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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1993-S31 CLASS A&R 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 28 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $400.7 million mortgage pass-through certificates, series 1993-S31, class A and R are rated "AAA", Fitch announced today. In addition, the $9.6 million class M-1 certificates are rated "AA", $7.5 million class M-2 "A", and $4.3 million class M-3 "BBB".
 Credit enhancement for the "AAA" class A and R certificates reflects the subordination of the 2.25 percent class M-1, 1.75 percent class M-2, 1 percent class M-3 and 1.25 percent class B certificates. Credit enhancement for the "AA" class M-1 is provided by the 1.75 percent class M-2, 1 percent class M-3 and 1.25 percent class B certificates, while the 1 percent class M-3 and 1.25 percent class B certificates supply "A" coverage for the class M-2. Lastly, class M-3 is rated "BBB" based on the 1.25 percent class B subordination. Fitch believes these levels of credit enhancement will be sufficient to cover each class' credit loss levels, including mortgagor defaults as well as limited bankruptcy, fraud, and special hazard losses. The ratings also reflect the high quality of the underlying collateral, the integrity of the legal and financial structures, and the servicing capabilities of Residential Funding Corp. (RFC) as master servicer.
 The collateral consists of recently originated, conventional, fully amortizing 30-year fixed-rate, one- to four-family residential mortgage loans. The weighted average original loan-to-value (LTV) ratio for the mortgage pool is approximately 72 percent. The pool contains approximately 16 percent alternative documentation loans, 12 percent cash-out refinance loans, 43 percent jumbo loans (balances between $300,000 and $600,000), 9 percent super jumbo loans (balances between $600,000 and $1 million), 0.5 percent mega jumbo loans (balances over $1 million). Approximately 61 percent of the mortgaged properties are located in California, of which 26 percent and 14 percent are located in the Los Angeles and San Francisco areas, respectively. All of the loans were purchased by RFC from unaffiliated sellers, with the exception of 4.6 percent purchased from GMAC Mortgage Corp. of PA, an RFC affiliate.
 RFMSI, a special purpose corporation, having acquired the loans from RFC, deposited the loans into the trust, which then issued the certificates. For federal income tax purposes, a real estate mortgage investment conduit election will be made with respect to the trust fund.
 -0- 9/28/93
 /CONTACT: Justin L. Ventura, 212-908-0675, or Betty Tan, 212-908-0688, both of Fitch/


CO: Residential Funding Mortgage Securities I, Inc. ST: California IN: FIN SU: RTG

TS -- NY059 -- 6374 09/28/93 12:20 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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