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Article: Accredited Securitizes $707.2 Million of Mortgage Loans under a Newly Formed REIT Subsidiary.
- Article from:
- Business Wire
- Article date:
- May 26, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
SAN DIEGO--(BUSINESS WIRE)--May 26, 2004
Accredited Home Lenders Holding Co. (NASDAQ: LEND), a national non-prime mortgage lender based here, has closed a securitization of approximately $707.2 million of first priority residential mortgage loans through Accredited Mortgage Loan REIT Trust, a newly formed real estate investment trust (REIT) subsidiary of Accredited Home Lenders, Inc., the operating subsidiary of Accredited Home Lenders Holding Co. The REIT subsidiary was established this month, primarily to provide flexibility in structuring securitizations and thereby reduce long-term funding costs.
Chairman and CEO Jim ...