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RYLAND MTGE PARTICIPATION SECURITIES SERIES 1993-4 RATED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 27 /PRNewswire/ -- Ryland Mortgage Securities Corporation's (RMSC) $509.5 million mortgage participation securities, series 1993-3 class A-1 through A-11, I, P R-1 and R-2 securities are rated 'AAA' by Fitch. The $12.2 million class M securities are rated 'AA'. The 'AAA' rating reflects the credit loss protection provided by the 2.25 percent subordinated class M and the 3.5 percent subordinated class B certificates. The 'AA' rating reflects the credit loss protection provided by the 3.5 percent subordinated class B certificates. Each rating also acknowledges the strength of the legal and financial structures and the master servicing capabilities of Countrywide Funding Corporation (CFC) and Plaza Home Mortgage Bank, FSB (Plaza).
 The mortgage pool consists of one- to four-family, fully amortizing 30-year fixed rate mortgage loans secured by first liens on residential real properties. Approximately 81 percent of the mortgage loans are secured by properties primarily located in California, 44 percent Los Angeles and 27 percent San Francisco. The weighted average original loan-to-value ratio (LTV) is approximately 70 percent; 10 percent of the pool consists of mortgage loans with LTVs greater than 80 percent; limited documentation and cash-out refinance loans account for approximately 9 percent and 11 percent of the mortgage pool, respectively.
 RMSC acquired approximately 74 percent of the mortgage loans from CFC and 26 percent from Goldman Sachs Mortgage Company (which in turn acquired the loans from Plaza); RMSC transferred the loans to the trust in exchange for the securities. Each mortgage loan has been underwritten by or on behalf of either CFC or Plaza, as originator, in accordance with their respective guidelines. CFC will act as master servicer with respect to the CFC mortgage loans and Plaza with respect to the Plaza loans. Ryland Mortgage Company will act as securities administrator monitoring the performance of the master servicer, providing certain reports to the trustee and making advances on the mortgage loans should the master servicer fail to make a required advance. Two real estate mortgage investment conduit elections will be made for federal income tax purposes.
 -0- 8/27/93
 /CONTACT: Jill M. Guido, 212-908-0682, or Alexander K. Zabik, 212-908-0634, both of Fitch/


CO: Ryland Mortgage Securities Corporation ST: New York IN: FIN SU: RTG

TM -- NY054 -- 6733 08/27/93 16:03 EDT
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Date:Aug 27, 1993
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