Printer Friendly

RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1993-S33 RATED 'AA/A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 1 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $154.0 million mortgage pass-through certificates, series 1993-S33 classes A and R, are rated `AA' by Fitch. The $3.7 million class M certificates are rated `A.'
 Credit enhancement for the `AA' class A and R senior certificates reflects subordination of the 2.25 percent class M and the 3.5 percent class B certificates. Credit enhancement for the `A' class M certificates is provided by the 3.5 percent class B certificates. Fitch believes the above credit enhancement will be adequate to support each class' loss levels including mortgagor defaults as well as limited bankruptcy, fraud and special hazard. 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 collateral consists of recently originated, conventional, 30- year adjustable-rate, fully amortizing mortgage loans secured by first liens on one- to four-family residential properties. The index applicable to the mortgage loans will be a per annum rate equal to the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year. The mortgage pool demonstrates a weighted average original loan-to-value ratio (LTV) of 73.2 percent. Loans originated under a limited loan documentation program account for approximately 26.6 percent of the pool, cash-out refinance loans 21.4 percent, and jumbo loans 47.7 percent (balances between $300,001--$600,000). Approximately 74.7 percent of the mortgaged properties are located in California, of which 30 percent are located in Los Angeles and 19 percent in San Francisco. With the exception of 0.4 percent purchased from GMAC Mortgage Corp. of PA, an RFC affiliate, all of the mortgage loans were purchased by RFC from unaffiliated sellers.
 RFMSI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. A real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 9/1/93
 /CONTACT: Justin L. Ventura, 212-908-0675, or Betty Tan, 212-908-0688, both of Fitch/


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

MP -- NY055 -- 8033 09/01/93 14:49 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 1, 1993
Words:378
Previous Article:RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1993-S30 RATED BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:GENTRA INC. CLOSES SALE TO ROYAL BANK
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters