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Article: American Business Financial Services, Inc. Prices $120.0 Million Securitization of Mortgage-Backed Securities
- Article from:
- PR Newswire
- Article date:
- June 3, 1998
CopyrightCOPYRIGHT 1998 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., June 3 /PRNewswire/ -- American Business Financial Services, Inc. ("ABFS") (Nasdaq: ABFI) announced today that through its three main subsidiaries, American Business Credit, Inc., New Jersey Mortgage and Investment Corp., and Upland Mortgage, it has priced a $120.0 million securitization backed by business purpose and consumer home equity loans. The transaction, consisting of six Class A securities and a 1.5 percent over- collateralization account, was underwritten by Prudential Securities, Inc.
The transaction will be structured as a Real Estate Mortgage Investment
Conduit (REMIC) entitled ABFS Mortgage Loan Trust 1998-2. It is anticipated ...
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