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PRUDENTIAL HOME MORTGAGE SERIES 1992-35 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 PRUDENTIAL HOME MORTGAGE SERIES 1992-35 RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 30 /PRNewswire/ -- The Prudential Home Mortgage Securities Co., Inc.'s (PHMSC) $332.7 million mortgage pass-through certificates, Series 1992-35, Classes A-1, A-2 and A-R, are rated "AA" by Fitch. Only Class A-1 is being offered at this time. The rating reflects credit loss protection provided by the 7.50 percent unrated subordinate Class B certificates, as well as the high quality of the mortgage collateral, strength of the legal and financial structures, and servicing capabilities of the Prudential Home Mortgage Co., Inc. (PHMC).
 The certificates are collateralized by a pool of approximately 1,293 30-year, original-term, annual adjustable-rate mortgage loans indexed to the one-year Constant Maturity Treasury Index. All mortgage loans are secured by first liens on one- to four-family residential properties. The weighted average original loan-to-value ratio for the mortgage pool is 75.7 percent. Alternative documentation loans account for approximately 32.7 percent, while cash-out refinance loans make up 5.8 percent. The pool is well diversified geographically, with approximately 36 percent of the loans in California and 23 percent in the Northeast.
 The pass-through rate for the Class A-1 certificates will be an annual rate equal to the weighted average of the excess of (i) the mortgage interest rate on each outstanding mortgage loan minus (ii) the excess of the individual gross margin over 2.50 percent. For the first distribution date, the pass-through rate will equal approximately 4.864 percent per annum.
 The mortgage loans were originated or acquired by PHMC and, in turn, sold to PHMSC. The Prudential Home Mortgage Securities Co., 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, a real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund.
 -0- 10/30/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Mary Sue Lundy, 212-908-0526, both of Fitch/ CO: Prudential Home Mortgage Securities Co., Inc. ST: IN: FIN SU: RTG


GK -- NY088 -- 7271 10/30/92 16:09 EST
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Publication:PR Newswire
Date:Oct 30, 1992
Words:354
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