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DUFF & PHELPS: HOUSING SECURITIES, INC. $121,201,489.76 MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1993-C

 NEW YORK, May 26 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated the publicly offered senior and mezzanine mortgage pass-through certificates issued by Housing Securities, Inc. Each of the four classes of certificates are rated 'AAA'.
 Class Amount Rate Percent D&P Rating
 C-1 $104,815,813.95 7.00 AAA (Triple A)
 C-2 $13,568,512.54 10.00 AAA (Triple A)
 C-3 $401,953.48 0.00 AAA (Triple A)
 C-4 $2,424,209.79 7.00 AAA (Triple A)
 These ratings reflect credit enhancement including a 4 percent Mortgage Pool Insurance Policy provided by General Electric Mortgage Insurance Corporation, a special hazard insurance policy provided by Aetna Casualty and Surety Company, and a $100,000 reserve fund for bankruptcy losses. Additionally, in the event the pool insurance policy is depleted, Classes C-1, C-2 and C-3 are supported by the subordination of Class C-4. The Class C-3 is a principal only strip off of a portion of the mortgage loans in the pool. D&P's ratings do not address the effect on the certificates' yield attributable to prepayments or recoveries on the underlying mortgage loans.
 The certificates were issued pursuant to a Pooling and Servicing Agreement dated May 1, 1993, among Housing Securities, Inc., as sponsor, Citibank, N.A. (Citibank), as master servicer and REMIC Servicer, Citibank and Citicorp Securities Funding, Inc., as sellers, and State Street Bank and Trust Company, as trustee. The certificates represent ownership interests in a pool of 15-year fixed-rate, first-lien residential mortgage loans originated by approximately 20 different institutions. All of the mortgage loans were purchased by Citibank or Citicorp Securities Funding, Inc., and sold to Housing Securities, Inc. The mortgage loans are located in 33 different states, with 49 percent in California, 9 percent in New York, 4 percent in Pennsylvania, and 4 percent in Massachusetts.
 The loans will be serviced by multiple servicers, with Citibank acting as Master Servicer. Citibank is a wholly owned subsidiary of Citicorp, a Delaware corporation, the principal office of which is located in New York. Citibank is a commercial bank offering a wide range of banking and trust services. As of March 31, 1993, Citibank, together with its subsidiaries, had total assets of approximately $162.0 billion, total deposits of approximately $119.9 billion, total net loans of approximately $102.3 billion and total stockholder equity of approximately $9.6 billion. As of March 31, 1993, Citibank master serviced over 30,000 loans totaling more than $5.7 billion in aggregate outstanding balances.
 -0- 5/26/93
 /CONTACTS: Jennifer E. Schneider, or Andrew B. Jones, 212-908-0207, or 212-908-0205, both of Duff & Phelps Credit Rating Co./


CO: Housing Securities, Inc. ST: IN: FIN SU: RTG

LD -- NY073 -- 2631 05/26/93 16:57 EDT
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Date:May 26, 1993
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