Fitch Upgrades 5 & Affirms 15 Classes from 10 GEMICO-Backed RMBS Transactions.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 21, 2003

Fitch Ratings has taken rating actions on ten residential mortgage-backed securities (RMBS) transactions where General Electric Mortgage Insurance Corporation (GEMICO) is either the sole provider of credit enhancement

California Federal Bank, Series 1992-MW1

-- Class A affirmed at 'AAA'.

CSFB Mortgage Securities Corp., Series 2001-AR7

-- Class IA, IIA, IIIA affirmed at 'AAA';

-- Class CB1 upgraded to 'AAA' from 'BBB'.

CSFB Mortgage Securities Corp., Series 2001-AR14

-- Class IA, IIA, IIIA affirmed at 'AAA';

-- Class B1 upgraded to 'AAA' from 'BBB'.

Ryland Mortgage Securities Corp. Household Trust, Series 1991-1

-- Class A affirmed at 'AAA'.

Ryland Mortgage Securities Corp. FBS Mortgage Corp. Trust, Series 1992-1

-- Class A affirmed at 'AAA'.

Salomon Brothers Mortgage Securities VII Mortgage pass-Through Certificates, Series 1992-6

-- Class A affirmed at 'AAA';

-- Class M upgraded to 'AAA' from 'AA'.

Salomon Brothers Mortgage Securities VII Mortgage pass-Through Certificates, Series 1993-1

-- Class A affirmed at 'AAA';

-- Class M upgraded to 'AAA' from 'AA'.

Salomon Brothers Mortgage Securities VII Mortgage pass-Through Certificates, Series 1993-2

-- Class A affirmed at 'AAA';

-- Class M upgraded to 'AAA' from 'AA'.

Securitized Assets Sales, Inc., Series 1993-4

-- Class A affirmed at 'AAA';

-- Class M affirmed at 'AA'.

Structured Mortgage Asset Residential Trust, Series 1991-2

-- Class A affirmed at 'AAA'.

The upgrades reflect an increase in credit enhancement relative to future loss expectations and the affirmations on the above classes reflect credit enhancement consistent with future loss expectations. Additionally, these actions are taken due to the mortgage insurance policy provided by GEMICO, whose insurer financial strength is rated 'AA' with a Stable Rating Outlook by Fitch.

For specific delinquency and loss information, please visit the Fitch Ratings web site at 'www.fitchratings.com'.