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SEARS MORTGAGE SECURITIES SERIES 1992-1 RATED BY FITCH -- FITCH FINANCIAL WIRE --

 SEARS MORTGAGE SECURITIES SERIES 1992-1 RATED BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 31 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $141 million COFI mortgage pass-through certificates Series 1992- 1, Class A-1 and A-4 are rated 'AAA' by Fitch. Class A-3 is rated 'AA+' and Class A-2 is rated 'AA'. The ratings on Class A-2 and A-3 reflect the subordination of the 7.5 percent and 10 percent Class B combined and annual components, respectively, while the 'AAA' rating assigned to Class A-1 and A-4 reflects not only the credit enhancement provided by the subordination of the 7.5 percent Class B combined component but also the additional credit loss protection provided by the 5.5 percent Class A-2 certificates. In addition, the ratings reflect Fitch's confidence in the integrity of the legal and financial structures and the master servicing capabilities of SMSC.
 Two separate pools of adjustable rate mortgage loans indexed to the 11th District Cost of Funds Index and divided by reset frequency collateralize the certificates. The Combined Loan Group, which supports Classes A-1, A-2, A-4, and the Class B Combined Component, consists of monthly (8.6 percent) and semi-annual (91.4 percent) adjustable rate mortgage loans. The Annual Loan Group, consisting of annual adjustable rate mortgage loans, backs Class A-3 and the Class B Annual Component.
 The mortgage pool generally consists of 30-year mortgage loans secured by one- to four-family residential properties located in California (85 percent). The pool has a weighted average original loan-to-value ratio of 75 percent; approximately 40 percent of the pool was originated under a limited or no documentation program. Seasoning totals three years, lending strength to the pool. However, approximately 1.2 percent of the pool was between 30 and 59 days delinquent as of Jan. 1.
 The Resolution Trust Corp., as conservator or receiver for Florida Federal Savings, F.S.B. and Atlantic Financial Savings Bank, F.S.B., the originating institutions, sold the loans to SMSC, which deposited the loans in the trust. SMSC will also act as master servicer for the pool. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 1/31/92
 /CONTACT: Mary Sue Lundy of Fitch, 212-908-0526/ CO: Sears Mortgage Securities Corp. ST: IN: SU: RTG


JT -- NY055 -- 5721 01/31/92 15:23 EST
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Date:Jan 31, 1992
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