PHH Mortgage Services Corp Pass-Thrus Upgraded By Fitch IBCA

Business Wire, March 27, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--March 27, 2000

Fitch IBCA upgrades PHH Mortgage Services Corp.'s mortgage pass-through certificates:

Series 1995-1
-- Class B1 ($2,121,700 outstanding), to 'AAA' from 'AA',
-- Class B2 ($1,178,723 outstanding) to 'AAA' from 'A',
-- Class B3 ($942,979 outstanding) to 'AA+' from 'BBB',
-- Class B4 ($424,340 outstanding) to 'AA-' from 'BB', and
-- Class B5 ($188,596 outstanding) to 'A' from 'B'.

Series 1995-3
-- Class B1 ($3,098,074 outstanding), to 'AAA' from 'AA',
-- Class B2 ($1,549,037 outstanding) to 'AAA' from 'A',
-- Class B3 ($1,239,230 outstanding) to 'AAA' from 'BBB',
-- Class B4 ($619,615 outstanding) to 'AAA' from 'BB', and
-- Class B5 ($619,615 outstanding) to 'AA' from 'B'.

Series 1995-5
-- Class B1 ($2,954,766 outstanding), to 'AAA' from 'AA+',
-- Class B2 ($1,477,383 outstanding) to 'AA+' from 'AA-',
-- Class B3 ($1,181,907 outstanding) to 'A+' from 'A-', and
-- Class B4 ($709,144 outstanding) to 'BBB+' from 'BBB'.

Series 1996-2
-- Class B1 ($3,650,061 outstanding), to 'AAA' from 'AA',
-- Class B2 ($2,027,812 outstanding) to 'AA+' from 'A',
-- Class B3 ($1,622,249 outstanding) to 'A+' from 'BBB',
-- Class B4 ($486,675 outstanding) to 'A' from 'BB', and
-- Class B5 ($405,562 outstanding) to 'BBB+' from
'B'.

Series 1997-1
-- Class B1 ($2,022,604 outstanding), to 'AAA' from 'AA',
-- Class B2 ($1,155,774 outstanding) to 'AA+' from 'A',
-- Class B3 ($866,830 outstanding) to 'A' from 'BBB',
-- Class B4 ($404,521 outstanding) to 'BBB' from 'BB', and
-- Class B5 ($231,155 outstanding) to 'B+' from 'B'.

Series 1997-2
-- Class B1 ($5,167,089 outstanding), to 'AAA' from `AA',
-- Class B2 ($2,296,484 outstanding) to 'AA+' from 'A',
-- Class B3 ($1,148,242 outstanding) to 'A+' from 'BBB',
-- Class B4 ($918,594 outstanding) to 'BBB+' from 'BB', and
-- Class B5 ($459,297 outstanding) to 'BB+' from 'B'.

Series 1997-6
-- Class B1 ($2,953,071 outstanding), to 'AAA' from 'AA',
-- Class B2 ($1,968,714 outstanding) to 'AA' from 'A',
-- Class B3 ($984,357 outstanding) to 'A+' from 'BBB',
-- Class B4 ($885,922 outstanding) to 'BBB' from 'BB', and
-- Class B5 ($393,743 outstanding) to 'BB' from 'B'.

These actions are a result of low delinquencies and losses, as well as increased credit support, as of the January distribution reports. Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch IBCA Web site at www.fitchibca.com.