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CHEMICAL MTGE. SEC. 1993-2 MTGE PASS THRUS RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 8 /PRNewswire/ -- Chemical Mortgage Securities, Inc.'s (CMSI) $195.7 million mortgage pass-through certificates, series 1993-2 classes A-1 through A-11 are rated `AAA' by Fitch. The $5.7 million class M certificates are rated `AA'; $2.6 million class B-1 certificates are rated `A'; and $1.5 million class B-2 certificates are rated `BBB'.
 The `AAA' rating on the class A senior certificates reflects the credit enhancement provided by the subordination of the 2.75 percent class M certificates, 1.25 percent class B-1 certificates, 0.75 percent class B-2 certificates, and a 2 percent spread account. Credit enhancement for the class M certificates is provided by the 1.25 percent class B-1 certificates, 0.75 percent class B-2 certificates, and the spread account. The class B-1 certificates are supported by the 0.75 percent class B-2 certificates, and the spread account; while the class B-1 certificates are supplied `BBB' coverage by the 2.0 percent 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, the ratings reflect the quality of the mortgage collateral, integrity of the legal and financial structures, and master servicing capabilities of Chemical Mortgage Co.
 The issue is securitized by a mortgage pool consisting of recently originated, conventional, fully amortizing, 15-year fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates a relatively low weighted average original loan-to-value ratio (LTV) of 67.5 percent. Loans originated under a reduced documentation program account for approximately 15 percent of the pool, cash-out refinance loans 19 percent, jumbo loans 46 percent (balances between $300,001--$600,000), and super jumbo loans 14 percent (balances between $600,001-$1,000,000). The pool is geographically diversified with approximately 17 percent in New York, 10 percent and 5 percent in southern and northern California, respectively, and 15 percent in New Jersey.
 CMSI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. Two separate real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 7/8/93
 /CONTACT: Betty Tan, 212-908-0688, or Joanne M. Scatassa, 212-908-0671, both of Fitch/
 (CHL)


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

MP -- NY053 -- 9502 07/08/93 12:34 EDT
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Date:Jul 8, 1993
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