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CMC SECURITIES CORP. II CERTS. SERIES 1993-2D RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 3 /PRNewswire/ -- CMC Securities Corp. II's $175 million REMIC Multi-Class Pass-Through Certificates, Series 1993-2D are rated "AAA" by Fitch. The rating reflects the quality of the underlying collateral, the integrity of the legal and financial structures and the capabilities of Capstead Mortgage Corp. (CMC) as administrator. In addition, the rating reflects adequate credit loss coverage provided by a 6.5 percent General Electric Mortgage Insurance Corp. mortgage pool insurance policy and non-credit loss coverage provided by a Special Hazard and Bankruptcy Account initially sized at $975,466.
 Collateral for the bonds will be provided by a mortgage pool of 10 to 15-year fixed-rate, conventional, recently originated, first lien, one- to four-family residential real properties located in California (17 percent), Texas (16 percent) and various other states. The weighted average original loan-to-value ratio (LTV) of the mortgage pool is 67.6 percent; approximately 16.3 percent are cash-out refinance loans; 21.2 percent are limited documentation loans; and 49 percent have balances between $300,000 and $600,000.
 The bonds will be issued by CMC Securities Corp. II, a limited purpose finance subsidiary wholly owned by CMF Mortgage Funding Corp. The mortgage loans will be acquired by CMF Mortgage Funding Corp. from CMC Investment Partnership, which has acquired or will acquire such mortgage loans from various sellers. CMC will act as administrator of the mortgage loans. CMC will also service approximately 38 percent of the mortgage loans. The remaining loans will be serviced by Lomas Mortgage USA, Inc. (35 percent) and various other subservicers. For federal income tax purposes, a real estate mortgage investment conduit election will be made with respect to the bonds.
 -0- 9/3/93
 /CONTACT: Justin L. Ventura, 212-908-0675 or Michele J. Loesch, 212-908-0686, both of Fitch/


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

LG -- NY028 -- 8857 09/03/93 13:05 EDT
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Publication:PR Newswire
Date:Sep 3, 1993
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