Printer Friendly

DUFF & PHELPS RATES CHASE MORTGAGE FINANCE CORPORATION, $378,735,175 MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1993J

 NEW YORK, Aug. 26 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated the publicly offered senior and mezzanine mortgage pass- through certificates issued by Chase Mortgage Finance Corporation. The ratings on the eighteen classes of certificates range from 'AAA' to 'AA+', as follows:
 Class Amount Rate D&P Rating
 IA-1 $47,159,000 6.625 (pct.) AAA (Triple A)
 IA-2 $26,503,000 6.625 (pct.) AAA (Triple A)
 IA-3 $19,487,000 6.625 (pct.) AAA (Triple A)
 IA-4 $10,085,000 6.625 (pct.) AAA (Triple A)
 IA-5 $38,575,000 6.625 (pct.) AAA (Triple A)
 IIA-1 $14,637,000 6.000 (pct.) AAA (Triple A)
 IIA-2 $4,879,000 6.000 (pct.) AAA (Triple A)
 IIA-3 $39,032,000 7.000 (pct.) AAA (Triple A)
 IIA-4 $35,187,000 6.5978 (pct.) AAA (Triple A)
 IIA-5 $19,272,000 10.000 (pct.) AAA (Triple A)
 IIA-6 $14,198,000 6.000 (pct.) AAA (Triple A)
 IIA-7 $32,202,000 7.000 (pct.) AAA (Triple A)
 IIA-8 $28,728,000 7.000 (pct.) AAA (Triple A)
 IIA-9 $9,953,000 6.000 (pct.) AAA (Triple A)
 IIA-10 $2,732,000 7.000 (pct.) AAA (Triple A)
 IIA-11 $20,491,923 4.4375 (pct.) initially AAA (Triple A)
 IIA-12 $8,782,252 12.979 (pct.) initially AAA (Triple A)
 M $6,832,000 6.857 (pct.) initially AA+(Double A Plus)
 The rating on Class M reflects the 3.00 percent subordination provided by Class B, which is not publicly offered, and the ratings on the other classes reflect the subordination of both Class M and Class B which total 4.75 percent. The mortgage pool will be divided into two groups, Mortgage Group One and Mortgage Group Two. Mortgage Group One will consist primarily of mortgage loans with original terms of between ten and fifteen years as well as balloon loans. Mortgage Group Two will consist of mortgage loans with original terms of approximately thirty years. Distributions on the Class IA Certificates will be made generally from payments received on the mortgage loans in Mortgage Group One. Distributions on the Class IIA Certificates will be made generally from payments received on the mortgage loans in Mortgage Group Two. Distributions on Class M will be made from payments received on mortgage loans in both groups. All classes, except classes IIA-11, IIA-12 and M, pay interest at a fixed rate. Class IIA-11 will pay interest at floating per annum rate equal to the lesser of 1.25 percent plus LIBOR and 10.00 percent. Class IIA-12 will pay interest at a floating per annum rate equal to greater of a) approximately 20.4167 percent minus the product of 2.333 and LIBOR and b) 0.00 percent. Class M will pay interest at the weighted average of 6.625 percent per annum on the outstanding principal balance of the Class M component of Mortgage Group One (initially 1.75 percent) and 7.00 percent per annum on the outstanding principal balance of the Class M component of Mortgage Group Two (initially 1.75 percent). 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 as of August 1, 1993, among Chase Mortgage Finance Corporation, as Seller, Chase Home Mortgage Corporation, as Master Servicer, and Citibank, N.A., as Trustee. The certificates represent ownership interests in a pool of fixed-rate first-lien residential mortgage loans originated by or for Chase Manhattan Personal Financial Services, Inc., Chase Home Mortgage Corporation, The Chase Manhattan Bank, N.A., Chase Manhattan Financial Center, Inc. and Chase Bank of Maryland. The mortgage loans are located in 27 different states, with 38 percent in California, 12 percent in New York, 9 percent in New Jersey, 6 percent in Texas and 5 percent in Pennsylvania.
 -0- 8/26/93 R
 /CONTACT: Jennifer E. Schneider, 212-908-0207, or Andrew B. Jones, 212-908-0205, both of Duff & Phelps Credit Rating Co./


CO: Chase Mortgage Finance Corporation ST: New York IN: FIN SU: RTG

TM -- NY075 -- 6496 08/27/93 09:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 27, 1993
Words:694
Previous Article:APPEALS COURT CONFIRMS KHAN ENGAGED IN INSIDER TRADING ICN TO IMMEDIATELY SEEK ANOTHER INJUNCTION
Next Article:TENNECO GAS COMMENTS ON STATE APPEALS COURT RULING
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters