Printer Friendly

HOUSING SECURITIES, INC. MORTGAGE CERTIFICATES 1992-D RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 HOUSING SECURITIES, INC. MORTGAGE CERTIFICATES 1992-D
 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, June 30 /PRNewswire/ -- Housing Securities, Inc.'s $156.8 million mortgage pass-through certificates, series 1992-D, classes D-1 through D-15 are rated 'AAA' and the $3.2 million class D-16 is rated 'AA' by Fitch.
 The 'AAA' rating on the classes D-1 through D-15 certificates reflects the credit and fraud loss protection provided by the subordinated class D-16 certificates as well as the 3.5 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp. (GEMICO). The 'AA' rating on the class D-16 certificates is based on the credit and fraud loss protection of the GEMICO pool policy. Special hazard loss coverage is provided by a $2.7 million Special Hazard Insurance Policy, issued by Aetna Casualty and Surety Co. In addition, a bankruptcy reserve fund will be available to cover bankruptcy losses. Fitch believes the credit enhancements, combined with the integrity of the legal and financial structures and the strength of the master servicer, Citibank, N.A., more than adequately support the ratings on the certificates.
 The certificates are collateralized by a pool of fully amortizing, 10- to 15-year, fixed rate, conventional mortgage loans secured by one- to four-family, residential properties located primarily in California. The pool has a very low weighted average original loan-to-value (LTV) ratio of approximately 63.8 percent; 13 percent of the loans are secured by condominiums, properties in planned unit developments or townhomes; 23 percent of the pool represents cash-out refinance loans; and 49 percent of the pool consists of jumbo loans (loans with balances between $300,001 - $600,000).
 All of the mortgage loans were acquired by Citibank, N.A., as seller, and will be sold to Housing Securities, Inc., a wholly owned special purpose subsidiary of Citicorp. Housing Securities, Inc., will deposit the mortgage loans to the trust which in turn will issue the certificates. Two real estate mortgage investment conduit elections will be made with respect to the trust fund for federal income tax purposes.
 -0- 6/30/92
 /CONTACT: Alexander K. Zabik, 212-908-0634, or Jill M. Guido, 212-908-0682, both of Fitch/ CO: Housing Securities, Inc. ST: IN: FIN SU: RTG


SM -- NY097 -- 5389 06/30/92 17:50 EDT
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:Jun 30, 1992
Words:376
Previous Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, TUESDAY, JUNE 30
Next Article:HOUSING SECURITIES, INC. MORTGAGE CERTIFICATES 1992-C RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --


Related Articles
PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-11 RATED 'AAA/AA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S16 RATED AAA/AA BY FITCH -- FITCH FINANCIAL WIRE --
PRUDENTIAL HOME MORTGAGE SECURITIES SERIES 1992-13 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
PRUDENTIAL HOME MORTGAGE CERTIFICATE 1992-17 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-18 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S19 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
BEAR STEARNS MORTGAGE CERTIFICATES 1992-3 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-21 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S2 4 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S28 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

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