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Article: ContiMortgage prices $550 million of home equity loan ABS.
- Article from:
- Business Wire
- Article date:
- July 31, 1996
CopyrightCOPYRIGHT 1996 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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NEW YORK--(BUSINESS WIRE)--July 31, 1996--ContiMortgage Corporation, a unit of ContiFinancial Corporation (NYSE:CFN) has priced a $550 million Asset Backed Security issue, backed by home equity loans.
The bonds were issued through ContiMortgage Home Equity Loan Trust 1996-3 and included eight tranches. The first seven tranches (Class A-1 to A-7) pay interest at a fixed rate, yielding from 6.58% to 8.14%, and the last tranche (A8) pays a floating rate of interest, based on LIBOR plus 32 basis points.
All classes of certificates were rated AAA by Moody's and S&P based on a 100% insurance guarantee provided by MBIA Insurance Corporation.
The offering was ...
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