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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S16 RATED AAA/AA BY FITCH -- FITCH FINANCIAL WIRE --

RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S16 RATED AAA/AA BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 28 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s $300.1 million mortgage pass-through certificates, series 1992-S16 class A and class R, are rated 'AAA' by Fitch. The $7.3 million class M certificates are rated 'AA'.
 The 'AAA' rating on the class A and class R senior certificates reflects credit loss protection provided by the 4.75 percent subordinate class B certificates, which are not rated and the 2.25 percent subordinate class M certificates. The 'AA' rating on the class M certificates reflects the credit support provided by the 4.75 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, 30-year fixed-rate mortgage loans secured by first liens on one- to four-family residential properties. All mortgage loans were acquired by RFC, mainly from unaffiliated sellers, except for 10.8 percent purchased from GMAC Mortgage Corp. of PA, an RFC affiliate. The weighted average loan-to-value ratio (LTV) for the mortgage pool is a relatively low 69.8 percent. Limited documentation loans account for approximately 22.4 percent of the pool, cash-out refinance loans 24 percent, and loans secured by properties located in California 72.4 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 real estate mortgage investment conduit elections will be made with respect to the trust fund.
 -0- 5/28/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Jill M. Guido, 212-908-0682, both of Fitch/ CO: Residential Funding Mortgage Securities I, Inc. ST: IN: FIN SU: RTG


PS -- NY082 -- 4908 05/28/92 16:14 EDT
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Publication:PR Newswire
Date:May 28, 1992
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