NEW YORK (Standard & Poor's) Sept. 19, 2002--Standard & Poor's Ratings Services today raised its ratings on three classes of First Boston Mortgage Securities Corp.'s multifamily mortgage pass-through certificates series 1993-M1. Concurrently, ratings are affirmed on four other classes on the same series (see list).

The rating actions reflect the increased credit support available for the classes due to loan pay-offs and the value appreciation that has occurred in the collateral. Based on Standard & Poor's cooperative valuation analysis, the current loan-to-value (LTV) ratio is estimated at 3.74% as compared to 13.84% at issuance. The collateral pool comprises 13 loans with a principal balance of $17.4 million secured by underlying first mortgages on cooperative buildings. Eight of the loans are adjustable-rate and five are fixed-rate. Ten of the properties are located in New York, N.Y.; one property is located in the Bronx, one in Westchester County, and one is in Queens. Standard & Poor's estimate is that the New York City cooperatives represent 87% of the collateral value.

To date, there have been no modifications, discounted pay-offs, foreclosures, REO, or losses. Currently, there are no delinquencies or specially serviced loans. The strong performance of the collateral pool can be attributed to the ability of a cooperative to maintain favorable debt service coverage levels through periodic shareholder maintenance increases and improved LTV ratios, reflecting the strength in the New York City cooperative market. The originator and servicer of the mortgage loans, National Consumer Cooperative Bank, is a Washington, D.C.-based bank that is a market leader in providing underlying mortgages on cooperative buildings.