Printer Friendly

FUND AMERICA INVESTORS CORP. II $75 MILLION SERIES 1993-B 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 1 /PRNewswire/ -- Fund America Investors Corp. II, Adjustable Rate Mortgage Senior/Subordinate Pass-Through Certificates, series 1993-B $75,145,000 class A is rated 'AA' by Fitch. The $2.3 million class B-1 is rated 'A'.
 The 'AA' rating on the class A certificates reflects the credit enhancement provided by the 2.75 percent class B-1, 5 percent class B-2, and 1 percent class B-3. The 'A' rating on class B-1 reflects the credit enhancement provided by the 5 percent class B-2 and 1 percent class B-3. Special hazard, borrower bankruptcy, and fraud loss protection will be provided by class B up to specified limits. The ratings also reflect the integrity of the legal and financial structures, as well as the servicing capabilities of Citibank, N.A., as primary servicer of the mortgage loans.
 The pool is comprised of adjustable-rate, first lien, one- to four- family residential mortgage loans having maturities of approximately 30 years. The 591 loans, indexed to a rate based on the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year, adjust annually and are subject to periodic and lifetime interest rate caps. The weighted average original loan-to-value ratio (LTV) of the mortgage loans is 74.5 percent; 21.5 percent of the mortgage pool has LTVs greater than 80 percent; 26 percent, 23 percent, and 9 percent, respectively, of the properties are located in California, Florida, and New York. As of the cutoff date, approximately 1.82 percent of the pool was between 30 and 59 days delinquent and no mortgage loans were delinquent more than 60 days.
 Prudential Securities Realty Funding Corp. II acquired 93.95 percent of the mortgage loans from Sun Life Insurance Co. of America, which acquired such mortgage loans from Citibank. Approximately 37.39 percent of the Citibank mortgage loans were acquired by Citibank, directly or indirectly, from the Resolution Trust Corp. or the Federal Deposit Insurance Corp. The remaining mortgage loans were acquired by Prudential from Countrywide Funding Corp. and Arbor National Mortgage, Inc. Citibank will act as servicer for approximately 99.29 percent of the mortgage loans, including those acquired from Citibank through Sunlife, and the mortgage loans acquired from Countrywide. Arbor will service the remaining mortgage loans.
 All of the mortgage loans were sold by Prudential to Fund America Investors Corp. (FAIC) II., which subsequently conveyed the loans to the trust. Counsel has opined that the sale of the mortgage loans from Prudential to FAIC II is a "true sale". A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 7/1/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or Jill Guido, 212-908-0682, both of Fitch/


CO: Fund America Investors Corp. II ST: IN: FIN SU: RTG

LD -- NY099 -- 7928 07/01/93 16:51 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 1, 1993
Words:478
Previous Article:L.L. BEAN ANNOUNCES SECOND JAPAN STORE OPENING
Next Article:MBI SUED BY COMPETITOR OVER ORAL AGENT
Topics:


Related Articles
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S1 RATED 'AAA'/'AA' BY FITCH -- FITCH FINANCIAL WIRE --
PAINEWEBBER MORTGAGE ACCEPTANCE CORP.'S IV SERIES 1993-5 CLASS A&R RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
FUND AMERICA INVESTORS CORP. II 1993-C CLASS F-1 & B 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
HOUSEHOLD AFFINITY CREDIT CARD MASTER TRUST I, 1993-1 'AAA/AA-' BY FITCH -- FITCH FINANCIAL WIRE --
FUND AMERICA INVESTORS CORP. II 1993-E RATED 'AAA/A-' BY FITCH -- FITCH FINANCIAL WIRE --
FUND AMERICA INVESTORS CORP. II CMOS 1993-G CLASS F & B 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
FUND AMERICA INVESTORS CORP. II 1993-J CLASS A, R, SIO RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
FUND AMERICA INVESTORS CORP. II 1994-B RATINGS WITHDRAWN BY FITCH -- FITCH FINANCIAL WIRE --
Resolution Trust Corp. $16.4 Million Mortgage Pass-Thrus Placed on FitchAlert -- FITCH FINANCIAL WIRE --
Fitch Upgrades Premier Auto Trust $368.7M Sub ABS To 'AAA' - Fitch Financial Wire -

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