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BEAR STEARNS SECURED INVESTORS TRUST 1993-3 $304,000,000 COLLATERALIZED MORTGAGE OBLIGATIONS, SERIES 1993-3 RATED BY DUFF & PHELPS

 NEW YORK, July 30 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated the following classes of Collateralized Mortgage Obligations, Series 1993-3 issued by Bear Stearns Secured Investors Trust 1993-3:
 Class Amount Rate D&P Rating
 F-1 $304,000,000 1-Month LIBOR +2 percent AAA (Triple A)
 Class F-1 is entitled to monthly payments on the collateral (described below) less fees of the trust. The payments are allocated first to meet a sinking fund schedule, second to pay interest on the class, and then to pay down principal on the class. In the event that any Class F-1 interest is accrued but not paid on the respective payment date, such interest, together with interest on such interest, is scheduled to be paid once the principal amount of the class has been paid in full. Holders of the Trust Certificates, which represent the residual interest in the trust, may also terminate the trust on or after the earlier of January 25, 2006, and the date upon which the principal balance of Class F-1 falls below $76,000,000, in which case the Class F-1 bondholders must be paid their outstanding principal amount but not any accrued and unpaid interest.
 The rating of the bonds reflects D&P's opinion that the Class F-1 bondholders will receive at least $304,000,000 of payments by the class maturity date. The rating does not address either the right of bondholders to receive payments on the bonds in excess of an amount equal to the aggregate principal amount of the bonds or whether bondholders will suffer lower than anticipated yields. In addition, the ratings do not address whether the payments on the bonds will take the form of either principal or interest.
 The bonds are secured by collateral consisting of 23 different classes of REMIC and CMO securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Association (Freddie Mac) and various private issuers using federal agency mortgage-backed securities as collateral for their offerings. The securities generally consist of variations of principal only, interest only, and inverse floating rate securities. The bonds were issued pursuant to an indenture and indenture supplement, each dated as of July 30, 1993, between Bear Stearns Secured Investors Trust 1993-3, as issuer, and State Street Bank and Trust, as indenture trustee.
 The analysis for the ratings primarily focused on prepayments of the mortgage pools underlying the REMIC securities and the subsequent effect on bond cash flows.
 -0- 7/30/93
 /CONTACT: Henry W. Hayssen, 212-908-0209, or Andrew B. Jones, 212-908-0205, both of Duff & Phelps Credit Rating Co./
 (BSC)


CO: Bear Stearns Secured Investors Trust 1993-3 ST: IN: FIN SU: RTG

LG -- NY058 -- 7873 07/30/93 15:46 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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