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SEARS MORTGAGE SECURITIES CORP., SERIES 1993-1, RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 29 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $328 million multiclass mortgage pass-through certificates, series 1993-1, are rated 'AAA' by Fitch. The 'AAA' rating on the class A, F, S and W certificates reflects the credit loss protection provided by the 7.75 percent class B certificates. The 'AAA' rated class B certificates are credit wrapped by a 7.75 percent General Electric Mortgage Insurance Corp. (GEMICO) mortgage pool insurance policy. A PMI mortgage pool insurance policy is also available to cover credit losses on certain loans (in aggregate, the "PMI loans"). The GEMICO pool policy is backed by a Financial Guaranty Insurance Company (FGIC) certificate insurance policy limited to the maximum amount of aggregate claims under the GEMICO policy.
 The 7.75 percent GEMICO policy will be limited to an initial amount equal to the class B certificates principal balance, less the coverage provided by the PMI policy for the PMI loans (PMI loans represent 6.75 percent of the pool balance). The PMI policy will be limited to an initial amount equal to 2 percent of the aggregate principal balance of the PMI loans. A $10.1 million reserve fund offers non-credit loss coverage in specified amounts attributable to special hazards, borrower fraud, and mortgagor bankruptcy. The ratings also reflect Fitch's confidence in the integrity of the legal and financial structure, as well as the strength of the master servicer, SMSC.
 The mortgage pool is composed of 30-year, recent origination, conventional, fixed rate mortgage loans secured by one- to four-family residential properties located primarily in California (41 percent) and the Northeast (26 percent). The pool has a weighted average original loan-to-value ratio (LTV) of 74 percent; 16 percent of the pool was originated under a limited documentation program; 14 percent consists of cash-out refinance mortgage loans; and 44 percent of the pool is comprised of loans with balances greater than $300,000.
 The mortgage loans were originated in accordance with the underwriting guidelines of SMSC, a private residential mortgage conduit, which also acts as master servicer. Two real estate mortgage investment conduit elections will be made with respect to the trust for federal income tax purposes.
 -0- 1/29/93
 /CONTACT: Jill M. Guido, 212-908-0682, or Alexander K. Zabik, 212-908-0634, both of Fitch/
 (S)


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

LD -- NY091 -- 0953 01/29/93 16:58 EST
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Date:Jan 29, 1993
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