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RMSC MORTGAGE PARTICIPATION SECURITIES 1992-3 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 RMSC MORTGAGE PARTICIPATION SECURITIES 1992-3 RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, March 26 /PRNewswire/ -- Ryland Mortgage Securities Corp.'s (RMSC) $293.7 million mortgage participation securities, Series 1992-3 are rated 'AA' by Fitch. The rating is based primarily on the credit enhancement provided to each of the senior securities by the 16.5 percent subordinate securities as well as the master servicing capabilities of Ryland Mortgage Co.
 Two separate pools of adjustable rate mortgage loans collateralize the certificates. The Class One mortgage loans collateralize Classes A-1 and X-1 and consist of mortgage loans without periodic caps, while the Class Two mortgage loans, which collateralize Classes A-2 and X-2, consist of mortgage loans with periodic caps. Classes A-1 and A-2 pay interest at the weighted average pass-through rate on the Class One and Class Two mortgage loans, respectively while Classes X-1 and X-2 represent the right to receive a portion of the interest due to each Class One and Class Two mortgage loan, respectively.
 All of the mortgage loans are indexed to the weekly average yield on U.S. Treasury securities, generally adjusted to a constant term to maturity of one year. The weighted average loan-to-value ratio (LTV) is approximately 87 percent and 61 percent of the pool consists of mortgage loans with LTVs greater than 80 percent. The secured properties are located primarily in Texas (28 percent), Florida (20 percent), South Carolina (8 percent), California (7 percent), and Colorado (6.5 percent). The mortgage loans are seasoned five and one-half years on average, somewhat offsetting the high LTVs in the pool. Approximately 6.5 percent of the pool was between 30 and 59 days delinquent while 1.5 percent of the pool was between 60 and 89 days delinquent as of March 1. The presence of delinquent mortgage loans has been accounted for in the credit enhancement levels.
 RMSC purchased the loans from Lehman Capital Corp., which acquired substantially all of the mortgage loans from the Resolution Trust Corp. as receiver or conservator for various financial institutions. Ryland Mortgage Co. will act as master servicer for the mortgage loans with Bowest Corp. subservicing 91 percent of the mortgage pool. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 3/26/92
 /CONTACT: Mary Sue Lundy, 212-908-0526, or Alexander K. Zabik, 212-908-0500, both of Fitch/ CO: Ryland Mortgage Securities Corp. ST: IN: FIN SU: RTG


CK -- NY087 -- 2139 03/26/92 16:47 EST
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Date:Mar 26, 1992
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