Printer Friendly

RYLAND MORTGAGE SECURITIES CORPORATION III COLLATERALIZED MORTGAGE BONDS, SERIES 1992-C RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 RYLAND MORTGAGE SECURITIES CORPORATION III COLLATERALIZED MORTGAGE BONDS, SERIES 1992-C RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 5 /PRNewswire/ -- Ryland Mortgage Securities Corp. III collateralized mortgage bonds, series 1992-C $122 million super senior bonds (classes 2-A-1, 2-A-2, 2-A-3, 2-X-1, 2-X-2, 2-X-3) are rated 'AAA' while the $54.8 million senior bonds (classes 1-A and 3-A) and the $11.9 million subordinated senior bonds (class 2-M) are rated 'AA' by Fitch.
 Three separate pools of primarily one- to four-family, fixed rate, first mortgage loans, which have original term to stated maturity of not more than 40 years, collateralize the bonds. The mortgage loan pools are divided by interest rates; loan pool 1 contains loans with rates less than 8.375 percent, loan pool 2 consists of loans with rates equal to or greater than 8.375 percent and less than 10.625 percent, and loan pool 3 is comprised of loans with rates equal to or greater than 10.625 percent.
 The ratings on the 'AA' rated securities reflect credit enhancement provided by each group's 15.5 percent over collateralization amount while the 'AAA' rating on the super senior bonds reflects the additional credit enhancement provided by the 7.5 percent subordinated senior bonds (class 2-M). Both ratings also reflect the integrity of the financial and legal structure as well as the master servicing capabilities of Ryland Mortgage Co.
 The mortgage loans have a weighted average original loan-to-value ratio (LTV) of approximately 85.2 percent; 56.4 percent of the pool consists of mortgage loans with LTVs greater than 80 percent; and 28 percent of the properties are located in Louisiana. The credit enhancement levels were increased to reflect the high LTVs and the loan concentration in Louisiana, however, the mortgage loans are seasoned 6.3 years on average, which helped to offset the increase in levels. Approximately 9 percent of the pool was between 30 and 59 days delinquent while approximately 3 percent was between 60 and 89 days delinquent. The presence of delinquent mortgage loans in the pool has also been accounted for in the credit enhancement levels.
 -0- 8/5/92
 /CONTACT: Jill M. Guido, 212-908-0682 or Mary Sue Lundy, 212-908-0634, both of Fitch/ CO: Ryland Mortgage Securities Corp. ST: IN: FIN SU: RTG


SM -- NY090 -- 7295 08/05/92 17:09 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1992
Words:389
Previous Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, WEDNESDAY, AUG. 5 /PRN/
Next Article:TELEPHONE AND DATA SYSTEMS INC. REPORTS SECOND QUARTER AND FIRST HALF INCREASES IN CUSTOMERS, REVENUES, EARNINGS AND CASH FLOWS


Related Articles
RTC MORTGAGE PASS-THROUGH SERIES 1992-1 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RMSC MORTGAGE PARTICIPATION SECURITIES 1992-3 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
CAPSTEAD SECURITIES CORP. IV $125 MILLION SERIES 1992-III 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
RMSC III COLLATERALIZED MORTGAGE BONDS, SERIES 1992-B, RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RIVERSIDE COUNTY HOUSING AUTHORITY COLLATERALIZED LETTER OF CREDIT BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PMI-INSURED 'AAA' MORTGAGE ISSUES PLACED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
PMI-INSURED "SUPER-SENIOR" MORTGAGE DEBT AFFIRMED, OFF FITCHALERT -- FITCH FINANCIAL WIRE --
RYLAND MORTGAGE SECURITIES CORPORATION MORTGAGE PARTICIPATION SECURITIES SERIES 1992-15 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RYLAND MORTGAGE SECURITIES CORP. III'S COLLATERALIZED MORTGAGE BONDS SERIES 1992-D UPGRADED BY FITCH -- FITCH FINANCIAL WIRE --
S&P Raises, Lowers, and Affirms Ratings on Ryland Corp. Three.

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