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CHEMICAL MORTGAGE SECURITIES 1993-1 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 21 /PRNewswire/ -- Chemical Mortgage Securities, Inc.'s (CMSI) $175.1 million mortgage pass-through certificates, series 1993-1 classes A-1 through A-7 are rated `AAA' and the $6.6 million class M certificates are rated `AA' by Fitch.
 The `AAA' rating on the class A senior certificates reflect the credit enhancement provided by the subordination of the 3.5 percent class M certificates, 3.75 percent class B certificates, and a 2 percent spread account. Credit enhancement for the class M certificates is provided by the 3.75 percent class B certificates and the spread account. The spread account will be funded with monthly interest from the mortgages in excess of the aggregate interest accrued at the applicable pass-through rate and ongoing servicing fees. The credit enhancement amounts will be sufficient to cover credit losses as well as limited bankruptcy, fraud and special hazard losses. In addition, both ratings reflect the quality of the mortgage collateral and strength of the legal and financial structures.
 The issue is securitized by a mortgage pool consisting of recently originated, conventional, fully amortizing, 30-year fixed-rate mortgage loans secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates a weighted average original loan-to-value ratio (LTV) of approximately 72 percent. Loans originated under a reduced documentation program account for approximately 8.0 percent of the pool, cash-out refinance loans 17 percent, jumbo loans 45 percent (balances between $300,001--$600,000), and super jumbo loans 9 percent (balances between $600,001-$1,000,000). The pool is geographically diversified with approximately 16 percent in New York, 9 percent in Southern and 4 percent in Northern California, and 11 percent in New Jersey.
 CMSI, a special purpose corporation, deposited the loans in the trust , which issued the certificates. Chemical Mortgage Co. will act as master servicer for the pool. A real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 4/21/93
 /CONTACT: Joanne M. Scatassa, 212-908-0671 or Betty Tan, 212-908-0688, both of Fitch/


CO: Chemical Mortgage Securities, Inc. ST: IN: FIN SU: RTG

WB -- NY109 -- 8968 04/21/93 16:40 EDT
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Date:Apr 21, 1993
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