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SECURITIZED ASSET SALES, INC. 1993-4 PASS-THRUS 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 4 /PRNewswire/ -- Securitized Asset Sales, Inc.'s (SASI) $112.1 million mortgage pass-through certificates, series 1993-4, class A are rated 'AAA' and the $12.5 million class M certificates are rated 'AA' by Fitch.
 The 'AAA' rating on the class A reflects the credit support provided by the subordination of the 10 percent class M and one of two mortgage pool insurance policies. The 6.5 percent General Electric Mortgage Insurance Corp. (GEMICO) pool policy covers approximately 73 percent of the mortgage loans and the 4 percent PMI Mortgage Insurance Co. (PMI) pool policy with a 2.5 percent supplemental GEMICO pool policy covers the remaining 27 percent of the mortgage loans. The GEMICO supplemental policy will not be available until the PMI pool policy is exhausted.
 Credit support for the 'AA' class M is provided by the GEMICO and PMI pool policies. A $2.9 million Commerce and Industry Insurance Co. (C&I) special hazard insurance policy is available to cover special hazard losses and a $50,000 C&I mortgagor bankruptcy bond is available to cover bankruptcy losses. Limited fraud losses will be covered under a fraud waiver issued by both the GEMICO and PMI pool policies. The ratings also reflect the quality of the mortgage collateral, the integrity of the legal and financial structure, and master servicing capabilities of Securitized Asset Services Corp.
 The mortgage pool consists of fully amortizing, 30-year adjustable rate, conventional first mortgage loans secured by one- to four-family residential properties, located primarily in California, with interest rates indexed to the London interbank offered rate. The mortgage loan interest rates adjust semiannually and are subject to maximum increases and decreases of 1 percent and to maximum lifetime rate caps.
 The weighted average original loan-to-value ratio (LTV) of the mortgage loans is approximately 74 percent. The loans were originated by Countrywide Funding Corp. (77 percent), Plaza Home Mortgage Corp. (10 percent), and Express America Mortgage Corp. (13 percent). Each originator will service their own loans, except on or before Dec. 1, 1993, Express America will cease to service their loans, and in turn will transfer the servicing responsibilities to Plaza. The pool contains approximately 8 percent cash-out refinances loans, 3 percent limited documentation loans, and 6 percent super jumbo loans (balances greater than $600,000).
 SASI, a special purpose corporation, acquired the mortgage loans from First Boston Mortgage Capital Corp., and in turn, deposited the loans in the trust, which issued the certificates. Three real estate mortgage investment conduit elections will be made with respect to the trust fund for federal income tax purposes.
 -0- 10/4/93
 /CONTACT: Joanne M. Scatassa, 212-908-0671, or Suzanne Michaud, 212-908-0604, both of Fitch/


CO: Securitized Asset Sales, Inc. ST: IN: FIN SU: RTG

SH -- NY070 -- 8409 10/04/93 13:48 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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