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SEARS MORTGAGE SECURITIES SERIES 1992-10 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

SEARS MORTGAGE SECURITIES SERIES 1992-10 RATED 'AAA/AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 30 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $247.4 million multiclass mortgage pass-through certificates, series 1992-10, classes A, P, X, and B, are rated 'AAA' and the $6.3 million class M certificates are rated 'AA' by Fitch.
 The 'AAA' rating on the classes A, P, and X certificates reflects the credit loss protection provided by the 5.00 percent subordinated class B certificates and the 2.25 percent subordinated class M certificates. The 'AAA' rating on the class B certificates reflects the credit loss protection provided by a 5.00 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp.. The 'AA' rating on the class M certificates reflects the credit support provided by the 5.00 percent subordinated class B certificates. A $7.9 million reserve fund offers additional support, encompassing categorical losses in specified amounts arising from special hazards, certain mortgage repurchase defaults by the company, and mortgagor bankruptcy. The ratings also reflect 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 consists primarily of 30-year, recent origination, conventional, fixed rate, one- to four-family residential mortgage loans. Approximately 47 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 (LTV) of 70.3 percent; 23.8 percent of the pool was originated under a limited documentation program; 21.5 percent consists of cash-out refinance mortgage loans; and 46 percent of the pool is comprised of jumbo mortgage loans (loans with 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 for federal income tax purposes.
 -0- 6/30/92
 /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


AH -- NY082 -- 5315 06/30/92 16:17 EDT
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Date:Jun 30, 1992
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