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CHASE MORTGAGE FINANCE CORP. SERIES 1993L CLASSES A/M AAA/AA BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 1 /PRNewswire/ -- Chase Mortgage Finance Corp.'s multiclass mortgage pass-through certificates, series 1993L $441.8 million class A, are rated AAA by Fitch. The $5.7 million class M is rated AA. The ratings are based on the quality of the mortgage collateral, the adequate level of credit support, the integrity of the legal and financial structures, and the excellent master servicing capabilities of Chase Home Mortgage Corp. The 4.25 percent cross-collateralized credit support for the class A certificates is provided by the 1.25 percent subordinate class M certificates and 3.00 percent subordinate class B certificates, while credit support for class M is provided by the 3.00 percent subordinate unrated class B certificates.
 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 45.3 percent of the mortgage pool, consists of 10-year (6.7 percent) and 15-year (82 percent) mortgage loans as well as 10-year and 15-year balloon payment mortgage loans (11.3 percent). Mortgage Group Two, which constitutes 54.7 percent of the mortgage pool, consists of loans with original terms of 20 (5.6 percent) or 30 (94.4 percent) years.
 Approximately 30 percent of the combined pool is secured by properties located in California (17 percent Los Angeles, 6 percent San Francisco, and 7 percent the remaining areas of California), while the remaining loan properties are located primarily in the Northeast. Approximately 15 percent of the pool are cash-out/equity refinance loans, non-owner occupied and second vacation homes represent 5 percent; and 37 percent of the pool has balances greater than $600,000. The credit enhancement level reflects the low weighted average original loan-to-value ratio of 66.3 percent, the contribution of 15-year loans, and the conservative underwriting guidelines of Chase Manhattan Personal Financial Services (Chase Financial Services) and Chase Home Mortgage, which originated approximately 57.2 percent and 32.9 percent of the loans, respectively.
 Chase Mortgage Finance Corp. purchased the loans from Chase Home Mortgage, Chase Financial Services, and the Chase Manhattan Bank N.A. (the sellers) and subsequently assigned the loans to the trust. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 11/1/93
 /CONTACT: Michele J. Loesch of Fitch, 212-908-0686/


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

JS -- NY053 -- 9170 11/01/93 12:56 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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