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CMC SECURITIES CORP. II $149.6 MILLION SERIES 1993-2A 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 3 /PRNewswire/ -- CMC Securities Corp. II $149.6 million REMIC multiclass pass-through certificates series 1993-2A are rated `AAA' by Fitch. The ratings reflect the high quality of the underlying collateral, adequate level of credit support, and the integrity of the legal and financial structures. The rating also reflects the servicing capabilities of Capstead Mortgage Corp., which will act as administrator of the mortgage loans.
 The certificates are collateralized by a pool of conventional, recently originated, fixed-rate, first lien, one- to four-family residential mortgage loans. The credit enhancement of the mortgage pool reflects the presence of cash-out refinance loans, limited documentation loans, and loans with balances greater than $300,000, which constitute 45 percent, 30 percent, and 6 percent, respectively, of the mortgage pool. However, the contribution of the 15-year collateral combined with 99 percent of the mortgage loans being secured by owner-occupied properties, should help mitigate the potential for defaults and losses. In addition, all loans with original loan-to-value ratios in excess of 80 percent are covered by primary mortgage insurance. The mortgaged properties are located primarily in northern California (16 percent), southern California (25 percent), and Virginia (12 percent).
 Credit loss coverage for the certificates will be provided by a 10 percent pool insurance policy issued by General Electric Mortgage Insurance Corp. The policy also contains a fraud waiver, which covers losses due to borrower fraud up to a specified amount as well as an advance claims endorsement, which provides that the insurer will advance delinquent payments in lieu of payments by the respective mortgagor or servicer advances. In addition, special hazard and borrower bankruptcy loss coverage for both series of bonds will be provided by a $2.5 million special hazard policy and $112,000 bankruptcy bond issued by Commerce and Industry Insurance Co.
 The certificates will be issued by CMC Securities Corp. II, a limited-purpose subsidiary wholly owned by CMF Mortgage Funding Corp. (CMF). The mortgage loans will be sold to CMF from CMC Investment Partnership, which purchased the mortgage loans from various sellers. For federal income tax purposes, a real estate mortgage investment conduit election will be made with respect to the trust fund.
 -0- 6/3/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or Alexander K. Zabik, 212-908-0634, both of Fitch/


CO: CMC Securities Corp. II ST: IN: FIN SU: RTG

CK -- NY067 -- 5020 06/03/93 13:12 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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