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SEARS MORTGAGE SECURITIES SERIES 1992-14 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 SEARS MORTGAGE SECURITIES SERIES 1992-14 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 1 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $215.9 million multiclass mortgage pass-through certificates, series 1992-14, are rated 'AAA' by Fitch. The rating primarily reflects the credit enhancement provided by two 7.75 percent mortgage pool insurance policies issued by General Electric Mortgage Insurance Corp. (covering 58 percent of the mortgage loans) and PMI Mortgage Insurance Co. (covering 42 percent of the mortgage loans). A $7.5 million reserve fund offers additional support, encompassing categorical losses in specified amounts arising from special hazards, borrower fraud, and mortgagor bankruptcy. The ratings also reflect Fitch's confidence in the integrity of the legal and financial structure and the master servicing capabilities of SMSC.
 The GEMICO mortgage pool consists of 30-year, recent origination, conventional, fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (43 percent). The pool has a weighted average original loan-to-value ratio (LTV) of 71 percent; 23 percent of the pool was originated under a limited documentation program; 16 percent consists of cash-out refinance mortgage loans; and 42 percent of the pool is comprised of jumbo mortgage loans (balances between $300,001 - $600,000).
 The PMI mortgage pool consists of 30-year, recent origination, conventional, fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (51 percent). The pool has a weighted average original LTV of 72 percent; 28 percent of the pool was originated under a limited documentation program; 9 percent consists of cash-out refinance mortgage loans; and 45 percent of the pool is comprised of jumbo mortgage loans.
 The class M certificates act as a senior support class to the class F-1 certificates, covering the class F-1 certificates portion of credit losses in the event that the respective pool policy is reduced to zero. However, Fitch believes the pool policies offer 'AAA' level protection to the class M certificates, regardless of its loss position.
 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- 9/1/92
 /CONTACT: Jill M. Guido, 212-908-0682, or Mary Sue Lundy, 212-908-0526, both for Sears Mortgage Security/ CO: Sears Mortgage Securities Corp. ST: IN: FIN SU: RTG


SH -- NY019 -- 5306 09/01/92 09:54 EDT
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Date:Sep 1, 1992
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