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Article: Ford Credit Debuts Whole Loan Sale Program With $3 Billion Sale to Bear Stearns.
- Article from:
- PR Newswire
- Article date:
- November 19, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. 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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Ford Motor Credit Company has reached an agreement to sell $3 billion of retail automobile installment sale contracts to Bear Stearns Asset Backed Funding Inc., a subsidiary of Bear, Stearns & Co. Inc. This transaction is the first in Ford Credit's newly developed Whole Loan Sale Program.
By selling these contracts in a whole loan structure, Ford Credit enhances liquidity by tapping into an alternative market for funding. In contrast to the sale of retail installment sale contracts in its public securitizations, Ford Credit does not retain any interest in the contracts sold in the Whole Loan Sale Program. Ford Credit will continue to service the contracts for a ...