CONTIFINANCIAL CLOSES SALE OF TRIAD.NEW YORK--(BUSINESS WIRE)--June 14, 1999-- ContiFinancial Corporation (NYSE NYSE See: New York Stock Exchange :CFN CFN Center for Functional Nanomaterials CFN Companhia Ferroviaria do Nordeste (Brazil) CFN Commercial Fueling Network CFN Conselho Federal de Nutricionistas (Brazil) ) has closed the previously announced sale of Triad Financial Corporation, a non-prime auto finance company, to Fairlane Credit LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a wholly-owned subsidiary of Ford Motor Credit Company Ford Motor Credit Company is the financial services arm of Ford Motor Company, and is headquartered in Dearborn, Michigan. Its business activities are concentrated primarily in the area of automobile loans in support of its parent company. . ContiFinancial Corporation is a diversified financial services company, with headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and over 3,000 employees nationwide. The Company, through ContiMortgage Corporation and other subsidiaries, is a leading originator, securitizer, servicer and seller of home equity loans made to borrowers whose needs may not be met by traditional financial institutions. In addition, through Keystone Mortgage Partners, LLC, the Company arranges financing for a wide range of commercial real estate. Through ContiTrade Services L.L.C., the Company also provides financing and securitization services and, through ContiFinancial Services Corporation, bond placement services, for subsidiaries and other originators of a broad range of loans including home equity loans; home improvement loans; franchisee loans and charged-off consumer debt. Please visit the Company's Web site at www.contifinancial.com. |
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