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FBMSC CONDUIT MTGE PASS-THRU CTFS. SER 1993-2 RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 2 /PRNewswire/ -- First Boston Mortgage Securities Corp. Conduit Mortgage Pass-Through Certificates, Series 1993-2 $246.5 million classes A-1, A-2, A-3, and A-4 certificates are rated 'AAA', $23.9 million subordinated class M certificates are rated 'AA', $15.9 million subordinated class B-1 certificates are rated 'A', and $10.4 million subordinated class B-2 certificates are rated 'BBB' by Fitch.
 The 'AAA' rating on the class A-1, A-2, A-3, and A-4 certificates primarily reflects the credit enhancement provided by the 7.5 percent subordinated class M, 5.0 percent subordinated class B-1, 3.3 percent subordinated class B-2 and 7.0 percent subordinated class B-3 certificates (unrated). The 'AA' rating on the class M certificates reflects the credit enhancement provided by the subordinated class M, B- 1, B-2, and B-3 certificates. The 'A' rating on the class B-1 certificate reflects the credit support provided by the subordinated class B-2 and B-3 certificates. The 'BBB' rating on the class B-2 certificates reflects the credit coverage provided by the subordinated class B-3 certificates. Special hazard, mortgagor fraud and bankruptcy losses will be covered initially by the subordinated class B certificates, to a limited extent, and then by the subordinated class M certificates. The ratings also reflect the integrity of the financial and legal structure, as well as the capabilities of the servicer, Bank United of Texas FSB. (United).
 The pool is comprised of fixed rate, level payment mortgage loans secured by first mortgages or deeds of trust on one- to four-family residential properties. The 7420 mortgage loans have a weighted average original loan-to-value ratio (LTV) of approximately 89 percent; 70 percent of the pool consists of mortgage loans with original LTVs greater than 80 percent; and 78 percent of the properties are located in Texas. Approximately 1 percent of the pool was between 30 and 59 days delinquent and 0.4 percent was between 60 and 89 days delinquent. The mortgage loans were seasoned on average 8 years.
 United acquired approximately 41.9 percent of the mortgage loans through an assignment by United Savings of Texas (USAT). These loans were acquired as part of United's incorporation in December 1988, whereupon, United acquired all of the deposit liabilities, selected assets and other liabilities of USAT in a Federal Savings and Loan Insurance Corporation (FSLIC) assisted transaction. Approximately 55 percent of the mortgage loans were acquired by United in transactions involving the transfer of assets of failed institutions from the Resolution Trust Corp. In addition, approximately 3.1 percent of the mortgage loans were originated by United.
 The class A and M certificates will constitute mortgage related securities for purposes of the Secondary Mortgage Market Enhancement Act of 1984 (SMMEA). An election will be made to treat certain assets of the trust as a real estate mortgage investment conduit for federal income tax purposes.
 -0- 4/2/93
 /CONTACT: Jill M. Guido, 212-908-0682, or Mary Sue Lundy, 212-908-0526, both of Fitch/


CO: First Boston Mortgage Securities Corp. ST: IN: FIN SU: RTG

TM -- NY068 -- 2658 04/02/93 16:34 EST
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Date:Apr 2, 1993
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