American Business Financial Services, Inc. Announces $200 Million Mortgage Loan Warehouse Facility Extended By UBS Principal Finance LLC.Business Editors
BALA CYNWYD, Pa.--(BUSINESS WIRE)--July 11, 2000
American Business Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. , Inc. (Nasdaq:ABFI) today announced that UBS UBS Union Bank of Switzerland
UBS United Bible Societies
UBS United Blood Services
UBS United Buying Service
UBS Used Bookstore
UBS University Business Services
UBS Universal Building Society (UK)
UBS Ulaanbaatar Broadcasting System Principal Finance LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , an affiliate of UBS AG UBS AG (NYSE: UBS; SWX: UBSN; TYO: 8657 ) is a diversified global financial services company, with its main headquarters in London and New York. It is the world's largest manager of private wealth assets,, "the world's biggest manager of other people's money" ("UBS"), has extended a $200 million mortgage loan warehouse facility to ABFS ABFS American Business Financial Services, Inc.
ABFS ABF Freight Systems, Inc.
ABFS Alpaca Breeders Fiber School
ABFS Atchafalaya Basin Floodway System (Louisiana)
ABFS Advance Benefit Funding Sources Mortgage Loan Warehouse Trust 2000-2, a trust administered by an affiliate of ABFI.
Upon satisfaction of certain conditions by the Trust, UBS will lend funds to the Trust secured by loans originated by one or more affiliates of ABFI. This facility should enable ABFI to grow its lending subsidiaries, specifically American Business Credit, Inc., New Jersey Mortgage and Investment Corp., and Home American Credit, Inc., d/b/a Upland Mortgage.
"The terms of the deal with UBS give us optimum flexibility to grow our business," said Jeffrey M. Ruben, Executive Vice President of ABFI. "We are extremely pleased that a company with the outstanding reputation of UBS, an affiliate of one of the largest banks in the world, has joined our other credit providers. It is gratifying grat·i·fy
tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies
1. To please or satisfy: His achievement gratified his father. See Synonyms at please.
2. that they extended this very significant line of credit in order for us to grow our lending subsidiaries."
American Business Financial Services, Inc. is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company which provides credit services and investment products to consumers and businesses, including business loans, first and second home equity mortgage loans, and subordinated investment notes. The Company offers its products and services to consumers and businesses nationwide.
For further information, contact Jeffrey Ruben, Executive Vice President, 610/617-5562 or Keith Bratz, VP-Corporate Communications, 610/617-7475.
Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements under federal securities laws. There are many important factors that could cause American Business Financial Services, Inc. and its subsidiaries' actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, including interest rate risk, future residential real estate values, regulatory changes (legislative or otherwise) affecting the real estate market and mortgage lending activities, competition, demand for American Business Financial Services, Inc. and its subsidiaries' services, availability of funding, loan payment rates, delinquency and default rates, changes in factors influencing the loan securitization Securitization
The process of creating a financial instrument by combining other financial assets and then marketing them to investors.
Mortgage backed securities are a perfect example of securitization.
May also be spelled as "securitisation. market and other risks identified in American Business Financial Services, Inc.'s Securities and Exchange Commission filings.