Printer Friendly

BEAR STEARNS MORTGAGE CTFS SER 1993-8 CLS A/P/X/R 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 27 /PRNewswire/ -- Bear Stearns Mortgage Securities Inc.'s (BSMSI) $377.6 million mortgage pass-through certificates, series 1993-8 class A, P, X, and R certificates are rated "AAA" by Fitch.
 The "AAA" rating on classes A, P, X, and R reflects the credit enhancement provided by the 5.00 percent subordinate class M and 0.50 percent subordinate class B certificates. The ratings also acknowledge the strength of the legal and financial structures as well as the master servicing capabilities of Countrywide Funding Corp. (CFC).
 The mortgage pool will consist of conventional, one- to four-family, fully amortizing, 30 year fixed rate mortgage loans secured by first liens on residential real properties. The mortgage loans are secured by properties located primarily in California (79 percent). The weighted average original loan-to-value ratio (LTV) is 70.6 percent; 8.3 percent of the pool consists of mortgage loans with original LTVs greater than 80 percent; limited documentation and cash-out refinance loans account for 8.4 percent and 7.60 percent of the mortgage pool, respectively.
 The mortgage pool will consist of mortgage loans originated or acquired by CFC in accordance with its underwriting guidelines. In turn, the mortgage loans will be acquired by BSMSI from CFC on the date of issuance of the certificates and will be sold to the trustee. CFC will act as master servicer with respect to the mortgage loans, which loans will be serviced either by CFC or through approved sub-servicers. Two real estate mortgage investment conduit elections will be made for federal income tax purposes.
 -0- 8/27/93
 /CONTACT: Jill Guido, 212-908-0682 or Gloria Aviotti, 212-908-0567, both of Fitch/
 (BSC)


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

LG -- NY048 -- 6701 08/27/93 15:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 27, 1993
Words:297
Previous Article:/C O R R E C T I O N -- NCI BUILDING SYSTEMS/
Next Article:STEELWORKERS RATIFY NEW CONTRACT WITH NATIONAL STEEL

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters