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CHASE MORTGAGE FINANCE CORPORATION SERIES 1993O CLASSES A/M 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 29 /PRNewswire/ -- Chase Mortgage Finance Corp.'s multiclass mortgage pass-through certificates, series 1993O $189.5 million class A, are rated "AAA" by Fitch. The $2.9 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. (Chase Home Mortgage). The 3.75% credit support for the class A certificates is evidenced by the 1.50% class M certificates and the 2.25% class B certificates, while credit support for the class M certificates is evidenced by the 2.25% class B certificates.
 The mortgage pool consists of conventional, 15-year, fixed-rate, fully amortizing, one- to four-family mortgage loans secured by first liens on residential properties. The weighted average original loan-to-value ratio (LTV) for the mortgage pool is approximately 61%, and LTV's over 80% account for 0.82%. The pool contains approximately 1.5% limited documentation loans, 20% cash-out refinance loans, 40% jumbo loans (balances between $300,001-$600,000), 30% super- jumbo loans (balances between $600,001-$1,000,000), and 7.2% mega-jumbo loans (balances greater than $1,000,000).
 Approximately 31% of the pool is secured by properties located in California (19% Los Angeles, 5% San Francisco, 3% San Diego, and 4% other), while the remaining loan properties are located primarily in the Northeast and Texas. As indicated above, the credit enhancement level reflects the very low weighted average original loan-to-value of approximately 61%, and the conservative underwriting guidelines of Chase Manhattan Personal Financial Services (Chase Financial Services) and Chase Home Mortgage, which originated approximately 58% and 31% 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- 12/29/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or Brendan B. Lynch, 212-908-0662, both of Fitch/


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

MP-SP -- NY039 -- 7861 12/29/93 16:09 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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