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RTC MORTGAGE PASS-THROUGH SERIES 1992-12 'AAA/AA' BY FITCH --FITCH FINANCIAL WIRE --

 RTC MORTGAGE PASS-THROUGH SERIES 1992-12 'AAA/AA' BY FITCH
 --FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 29 /PRNewswire/ -- Resolution Trust Corp.'s mortgage pass-through certificates, Series 1992-12, $1.1 billion classes A-2 through A-8 are rated 'AAA' by Fitch. The $29.6 million class A-1 certificates and $48.7 million class B-2 through B-8 certificates are rated 'AA'. The 'AA' rating primarily reflects the credit enhancement provided by two reserve funds. Reserve Fund I will initially equal 6.75 percent of the aggregate principal balance of mortgage loan groups 1 and 2. Reserve Fund II will initially equal 9.25 percent of the aggregate principal balance of mortgage loans groups 3 through 8. The 'AAA' rating reflects the reserve funds as well as the additional credit enhancement provided to classes A-2 through A-8 by the subordination of the related class B certificates. Each rating also reflects Fitch's confidence in the integrity of the RTC's legal and financial structures, as well as the servicing capabilities of GMAC Mortgage Corp. of Iowa (GMACM of IA).
 Mortgage loan groups 1 and 2 consist of conventional, one- to four- family, residential, fixed-rate mortgage loans, divided by interest rates of less than 7.85 percent for group 1 and equal to or greater than 7.85 percent for group 2. The mortgage loans are secured by properties located primarily in Florida (17 percent), Michigan (16 percent), and Illinois (9 percent). The weighted average loan-to-value (LTV) ratio is approximately 77 percent, and 37 percent of the pool has LTVs greater than 80 percent. As of the cut-off date, the 30- to 59-day delinquencies were approximately 2 percent and the 60- to 89-day delinquencies 1 percent. The mortgage loans are seasoned, on average, 7.5 years.
 Mortgage loan groups 3 through 8 are comprised of conventional, one- to four-family, residential adjustable rate mortgage loans (primarily indexed to the 1-, 2-, 3-, and 5-yr. CMT index, Cost of Funds Index (COFI), and the FHLB National Contract Rate) located primarily in Florida (21 percent), Connecticut (10 percent), and New York (8 percent). The weighted average LTV is approximately 76 percent, and 28 percent of the mortgage loans have LTVs greater than 80 percent. As of the cut-off date, the 30- to 59-day delinquencies were approximately 4 percent and the 60- to 89-day delinquencies 1 percent. The mortgage loans are seasoned, on average, 6 years.
 The mortgage loans were acquired by the RTC in its capacity as conservator or receiver of approximately 148 state or federally chartered depository institutions, of which approximately $7.5 million of the mortgage loans are held by the RTC in its corporate capacity. The collateral has been sold and assigned to the trust which issued the certificates. GMACM of IA will assume all servicing responsibilities for the mortgage loans by December 31, 1992. An election will be made to treat the trust fund as a real estate mortgage investment conduit for federal income tax purposes.
 -0- 9/29/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Alexander K. Zabik, 212-908-0634, both of Fitch/ CO: Resolution Trust Corp. ST: IN: FIN SU: RTG


TM -- NY078 -- 4534 09/29/92 16:34 EDT
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Publication:PR Newswire
Date:Sep 29, 1992
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