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PRUDENTIAL HOME MORTGAGE CERTIFICATES SERIES 1993-23 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 15 /PRNewswire/ -- The Prudential Home Mortgage Securities Co., Inc.'s (PHMSC) $310.2 million mortgage pass-through certificates, series 1993-23 class A are rated `AAA' by Fitch. The $5.7 million class M certificates are rated `AA'.
 The `AAA' rating on the class A senior certificates reflects the credit enhancement provided by the 1.75 percent subordinate class M certificates and the 2.50 percent unrated subordinate class B certificates. Fitch believes these amounts 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 2.50 percent 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, 15-year mortgage loans secured primarily by one-to-four family residential properties located predominately in Northern and Southern California (23 percent and 30 percent, respectively) and in the Northeast region (22 percent). The pool contains approximately 36 percent alternative documentation loans and 17 percent cash-out refinance loans. The weighted average original loan-to-value ratio (LTV) for the mortgage pool is low at 66 percent. The low LTV, coupled with the 15-year collateral, are the primary reasons for the low credit enhancement level on the pool.
 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- 6/15/93
 /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

MP -- NY078 -- 2229 06/15/93 14:46 EDT
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Publication:PR Newswire
Date:Jun 15, 1993
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