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Bear Stearns Mtge. Securities 1993-1 Rated 'AAA/AA' By Fitch -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 1 /PRNewswire/ -- Bear Stearns Mortgage Securities Inc.'s (BSMSI) $193.3 million mortgage pass-through certificates, series 1993-1 class A and X certificates are rated AAA' by Fitch. The $6 million class M and the $1.0 million class SH certificates are rated AA'.
 The AAA' rating reflects credit enhancement provided by the 3.0 period subordinated class M and a 4.5 period General Electric Mortgage Insurance Corp. (GEMICO) mortgage insurance pool policy. The AA' rating for class M is supported by the 4.5 period GEMICO pool policy, and in turn, the AA' rating for the class SH (special hazard) certificates reflects the first loss protection provided by a $1.0 million special hazard insurance policy issued by Commerce and Industry Insurance Co. (C&I). Special hazard losses will initially be covered by the C&I policy until exhausted, and then by the class SH certificates. Fraud losses, up to a specified amount, initially will be covered by a fraud waiver provided by the GEMICO pool policy and bankruptcy losses will be initially covered to the extent of $149,562 Bankruptcy Reserve Account. The ratings also reflect the strength of the legal and financial structures and the master servicing capabilities of Bear Stearns Mortgage Capital Corp. (BSMCC).
 The pool consists of 722 recently originated, conventional, fully amortizing, 25- and 30-year fixed rate mortgage loans, secured by first liens on one-to-four family residential properties located primarily in California (73 percent). The weighted average original loan-to-value ratio is approximately 71 percent. In addition, the mortgage pool is composed of 24 percent equity refinance loans, 19 percent limited documentation loans, and all but four properties are owner-occupied primary residences.
 The class A certificates are structured in a 'super senior' format, consisting of first and second tier certificates. Both tiers 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. However, Fitch believes the credit enhancement provided by the subordination of the class M and the GEMICO pool policy offers AAA' level protection to the second tier certificates regardless of their loss position.
 BSMSI purchased the loans from BSMCC and deposited the loans in the trust, which issued the certificates. For federal income tax purposes, a real estate mortgage investment conduit election will be made with respect to the trust fund.
 -0- 2/1/93
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Mary Sue Lundy, 212-908-0526, both of Fitch/


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

TM -- NY099 -- 6645 02/01/93 16:14 EST
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Date:Feb 1, 1993
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