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RMSC III COLLATERALIZED MORTGAGE BONDS, SERIES 1992-B, RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

RMSC III COLLATERALIZED MORTGAGE BONDS, SERIES 1992-B, RATED 'AAA/AA'
 BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, June 26 /PRNewswire/ -- Ryland Mortgage Securities Corp. Three collateralized mortgage bonds, Series 1992-B, $144.5 million senior bonds (Class 1-A-1, 2-A-1, and 2-X) are rated "AAA" while the $13.9 million subordinated senior bonds (Classes 1-A-2 and 2-A-2) are rated "AA" by Fitch.
 Two separate pools of adjustable rate mortgage loans collateralize the certificates. The Class One mortgage loans collateralize Classes 1-A-1 and 1-A-2 and are indexed to the Federal Home Loan Bank (FHLB) National Contract Rate, while the Class Two mortgage loans, which collateralize Classes 2-A-1, 2-A-2 and 2-X, are generally indexed to the FHLB 11th District Cost of Funds Index.
 The ratings on the "AA" rated securities reflect credit enhancement provided by each group's 14.25 percent overcollateralization amount while the "AAA" ratings reflect additional credit enhancement provided by each group's 7.5 percent subordinated senior bond (Class 1-A-2 and 2-A-2). Both ratings also reflect the integrity of the financial and legal structure as well as the master servicing capabilities of Ryland Mortgage Co.
 Classes 1-A-1 and 1-A-2 pay interest at the weighted average of the net rates on the Class One mortgage loans. Classes 2-A-1 and 2-A-2 pay interest at the weighted average of the net rates on the Class Two mortgage loans less interest paid to Class 2-X. Class 2-X receives interest on its principal balance plus a portion of the interest due to substantially all of the Class Two mortgage loans.
 The Class One mortgage loans have a weighted average original loan- to-value ratio (LTV) of approximately 80 percent; 35 percent of the pool consists of mortgage loans with LTVs greater than 80 percent. The secured properties are located primarily in Louisiana (62 percent); however, the mortgage loans are seasoned 93 months on average. Approximately 11 percent of the total pool was between 30 and 59 days delinquent while approximately 3 percent was between 60-89 days delinquent as of June 1.
 The Class Two mortgage loans have a weighted average original loan-to-value ratio of approximately 76 percent with 80 percent of the secured properties located in California. The mortgage loans are seasoned 52 months on average and approximately 5 percent of the pool was between 30 and 59 days delinquent and 3 percent was between 60 and 89 days delinquent as of June 1. The presence of delinquent mortgage loans in both pools has been accounted for in the credit enhancement levels.
 -0- 6/26/92
 /CONTACT: Mary Sue Lundy, 212-908-0526, or Alexander Zabik, 212-908-0634, both of Fitch/ CO: Ryland Mortgage Securities Corp. ST: New York, California, Louisiana IN: FIN SU: RTG


GK -- NY017 -- 4147 06/26/92 10:33 EDT
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Date:Jun 26, 1992
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