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FIRST BOSTON MORTGAGE $174.6 MILLION SERIES 1992-1 CERTIFICATES 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 FIRST BOSTON MORTGAGE $174.6 MILLION SERIES 1992-1
 CERTIFICATES 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 30 /PRNewswire/ -- First Boston Mortgage Securities Corp.'s $174,563,839 conduit pass-through certificates, series 1992-1, class 1-R, class 1-A through class 1-H, and class 1-M certificates are rated 'AAA' by Fitch. The rating reflects the credit enhancement provided by an 8.5 percent pool insurance policy issued by General Electric Mortgage Insurance Corp. (GEMICO), a special hazard insurance policy and bankruptcy bond issued by Commerce and Industry Insurance Co. (C&I), and subordination of the class 1-M certificates. Fitch believes the more than sufficient loss coverage provided by these sources and the solid legal and financial structure support the 'AAA' rating.
 The mortgage pool consists of approximately 590 30-year conventional, fixed-rate mortgage loans primarily secured by first liens on one-to-four family residential properties. The properties are predominantly located in California (62.3 percent), New Jersey (8.1 percent), and Connecticut (4.1 percent). The market value decline of the California properties should be relatively low due to the strength and diversity of the state's economy. The low weighted average loan-to- value ratio (LTV) of approximately 71 percent, in conjunction with the high percentage (99.7 percent) of the loans being secured by owner- occupied properties, also mitigates the potential for defaults and losses.
 The loans were originated by Countrywide, a wholly owned subsidiary of Countrywide Credit Industries, Inc., Norwest, a wholly owned subsidiary of Norwest Corp. and PHH, which is wholly owned by PHH Corp. Each originator will act as servicer for their mortgage loans.
 The loans were purchased by First Boston Mortgage Securities Corp. from an affiliate and were deposited to the trust in exchange for the certificates. The transaction is structured as a "super senior" whereby the class 1-M certificates are subordinated to the class 1-R and 1-A through 1-H certificates (the "priority certificates"). A REMIC election will be made with respect to the trust for federal income tax purposes.
 -0- 1/30/92
 /CONTACT: Alexander K. Zabik, 212-908-0500 or Louis A. Colosimo, 212-908-0567, both of Fitch/ CO: First Boston Mortgage Securities Corp. ST: IN: FIN SU: RTG


SM -- NY122 -- 5492 01/30/92 17:11 EST
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Publication:PR Newswire
Date:Jan 30, 1992
Words:368
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