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PRUDENTIAL HOME MORTGAGE CERTIFICATES 1993-24 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 17 /PRNewswire/ -- The Prudential Home Mortgage Securities Co., Inc.'s (PHMSC) $210.0 million mortgage pass-through certificates, series 1993-24, class A are rated "AAA" by Fitch.
 The "AAA" rating on the class A senior certificates reflects the credit enhancement provided by the 6.75 percent unrated subordinate class B certificates. Fitch believes this level of credit enhancement will be sufficient to cover credit losses including limited bankruptcy, fraud and special hazard losses. The rating also reflects the high quality of the underlying collateral, the integrity of the legal and financial structures and the servicing capabilities of The Prudential Home Mortgage Co., Inc. (PHMC).
 The mortgage pool consists of conventional, fixed-rate, fully- amortizing, five- and seven-year mortgage loans (22 percent and 78 percent, respectively) secured primarily by one- to four-family residential properties located in Northern and Southern California (26 percent and 51 percent, respectively). Because a refinancing risk exists at maturity for balloon payment mortgage loans, Fitch assumes a higher level of defaults. The weighted average original loan-to-value ratio for the mortgage pool is 70 percent. In addition, the pool contains approximately 26 percent alternative documentation loans and 23 percent cash-out refinance loans.
 The mortgage loans were originated or acquired by PHMC, and in turn sold to PHMSC. PHMSC, a special purpose corporation, deposited the loans into the trust, which then 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- 6/17/93
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Suzanne L. Michaud, 212-908-0604, both of Fitch/


CO: The Prudential Home Mortgage Securities Co., Inc. ST: IN: FIN SU: RTG

GK -- NY085 -- 3237 06/17/93 15:38 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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