Accredited Upsizes ABCP Conduit.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. Home Lenders Holding Co. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LEND), a mortgage company specializing in non-prime residential mortgage loans, announced today that it has increased the capacity of its extendible note asset-backed commercial paper conduit ("ABCP ABCP Asset-Backed Commercial Paper ABCP Associação Brasileira de Cimento Portland (Brazil) ABCP Associação Brasileira de Ciência Política ABCP American Board of Cardiovascular Perfusion ABCP Associate Business Continuity Planner ") to $2.5 billion, from the current $1.0 billion program amount. The ABCP is issued through its subsidiary, Carmel Mountain Funding Trust, a special purpose, bankruptcy-remote Delaware statutory trust formed by Accredited Home Lenders, Inc., a wholly-owned subsidiary of Accredited Home Lenders Holding Co. The trust finances mortgage loans originated by Accredited Home Lenders, Inc. through the issuance of extendible ABCP rated A-1+/P-1 and subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". rated BBB/Baa2 by Standard & Poor's and Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , respectively. From time to time, mortgage loans financed by Carmel Mountain Funding Trust will be directed into securitizations or whole loan sales and may be replaced with new mortgage loans. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. James Konrath, Accredited's chairman and chief executive officer, "We have been very pleased with the results of the commercial paper facility that began financing our production in May of 2005. Increasing the size of this facility provides us with additional origination funding capacity at more favorable rates than traditional warehouse lines, as well as further enhances our ongoing strategy of diversification of funding sources. This larger facility also provides more low cost financing as we plan for the added origination volume resulting from our previously announced merger with Aames Investment Corporation." About Accredited Home Lenders Accredited Home Lenders Holding Co. is a mortgage company operating throughout the United States and in Canada. Accredited originates, finances, securitizes, services, and sells non-prime mortgage loans secured by residential real estate. Founded in 1990, the company is headquartered in San Diego. Additional information may be found at www.accredhome.com. Forward-Looking Statements Certain of the information discussed herein constitutes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements regarding the financing plans of Accredited Home Lenders Holding Co. both before and after its previously announced merger with Aames Investment Corporation, our ability to meet those plans and future results, and our expected cost of capital and funding costs. Such statements are based on current expectations, and the actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to financial market conditions, interest rate volatility and the level of interest rates generally; general political and economic conditions; the performance of the mortgage loans represented by the notes; and other risk factors as outlined in Accredited Home Lenders Holding Co.'s annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended December 31, 2005, its reports on Form 10-Q Form 10-Q See 10-Q. filed with the SEC for the first and second quarters of 2006, and other documents filed with the SEC. |
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