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SEARS MORTGAGE SECURITIES CORP. SERIES 1992-6 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

SEARS MORTGAGE SECURITIES CORP. SERIES 1992-6 RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK March 30 /PRNewswire/ -- Sears Mortgage Securities Corp. $281 million multi-class mortgage pass-through certificates Series 1992- 6 are rated 'AAA' by Fitch. The rating reflects the credit enhancement provided by the 8 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp. as well as Fitch's confidence in the integrity of the legal and financial structures and the master servicing capabilities of Sears Mortgage Securities Corp. (SMSC)
 The mortgage pool consists primarily of 30-year recent origination conventional fixed-rate one-to-four family residential mortgage loans. Approximately 64 percent of the pool is secured by properties located in California while the remainder of the properties is located primarily in the Northeast. The pool has a low weighted average original loan-to- value ratio of 70 percent, 36 percent of the pool was originated under a limited documentation program, and 24 percent of the pool consists of cash-out refinance mortgage loans.
 The loans were originated by or on behalf of, and in accordance with the underwriting guidelines of, SMSC. The Class M-1 and M-2 certificates, rated 'AAA', act as support senior certificates with Class M-1 absorbing losses that would have been allocated to Class M-1 and Classes T-2 through T-5 on a pro rata basis. Class M-2 absorbs losses for itself as well as Class F and Class S. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 3/30/92
 /CONTACT: Mary Sue Lundy, 212-908-0526, or Louis Colosimo, 212-908-0567, both of Fitch/
 (REC) CO: Recognition Equipment Incorporated; Lundy Financial Systems ST: Texas, California IN: SU: TNM


AH -- NY102 -- 3126 03/30/92 18:04 EST
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Publication:PR Newswire
Date:Mar 30, 1992
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