Fitch Conducts Review Of GEMICO-Backed RMBS Transactions.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 1, 2003

Fitch Ratings is conducting a review of thirteen residential mortgage-backed securities (RMBS) transactions where General Electric Mortgage Insurance Corporation (GEMICO) is either the sole provider of credit enhancement

or partial credit support provider. This review is in conjunction with the recent rating downgrade of GEMICO's insurer financial strength rating to 'AA' from 'AAA' (see press release dated Sept. 26, 2003 'Fitch Downgrades General Electric Mortgage Insurance Corporation to 'AA' from 'AAA', available on the Fitch Ratings web site at 'www.fitchratings.com').

The transactions being reviewed are:

-- California Federal Bank, series1992-MW1;

-- CSFB Mortgage Securities Corp., series 2001-AR14 - Groups 1,2

and 3;

-- CSFB Mortgage Securities Corp., series 2001-AR7 - Group 1;

-- Fleet Mortgage Securities Corp., series 1993-1;

-- Ryland Mortgage Securities Corp. FBS Mortgage Corp. Trust,

series 1992-1;

-- Ryland Mortgage Securities Corp. Household Trust, series

1991-1;

-- Salomon Brothers, series 1992-6;

-- Salomon Brothers, series 1993-1;

-- Salomon Brothers, series 1993-2;

-- Sears Mortgage Securities Corp., series 1993-6;

-- Sears Mortgage Securities Corp., series 1993-7;

-- Securitized Assets Sales, Inc., series 1993-4;

-- Structured Mtg. Asset Residential Trust, series 1991-2.

Preliminary review shows that the majority of the transactions are supported by:

-- GEMICO mortgage insurance policy;

-- GEMICO mortgage insurance policy coupled with mezzanine and

subordinate bonds; or,

-- GEMICO mortgage insurance policy along with another mortgage

insurer provider policy.

Ten of the thirteen transactions have pool factors of 2% or less and either extremely low delinquencies or no delinquencies at all. The remaining three transactions have pool factors between 5% and 15%.

Fitch will complete their review in the next couple of weeks and anticipates that few if any rating changes will be made.