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SALOMON BROTHERS MORTGAGE SECURITIES VII $279 MILLION SERIES 1993-3 'AAA' BY FITCH -- FITCH FINANCIAL WIRE

 NEW YORK, July 30 /PRNewswire/ -- Salomon Brothers Mortgage Securities VII's (SBMS) $279.4 million mortgage pass-through certificates, series 1993-3 classes A, XS, and R, are rated 'AAA'.
 The 'AAA' rating reflects the credit enhancement provided by the 6.00 percent subordinated class B certificates. Fitch's rating also reflects the integrity of the legal and financial structures, as well as the quality of the master servicer, Countrywide Funding Corporation (Countrywide).
 The mortgage pool consists of 30-year conventional, fixed-rate, fully amortizing, level monthly payment mortgage loans secured by first liens on residential real properties. The mortgaged properties are located primarily in California (75 percent), with 37 percent in the Los Angeles region and 13 percent in and around San Francisco. The original weighted average original loan-to-value ratio (LTV) is 71 percent, and 1 percent of the loans have LTVs greater than 80 percent. Limited documentation loans represent approximately 4 percent of the pool; cash- out refinance loans 10 percent, and jumbo loans 46 percent (balances between $300,001-$600,000).
 All of the mortgage loans were acquired by SBMS from Salomon Brothers Realty Corp., an affiliate of SBMS, which acquired the mortgage loans from Countrywide. SBMS, a special purpose corporation, deposited the loans in to the trust, which issued the certificates. Countrywide will act as master servicer for the pool. A real estate mortgage investment conduit (REMIC) election will be made with respect to the trust fund for federal income tax purposes.
 -0- 7/30/93
 /CONTACT: Jill Guido, 212-908-0682, or Betty Tan, 212-908-0688, both of Fitch/


CO: Salomon Brothers ST: IN: FIN SU: RTG

LD -- NY079 -- 7974 07/30/93 17:36 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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