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SEARS MORTGAGE SECURITIES SERIES 1992-3 SENIOR CERTIFICATES 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

SEARS MORTGAGE SECURITIES SERIES 1992-3 SENIOR CERTIFICATES 'AAA' BY
 FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Feb. 27 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) Multi-Class Mortgage Pass-Through Certificates Series 1992-3, $251 million senior certificates are rated "AAA" by Fitch while the $8.5 million Class M certificates are rated "AA." The rating on the senior certificates reflects the enhancement provided by both a 4.25 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp., and the 3.25 percent subordination of the Class M certificates. The Class M rating reflects credit enhancement provided by the pool policy. Both ratings also reflect Fitch's confidence in the integrity of the legal and financial structures as well as the master servicing capabilities of SMSC.
 The mortgage pool consists of 30-year conventional fixed-rate one- to-four family residential mortgage loans located primarily in California (54 percent) and New Jersey (10.5 percent). The pool has a weighted average original loan-to-value ratio (LTV) of 70 percent; approximately 35 percent of the pool was originated under a limited or no documentation program; and 28 percent of the pool consists of cash- out refinance mortgage loans.
 The loans were originated or purchased by or on behalf of, and in accordance with the underwriting guidelines of, SMSC. The transaction is structured as "super senior", whereby Classes D-1 and D-2 absorb any additional losses prior to the remaining senior certificates in the event the pool policy is depleted and the Class M certificates are reduced to zero. Two real estate mortgage investment conduit elections will be made for federal income tax purposes.
 -0- 2/27/92
 /CONTACT: Mary Sue Lundy of Fitch, 212-908-0526/ CO: Sears Mortgage Securities Corp. ST: IN: SU: RTG SH -- NY071 -- 3354 02/27/92 14:54 EST
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Publication:PR Newswire
Date:Feb 27, 1992
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