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RTC MORTGAGE PASS-THROUGH SERIES 1992-14 RATED 'AAA AA' BY FITCH -- FITCH FINANCIAL WIRE --

RTC MORTGAGE PASS-THROUGH SERIES 1992-14 RATED 'AAA AA' BY FITCH -- FITCH
 FINANCIAL WIRE --
 NEW YORK, Sept. 30 /PRNewswire/ -- Resolution Trust Corp.'s Mortgage Pass-Through Certificates, Series 1992-14, $411.5 million classes A-3 through A-6 and $1.5 million class B-4 are rated 'AAA' by Fitch. The $55.8 million classes A-1 and A-2 certificates and $26.6 million classes B-3, B-5 and B-6 certificates are rated 'AA'.
 The 'AA' rating primarily reflects the credit enhancement provided by two reserve funds. Reserve fund I will initially equal 9.00 percent of the aggregate principal balance of mortgage loan group 1 through 3 (classes A-1, A-2, A-3 and B-3) with an additional 0.75 percent liquidity amount available to cover advances of principal or interest due on delinquent or defaulted mortgage loans in the related loan groups. Reserve fund II will initially equal 13.00 percent of the aggregate principal balance of mortgage loans groups 4 through 6 (classes A-4, B-4, A-5, B-5, A-6, and B-6) with an additional 0.75 percent liquidity amount.
 The 'AAA' rating reflects the reserve funds as well as the additional credit enhancement provided to classes A-3 through A-6 by the subordination of the related class B certificates, with the reserve fund in the case of class B-4 being adequate to rate both A-4 and B-4 'AAA'. Each rating also reflects Fitch's confidence in the integrity of the legal and financial structures as well as the master servicing capabilities of Ryland Mortgage Co.
 Mortgage loan groups 1 through 3 consist of conventional, one- to four-family, residential, 87 percent fixed and 13 percent adjustable rate mortgage (ARM) loans. The mortgage loans are well diversified with the largest concentration in Florida (19 percent). The weighted average loan-to-value (LTV) ratio is approximately 78 percent, and 36 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, 10 years, lending strength to the pool.
 Mortgage loan groups 2 through 5 are comprised of conventional, one- to four-family, residential ARM loans (indexed to 1 year Constant Maturity Treasury and various other indices). The loans are primarily located in Florida (24 percent). The weighted average LTV is approximately 82 percent, and 49 percent of the mortgage loans have LTVs greater than 80 percent. The mortgage loans are seasoned, on average, 7 years with 30- to 59-day delinquencies approximately 2%, and 60- to 89- day delinquencies 1 percent.
 Approximately 0.59 percent of the loans are participation loans, whereby a third party holds a fractional interest in the mortgage loan. The RTC, as seller, sold only their percentage interest in the participation loans. Payments and recoveries on participation loans will be shared pari passu between the third party holder and the trust fund based on the respective percentage interests.
 The mortgage loans were acquired by the RTC in its corporate capacity or as conservator or receiver for approximately 133 state or federally chartered depository institutions. The collateral has been sold and assigned to the trust which issued the certificates. Ryland Mortgage Co., as master servicer, will supervise approximately 19 servicers. An election will be made to treat the trust fund as a real estate mortgage investment conduit for federal income tax purposes.
 -0- 09/30/92
 CONTACT: Jill M. Guido, 212-908-0682, or Alexander K. Zabik, 212-908-0634, both of Fitch CO: RESOLUTION TRUST CORP. IN: FIN -- NY075 -- X630 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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