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SEARS MORTGAGE SECURITIES CORP. SERIES 1992-9 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 SEARS MORTGAGE SECURITIES CORP. SERIES 1992-9 RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 29 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $116 million individual-rate, adjustable-rate mortgage pass- through certificates, series 1992-9 are rated 'AAA' by Fitch.
 The rating reflects the credit enhancement provided by a 7.5 percent mortgage pool insurance policy issued by General Electric Mortgage Corp. (GEMICO) and a $3.2 million reserve fund. The reserve fund encompasses categorical losses in specified amounts arising from special hazards, certain mortgage repurchase defaults by the company and mortgagor bankruptcy. Additionally, the rating reflects Fitch's confidence in the integrity of the legal and financial structure, as well as the strength of the master servicer, SMSC.
 The certificates are collateralized by a pool of approximately 414 30-year original term, annual adjustable rate mortgage loans indexed to the one-year Constant Maturity Treasury Index. The loans are secured by first liens on one-to-four family residential properties, of which approximately 97 percent are single-family units and 3 percent represent units in condominiums, planned unit developments (PUDs) or townhomes. All properties are owner-occupied. The relatively low weighted average loan-to-value (LTV) of approximately 68 percent suggests that the pool will experience a limited number of defaults. The pool is well diversified geographically, with approximately 63 percent of the loans in California. Each mortgage loan allows the mortgagor to convert the loan from an adjustable to a fixed rate.
 All loans were originated in accordance with the underwriting guidelines of SMSC. SMSC, a private residential mortgage conduit, will act as master servicer. A real estate mortgage investment conduit (REMIC) election will be made with respect to the trust for federal income tax purposes.
 -0- 6/29/92
 /CONTACT: Mary Sue Lundy, 212-908-0526, or Jill M. Guido, 212-908-0682, both of Fitch/
 (S) CO: Sears Mortgage Securities Corp. ST: IN: FIN SU: RTG


PS -- NY085 -- 4935 06/29/92 17:43 EDT
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Date:Jun 29, 1992
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