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FBS MORTGAGE CERTIFICATES SERIES 1993-F CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 1 /PRNewswire/ -- FBS Mortgage Corp.'s (FBSMC) $116.2 million mortgage pass-through certificates, series 1993-F, class A are rated 'AAA' by Fitch. The rating is based on the credit enhancement provided by the 6.75 percent subordinated class B certificates. This level of subordination is deemed sufficient to cover credit losses, including limited special hazard, fraud, and limited bankruptcy losses. In addition, the rating reflects the high quality of the underlying collateral, the integrity of the legal and financial structures, and strong master servicing capabilities of FBSMC.
 The mortgage pool consists of conventional, 30-year, fixed-rate, fully amortizing, one- to four-family mortgage loans secured by first liens on residential properties. The weighted average original loan-to- value ratio (LTV) for the mortgage pool is approximately 73 percent, and LTVs over 80 percent account for 14 percent. The pool contains approximately 9 percent alternative documentation loans, 8 percent cash- out refinance loans, 38 percent jumbo loans (balances between $300,000- $600,000) and 4 percent super jumbo loans (balances between $600,001- $1,000,000). In addition, 99 percent of the properties are owner occupied. The pool is well diversified geographically, with approximately 13 percent in Michigan, 11 percent in Minnesota, 10 percent in California and 10 percent in New York.
 FBSMC deposited the loans into the trust, which issued the certificates. For federal income tax purposes, one real estate mortgage investment conduit election will be made with respect to the trust fund.
 -0- 11/1/93
 /CONTACT: Suzanne L. Michaud, 212-908-0604, or Joanne M. Scatassa, 212-908-0671/


CO: FBS Mortgage Corp. ST: IN: FIN SU: RTG

PS -- NY054 -- 9174 11/01/93 13:00 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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