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FBS MORTGAGE CORP. CERTIFICATES SERIES 1993-B RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 30 /PRNewswire/ -- FBS Mortgage Corp.'s (FBSMC) $97.4 million mortgage pass-through certificates, series 1993-B, classes A-1 through A-11, and A-R are rated "AAA" by Fitch. The rating reflects the high quality of the underlying collateral, strength of the legal and financial structures, and strong master servicing capabilities of FBSMC.
 The mortgage pool consists of conventional, fixed-rate, fully amortizing, one- to four-family, 30-year mortgage loans secured by first liens on residential properties located primarily in Southern California (19 percent), New York (12 percent), and Michigan (9 percent). Approximately 21 percent and 19 percent, respectively, of the pool contains reduced documentation and cash-out refinance loans. The weighted average original loan-to-value for the mortgage pool is 72 percent. In addition, 99 percent of the mortgage properties are owner occupied.
 Credit enhancement will be provided by a 7.5 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. (C&I).
 Class A-5, A-6 and A-7 are structured in a `super senior' format, whereby in the unlikely event that coverage under the mortgage pool policy is depleted, class A-8 (senior support) will absorb excess credit losses. However, Fitch believes the pool policy will provide "AAA" protection for the class M certificates against credit losses, regardless 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 (REMIC) election will be made with respect to the trust fund.
 -0- 4/30/93
 /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

TS -- NY018 -- 3068 04/30/93 09:28 EDT
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Date:Apr 30, 1993
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