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PRUDENTIAL SECURITIES FINANCING CORP. $236.7 MILLION SERIES 1993-3 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 13 /PRNewswire/ -- Prudential Securities Secured Financing Corp.'s mortgage pass-through certificates, series 1993-3, $236.7 million class A is rated "AAA" by Fitch. The rating reflects the credit loss protection provided by the 6 percent subordinated class B certificates, the quality of the mortgage collateral, and the integrity of the legal and financial structures. In addition, the rating reflects the servicing capabilities of Countrywide Funding Corp. (Countrywide) as servicer of the mortgage loans.
 Credit losses will be allocated to the class B certificates until their principal balance is reduced to zero. Noncredit losses, including special hazard, borrower fraud, and borrower bankruptcy events will be allocated to class B up to specified limits.
 The certificates are collateralized by a pool of 30-year, recently originated, conventional, fixed-rate mortgage loans secured by one- to four-family residential properties. Approximately 11 percent of the pool consists of cash out refinance loans, 20 percent are secured by condominiums, planned unit developments, or townhomes; 53 percent are jumbo loans (balances between $300,001-$600,000). The weighted average original loan-to-value ratio (LTV) of the pool is 70 percent, and all loans with LTVs greater than 80 percent have primary mortgage insurance. The mortgaged properties are located primarily in Northern California (31 percent), Southern California (41 percent), and Massachusetts (5 percent).
 All of the mortgage loans were originated by Countrywide. The mortgage loans were acquired by Prudential Securities Realty Funding Corp. from Countrywide and sold to Prudential Securities Secured Financing Corp., which assigned the loans to the trust. A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 7/13/93
 /CONTACT: Michele J. Loesch, 212-908-0686 or Joanne Scatassa, 212- 908-0671, both of Fitch Financial Wire/


CO: Prudential Securities Secured Financing Corp. ST: IN: FIN SU: RTG

LG-MG -- NY061 -- 0988 07/13/93 15:27 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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