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CALFED BANK MORTGAGE PASS-THRU SERIES 1993 JO-2 CLASS A 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 26 /PRNewswire/ -- California Federal Bank FSB's $87.5 million mortgage pass-through certificates, Series 1993 JO-2, Class A, are rated "AA" by Fitch.
 The rating reflects the quality of the underlying collateral, integrity of the legal and financial structures, and excellent servicing capabilities of CalFed (the bank) as servicer. Credit loss protection will be provided by a 6.5 percent PMI Mortgage Insurance Co. mortgage pool insurance policy. In addition, borrower bankruptcy and special hazard losses will be covered by a $150,000 reserve fund and an $1.8 million Aetna Casualty and Surety Co. special hazard insurance policy, respectively.
 The certificates are collateralized by a pool of recently originated, conventional, 30-year, fully amortizing first lien residential mortgage loans secured by properties located primarily in California. The mortgage loans are indexed to the one-year Constant Maturity Treasury Index. The interest rate on each loan is fixed for the first five years following the date of origination and adjusts semiannually thereafter. Approximately 27 percent of the pool is cash-out refinance loans, 21 percent limited documentation loans, and 50 percent have balances greater than $300,000. The pool's weighted average original loan-to-value ratio (LTV) is 66.8 percent and 92 percent is secured by primary residences.
 Principal and interest distributions are payable monthly on the 25th to Class A certificateholders. The Class A pass-through rate, initially 5.75 percent, will equal the weighted average of the net mortgage rates on each of the mortgage loans.
 All mortgage loans were originated by CalFed, which will also act as servicer. Fitch believes that the bank will provide excellent servicing of the mortgage loans. The Class A certificates are initially being retained by the bank but may be offered from time to time to the public in negotiated transactions. A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 4/26/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or Alexander K. Zabik, 212-908-0634, both of Fitch/
 (CAL)


CO: California Federal Bank FSB ST: California IN: FIN SU: RTG

GK -- NY094 -- 0778 04/26/93 14:00 EDT
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Date:Apr 26, 1993
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