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BEAR STEARNS MORTGAGE CERTIFICATES 1992-1 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 BEAR STEARNS MORTGAGE CERTIFICATES 1992-1 RATED 'AAA/AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 28 /PRNewswire/ -- Bear Stearns Mortgage Securities Inc.'s $340.8 million mortgage pass-through certificates, series 1992-1 class A, B, P and X are rated 'AAA' and the $2.6 million class SH certificates are rated 'AA' by Fitch.
 The 'AAA' rating reflects the credit loss protection provided by the 7.5 percent class B certificates, which, in turn, are protected by a 7.5 percent General Electric Mortgage Insurance Co. mortgage pool insurance policy. The 'AA' rating on the class SH certificates reflects the credit support provided by a $1.7 million Svenska Handelsbanken letter of credit. Both ratings also reflect the high quality of the mortgage collateral, the strength of the legal and financial structures. Fitch also believes that the master servicing capabilities of Bear Stearns Mortgage Capital Corp. (BSMCC) and PHH U.S. Mortgage Corp. (PHH) are of very high quality and that the underwriting guidelines of both institutions are stringent by industry standards.
 The pool consists of conventional, fixed-rate, 30- and 15-year (approximately 82 percent and 18 percent, respectively), fully amortizing mortgage loans secured by first liens on one- to four-family residential properties. The weighted average original loan-to-value ratio (LTV) is 72.8 percent. Limited documentation and cash-out refinance loans account for approximately 9.8 percent and 17.2 percent, respectively. The pool is well diversified geographically, with the largest concentrations in California (31.7 percent) and New Jersey (28.5 percent).
 The pool is comprised of three loan groups: PHH, BSMCC Group 1 and BSMCC Group 2 mortgage loans, representing approximately 44 percent, 23 percent, and 33 percent, respectively. The PHH mortgage loans were originated by PHH, and BSMCC Group 1 and Group 2 mortgage loans were originated or acquired by Chemical Bank New Jersey NA and PNC Mortgage Corp., respectively, and subsequently acquired by BSMCC.
 Bear Stearns Mortgage Securities Inc. purchased the loans from BSMCC and deposited the loans in the trust, which issued the certificates. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 5/28/92
 /CONTACT: Mary Sue Lundy, 212-908-0526, or Joanne M. Scatassa, 212-908-0671, both of Fitch/ CO: Bear Stearns Mortgage Securities Inc. ST: IN: FIN SU: RTG


PS -- NY090 -- 4953 05/28/92 17:08 EDT
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Publication:PR Newswire
Date:May 28, 1992
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