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CHASE MORTGAGE FINANCE CORP. SERIES 1993H CLASS A "AAA" BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 7 /PRNewswire/ -- Chase Mortgage Finance Corp.'s multi-class mortgage pass-through certificates, series 1993H $426.7 million class A, are rated "AAA" by Fitch. The $7.8 million class M is rated "AA". The ratings are based on the quality of the mortgage collateral, the credit support, the integrity of the legal and financial structures and the excellent master servicing capabilities of Chase Home Mortgage Corp. The 4.50 percent cross-collateralized credit support for the class A certificates is provided by subordinate class M and B certificates, while the 2.75 percent credit support for the class M certificates is provided by the subordinate class B certificates (not offered).
 The class A certificates (class IA and class IIA) are collateralized by two separate groups of recently originated, fixed-rate, one- to four- family residential mortgage loans. The characteristics of each group were analyzed separately and then combined to determine the credit enhancement necessary for the "AAA" level. Mortgage Group One, which constitutes approximately 40 percent of the mortgage pool, consists of 10-year (5 percent) and 15-year (84 percent) mortgage loans as well as 15-year balloon payment mortgage loans (11 percent). Mortgage Group Two, which constitutes 60 percent of the mortgage pool, consists primarily of loans with original terms of 25 years (3 percent) or 30 years (97 percent).
 Approximately 40 percent of the combined pool is secured by properties located in California, while most of the remaining properties are located in the Northeast. Approximately 16 percent, 5 percent and 9 percent of the combined pool consists of cash-out refinance loans, non- owner occupied properties and properties which are condominiums, planned unit developments or shares issued by co-operative housing corporations, respectively. The credit enhancement level reflects the credit quality of the 15-year mortgage loans as well as the low overall weighted average original loan-to-value ratio of 65 percent.
 The mortgage loans were originated primarily by Chase Manhattan Personal Financial Services (47 percent) and Chase Home Mortgage Corp. (41 percent). Chase Mortgage Finance Corp. purchased the loans from the sellers and subsequently assigned the loans to the trust. Two real estate mortgage investment conduit elections will be made for federal income tax purposes.
 -0- 7/7/93
 /CONTACT: Michele J. Loesch of Fitch Financial Wire, 212-908-0686/
 (CMB)


CO: Chase Mortgage Finance Corp. ST: New York IN: FIN SU: RTG

MG -- NY035 -- 9051 07/07/93 11:46 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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