Printer Friendly

PRUDENTIAL HOME MORTGAGE CERTIFICATES 1993-54 CLASS A/M RATED 'AAA/AA' BY FITCH

 NEW YORK, Dec. 29 /PRNewswire/ -- The Prudential Home Mortgage Securities Co., Inc.'s (PHMSC) $947.2 million mortgage pass-through certificates, series 1993-54, class A are rated "AAA" by Fitch. The issuer's $7.6 million class M certificates are rated "AA."
 The "AAA" rating on the class A senior certificates reflects the credit enhancement provided by the 0.75% subordinate class M certificates and the 5.25% unrated subordinate class B certificates. Fitch believes these amounts of credit enhancement will be sufficient to cover credit losses, including limited bankruptcy, fraud, and special hazard losses. The "AA" rating on the class M certificates reflects credit support provided by the 5.25% unrated subordinate class B certificates. In addition, both ratings also reflect 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, 30-year mortgage loans secured by one- to four-family residential properties located primarily in California (74%, of which 25% is concentrated in Los Angeles and 22% originates from San Francisco). The weighted average original loan-to-value ratio (LTV) for the mortgage pool is approximately 72%, and the pool contains approximately 25% alternative documentation loans, 14% cash-out refinance loans, 48% jumbo (balances of $300,001-$600,000) and 3% super jumbo loans (balances of $600,001-$1,000,000).
 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- 12/29/93
 /CONTACT: Suzanne L. Michaud of Fitch, 212-908-0604/


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

LG -- NY036 -- 7855 12/29/93 15:53 EST
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:Dec 29, 1993
Words:324
Previous Article:MFS NETWORK TECHNOLOGIES, INC. AWARDED CALTRANS ELECTRONIC TOLL SYSTEM BRIDGE CONTRACT
Next Article:GE CAPITAL MORTGAGE SERVICES, INC. $477.6 MILLION SERIES 1993-18 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters