S&P Takes No Rtg Action Re: PMI/ForestviewTransfer.

NEW YORK--(BUSINESS WIRE)--S&P's CreditWire 10/29/98--Standard & Poor's currently is not taking a rating action on various residential mortgage pass-through certificates insured by PMI Mortgage Insurance Co. (see list below).

This follows the announcement of a proposed transfer, by assumption and

The ratings on the certificates of the residential mortgage issues are consistent with the double-'A'-plus financial strength rating of PMI, the performance of the underlying collateral, and in some cases additional support provided by other forms of credit enhancement. The ratings of outstanding certificates may be lowered to the then current rating of Forestview when PMI's liability terminates as a result of novation to Forestview. Allstate Insurance Co., Forestview's parent company, has elected to withdraw Forestview's financial strength rating. Therefore, ratings of the certificates still outstanding at the time the novation is accomplished may be lowered, and, in some cases, changed to 'NR' (not rated, in this case due to rating withdrawal).

The requirements for novation generally fall into one of three categories: --

Affirmative consent from the policyholders may be required to

effectuate a novation, and thus, PMI will remain liable as the

primary insurer until the majority of policyholders affirmatively

consent. -- If certain requirements are met under state insurance laws and

regulations, "deemed" or "implied" consent from the policyholders

may be recognized as a basis for novation. However, this method

may not be recognized under other laws in those states, and thus,

PMI may be liable as the primary obligor under the policy until

affirmative consent is obtained. -- In states that do not provide any guidance for assumption

reinsurance, novation, or deemed novation under their insurance

laws or regulations, the parties may provide for a similar

"deemed" or "implied" novation process, subject to those state's

insurance laws and regulations. However, this method may also not

be recognized under other laws in those states for similar

reasons as stated in the second scenario listed.

It is entirely possible that the transfer and subsequent ratings of some certificates may be effected while others will not, and the timing of such effect may not be uniform. Notwithstanding the performance of the underlying collateral, the certificate ratings will remain consistent with the rating of PMI for as long as PMI is obligated under the pool insurance policies.

Standard & Poor's will periodically monitor PMI's and Forestview's progress in effecting novation to Forestview. Any necessary rating adjustments will be dealt with specifically for each certificate, based on the results of the status of novation for the mortgage pool insurance policy that supports such certificate, Standard & Poor's said.--CreditWire

PMI MORTGAGE INSURANCE-INSURED RESIDENTIAL MORTGAGE PASS-THROUGH
CERTIFICATES

Issuer                           Series    Class                Rating
CMC Securities Corp. II          1993-2E   Various              AA+
Housing Securities Inc.          1992-5    5-M                  AA+r
Housing Securities Inc.          1993-B    B-5M                 A
Housing Securities Inc.          1993-D    D-2 thru D-4         AAA
Housing Securities Inc.          1993-D    D-5 & D-6            AA+
Housing Securities Inc.          1993-D    D-7 & D-8            AA+r
Housing Securities Inc.          1993-D    D-9M                 AA
Merrill Lynch Mortgage
 Investors Inc.                  1993-D    A-2 & M-1            AAr
Merrill Lynch Mortgage
 Investors Inc.                  1993-H    M-1 & M-2            AAr
PNC Mortgage Securities Corp.    1990-D    P-T                  AA+
PNC Mortgage Securities Corp.    1991-K    A-1 thru A-4         AA+
PNC Mortgage Securities Corp.    1992-12   A-1, A-2, A-4        AA
PNC Mortgage Securities Corp.    1992-12   A-3 & A-5            AAr
PNC Mortgage Securities Corp.    1992-14   F2, T2, S1, T-3 & M  AA+
PNC Mortgage Securities Corp.    1992-16   A-1 thru A-3         AAAr
PNC Mortgage Securities Corp.    1992-16   A-4                  AAA
Residential Funding Mortgage
 Securities I Inc.
                                 1993-19   A-1 & A-2            AA+
Residential Funding Mortgage
 Securities I Inc.
                                 1993-19   S-1 & S-2            AA+r
Ryland Mortgage Securities Corp. 1992-2    B                    AAA
Ryland Mortgage Securities Corp. 1992-4    B                    AAr
Ryland Mortgage Securities Corp. 1992-6    B                    AAr
Ryland Mortgage Securities Corp. 1992-8    B                    AAr
Ryland Mortgage Securities Corp. 1992-9    B                    AAr
Ryland Mortgage Securities Corp. 1992-10   B                    AAr
Ryland Mortgage Securities Corp. 1992-11   M                    AA+