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SEARS MORTGAGE SECURITIES CORP. SERIES 1992-5 RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE--

 SEARS MORTGAGE SECURITIES CORP. SERIES 1992-5 RATED 'AAA' BY FITCH
 --FITCH FINANCIAL WIRE--
 NEW YORK, March 27 /PRNewswire/ -- Sears Mortgage Securities Corp.'s $122.5 million multi-class mortgage pass-through certificates series 1992-5 are rated 'AAA' by Fitch. The rating reflects the credit enhancement provided by the 8.75 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp., Fitch's confidence in the integrity of the legal and financial structures, and the master servicing capabilities of Sears Mortgage Securities Corp.
 The mortgage pool consists of 30-year recent origination conventional fixed-rate one- to four-family residential mortgage loans located primarily in California (51 percent). The pool has a weighted average original loan-to-value ratio of 72 percent; approximately 19 percent of the pool was originated under a limited documentation program; 30 percent of the pool consists of cash-out refinance mortgage loans; and 30 percent of the pool consists of mortgage loans secured by condominiums, town homes, and properties in planned unit developments.
 All of the mortgage loans were originated by or on behalf of Norwest Mortgage Corp. The class M certificates absorb any losses in the unlikely event that credit losses exceed the amount of the pool policy. Fitch believes, however, that the pool policy provides 'AAA' level protection to the class M certificates, irrespective of their loss position. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 3/27/92
 /CONTACT: Mary Sue Lundy, 212-908-0526, or Louis Colosimo, 212-908-0567, both of Fitch/
 (S) CO: Sears Mortgage Securities Corp. ST: Illinois, California IN: FIN SU: RTG


TQ -- NY047 -- 2435 03/27/92 15:00 EST
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Publication:PR Newswire
Date:Mar 27, 1992
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