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SEARS MORTGAGE SECURITIES CORPORATION SERIES 1992-21 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 15 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $130.1 million multiclass mortgage pass-through certificates, series 1992-21, classes A-1 and A-2 are rated 'AAA' by Fitch. The $24.3 million class M-1 and M-2 certificates are rated 'AA'.
 The 'AAA' rating reflects the credit enhancement provided by the class M-1 and M-2 certificates and an 8.50 percent PMI mortgage pool insurance policy. The 'AA' rating reflects the credit loss protection provided by the 8.50 percent PMI mortgage pool insurance policy. A $2.6 million Financial Security Assurance Inc. (FSA) financial guaranty insurance policy also is available to cover additional credit losses. Fitch does not currently rate FSA. Therefore, Fitch's ratings are based solely on the coverage provided by the PMI pool policy and the subordinated certificates. In addition, a $7.1 million reserve fund offers additional support, encompassing categorical losses in specified amounts arising from special hazards, borrower fraud and mortgagor bankruptcy.
 The mortgage pool consists of two loan groups primarily composed of 30-year, recent origination, conventional, adjustable rate mortgage loans secured by one- to four-family residential properties all located in California. Group one contains mortgage loans with a fixed interest rate for the first six months and thereafter adjusts semi-annually, while the mortgage loans in group two are fixed for the first three years and thereafter adjust semi-annually. Both loan groups are indexed to the 6-month LIBOR index and are subject to periodic and lifetime interest rate caps.
 The pool has a weighted average original loan-to-value ratio (LTV) of 77 percent; 5 percent of the pool was originated under a limited documentation program; 34 percent consists of cash-out refinance mortgage loans; and 48 percent of the pool has loans with balances greater than $300,000.
 The mortgage 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 investment conduit election will be made with respect to the trust for federal income tax purposes.
 -0- 12/15/92
 /CONTACT: Michele Loesch, 212-908-0686, or John Rosa, 212-908-0608, both of Fitch/


CO: Sears Mortgage Sec. Corp. ST: New York IN: FIN SU: RTG

LD -- NY093 -- 7470 12/15/92 18:46 EST
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Date:Dec 15, 1992
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