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COMMONWEALTH UNITED MAKES $1 BILLION COMMITMENT TO FUND MORTGAGES

 COMMONWEALTH UNITED MAKES $1 BILLION COMMITMENT TO FUND MORTGAGES
 HOUSTON, Aug. 4 /PRNewswire/ -- Commonwealth United, the mortgage banking division of United Savings Association of Texas FSB, today announced that it is making up to $1 billion in funds available to qualified New England home buyers for new mortgages and mortgage refinancings over the next six months.
 United Savings recently purchased the loan origination operations of Commonwealth Mortgage Company, Inc. which filed for protection under Chapter 11 of the U.S. bankruptcy code on July 13. Commonwealth Mortgage and Commonwealth United have had no previous association.
 As a result, Commonwealth United now operates 13 offices in the six New England States -- Massachusetts, Rhode Island, Connecticut, New Hampshire, Maine and Vermont. Nationwide, it now operates 75 offices in 24 states from coast-to-coast.
 At a press conference held in Boston to discuss the future plans of Commonwealth United, Lewis S. Ranieri, Chairman of United Savings, said, "We are enthusiastic about the economic outlook for New England. Our $1 billion commitment reflects this confidence. We raised many eyebrows when we entered Texas in the late eighties, but that effort has proven to be very successful. I'm confident that will be the case with our entry into New England."
 George R. Bender, United's executive vice president in charge of the mortgage banking division Commonwealth United, said, "With interest rates at current levels, this is the time for many consumers to purchase a home or refinance the mortgage on the home they currently own. Commonwealth United has the financial strength and range of products to ensure that those needs are met."
 In addition to the $1 billion commitment, Commonwealth United's plans for New England include offering a full range of first mortgage products and, over time, expanding its network of retail offices as well as its correspondent lending organization.
 Commonwealth United is the country's 16th largest mortgage originator. In the first six months of 1992, Commonwealth United Originated $3.3 billion in residential financings. It expects to originate more than $6 billion of mortgages this year.
 United Savings, a federal savings bank with current assets of $6.6 billion, operates 65 retail banking branches, most of which are located in the Houston and Dallas/Fort Worth metropolitan areas.
 Also today, Barry C. Burkholder, president and chief executive officer of United Savings, announced that as of Sept. 9, 1992 the institution is changing its name to Bank United of Texas FSB.
 -0- 8/4/92
 /CONTACT: Leslie Uyeda of Kekst and Company, 212-593-2655, for Commonwealth United/ CO: Commonwealth United ST: Texas IN: FIN SU:


SM-LR -- NY047 -- 6691 08/04/92 13:24 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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