each class of fixed bonds is as follows: for class 1-A, 8.50 percent; class 1-B, 6.75 percent; class 1-C, 3.50 percent; class 1-D, 2.00; and for class 1-E, 1.14 percent. The approximate required support percentage for each class of ARM bonds is as follows: for class 2-A, 9.12 percent; class 2-B, 7.12 percent; class 2-C, 3.42 percent; class 2- D, 1.71; and for class 2-E, 1.33 percent.
 Pools of fixed rate and ARM collateral, comprised of residential mortgage loans, secure the bonds. Substantially all the mortgage loans were acquired within the past two years from the Resolution Trust Corp. or the Federal Deposit Insurance Corp. as conservator or receiver for various financial institutions. The fixed mortgage collateral, which will support the fixed bonds (classes 1-A, 1-B, 1-C, 1-D and 1-E), consists of approximately $399.7 million fixed rate mortgage loans subject to prior claims of approximately $337.4 million of RMSC III's Series 1992-C and 1992-D bonds. In addition, $46.8 million of fixed subordinated mortgage certificates representing interest in two pools of fixed rate mortgage loans ($287.2 million), subordinated to $236.6 million fixed senior mortgage certificates secure the fixed bonds. The ARM collateral supporting the ARM bonds (classes 2-A, 2-B, 2-C, 2-D and 2-E), consists of approximately $179.6 million ARM loans subject to prior claims of approximately $153.9 million of RMSC III's Series 1992-B bonds. Additionally, $121.8 million of ARM subordinated mortgage certificates representing interests in 6 pools of ARM loans ($772.7 million), subordinated to $640.3 million ARM senior mortgage certificates and net payments made under an interest rate swap agreement secure the ARM bonds.
 The fixed mortgage loans have a weighted average original loan-to- value ratio (LTV) of approximately 86 percent; 61 percent of the pool consists of mortgage loans with LTVs greater than 80 percent; and 39 percent of the properties are located in Texas. Approximately 7 percent of the fixed pool is between 30 and 59 days delinquent, approximately 2percent is between 60 and 89 days delinquent, and approximately 0.7 percent of the fixed loans are 90 or more days delinquent.
 The ARM mortgage loans have a weighted average original loan-to- value ratio (LTV) of approximately 82 percent; 42percent of the pool consists of mortgage loans with LTVs greater than 80 percent; and 16 percent of the properties are located in New Jersey. Approximately 4 percent of the ARM pool is between 30 and 59 days delinquent, a approximately 1 percent is between 60 and 89 days delinquent, and approximately 1.7 percent of the ARM loans are 90 or more days delinquent. The credit enhancement levels for each pool reflects the high LTVs and the presence of delinquent mortgage loans.
 The bonds will not constitute "mortgage related securities" for purposes of the Secondary Mortgage Market Enhancement Act of 1984. An election will be made to treat certain of the collateral securing the bonds as a real estate mortgage investment conduit for federal income tax purposes.
 -0- 8/25/92
 /CONTACT: Alexander K. Zabik, 212-908-0634, and Jill M. Guido, 212-908-0682, both of Fitch/ CO: Ryland Mortgage Securities Corp. Three ST: IN: FIN SU: RTG


DC -- NY068 -- 3160 08/25/92 16:28 EDT
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Date:Aug 25, 1992
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