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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S21 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S21 RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 26 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s $105.9 million mortgage pass-through certificates, series 1992-S21 class A, S and R (the senior certificates) are rated 'AA' by Fitch.
 The rating reflects credit loss protection provided by the 7.0 percent subordinate class B certificates, which are not rated, as well as 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 pool consists of conventional, fully amortizing, adjustable- rate, 30-year mortgage loans secured by first liens on one-to four- family residential properties. The mortgage loans were originated or acquired by RFC, mainly from its unaffiliated seller/servicers. Both the rate and payment on each mortgage loan adjusts semi-annually to equal the monthly weighted average cost of funds index (COFI) plus a margin.
 The weighted average original loan-to-value ratio for the mortgage pool is 70.4 percent. Limited documentation loans account for approximately 41.8 percent of the pool, cash-out refinance loans represent 37.1 percent, and loans secured by properties located in California represent 91.0 percent. In addition, 52 percent of the mortgage pool consists of mortgage loans that are convertible from adjustable-rate to fixed- rate mortgage loans. The first month in which any of the mortgage loans may convert was November 1, 1991, and the last month in which any of the mortgage loans may convert is June 1, 1997.
 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, a real estate mortgage investment conduit election will be made with respect to the trust fund.
 -0- 6/26/92
 /CONTACT: Joanne M. Scatassa, 212-908-0671 or Mary Sue Lundy, 212-908-0526. both of Fitch/ CO: Residential Funding Mortgage Securities I, Inc. ST: IN: FIN SU: RTG


LR -- NY054 -- 4279 06/26/92 14:20 EDT
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Publication:PR Newswire
Date:Jun 26, 1992
Words:343
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