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PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV, 1993-8 CLS A&R RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 24 /PRNewswire/ -- PaineWebber Mortgage Acceptance Corp. IV's (PWMAC) $199.3 million mortgage pass-through certificates, series 1993-8, classes A and R are rated 'AAA' by Fitch. In addition, the issuer's $17.5 million class M-1 certificates are rated 'AA' and $5.2 million class M-2 certificates 'A'.
 The 'AAA' rating on the class A and R certificates reflects the credit enhancement provided by the 7 percent subordinated class M-1, the 4.75 percent subordinated class M-2 and the 2.75 percent subordinated class B certificates. The 'AA' rating on the class M-1 certificates reflects the 4.75 percent subordinated class M-2 and the 2.75 percent class B certificates. The 'A' rating on the class M-2 certificates reflects the subordinated class B certificates. Fitch believes these levels are sufficient to cover credit losses including special hazard, fraud, and bankruptcy, initially limited to $3,535,734, $6,991,341, and $100,000. In addition, Fitch's ratings reflect the integrity of the legal and financial structure and the master servicing capabilities of Shearson Lehman Hutton Mortgage Corp. (servicing 80 percent of the mortgage loans) and Countrywide Funding Corp. (20 percent).
 The mortgage pool consists of conventional, adjustable-rate (indexed to six-month Libor), fully amortizing, 30-year mortgage loans secured by one- to four-family residential properties located primarily in California (85 percent, of which 36 percent is concentrated in the Los Angeles area and 18 percent in San Francisco). Interest rates on the mortgage loans, subject to 1 percent maximum increases on any adjustment date, adjust semiannually. Historically, adjustable-rate mortgage loans have experienced higher default rates than fixed-rate mortgage loans due to borrower payment shock during an increasing interest rate environment. Accordingly, Fitch assumed a higher default rate to determine appropriate credit enhancement levels.
 The weighted average original loan-to-value ratio for the mortgage pool is 75 percent. Approximately 4 percent of the pool is composed of condominiums, attached planned unit developments (PUDs), or townhomes, while 48 percent of the pool contains loans with balances greater than $300,000. The pool also includes approximately 8 percent alternative documentation loans and 10 percent cash-out refinance loans.
 The mortgage loans were originated by or on behalf of Shearson Lehman Hutton Mortgage Corp. (36 percent), Countrywide Funding Corp. (20 percent), North American Mortgage Co. (19 percent), First Franklin Financial Corp. (21 percent) and American Residential Mortgage Corp. (4 percent). The loans were acquired by PWMAC from an affiliate, PaineWebber Real Estate Securities, Inc., which in turn acquired the loans from the aforementioned seller. A real estate investment conduit election will be made with respect to the trust for federal income tax purposes.
 -0- 9/24/93
 /CONTACT: Suzanne L. Michaud, 212-908-0604, or Jill M. Guido, 212-908-0682, both of Fitch/
 (PMJ) CO: PaineWebber Acceptance Corporation ST: New York IN: FIN SU: RTG


TM -- NY072 -- 5562 09/24/93 16:51 EDT
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Date:Sep 24, 1993
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