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RYLAND MORTGAGE SECURITIES MULTIFAMILY PARTICIPATION SECURITIES 1993-M1 RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 8 /PRNewswire/ -- Ryland Mortgage Securities Corp.'s $51.5 million multifamily mortgage participation securities, Series 1993-M1, class A, X-1, X-2 and X-3 are rated "AA" by Fitch. The $8.1 million class B securities are rated "BBB" and the $6.6 million class C securities are rated "BB". The ratings reflect the credit enhancement provided to both classes by the subordination of the privately placed D, E, and F classes, the high underwriting debt service of 1.87 times (x) for the "A" rated classes and 1.61x for the class B securities, as well as the use of servicer advances to reinforce the likelihood of timely and ultimate payment of the securities.
 The mortgage pool consists of 14 fixed rate loans secured by 14 garden apartment properties of which nine are located in Texas, two in Oklahoma, and one each in Colorado and California. Each property is owned by a single-purpose entity. Thirteen of the 14 are controlled by affiliates of Balcor. Fitch considers the Balcor management as a strength in the transaction. Other positive features include the funding of a capital improvements reserve of $2.3 million and a reserve for replacement account of $910,000 initially with another $910,000 funded from excess cash flow. Since almost all properties are controlled by a single entity, these positive features compensate for lack of borrower, management and geographic diversity and the lack of cross-default and cross collateralization features.
 Bankers Trust Co. (rated "AA" by Fitch) will act as servicer for the pool, and is obligated to advance principal and interest on the bonds in the event cash flow is insufficient to make debt service payments.
 -0- 4/8/93
 /CONTACT: Ron Wechsler, 212-908-0532, or Terry Esquivel, 212-908-0553, both of Fitch/


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

GK -- NY066 -- 4349 04/08/93 15:44 EDT
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Date:Apr 8, 1993
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