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BEAR STEARNS MORTGAGE CERTIFICATES 1992-4 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

BEAR STEARNS MORTGAGE CERTIFICATES 1992-4 RATED 'AAA/AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 28 /PRNewswire/ -- Bear Stearns Mortgage Securities Inc.'s $367.6 million mortgage pass-through certificates, series 1992-4 class A, B, P and X are rated 'AAA' and the $1.8 million class SH certificates are rated 'AA' by Fitch.
 The mortgage loans are divided into three pools: Pool 1 collateralizes Classes 1A, 1B, 1X, and 1SH and consists of 30-year fixed rate mortgage loans originated by various approved seller/servicers and subsequently acquired by Bear Stearns Mortgage Capital Corp.(BSMCC). Pool 2 supports Classes 2A, 2P, and 2X and is comprised of 30-year fixed rate mortgage loans originated by PHH U S Mortgage Corp. (PHH). Pool 3 consists of 15-year mortgage loans also originated by PHH which collateralize Classes 3A, 3P, and 3X.
 The 'AAA' rating on the Pool 1 Class A and X certificates reflects the credit loss protection provided by the 7.5 percent Pool 1 Class B certificates, which, in turn, are credit enhanced by a 7.5 percent General Electric Mortgage Insurance Co. (GEMICO) mortgage pool insurance policy. The 'AAA' rating on the Pool 2 and Pool 3 Class A, P and X certificates reflects a 8.75 percent GEMICO mortgage pool insurance policy. The Class 1SH certificates (special hazard certificates) are rated 'AA' based on credit support provided by a $1.85 million special hazard insurance policy issued by Commerce and Industry Insurance Co. All the ratings also reflect the high quality of the mortgage collateral, the strength of the legal and financial structures, and the master servicing capabilities of BSMCC and PHH.
 Pool 1 has a weighted average original loan-to-value ratio (LTV) of 71.3 percent and 63 percent of the pool is secured by properties in California. Pools 2 and 3 have a combined LTV of 75.7 percent. California accounts for 28 percent of the pool with the remainder of the secured properties located primarily in the Northeast.
 Pools 1 and 2 Class A certificates will be structured in a "super senior" format consisting of first and second tier certificates. Both the first tier and second tier certificates are rated 'AAA' however, in the event the 'AAA' credit enhancement is depleted, the first tier certificates will benefit from additional credit loss protection provided by the second tier certificates. Nonetheless, Fitch believes the Pool 1 Class B certificates and the Pools 2 and 3 GEMICO insurance policy, respectively offer 'AAA' level protection to both the Class 1 and Class 2 second tier certificates.
 -0- 8/28/92
 /CONTACT: Mary Sue Lundy, 212-908-0526, or Joanne M. Scatassa, 212-908-0671, both of Fitch/ CO: Bear Stearns Mortgage Securities Inc. ST: New York IN: FIN SU: RTG


DC -- NY054 -- 4505 08/28/92 15:30 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
Words:464
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