Printer Friendly

FLEET MORTGAGE SECURITIES $98.9 MILLION SERIES 1992-4 CERTIFICATES 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 25 ~PRNewswire~ -- Fleet Mortgage Securities, Inc.'s (FMSI) $98.9 million REMIC cash flow certificates, series 1992-4 are rated 'AAA' by Fitch. The rating reflects credit and fraud loss protection provided to the certificates by a 7.0 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp. (GEMICO). The mortgage loans will also be covered by a $1.5 million special hazard insurance policy issued by Aetna Casualty and Surety Co. and a $100,000 bankruptcy reserve fund. Fitch's rating further reflects the sound legal and financial structures, Fleet Real Estate Funding Corp's master servicing capabilities, and quality of the underlying mortgage collateral.
 The certificates are secured by conventional 15- and 30-year, fixed rate, one- to four-family residential mortgage loans secured by properties located primarily in New York (18.2 percent), and California (15.5 percent). All of the mortgage loans are secured by owner occupied properties with 1.3 percent representing condominiums, attached planned unit developments (PUDs), or townhouses. The weighted ave?age original loan-to-v?lue ratio (LTV) is 7.4 percent; cash-oUp refinance loans t~tal 13.4 percent of $he pool; and limited?documentation loans 1?.1 percent. Approx?maaely, 38.2 percent O' the pool consists ?F jumbo mortgage l?'ns (balances $3?0,001-$600,000) and 3.5 percent of the pool, super jumbo mortgage loans (balances $600,001-$1,000,000).
 The class M certificates act as a senior support class to the priority certificates (classes A, B, C, D, E, IO, and PO). In the event the mortgage pool insurance policy is reduced to zero, the class M certificates will absorb credit losses before such losses are distributed to the priority certificates. Fitch believes, however, that the pool policy offers 'AAA' level protection to the class M certificates, regardless of its loss position.
 The loans were acquired by the seller, FMSI from Fleet Real Estate Funding Corp., Fleet Mortgage Corp., and Fleet National Bank. FMSI, a special purpose corporation, sold the loans to the trust which issued the certificates. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 11~25~92
 ~CONTACT: Jill M. Guido, 212-908-0682, or Betty Tan, 212-908-0688, both of Fitch~


CO: Fleet Mortgage Securities, Inc. ST: IN: SU: RTG

KD -- NY044 -- 1563 11~25~92 14:25 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 25, 1992
Words:392
Previous Article:GO-VIDEO ASKS FOR FEDERAL INVESTIGATION OF TESTIMONY GIVEN BY SONY OFFICIALS
Next Article:INSTEEL INDUSTRIES TO CALL DEBENTURES


Related Articles
FLEET MORTGAGE REMIC CASH FLOW CERTIFICATES SERIES 1991-3 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
FLEET MORTGAGE SECURITIES $123.4 MILLION SERIES 1992-1 CERTIFICATES 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
FLEET MORTGAGE SECURITIES $96.4 MILLION SERIES 1992-2 CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-26 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
FLEET MORTGAGE SECURITIES $109.9 MILLION SERIES 1992-3 CERTIFICATES 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
SEARS MTGE. SEC. CORP. SERIES 1992-17 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PMI-INSURED 'AAA' MORTGAGE ISSUES PLACED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
PMI-INSURED "SUPER-SENIOR" MORTGAGE DEBT AFFIRMED, OFF FITCHALERT -- FITCH FINANCIAL WIRE --
PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-34 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S33 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters