Printer Friendly

SECURITIZED ASSET SALES, INC. 1993-8 CLS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 29 /PRNewswire/ -- Securitized Asset Sales, Inc.'s (SASI) $196.7 million mortgage pass-through certificates, series 1993-8 classes A-1 through A-4, and A-1-R senior certificates are rated 'AAA' by Fitch. The $7.6 million class B certificates are rated 'AA' and the $5.4 million class C certificates 'A' (subordinate certificates).
 The 9.5 percent credit support for the 'AAA' senior certificates reflects subordination of the 3.5 percent class B, 2.5 percent class C, and 3.5 percent unoffered class D and E certificates. Credit enhancement for the 'AA' class B is provided by the 2.5 percent class C, and 3.5 percent class D and E certificates, while the 3.5 percent class D and E certificates supply 'A' coverage for class C. In addition, the ratings reflect the strength of the legal and financial structures and the master servicing capabilities of Securitized Asset Servicers Corp. (SASCOR).
 The certificates are collateralized by a pool of one- to four- family, residential, recently originated, conventional, fully amortizing, adjustable-rate mortgages (ARMs), with original terms to maturity of 30 years. The pool is divided into four mortgage loan groups. Group 1 loans have interest rates resetting annually to the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of one year (CMT). Group 2 consists of loans indexed to the one-year CMT, with semiannual adjustments. Group 3 loans have interest rates indexed to the three-year CMT, subject to adjustment every 36 months, and Group 4 loans have interest rates indexed to the six-month London Interbank Offered Rate subject to semiannual adjustments.
 Each of the senior and subordinate certificates correlate to a related loan group. However, the subordinate certificates are further divided into four components, of which each component pertains to a related loan group. The class A-1 and A-1-R certificates, as well as the class B, C, D, and E subordinate 1 component certificates are entitled to distributions of interest and principal based on the cashflow received from the Group 1 loans. The class A-2 certificates as well as the class B, C, D, and E subordinate 2 component are entitled to distributions of interest and principal received from the Group 2 loans. The class A-3 certificates as well as the class B, C, D, and E subordinate 3 component are entitled to distributions of interest and principal based on the cash flow received from the Group 3 loans. The class A-4 certificates as well as the class B, C, D, and E subordinate 4 component are entitled to distributions of interest and principal based on the cash flow received from the Group 4 loans.
 The four loan groups are cross-collateralized, to the extent that if on any distribution date there are insufficient funds available to distribute to the applicable class A-1, A-2, A-3, A-4, and A-1-R senior certificates and the cashflow from the other group or groups exceeds the amount required for distribution to its own senior certificates, the excess will be applied to make up the deficient amount. This cashflow structure applies to the class B and C certificates, subject to their respective payment priority as well as the aforementioned cross support payment scenarios.
 The aggregate pool's weighted average original loan-to-value ratio (LTV) is 74.1 percent. Limited documentation loans represent approximately 23 percent, while cash-out refinance loans represent 17 percent. Approximately 78 percent of the mortgaged properties are located in California, of which 34 percent and 16 percent are in the Los Angeles and San Francisco regions, respectively.
 SASI acquired all of the mortgage loans from Prudential Home Mortgage Company, Inc. and Lehman Capital Corp., which, in turn acquired the loans from PHH U.S. Mortgage Corp., GMAC Mortgage Corp. of PA, Countrywide Funding Corp., Saxon Mortgage Funding Corp. (Saxon), North American Mortgage Co., and various affiliates of Capital Holding Corp. (Capital). Each of the above participants will service their own loans, except Ryland Mortgage Corp. and Capital Holding Corp. which will service the Saxon and Capitol affiliated loans, respectively. For federal income tax purposes, four separate real estate mortgage investment conduit election will be made with respect to the trust fund.
 -0- 12/29/93
 /CONTACT: Betty Tan, 212-908-0688, or Joanne M. Scatassa, 212-908-0671, both of Fitch/


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

TM -- NY047 -- 7911 12/29/93 18:41 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 29, 1993
Words:728
Previous Article:RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1993-S45 CLASSES A&R 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:LITTLE CAESARS OFFERS YEAR-END RELIEF FOR HOLIDAY CASH-STRAPPED CONSUMERS -- PIZZA FOR A BUCK
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters