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RESIDENTIAL FNDG MTG CERTS 1993-S39 CLS A&R 'AAA' BY FITCH

 NEW YORK, Oct. 28 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $300.9 million mortgage pass-through certificates, series 1993-S39, class A and R are rated 'AAA' by Fitch. In addition, the $7.2 million class M-1 certificates are rated 'AA', $4.8 million class M-2 'A', and $3.2 million class M-3 'BBB'.
 Credit enhancement for the 'AAA' class A and R certificates reflects the subordination of the 2.25percent class M-1, 1.5 percent class M-2, 1 percent class M-3 and 1.25 percent class B certificates. Credit enhancement for the 'AA' class M-1 is provided by the 1.5 percent class M-2, 1percent class M-3 and 1.25 percent class B certificates, while the 1 percent class M-3 and 1.25 percent class B certificates supply 'A' coverage for class M-2. Lastly, class M-3 is rated 'BBB' based on the 1.25 percent class B subordination. Fitch believes the above levels of credit enhancement will be sufficient to cover each class' credit loss levels, including mortgagor defaults as well as limited bankruptcy, fraud, and special hazard losses. In addition, the rating also reflects the high quality of the underlying collateral, the integrity of the legal and financial structures and the servicing capabilities of Residential Funding Corp. (RFC) as master servicer.
 The collateral consists of recently originated, conventional, fully-amortizing, 30-year, fixed-rate, one- to four-family residential mortgage loans. The weighted average original loan-to- value ratio (LTV) for the mortgage pool is approximately 71.6 percent. The pool contains approximately 14 percent alternative documentation loans, 11 percent cash-out refinance loans, 41 percent jumbo loans (balances between $300,001 and $600,000), and 6 percent super jumbo loans (balances between $601,000 and $1,000,000). Approximately 56 percent of the mortgaged properties are located in California, of which 23 percent and 14 percent are located in the Los Angeles and San Francisco areas, respectively. All of the loans were purchased by RFC from unaffiliated sellers, with the exception of 1.8percent purchased from GMAC Mortgage Corp. of PA, an RFC affiliate.
 RFMSI, a special purpose corporation, having acquired the loans from RFC, deposited the loans into the trust, which then issued the certificates. Two separate real estate mortgage investment conduit (REMIC) elections will be made with respect to the trust fund for federal income tax purposes.
 -0- 10/28/93
 /CONTACT: Justin L. Ventura, 212-908-0675, or Betty Tan, 212-908-0688, both of Fitch Investors/


CO: Residential Funding Mortgage Securities I Inc. ST: New York IN: SU:

TM -- SF018 -- 8236 10/28/93 18:45 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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