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SEARS MORTGAGE SECURITIES CORP. SERIES 1993-9 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Sept. 8 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $185.4 million mortgage pass-through certificates, series 1993-9, classes A, X, P, and R are rated "AAA" by Fitch.
 The "AAA" rating on the classes A-1 through A-6, X-1, X-2, P, and R is based on the credit loss protection provided by the 7.75 percent subordinated class M and class B certificates (not offered, privately placed). The class M and class B certificates provide additional protection for losses arising from mortgagor bankruptcy, borrower fraud, and special hazard events up to specified amounts. The rating on the certificates also reflects Fitch's confidence in the integrity of the legal and financial structures, the quality of the mortgage collateral and master servicing capabilities of SMSC.
 The mortgage pool consists of 30-year, recent origination, conventional, first lien, fixed-rate one- to four-family residential mortgage loans. Approximately 24 percent of the pool is secured by properties located in California, with the remaining properties located primarily in the Northeast. The pool has a weighted average original loan-to-value ratio of 76 percent. Additionally, 3 percent of the pool was originated under a limited documentation program; 7 percent are cash-out refinance loans; and 40 percent is composed of jumbo mortgage loans (balances between $300,001 - $600,000).
 All loans were originated in accordance with the underwriting guidelines of SMSC, a private residential mortgage conduit, which also acts as master servicer. A real estate mortgage investment conduit election will be made with respect to the trust fund for federal income tax purposes.
 -0- 9/8/93
 /CONTACT: Michele J. Loesch, 212-908-0686, or Jill Guido, 212-908-0682, both of Fitch/


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

TS -- NY050 -- 9817 09/08/93 12:28 EDT
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Publication:PR Newswire
Date:Sep 8, 1993
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