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CHEMICAL MTGE. SEC. 1993-3 PASS-THRUS 'AAA/AA/A/BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 4 /PRNewswire/ -- Chemical Mortgage Securities, Inc.'s (CMSI) $189.8 million mortgage pass-through certificates, series 1993-3 class A are rated "AAA" by Fitch. In addition, the $6.2 million class M certificates are rated "AA," $4.1 million class B-1 certificates "A," and $2.6 million class B-2 certificates "BBB."
 The "AAA" rating on the class A senior certificates reflects the credit enhancement provided by the subordination of the 3.0 percent class M, 2.0 percent class B-1, 1.25 percent class B-2, and 1.5 percent class B-3 through B-5. Credit enhancement for the class M certificates is provided by the 2.0 percent class B-1, 1.25 percent class B-2, and 1.5 percent class B-3 through B-5. The class B-1 certificates are supported by the 1.25 percent class B-2, and 1.5 percent class B-3 through B-5, while the class B-2 certificates are supplied "BBB" coverage by the 1.5 percent class B-3 through B-5. The credit enhancement provided for each of the classes 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 structure, and master servicing capabilities of Chemical Mortgage Co.
 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 of approximately 71 percent. Loans originated under a reduced documentation program account for approximately 8 percent of the pool, cash-out refinance loans 15 percent, jumbo loans 43 percent (balances between $300,001-$600,000), and super jumbo loans 10 percent (balances between $600,001-$1,000,000). The pool is geographically diversified with the largest concentrations located in California (27 percent), New Jersey (12 percent), New York (11 percent), and Florida (5 percent).
 CMSI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 8/4/93
 /CONTACT: Joanne M. Scatassa, 212-908-0671 or Betty Tan, 212-908-0688, of Fitch/


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

13:29 -- NY064 -- 9427 08/04/93 13:46 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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