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CALIFORNIA FEDERAL BANK MORTGAGE SERIES 1992 MW-1 CLASS A RATED 'AA' -- FITCH FINANCIAL WIRE --

CALIFORNIA FEDERAL BANK MORTGAGE SERIES 1992 MW-1 CLASS A RATED 'AA'
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 26 /PRNewswire/ -- California Federal Bank's $161.8 million mortgage pass-through certificates, Series 1992 MW-1, Class A, are rated "AA" by Fitch. The rating reflects the high quality of the underlying collateral as well as credit loss coverage provided by a 6 percent GEMICO mortgage pool insurance policy, a $100,000 reserve fund to cover losses from mortgagor bankruptcies, and a $3.8 million Aetna Casualty and Surety Co. special hazard insurance policy. Additionally, the rating reflects Fitch's confidence in the integrity of the legal and financial structure and the excellent servicing capabilities of the bank as servicer.
 The certificates are generally collateralized by a pool of conventional, 30-year, fully amortizing, first lien residential mortgage loans originated by the bank. The loans are semi-annual, adjustable rate mortgage loans indexed to the one-year Constant Maturity Treasury Index. The low weighted average loan-to-value ratio of approximately 69.8 percent suggests that the pool will experience a limited number of defaults. Approximately 78.5 percent of the pool consists of single- family detached properties, 19.9 percent are condominiums, planned unit developments, and townhouses, and 1.6 percent are two-to-four family units. Approximately 98.3 percent of the pool consists of owner-occupied primary residences, and at least 96.3 percent of the properties are located in California.
 A REMIC election will be made with respect to the trust for federal income tax purposes. CalFed will act as servicer for the pool, and given the very low loss and delinquency history on their residential mortgage loan portfolio, Fitch believes they will provide excellent servicing for this pool as well.
 -0- 6/26/92
 /CONTACT: Alexander K. Zabik of Fitch, 212-908-0634/ CO: California Federal Bank ST: California IN: FIN SU: RTG


TS -- NY009 -- 4116 06/26/92 09:43 EDT
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Date:Jun 26, 1992
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