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HOUSING SECURITIES, INC.'S MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1993-E RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 30 /PRNewswire/ -- Housing Securities, Inc.'s (HSI) $166 million mortgage pass-through certificates, series 1993-E class E certificates are rated 'AAA' by Fitch.
 The 'AAA' rating reflects credit loss protection provided by the subordination of the 3.5 percent class B certificates. Fitch believes the subordination amount will be adequate to cover mortgagor defaults as well as limited bankruptcy, fraud and special hazard losses. The rating also reflects the integrity of the legal and financial structures as well as the capabilities of the master servicer, Citibank, N.A.
 The mortgage collateral quality is high as demonstrated by the very low weighted average original loan-to-value (LTV) ratio of 63.4 percent and strong creditworthy borrowers generally associated with 15-year mortgage loans. Other features of the mortgage pool include limited documentation loans representing 11.5 percent; cash-out refinance loans accounting for 14.2 percent; and condos/attached planned unit developments consisting of 12.6 percent. Geographically, approximately 57 percent of the mortgaged properties are located in California, followed by 14.7 percent and 8.2 percent in New Jersey and Illinois, respectively.
 All of the mortgage loans were purchased by Citibank, N.A. or certain affiliates, as sellers, and sold to HSI, a wholly owned special purpose subsidiary of Citicorp. HSI, deposited the loans in the trust which issued the certificates. For federal income tax purposes, a real estate mortgage investment conduit election will be made with respect to the trust.
 -0- 9/30/93
 /CONTACT: Betty Tan, 212-908-0688, or Michele Loesch, 212-908-0682, both of Fitch/


CO: Housing Securities Inc.; Citicorp ST: New York IN: FIN SU: RTG

SM -- NY115 -- 7535 09/30/93 17:40 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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