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FUND AMERICA INVESTORS CORP. II 1993-E RATED 'AAA/A-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 30 /PRNewswire/ -- Fund America Investors Corp. II (FAIC II) adjustable-rate mortgage senior/subordinate pass-through certificates, series 1993-E $167.7 million class A and SIO certificates are rated "AAA" by Fitch. The $22.4 million class M certificates are rated "A-".
 The 15.75 percent credit support for the "AAA" class A and SIO senior certificates is reflected in the subordination of the 11.25 percent class M and 4.5 percent Class B certificates. Credit enhancement for the "A-" rated class M is provided by the 4.5 percent Class B certificates. Special hazard, borrower bankruptcy and fraud losses, up to each category's specified amounts, will be initially allocated to the most subordinate certificates. The ratings also reflect the integrity of the legal and financial structures, as well as the master servicing capabilities of Ryland Mortgage Co. Bankers Trust Co. of California, N.A., will act as trustee.
 The pool is comprised of 30-year adjustable-rate, first lien, one- to four-family residential mortgage loans. The 961 loans, indexed to the six-month London Interbank Offered Rate (LIBOR), are subject to minimum and maximum lifetime interest rate caps as well as periodic interest rate caps. The weighted average original loan-to-value ratio (LTV) is 74.4 percent. Limited documentation loans represent approximately 28.1 percent of the pool and cash-out refinance loans represent 40.3 percent. The mortgaged properties are located primarily in California (approximately 85 percent), of which 34.2 percent and 19.7 percent are in Los Angeles and San Francisco, respectively.
 FAIC II acquired the mortgage loans from Kidder Peabody Mortgage Capital Corp. (KPMCC). KPMCC acquired such loans from Saxon Mortgage Funding Corp., which in turn acquired such loans from approximately 62 mortgage banking institutions. FAIC II, a limited purpose finance company, conveyed the loans to the trust. For federal income tax purposes, two real estate mortgage investment conduit elections will be made.
 -0- 9/30/93
 /CONTACT: Betty Tan, 212-908-0688, or Jill M. Guido, 212-908-0682, both of Fitch/


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

TW -- NY090 -- 7407 09/30/93 15:13 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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