GE Cap Mtg Services Ctfs Ser 1999-17 Rtd by FitchIBCA.

NEW YORK--(BUSINESS WIRE)--Aug. 27, 1999--

GE Capital Mortgage Services, Inc.'s (GECMSI) $333.5 million mortgage pass-through certificates, series 1999-17, classes A1 through A12 and R (senior certificates) are rated 'AAA' by Fitch IBCA. In addition, the $6.7 million class M certificates

The `AAA' rating on the classes A and R certificates reflects the credit support of the 4.00% subordination provided by the underlying class M and B certificates. The `AA' rating on the class M reflects the 2.10% subordination provided by the class B certificates. The `A' rating on the class B1 reflects the 1.35% subordination provided by the class B2 and the privately offered classes B3 through B5 certificates. The `BBB' rating on the class B2 reflects the 0.95% subordination provided by the privately offered classes B3 through B5 certificates.

Fitch IBCA believes the above credit enhancement will be adequate to support mortgagor defaults as well as bankruptcy, fraud and special hazard losses in limited amounts. In addition, the ratings reflect the quality of the mortgage collateral, Fitch IBCA's confidence in the strength of the legal and financial structures, and GECMSI's servicing capabilities as master servicer.

The collateral consists of recently originated, conventional, 20- to 30-year fixed-rate, fully amortizing, first lien, one- to four-family residential mortgage loans. The weighted average original loan-to-value ratio (LTV) for the mortgage loans in the pool is approximately 75.92% and the weighted average remaining term to maturity is approximately 357 months. Approximately 19.93% of the loans have principal balances between $400,001-$600,000 and approximately 3.97% have balances above $600,000. The three states that represent the largest portion of mortgage loans are California (49.55%), Washington (4.73%) and Massachusetts (4.21%).

GECMSI will directly service approximately 71% of the mortgage loans and will function as master servicer with respect to the remaining mortgage loans pursuant to a direct master servicing arrangement. Such master-serviced loans will be directly serviced by entities that originated or acquired those loans and sold them to the GECMSI. State Street Bank and Trust Co. will act as trustee.

GECMSI deposited the loans in the trust, which issued the certificates, representing undivided beneficial ownership in the trust. For federal income tax purposes, an election will be made to treat the trust fund as a real estate mortgage investment conduit (REMIC).