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SEARS MORTGAGE SECURITIES CORP. $177 MILLION SERIES 1993-6 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 12 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $177 million mortgage pass-through certificates, series 1993-6, classes A, F, S, X, and P are rated 'AAA' by Fitch. The rating reflects the credit loss protection provided by an 8 percent General Electric Mortgage Insurance Corp. (GEMICO) pool insurance policy, and a 2% United Guaranty Residential Insurance Co. (UGI). A $5.6 million reserve fund offers additional support, encompassing categorical losses in specified amounts arising from special hazards, borrower fraud, and mortgagor bankruptcy. The rating also reflects Fitch's confidence in the legal and financial structures as well as the strength of the master servicer, SMSC.
 Approximately 20 percent of the mortgage pool consists of loans underwritten by UGI, with the remaining 80 percent underwritten by GEMICO. The UGI policy will cover credit losses up to 2 percent of the outstanding principal balance of the UGI loans. The 8 percent GEMICO pool policy will cover credit losses on the GEMICO loans, and credit losses on the UGI loans, all of which also are covered by the UGI policy, after the UGI pool policy is exhausted. The GEMICO pool policy also contains a first loss deductible, equal to the 2 percent UGI policy, whereby GEMICO will cover losses on the UGI loans once the deductible is met. Additionally, the GEMICO policy will cover default losses otherwise covered by the UGI policy, in the event UGI is declared insolvent or put into receivership.
 The mortgage pool consists of 30-year, recent origination, conventional, fixed-rate, one- to four-family residential mortgage loans. Approximately 17 percent and 19 percent, respectively, of the pool is secured by properties located in Northern and Southern California, with the remaining properties located primarily in the Northeast. The pool's weighted average original loan-to-value ratio (LTV) is 75 percent, 5 percent was originated under a limited documentation program, and 44 percent is comprised of jumbo loans (balances between $300,001- $600,000). In addition, 20 percent of the mortgage pool have loans with LTVs greater than 80 percent, all of which have primary mortgage insurance.
 All loans were originated in accordance with the underwriting guidelines of SMSC, a private residential mortgage conduit, which also acts as master servicer. Two real estate mortgage investment conduit elections will be made with respect to the trust fund for federal income tax purposes.
 -0- 7/12/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or Jill Guido, 212-908-0682, both of Fitch/
 (S)


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

LD -- NY077 -- 0564 07/12/93 16:29 EDT
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Date:Jul 12, 1993
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