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SAXON MORTGAGE SECURITIES CORP. 1993-10 RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 29 /PRNewswire/ -- Saxon Mortgage Securities Corp.'s (SMSC) $192.8 million mortgage participation securities, series 1993-10 classes A-1 through A-4 and R are rated `AAA' by Fitch. In addition, the $6.8 million class M certificates are rated 'AA', $3.1 million class B-1 certificates 'A', and $1.6 million class B-2 certificates 'BBB'.
 The 'AAA' rating reflects credit enhancement totaling 8.0 percent provided by subordination of the 3.25 percent class M, 1.5 percent class B-1, 0.75 percent class B-2, and 2.5 percent unoffered class B-3 through B-5 certificates. Credit support for the 'AA' class M is provided by 4.75 percent subordination of classes B-1 through B-5. The 3.25 percent subordinate classes B-2 through B-5 supply 'A' coverage for class B-1, and class B-2 is rated 'BBB' based on the subordination of the 2.5 percent class B-3 through B-5 certificates. In addition, the ratings address the strength of the legal and financial structures, and Ryland Mortgage Co.'s (Ryland) servicing capabilities as master servicer.
 The mortgage pool consists of recently originated, conventional, fully amortizing, fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties. Approximately 85 percent consist of loans with original terms to maturity of 30-years, while the remaining 15 percent consist of original terms to maturity of 15 years. The weighted average original loan-to-value ratio (LTV) is 74.9 percent. Limited documentation loans represent approximately 37 percent, while cash-out refinance loans represent 25 percent. The pool is geographically diversified with concentrations in California (36 percent), Florida (17 percent), and Maryland (12 percent). Of the 36 percent mortgaged properties located in California, approximately 16 percent and 8 percent are in the Los Angeles and San Francisco regions, respectively.
 SMSC, a limited purpose corporation, deposited the loans in the trust, which issued the certificates. Ryland will act as master servicer for the pool. For federal income tax purposes, a separate election will be made to treat certain assets of the trust or the "regular interests" as a real estate mortgage investment conduit.
 -0- 10/29/93
 /CONTACT: Betty Tan, 212-908-0688, or Jill M. Guido, 212-908-0682, both of Fitch/


CO: Saxon Mortgage Securities Corp. ST: IN: FIN SU: RTG

SH -- NY076 -- 8624 10/29/93 15:18 EDT
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Date:Oct 29, 1993
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