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Article: American Business Financial Services, Inc. Prices $40 Million Securitization of Mortgage-Backed Securities
- Article from:
- PR Newswire
- Article date:
- September 17, 1996
CopyrightCOPYRIGHT 1996 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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BALA CYNWYD, Pa., Sept. 17 /PRNewswire/ -- American Business Financial Services, Inc. (PHLX: AFX) announced today that through its two main subsidiaries, American Business Credit and Upland Mortgage, it has sold a $40 million securitization backed by home equity and business purpose loans. The transaction was underwritten by Prudential Securities, Inc., consisting of a single Class A security.
The transaction will be structured as a Real Estate Mortgage Investment Conduit (REMIC) entitled ABFS Mortgage Loan Trust 1996-2. It is anticipated that the Class A certificate will receive a triple-A rating from Standard & Poor's Rating Service and Moody's Investors Service, ...
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