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BEAR STEARNS MORTGAGE CERTIFICATES 1992-2 RATED 'AAA/AA' BY FITCH

 BEAR STEARNS MORTGAGE CERTIFICATES 1992-2 RATED 'AAA/AA' BY FITCH
 NEW YORK, June 26 /PRNewswire/ -- Bear Stearns Mortgage Securities Inc.'s $228.1 million mortgage pass-through certificates, series 1992-2 class A, B, and X are rated 'AAA' and the $1.9 million class SH certificates are rated 'AA' by Fitch.
 The 'AAA' rating reflects the credit and fraud loss protection provided by the $17.2 million class B certificates, which, as well as credit loss protection by a 7.5 percent General Electric Mortgage Insurance Co. mortgage pool insurance policy. The 'AA' rating on the class SH (special hazard) certificates reflects the special hazard loss coverage provided by a $1.2 million Special Hazard Insurance Policy issued by Commerce and Industry Insurance Co. Both ratings also reflect the high quality of the mortgage collateral and the strength of the legal and financial structures. In addition, Fitch believes the master servicing capabilities of Bear Stearns Mortgage Capital Corp. (BSMCC) are of very high quality and the underwriting guidelines are stringent by industry standards.
 The mortgage pool consists of conventional, fixed-rate, fully amortizing mortgage loans secured by first liens on one- to four-family residential properties primarily located in California (90 percent). The pool is secured by loans with original terms to maturity of 20 (.02 percent) to 30 years (99.8 percent). The weighted average original loan-to-value ratio (LTV) is 71 percent and 12 percent of the pool consists of mortgage loans with LTVs greater than 80 percent. Limited documentation and cash-out refinance loans account for approximately 33.7 percent and 26 percent of the mortgage pool, respectively.
 Bear Stearns Mortgage Securities Inc. acquired the mortgage loans from BSMCC and sold the loans to the trust fund, which issued the certificates. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 6/26/92
 /CONTACT: Alexander K. Zabik, 212-908-0634, or Jill M. Guido, 212-908-0682, both of Fitch/
 (BSC) CO: Bear Stearns Mortgage Securities Inc. ST: New York IN: FIN SU: RTG


SB -- NY061 -- 4322 06/26/92 15:52 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
Words:344
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