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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S38 RATED 'AAA/AA' BY FITCH -- FINANCIAL WIRE --

 NEW YORK, Nov. 23 ~PRNewswire~ -- Residential Funding Mortgage Securities I, Inc.'s $400 million mortgage pass-through certificates, series 1992-S38 classes A and R, are rated "AAA" and the $9.6 million class M certificates are rated "AA" by Fitch.
 The "AAA" rating on the class A and R senior certificates reflects the credit enhancement provided by the subordination of the 2.25 percent class M certificates and the 4.25 percent unrated class B certificates; credit enhancement for the class M certificates is provided by the further subordination of the 4.25 percent class B certificates. These amounts will be sufficient to cover credit losses as well as limited bankruptcy, fraud and special hazard losses. In addition, both ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and strong historical mortgage portfolio performance of the master servicer, Residential Funding Corp. (RFC).
 The issue is securitized by a mortgage pool consisting of recently originated, conventional, fully amortizing, 30-year fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties. The mortgage pool demonstrates a weighted average original loan-to-value ratio (LTV) of 70.4 percent. Loans originated under a reduced loan documentation program account for approximately 13.3 percent of the pool, cash-out refinance loans 16.7 percent, and loans secured by properties located in California 67.6 percent. With the exception of 9.6 percent purchased from GMAC Mortgage Corp. of Pennsylvania, an RFC affiliate, all of the mortgage loans were purchased by RFC from unaffiliated sellers.
 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. A real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 11~23~92
 ~CONTACT: Joanne M. Scatassa, 212-908-0671, or Betty Tan, 212-908-0688, both of Fitch~


CO: Residential Funding Mortgage Securities I ST: New York IN: FIN SU: RTG

TS -- NY070 -- 0678 11~23~92 15:25 EST
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Date:Nov 23, 1992
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