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PMI-INSURED "SUPER-SENIOR" MORTGAGE DEBT AFFIRMED, OFF FITCHALERT -- FITCH FINANCIAL WIRE --

 PMI-INSURED "SUPER-SENIOR" MORTGAGE DEBT AFFIRMED, OFF FITCHALERT
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 15 /PRNewswire/ -- Fitch affirms "super-senior" tranches of mortgage pass-through issues with PMI Mortgage Insurance Co. pool insurance policies that were placed on FitchAlert with negative implications on Oct. 12.
 Affected transactions are structured in a "super-senior" format whereby support-senior certificates provide additional credit enhancement to super-senior certificates. Both were rated 'AAA' because the pool policy offers 'AAA' level protection, regardless of the support-senior's loss position.
 If PMI is downgraded to 'AA', for example, Fitch believes that only the support-senior certificates, on a case-by-case basis, would be downgraded to 'AA'. Since the 'AA' rated corporate claims-paying ability of PMI would be comparable to the credit enhancement necessary to achieve a 'AA' rating on the mortgage certificates, Fitch would expect PMI to cover at least 'AA' losses on the mortgage pool. Therefore, if the 'AA' loss coverage for the mortgage pool plus the support-senior certificates is at least equal to the initial 'AAA' credit enhancement level, the super-senior certificates would remain 'AAA' rated.
 The following 'AAA' rated tranches are affirmed and removed from FitchAlert: Capstead Securities Corp. IV's $180 million Collateralized Mortgage Obligations Series 1992-XIII, Classes XIII-A through XIII-H; Capstead Securities Corp. IV's $200.1 million Series 1992-XIV and $150 million 1992-XV (whereby PMI pool policies provide credit enhancement to the 'AA' level and additional cash reserves are available to provide 'AAA' level protection); SMSC's $56.5 million Multiclass Mortgage Pass- Through Certificates, Series 1992-14, class F-1; and SMSC's $123.6 million Adjustable-Rate Mortgage Pass-Through Certificates, Series 1992-17, class A.
 Issues remaining on FitchAlert negative are: Capstead Securities Corp. IV's $20 million Collateralized Mortgage Obligations Series 1992-XIII, Class XIII-M; Housing Securities, Inc., $103.3 million Mortgage Pass-Through Certificates, Series 1992-Nationsbank-1; Sears Mortgage Securities Corp.'s (SMSC) $116.9 million Adjustable-Rate Pass-Through Certificates, Series 1992-11 class A-3; SMSC's $211.5 million Multiclass Mortgage Pass-Through Certificates, Series 1992-14, not including class F-1; and SMSC's $7.2 million Adjustable-Rate Mortgage Pass-Through Certificates, Series 1992-17, class M.
 Fitch affirms the 'AA' rating on California Federal Bank, FSB's Mortgage Pass-Through Certificates, $58.7 million Series 1991 CI-3, $154.9 million, Series 1992 CI-5, and $164.5 million, Series 1992 CI-6; Ryland Mortgage Securities Corp. Boston Safe Deposit Trust 1991-1 $108.5 million Mortgage Participation Securities; and SMSC's $81.7 million Adjustable-Rate Pass-Through Certificates, Series 1992-11 classes A-1, A-2, and A-4.
 For more information regarding PMI Mortgage Insurance Co.'s claims- paying ability refer to the press release dated 10/8/92, "PMI Mortgage 'AAA' Claims-Paying Rating On FitchAlert Negative". For more information regarding the individual mortgage transactions, call Alexander K. Zabik, 212-908-0634 or Mary Sue Lundy, 212-908-0626.
 -0- 10/15/92
 /CONTACT: Alexander K. Zabik, 212-908-0634 or Mary Sue Lundy, 212-908-0626, both of Fitch/ CO: PMI Mortgage Insurance Co. ST: IN: INS SU: RTG


SM -- NY104 -- 0706 10/15/92 17:51 EDT
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Date:Oct 15, 1992
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