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SEARS MORTGAGE SECURITIES SERIES 1992-7 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 SEARS MORTGAGE SECURITIES SERIES 1992-7 RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 29 /PRNewswire/ -- Sears Mortgage Securities Corp.'s (SMSC) $219.5 million multiclass mortgage pass-through certificates, Series 1992-7, are rated "AAA" by Fitch.
 The rating reflects the credit enhancement provided by the 7.25 percent mortgage pool insurance policy issued by General Electric Mortgage Insurance Corp. (GEMICO) and a $8.4 million reserve fund. The reserve fund encompasses categorical losses in specified amounts arising from special hazard, certain mortgage repurchase defaults by the company, and mortgagor bankruptcy. The Class M certificates, also rated "AAA," act as support senior certificates, with Class M absorbing the credit losses that would have been allocated to the remaining classes in the event the mortgage pool insurance policy is reduced to zero. Additionally, the rating reflects 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 55 percent of the pool is secured by properties located in California, with the remaining properties located primarily in the Northeast. The pool has a relatively low weighted average loan-to-value ratio (LTV) of 69 percent; 34 percent of the pool was originated under a limited documentation program and 24 percent consists of cash-out refinance mortgage loans.
 Most (78 percent) of the loans were originated by Sears Mortgage Corp., and all were in accordance with the underwriting guidelines of SMSC, a private residential mortgage conduit and master servicer. A real estate mortgage investment conduit election will be made for federal income tax purposes.
 -0- 5/29/92
 /CONTACT: Jill M. Guido, 212-908-0682, or Mary Sue Lundy, 212-908-0526, both of Fitch/ CO: Sears Mortgage Securities Corp. ST: IN: FIN SU: RTG


GK -- NY046 -- 5235 05/29/92 14:17 EDT
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Publication:PR Newswire
Date:May 29, 1992
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