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RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1993-S4 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 28 /PRNewswire/ -- Residential Funding Mortgage Securities I, Inc.'s (RFMSI) $113.9 million mortgage pass-through certificates, series 1993-S4 classes A and R are rated AA' by Fitch. The rating reflects credit loss protection provided by the 6.0 percent unrated subordinate class B certificates, as well as the strength of the mortgage collateral, integrity of the legal and financial structures, and solid historical mortgage portfolio performance of the master servicer, Residential Funding Corp. (RFC).
 The recently originated, conventional, fully amortizing, 30-year adjustable-rate, one-to-four family residential mortgage loans have interest rates that are indexed to the one-year constant maturity treasury index. The mortgage loans are subject to annual adjustment dates as well as a 2.0 percent periodic cap and a 6.0 percent lifetime cap. Historically, adjustable-rate mortgage loans have experienced higher default rates than fixed-rate mortgage loans due to borrower payment shock during an increasing interest rate environment. Accordingly, Fitch assumed a higher default rate to determine the credit enhancement level.
 The pool has a weighted average original loan-to-value ratio (LTV) of 72.8 percent. Limited documentation loans account for 20.1 percent of the pool; cash-out refinance loans for 15.6 percent; jumbo loans for 42.0 percent (balances between $300,001-$600,000); and super jumbo loans 10.7 percent (balances between $600,001-$1,000,000). A majority of the loans are geographically concentrated in California with 33.2 percent in northern California and 39.4 percent in southern California.
 The mortgage loans were acquired by RFC, mainly from its unaffiliated sellers, and in turn, sold to RFMSI. RFMSI, 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- 1/28/93
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Betty Tan, 212-908-0688, both of Fitch/


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

SM -- NY071 -- 0308 01/28/93 13:24 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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