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FBS MORTGAGE CORP. CERTIFICATES SERIES 1992-B RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 FBS MORTGAGE CORP. CERTIFICATES SERIES 1992-B RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 6 /PRNewswire/ -- FBS Mortgage Corp.'s (FBSMC) $150.0 million mortgage pass-through certificates, series 1992-B are rated 'AAA' by Fitch. The rating reflects the high quality of the underlying collateral, an adequate level of credit support, and the strength of the master servicing capabilities of FBSMC. In addition, Fitch believes that the certificateholders are legally insulated from bankruptcy concerns.
 The certificates are collateralized by two separate mortgage pools, Pool A and Pool B, consisting of conventional, one- to four-family, fully amortizing, fixed rate, mortgage loans secured by first liens on primary residential properties. All mortgage loans in the pools were originated or acquired by FBSMC. Pool A mortgage loans (15-year) collateralize classes AA, AB and AC certificates and pool B mortgage loans (30-year) collateralize classes BA through BF, M and R certificates. Pool A and Pool B represent approximately 63 percent and 37 percent, respectively, of the total collateral. The weighted average loan-to-value ratio is 65.8 percent for Pool A and 69.9 percent for Pool B. Limited documentation loans represent 30.9 percent for Pool A and 26.5 percent for Pool B, while cash-out refinance loans represent 22.0 percent for Pool A and 17 percent for Pool B. Both pools are well diversified geographically, with the largest concentrations in California (20 percent and 27 percent, for Pool A and B, respectively) and Minnesota (18 percent and 16 percent, for Pool A and B, respectively).
 Credit enhancement will be provided by a 5.75 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp. (GEMICO). Fraud losses will initially be covered by a fraud waiver provided under the GEMICO mortgage pool policy. In addition, special hazard and bankruptcy losses will be initially covered by a special hazard insurance policy and a mortgagor bankruptcy bond issued by Commerce and Industry Insurance Co.
 The certificates are structured in a 'super senior' format, where in the unlikely event that coverage under the mortgage pool policy is depleted, the class M certificates will absorb excess credit losses. Fitch believes, however, that the pool policy will be able to provide adequate protection for the class M certificates against credit losses, irrespective of their loss position.
 FBSMC deposited the loans in the trust, which issued the certificates. For federal income tax purposes, a real estate mortgage investment conduit election will be made with respect to the trust fund.
 -0- 6/25/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Mary Sue Lundy, 212-908-0526, both of Fitch/ CO: FBS Mortgage Corp. ST: IN: FIN SU: RTG


PS -- NY061 -- 3884 06/25/92 15:05 EDT
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Publication:PR Newswire
Date:Jun 25, 1992
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