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PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-23 CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 PRUDENTIAL HOME MORTGAGE CERTIFICATES 1992-23
 CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, July 29 /PRNewswire/ -- The Prudential Home Mortgage Securities Co., Inc.'s (PHMSC) $222.6 million mortgage pass-through certificates series 1992-23 class A are rated 'AAA' by Fitch.
 The rating reflects the credit loss protection provided by the 8.00 percent subordinate class B certificates, which are not rated. It also reflects the high quality of the mortgage collateral, the strength of the legal and financial structure, and the servicing capabilities of the Prudential Home Mortgage Co., Inc. (PHMC).
 The mortgage pool consists of recently originated, conventional, fixed-rate, 5- and 7-year (approximately 44 percent and 56 percent respectively), balloon payment mortgage loans secured by one- to four- family residential properties located primarily in California (84 percent). Because of the refinancing risk at maturity for balloon payment mortgage loans, Fitch assumed a higher level of defaults. However, the relatively low weighted average original loan-to-value (LTV) of 69.4 percent, and the fact that all but one of the loans are secured by owner-occupied properties somewhat mitigates the increased potential for losses and defaults on these types of loans. In addition, the pool contains approximately 20 percent of cash-out refinance loans and approximately 28 percent of alternative documentation loans.
 The mortgage loans were originated or acquired by PHMC, and in turn sold to PHMSC. PHMSC, a special purpose corporation, deposited the loans in the trust, which issued the certificates. PHMC will act as servicer for the pool. For federal income tax purposes, two real estate mortgage investment conduit elections will be made with respect to the trust fund.
 -0- 7/29/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Mary Sue Lundy 212-908-0671, both of Fitch/ CO: Prudential Home Mortgage Securities Co., Inc. ST: IN: FIN SU: RTG


AH -- NY086 -- 4667 07/29/92 13:51 EDT
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Date:Jul 29, 1992
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