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SECURITIZED ASSET SALES, 1993-2 PASS-THRUS 'AAA AA A BBB' BY FITCH -- FITCH FINANCIAL WIRE --

    NEW YORK, Aug. 13 /PRNewswire/ --  Securitized Asset Sales, Inc.'s (SASI) $137.7 million mortgage pass-through certificates, series 1993-2 class A and P are rated "AAA" by Fitch.  In addition, $2.2 million class M certificates are rated "AA", $1.8 million class B-1 certificates "A", and $359,000 class B-2 certificates "BBB".
    The "AAA" rating on the class A and P certificates reflects the credit enhancement provided by the subordination of the 1.5 percent class M, 1.25 percent class B-1, 0.25 percent class B-2, and 1.25 percent class B-3 through B-5. Credit enhancement for the class M certificates is provided by the 1.25 percent class B-1, 0.25 percent class B-2, and 1.25 percent class B-3 through B-5. The class B-1 certificates are supported by the 0.25 percent class B-2, and 1.25 percent class B-3 through B-5, while the class B-2 certificates are supplied "BBB" coverage by the 1.25 percent class B-3 through B-5. The credit enhancement provided for each of the classes will be sufficient to cover credit losses as well as limited bankruptcy, fraud, and special hazard losses.  In addition, the ratings reflect the quality of the mortgage collateral, integrity of the legal and financial structure, and master servicing capabilities of Countrywide Mortgage Conduit.
    The issue is securitized by a mortgage pool consisting primarily of recently originated, conventional, fully amortizing, 15-year fixed-rate, mortgage loans secured by first liens on one- to four-family residential properties.  The mortgage pool demonstrates a relatively low weighted average original loan-to-value ratio of approximately 65 percent. Loans originated under a reduced documentation program account for approximately 37 percent of the pool, cash-out refinance loans 13 percent, jumbo loans 50 percent (balances between $300,001- $600,000), and super jumbo loans 7 percent (balances between $600,001- $1,000,000).  The pool is geographically diversified with the largest concentrations located in California (49 percent), Illinois (14 percent), New Jersey (8 percent), and New York (4 percent).
    SASI, a special purpose corporation, deposited the loans in the trust, which issued the certificates. Two real estate mortgage investment conduit elections will be made with respect to the trust fund for federal income tax purposes.
    -0-             08/13/93
    CONTACT:  Joanne M. Scatassa, 212-908-0671 or Michele Loesch, 212-908-0686, both of Fitch CO:  SECURITIZED ASSET SALES, INC. IN:  FIN SU:  RTG


-- NY038 -- X611 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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