Printer Friendly

PAINEWEBBER MORTGAGE ACCEPTANCE CORP.'S IV SERIES 1993-5 CLASS A&R RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 29 /PRNewswire/ -- PaineWebber Mortgage Acceptance Corp. IV's (PWMAC) $192.0 million mortgage pass-though certificates, series 1993-5 classes A and R are rated 'AAA' by Fitch. The $3 million class M-1 certificates are rated 'AA' and the $3 million class M-2 'BBB'.
 The 'AAA' rating on classes A and R reflects the credit enhancement provided by the 1.50 percent subordinated class M-1 certificates, 1.50 percent subordinated class M-2 certificates and the 1.00 percent class B certificates, not offered. The 'AA' rating on class M-1 reflects credit support provided by 1.50 percent class M-2 and 1.00 percent class B. The 'BBB' rating on class M-2 reflects the credit support provided by 1.00 percent class B. Fitch believes these credit enhancement levels will be sufficient to cover credit losses including special hazard, fraud and bankruptcy, initially limited to $1,500,188, $2,000,251 and $100,000. In addition, Fitch's ratings reflect the integrity of the legal and financial structures and the master servicing capabilities of Countrywide Funding Corp.
 The mortgage pool consists of conventional, fixed-rate, fully amortizing 15-year mortgage loans secured primarily by one-to-four residential properties located predominately in Northern and Southern California (23% and 44 percent, respectively). The weighted average original loan-to-value ratio (LTV) for the mortgage pool is a low 64 percent, and only 4 percent of the loans have LTVs greater than 80 percent. Approximately 20 percent of the pool is composed of condominiums, attached planned unit developments, or townhomes, while 65 percent of the pool contains jumbo loans with balances greater than $300,000. The pool also includes approximately 5 percent limited documentation loans and 10 percent cash-out loans.
 The mortgage loans were originated by or on behalf of Countryside Funding Corp. The loans were acquired by PWMAC from PaineWebber Real Estate Securities, Inc., which in turn acquired the loans from the Countrywide. A real estate investment conduit election will be made with respect to the trust for federal income tax purposes.
 -0- 6/29/93
 /CONTACT: Suzanne L. Michaud, 212-908-0604, or Jill M. Guido, 212-908-0682, both of Fitch/
 (PWJ)


CO: PaineWebber Mortgage Acceptance Corp. IV ST: New York IN: FIN SU: RTG

SM -- NY091 -- 6922 06/29/93 17:48 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:Jun 29, 1993
Words:373
Previous Article:DUFF & PHELPS: CHASE MORTGAGE FINANCE CORPORATION $434,549,659 MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1993H
Next Article:JOHNSON & JOHNSON COMMENTS ON FDA ADVISORY PANEL RECOMMENDATION ON ACETAMINOPHEN AND ALCOHOL
Topics:


Related Articles
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S1 RATED 'AAA'/'AA' BY FITCH -- FITCH FINANCIAL WIRE --
CAPSTEAD SECURITIES IV $200 MILLION COLLATERALIZED MORTGAGE OBLIGATIONS SERIES 1992-VI 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
FITCH RATES PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATIONS IV, SERIES 1993-2 -- FITCH FINANCIAL WIRE --
PAINEWEBBER MORTGAGE ACCEPTANCE IV PASS-THROUGH CERTIFICATES, SERIES 1993-7 RATED BY FITCH -- FITCH FINANCIAL WIRE --
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV SERIES 1993-6 CLASSES A&R RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV, 1993-8 CLS A&R RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PAINEWEBBER MTGE ACCPT CORP IV 1993-9 CLS A&R 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PAINEWEBBER MORTGAGE ACCEPTANCE IV SERIES 1993-11 A&R 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PAINEWEBBER MORTGAGE PASS-THRU CERTIFICATES 1995-M2 RATED BY FITCH -- FITCH FINANCIAL WIRE --
PaineWebber MAC 1995-M2 $168M Pass-Thrus Affiremd by Fitch IBCA - Fitch IBCA Financial Wire -

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