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BEAR STEARNS MORTGAGE SECURITIES INC. $115,000,000 PASS-THROUGH CERTIFICATES, SERIES 1993-16 RATED BY DUFF & PHELPS

 NEW YORK, Dec. 30 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated the following class of Pass-Through Certificates, Series 1993- 16 issued by Bear Stearns Mortgage Securities Inc. and underwritten by Bear, Stearns & Co. (NYSE: BSC):
 Class Amount Rate D&P Rating
 F-1 $115,000,000 1-Month LIBOR +2% AAA (Cash Flow)
 Class F-1 is entitled to monthly payments on the collateral (described below) less fees of the trust. On each distribution date, principal received on the collateral will be distributed as principal on the certificates, and interest received on the collateral will be distributed first to pay interest, second to pay principal until Class F-1 is retired, third to pay deferred interest (i.e., interest previously accrued but not paid), and finally, to pay interest on previously deferred interest. In addition, Class F-1 is entitled to all payments received on U.S. Treasury Strips due Aug. 15, 2005, with a face amount of $23,000,000 and held by the trust.
 The rating of the certificates reflects D&P's opinion that the Class F-1 certificateholders will receive at least $115,000,000 of payments by the class maturity date. The rating does not address either the right of certificateholders to receive payments on the certificates in excess of an amount equal to the aggregate principal amount of the certificates or whether certificateholders will suffer lower than anticipated yields. In addition, the ratings do not address whether the payments on the certificates will take the form of either principal or interest.
 The Class F-1 certificates are secured by collateral consisting of 16 different classes of multiclass REMIC and CMO securities issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Association (Freddie Mac), plus U.S. Treasury Strips due Aug. 15, 2005, with a face amount of $23,000,000. The securities, with an aggregate principal balance in excess of $61 million, excluding the U.S. Treasury Strips, generally consist of variations of principal- only and interest-only securities. The certificates were issued pursuant to a Pooling Agreement, dated as of Dec. 30, 1993, between Bear Stearns Mortgage Securities Inc., as issuer, and State Street Bank and Trust, as trustee.
 The analysis for the ratings primarily focused on prepayments of the mortgage pools underlying the REMIC securities and the subsequent effect on certificate cash flows.
 -0- 12/30/93
 /CONTACT: Brian K. Mandel, 212-908-0227, or Henry W. Hayssen, 212-908-0209, both of Duff & Phelps Credit Rating Co./
 (BSC)


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

TM -- NY036 -- 8177 12/30/93 17:52 EST
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Publication:PR Newswire
Date:Dec 30, 1993
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