Printer Friendly

SEARS MTGE. SEC. CORP. SERIES 1992-17 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 SEARS MTGE. SEC. CORP. SERIES 1992-17 RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 28 /PRNewswire/ -- Sears Mortgage Securities Corp.'s ("SMSC") $130.8 million adjustable-rate mortgage pass-through certificates series 1992-17, classes A and M, are rated 'AAA' by Fitch. The 'AAA' rating on the certificates reflects the credit loss protection provided by the 11.00 percent mortgage pool insurance policy issued by PMI Mortgage Insurance Co. A $6.1 million reserve fund offers additional support, encompassing categorical losses in specified amounts arising from special hazard, borrower fraud, and mortgagor bankruptcy. The rating also reflects Fitch's confidence in the integrity of the legal and financial structure as well as the strength of the master servicer, SMSC.
 Under the super-senior structure, the class M certificates act as a support class to the class A certificates, providing additional loss coverage in the event the mortgage pool policy is reduced to zero. However, Fitch believes the 11.00 percent PMI pool policy offers 'AAA' level protection to the class M certificates, regardless of their loss position.
 The mortgage pool consists primarily of conventional adjustable- rate, one- to four-family residential mortgage loans. All of the mortgaged properties are located in California. The pool has a weighted average origina loan-to-value ratio of 69.8 percent; approximately 22.9 percent of the pool was originated under a limited documentation program; 32.2 percent consists of cash-out refinance mortgage loans; and 54.8 percent of the pool is comprised of jumbo mortgage loans (balances between $300,001 - $600,000).
 All of the mortgage loans were acquired by SMSC, the master servicer, from CenFed Bank, the servicer; and all of the mortgage loans were originated by and on behalf of Western Federal Savings and Loan Association. Two real estate mortgage investment conduit elections will be made with respect to the trust for federal income tax purposes.
 -0- 9/28/92
 /CONTACT: Jill M. Guido, 212-908-0682, or Alexander K. Zabik, 212-908-0634, both of Fitch/ CO: Sears Mortgage Securities Corp. ST: IN: FIN SU: RTG


TM -- NY058 -- 4085 09/28/92 16:41 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 28, 1992
Words:346
Previous Article:METROPOLITAN FINANCIAL PRICES SUBORDINATED NOTES
Next Article:/C O R R E C T I O N -- INVESTMENT COMPANY INSTITUTE/


Related Articles
SEARS MORTGAGE SECURITIES CORP. SERIES 1992-5 RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE--
SEARS MORTGAGE SECURITIES SERIES 1992-6 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
SEARS MORTGAGE SECURITIES CORP. SERIES 1992-6 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
SEARS MORTGAGE SECURITIES SERIES 1992-7 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
SEARS MORTGAGE SECURITIES CORP. SERIES 1992-9 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
SEARS MORTGAGE SECURITIES SERIES 1992-10 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
SEARS MORTGAGE SECURITIES, SERIES 1992-13, RATED BY FITCH -- FITCH FINANCIAL WIRE --
SEARS MORTGAGE SECURITIES SERIES 1992-14 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
PMI-INSURED 'AAA' MORTGAGE ISSUES PLACED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
PMI-INSURED "SUPER-SENIOR" MORTGAGE DEBT AFFIRMED, OFF FITCHALERT -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters