RESIDENTIAL FUNDING MANAGEMENT CERTIFICATES 1992-S2 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MANAGEMENT CERTIFICATES 1992-S2
RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
NEW YORK, Jan. 30 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s $502.0 million mortgage pass-through certificates, series 1992-S2 class A, class R-I and R-II, are rated 'AAA' by Fitch. The $12.2 million class M certificates are rated 'AA'.
The 'AAA' rating on the senior certificates reflects credit loss protection provided by the 5.00 percent subordinate class B certificates, not offered, and 2.25 percent subordinate class M certificates. The 'AA' rating on the class M certificates reflects credit support provided by the 5.00 percent subordinate class B certificates. Both ratings also reflect the high quality of the mortgage collateral, the strength of the legal and financial structures, and the master servicing capabilities of Residential Funding Corp. (RFC).
The mortgage pool consists of recently originated, conventional, fully amortizing, fixed-rate, 30-year mortgage loans secured by first liens on one- to four-family residential properties. All mortgage loans were originated or acquired by RFC, mainly from its unaffiliated seller/servicers, except for 18.4 percent purchased from GMAC Mortgage Corp. of Pa., an RFC affiliate. The weighted average loan-to-value ratio (LTV) for the mortgage pool is 70.3 percent. Limited documentation loans account for approximately 26.6 percent of the pool, cash-out refinance loans represent 22.5 percent, and loans secured by properties located in California represent 67.7 percent.
Residential Funding Mortgage Securities I, Inc., a special purpose corporation, deposited the loans in the trust which issued the certificates. RFC will act as master servicer for the pool. For federal income tax purposes, two separate Real Estate Mortgage Investment Conduit elections will be made with respect to the trust fund.
/CONTACT: Joanne M. Scatassa, 212-908-0500 or Mary Sue Lundy 212-908-0526, both of Fitch/ CO: Residential Funding Mortgage Securities I, Inc. ST: IN: FIN SU: RTG SM -- NY119 -- 5470 01/30/92 16:50 EST