American Business Financial Services, Inc. Names William Winters Senior Vice President of American Business Mortgage Services, Inc.Business Editors PHILADELPHIA--(BUSINESS WIRE)--March 15, 2004 Move to Bolster Company's Growing Broker Origination Channel 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. (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 ) (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 William Winters has joined American Business Mortgage Services, Inc. (ABMS ABMS American Board of Medical Specialties ABMS American Board of Medical Specialists ABMS Associação Brasileira de Mecânica dos Solos e Engenharia Geotécnica (Brazilian Society for Soil mechanics and Geotechniacl Engineering) ), a wholly-owned subsidiary of ABFS, as Senior Vice President. Winters will be responsible for helping the Company grow its broker business. Winters comes to ABFS with more than 18 years of mortgage and financial services experience, including creating start-up retail and wholesale mortgage companies, and developing strategic alternative lending partnerships with privately held mortgage bankers, as well as with state and federally chartered savings banks. In addition, Winters has been a consultant for major pension funds as well as for private and institutional investors. "Bill Winters has an impeccable history of developing and growing loan origination 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. volume," said ABFS Chairman and Chief Executive Officer Anthony J. Santilli. "That and his entrepreneurial spirit are why we believe he will be a great fit for ABFS as we continue to strengthen our broker origination channel in support of our adjusted business model. We believe ABFS will benefit by the level of loan production Bill will bring to the Company. In turn, ABFS will provide outstanding technical support through our patent-pending EasyLoan Advisor (ELA Noun 1. ELA - an extreme leftist terrorist group formed in Greece in 1971 to oppose the military junta that ruled Greece from 1967 to 1974; a revolutionary group opposed to capitalism and imperialism and the United States Revolutionary People's Struggle ) loan structuring system. Additionally, we believe our broad array of products and our mortgage loan warehouse facilities will help Bill significantly contribute to our monthly origination volume. Bill's hiring is another important step the Company has taken over the past several months to increase our broker business." 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 that primarily originates, sells and services home equity and, subject to market conditions in the secondary loan market, business purpose loans through a combination of channels, including a national processing center located at its centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. operating office in Philadelphia, Pennsylvania, and a small processing center in Roseland, New Jersey. The Company also processes and purchases home equity loans from other financial institutions through its Bank Alliance Services program. For further information, contact Stephen M. Giroux, Executive Vice President and General Counsel, 215-940-4537, or Keith Bratz, VP--Corporate Communications, 215-940-4525. 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 mortgage lending and real estate industries, regulatory investigations of lending practices, lending to credit-impaired borrowers, competition, demand for the Company's products, relationships with brokers, ability to obtain financing, loan prepayment rates, delinquency and default rates, access to 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. markets, changes in factors influencing or interruptions in securitization and whole loan sale markets, ability to successfully implement changes in business strategy, amount of debt outstanding, restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. in debt instruments and other risks identified in American Business Financial Services, Inc.'s Securities and Exchange Commission filings. |
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