Smart Structures

Last week\'s residential mortgage ratings activity
By SAM GARCIA
3/26/2002

Standard & Poor's (S&P) assigned its single-'A'-plus senior debt rating to notes issued by MGIC Investment Corp. due to its management intention to repurchase up to 5.5 million shares of its common stock. It also said it affirmed all outstanding ratings on the company and its units, which comprise the largest U.S. mortgage insurer based on net written premium, and said the outlook is stable.

Classes of Prudential Home Mortgage Securities Company, Inc., residential mortgage pass-through certificates (RMPTC's) series 1993-G and series 1994-A were upgraded by Fitch Ratings. The actions were taken as a result of low delinquencies and losses, as well as increased credit support.

Fitch said it upgraded classes of the following series of RMPTC's as a result of low delinquencies and losses, as well as increased credit support.

* Chase Mortgage Finance Corporation mortgage pass-through certificates, series 1995-A
* Citicorp Mortgage Securities, Inc. mortgage pass-through certificates, series 1995-2
* Citicorp Mortgage Securities, Inc. mortgage pass-through certificates, series 1995-3
* PHH Mortgage Services Corporation mortgage pass-through certificates, series 1995-7
* PHH Mortgage Services Corporation mortgage pass-through certificates, series 1995-9
* PNC Mortgage Securities Corporation mortgage pass-through certificates, series 1995-1
* PNC Mortgage Securities Corporation mortgage pass-through certificates, series 1995-2
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-R5 Pool 1
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-R5 Pool 2
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-R5 Pool 3

* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-R20
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S1
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S3
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S6
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S7
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S8
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S9
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S10
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S11

* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S12
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S14
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S15
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S16
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S17
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S18
* Residential Funding Mortgage Securities I, Inc., mortgage pass-through certificates, series 1995-S19
* Securitized Asset Sales, Inc., mortgage pass-through certificates, series 1995-1
* Structured Asset Securities Corporation mortgage pass-through certificates, series 1995-2 Group 2

S&P affirmed its ratings on various series of Structured Mortgage Asset Residential Trusts' certificates based on current credit support percentages that are sufficient to support the triple-'A' ratings. The overall performance of the SMART pools has been strong, with historically low delinquencies and few losses. In addition, many of the pools have been paid down to a level below the amount that is currently in their respective pool policies. Most of the fixed rate loans are secured by California properties.

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