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BEAR STEARNS MORTGAGE CERTIFICATES 1993-11 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 3 /PRNewswire/ -- Bear Stearns Mortgage Securities Inc.'s $101.8 million mortgage pass-through certificates, series 1993-7 class A, are rated "AAA" by Fitch.
 The "AAA" rating reflects the credit loss protection provided by the 7.50 percent General Electric Mortgage Insurance Co. (GEMICO) mortgage pool insurance policy which includes a fraud waiver with limited coverage for fraud losses. A $2,381,115 Special Hazard Insurance Policy will be issued by Commerce and Industry Insurance Co. to cover special hazard losses and a $100,000 bankruptcy reserve fund will be available for support against bankruptcy losses. The rating also reflects the high quality of the mortgage collateral, the strength of the legal and financial structures, and the master servicing capabilities of Bear Stearns Mortgage Capital Corp. (BSMCC).
 The mortgage pool consists of three distinct mortgage loan groups, which contain conventional, fully amortizing, either fixed or 30-year adjustable-rate mortgage loans secured by first liens on one- to four-family residential properties. Mortgage Loan Group 1 consists of 30-year adjustable-rate mortgages indexed to the six-month London interbank offered rate. Mortgage Loan Group 2 consists of 10- to 15- year fixed-rate mortgage loans, while Mortgage Loan Group 3 consists of 30-year ARMS indexed to the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of three years.
 The mortgage pool is located predominately in California (93.5 percent) with San Francisco comprising (34 percent) and Los Angeles (26 percent). The weighted average original loan-to-value ratio (LTV) is 69.6 percent, while 16.1 percent of the pool consists of mortgage loans with LTVs greater than 80 percent which are all covered by primary mortgage guaranty insurance. Limited documentation and cash- out refinance loans account for approximately 6.1 percent and 11.9 percent of the mortgage pool, respectively.
 Bear Stearns Mortgage Securities Inc. acquired the mortgage loans from BSMCC and caused the loans to be sold to the trust fund, which issued the certificates. Approximately, 44.4 percent of the mortgage loans will be serviced by an affiliate of BSMCC. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 9/3/93
 /CONTACT: Justin L. Ventura, 212-908-0675, or Jill M. Guido, 212-908-0682, both of Fitch/


CO: Bear Stearns Mortgage Securities Inc. ST: New York IN: FIN SU: RTG

TW -- NY027 -- 8852 09/03/93 12:59 EDT
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Publication:PR Newswire
Date:Sep 3, 1993
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