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RYLAND MORTGAGE $299.5 MILLION PARTICIPATION SERIES 1993-8 CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 3 /PRNewswire/ -- Ryland Mortgage Securities Corp.'s (RMSC) $299.5 million mortgage participation securities, series 1993-8, class A are rated 'AAA' by Fitch. The $4.2 million class B-1 is rated 'AA' and the $18.6 million class B-2 'A'.
 The 'AAA' rating on the class A certificates is based on the credit loss protection provided by the 1.25% class B-1 certificates, 5.5% class B-2 certificates, and 4.5% non-offered class B-3 certificates. The 'AA' rating on the class B-1 certificates is based on the credit support provided by the 5.5% class B-2 certificates and 4.5% class B-3 certificates. The 'A' rating on the class B-2 certificates is based on the credit support provided by the 4.5% class B-3 certificates.
 The trust will consist of a pool of conventional, one- to four- family, adjustable-rate mortgage loans secured by first lines on residential real properties. The loans are indexed to the one-year Constant Maturity Treasury Index with interest rates and monthly payments that adjust annually. The loans are seasoned on average one year, with a weighted average original loan-to-value ratio of approximately 73.3%. Approximately 7.4% of the properties in the pool are condominiums; 92% are owner-occupied; 44.2% have balances between $300,001-$600,000; and 17.5% are cash-out refinance loans. Geographically, all of the properties in the pool are located in California, primarily in San Diego (52.5%) and Los Angeles (45.2%).
 Northeast Savings, F.A. (Northeast) originated and will also service the mortgage loans. Ryland Mortgage Co. will act as master servicer, overseeing the servicing of the mortgage loans, providing certain reports to the trustee, and making advances on the mortgage loans should the servicers fail to make the required advance.
 Ryland Mortgage Securities Corp. purchased the mortgage loans from Northeast and transferred the loans to the trust in exchange for the certificates. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 12/3/93
 /CONTACT: Michele J. Loesch, 212-908-0686 or Jill Guido, 212-908-0682, both of Fitch/


CO: Ryland Mortgage Securities Corp. ST: California IN: FIN SU: RTG

WB -- NY045 -- 0276 12/03/93 14:20 EST
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Date:Dec 3, 1993
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