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SEARS MORTGAGE SECURITIES, SERIES 1992-13, RATED BY FITCH -- FITCH FINANCIAL WIRE --

 SEARS MORTGAGE SECURITIES, SERIES 1992-13, RATED BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 28 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $112.8 million multiclass mortgage pass-through certificates, series 1992-13, is rated 'AAA' by Fitch. The rating primarily reflects the credit enhancement provided by the 6.50 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp. (GEMICO). A $5.3 million reserve fund offers additional support, encompassing categorical losses in specified amounts arising from special hazards, borrower fraud and mortgagor bankruptcy. The ratings also reflect Fitch's confidence in the integrity of the legal and financial structure and the master servicing capabilities of SMSC.
 The mortgage pool consists of 30-year, recent origination, conventional, fixed rate mortgage loans secured by one- to four-family residential properties located primarily in California. The pool has a weighted average original loan-to-value ratio (LTV) of 68 percent; 16 percent of the pool was originated under a limited documentation program; 23 percent consists of cash-out refinance mortgage loans; and 42 percent of the pool is comprised of jumbo mortgage loans (balances between $300,001 - $600,000).
 The class M certificates act as a mezzanine class and are entitled to distributions of interest and principal only after distributions have been made on all other certificate classes. Nonetheless, Fitch believes the GEMICO pool policy offers 'AAA' level protection to the class M certificates.
 The mortgage loans were originated in accordance with the underwriting guidelines of SMSC, a private residential mortgage conduit, which also acts as master servicer. A real estate investment conduit election will be made with respect to the trust for federal income tax purposes.
 -0- 8/28/92
 /CONTACT: Jill M. Guido, 212-908-0682, or Mary Sue Lundy, 212-908-0526, both of Fitch/ CO: Sears Mortgage Securities Corp. ST: New York IN: FIN SU: RTG


SH -- NY055 -- 4506 08/28/92 15:30 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
Words:308
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