American Business Financial Services, Inc. Announces A $100 Million Increase and Renewal of Mortgage Loan Warehouse Facility Extended By UBS Principal Finance LLC; One-Year Renewal Is For $300 Million.Business Editors BALA CYNWYD, Pa.--(BUSINESS WIRE)--July 10, 2001 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 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 :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"[1] ("UBS"), has increased its mortgage loan warehouse facility (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) from $200 million to $300 million, and has extended it for an additional year. The facility should enable ABFI to grow its lending subsidiaries, specifically American Business Credit, Inc., Upland Mortgage, and American Business Mortgage Services, Inc. The cost of this credit facility was also reduced from the previous facility extended to ABFI by UBS. "The terms of this deal with UBS give us additional flexibility to grow our business," said Jeffrey M. Ruben, Executive Vice President of ABFI. "We are extremely pleased that we were able to both increase the amount of the facility by $100 million, and decrease the cost of the facility. Over the past year, we have come to learn much about UBS and the professionalism and knowledge that they provide us. This renewal is especially 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. as our business relationship with UBS continues to grow." American Business Financial Services, Inc., is a diversified financial services holding company operating throughout the United States. The Company offers its products, including business loans and first and second home equity loans, to consumers and businesses nationwide. For further information, contact Jeffrey M. 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. Notes: 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. |
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