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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S32 RATED 'AAA AA' BY FITCH -- FITCH FINANCIAL WIRE --

RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S32 RATED 'AAA AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 30 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s $401.2 million mortgage pass-through certificates, series 1992-S32 classes A and R, are rated 'AAA' by Fitch. The $8.6 million class M certificates are rated 'AA'.
 The 'AAA' rating on the class A and R senior certificates reflects the credit enhancement provided by the 2.00 percent subordinate class M certificates and the 4.75 percent unrated subordinate class B certificates. The 'AA' rating on the class M certificates reflects the credit support provided by the 4.75% subordinate class B certificates. The subordination amounts will be sufficient to cover credit losses including mortgagor defaults as well as limited bankruptcy, fraud, and special hazard losses. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and Residential Funding Corp.'s (RFC) servicing capabilities as master servicer.
 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 located primarily in California (69.7 percent). The weighted average original loan-to-value ratio (LTV) is 71.5 percent. Limited documentation loans are somewhat lower, only 12.2 percent of the pool, compared to other transactions issued by RFMSI, cash-out refinance loans total 13.1 percent, and jumbo loans 41.4 percent (balances between $300,0001-600,000). With the exception of 2.9 percent purchased from GMAC Mortgage Corp. of PA, an RFC affiliate, all of the mortgage loans were purchased by RFC from unaffiliated sellers.
 While all the senior certificates benefit from the 'AAA' credit enhancement, they are also provided additional credit support by the senior support certificates (classes A-15 and A-16). In the event classes M and B are reduced to zero, defaulted mortgage losses will be allocated first to the senior support certificates and then to the remaining senior certificates. Fitch believes, however, that the subordination of classes M and B ensures 'AAA' level protection to the senior support certificates, regardless of its loss position.
 RFMSI, a special purpose corporation, deposited the loans in the trust, which 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- 09/30/92
 CONTACT: Joanne M. Scatassa, 212-908-0671, or Betty Tan, 212-908-0688, both of Fitch CO: RESIDENTIAL FUNDING CORP. IN: FIN -- NY084 -- X685 09/30/92
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Sep 30, 1992
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