American Business Financial Services, Inc. Announces New $25 Million Line of Credit With Residential Funding Corp.Business Editors/Hi-Tech Writers BALA CYNWYD, Pa.--(BUSINESS WIRE)--May 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 Residential Funding Corp. (RFC (Request For Comments) A document that describes the specifications for a recommended technology. Although the word "request" is in the title, if the specification is ratified, it becomes a standards document. ), a subsidiary of GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Mortgage, has extended a $25 million line of credit for ABFI. The warehouse facility is for ABFI's lending subsidiaries, specifically American Business Credit, Inc., New Jersey Mortgage and Investment Corp., and Home American Credit, Inc., d/b/a Upland Mortgage. "It is very 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 RFC has joined our other credit providers in having such confidence in ABFI and its continued success," said Albert M. Mandia, Executive Vice President and Chief Financial Officer. "This line of credit will be used to support our growing lines of business and maintain sufficient working capital." 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 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion