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SEARS MORTGAGE SECURITIES CORP. SERIES 1993-3 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 30 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $142.9 million multiclass mortgage pass-through certificates, series 1993-3, are rated 'AAA' by Fitch.
 The 'AAA' rating reflects the credit enhancement provided by the 8.25 percent General Electric Mortgage Pool Insurance Policy (GEMICO). A $5.0 million reserve fund is available to cover categorical losses in specified amounts arising from special hazards, borrower fraud, and mortgagor bankruptcy. The rating also reflects Fitch's confidence in the integrity of the legal and financial structure, as well as the strength of the master servicer, SMSC.
 The mortgage pool is composed of 30-year, recent origination, conventional, fixed rate mortgage loans secured by one- to four-family residential properties located primarily in the Northeast (32 percent) and California (30 percent). The pool has a weighted average original loan-to-value ratio (LTV) of 74 percent, 11 percent of the pool was originated under a limited documentation program, 16 percent consists of cash-out refinance mortgage loans, and 43 percent of the pool has loans with balances greater than $300,000.
 Credit losses will be initially allocated to the extent of coverage provided by the GEMICO pool policy. Additional credit losses will be borne pro rata among the class A certificates, however, the class A-5 certificates, structured in a support senior format, will provide further protection by absorbing losses that would have been allocated to the class A-4 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. Two real estate mortgage investment conduit elections will be made with respect to the trust for federal income tax purposes.
 -0- 03/30/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or John V. Rosa, 212-908-0608, both of Fitch/
 (S)


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

AH -- NY084 -- 1201 03/30/93 16:34 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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