CORRECTING and REPLACING WFS Financial Reports First Quarter Net Income and Increases 2004 Earnings Guidance.Business Editors CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. ...by WFS WFS Wegfahrsperre (German: drive away blocking system) WFS Web Feature Service WFS World Future Society WFS World Food Summit WFS Wave Front Sensor WFS Wolfram Syndrome WFS Wire Feed Speed (welding) Financial IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--April 14, 2004 In BW5747 issued April 13, 2004: First table, Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Income (Unaudited), noninterest expense: Salaries and associate benefits line, first column should read: 38,290 (sted 38,920). The corrected release reads: WFS FINANCIAL REPORTS FIRST QUARTER NET INCOME AND INCREASES 2004 EARNINGS GUIDANCE WFS Financial (Nasdaq:WFSI): -- First quarter net income increased to $67 million -- Sold $1.5 billion of automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of contracts to parent for a $13.8 million cash gain on sale -- First quarter annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. credit losses on contracts improved 59 basis points to 2.27% -- Delinquencies improved 50 basis points year over year to 1.91% -- Contract originations grew 17% to $1.6 billion -- Earnings guidance increased from $3.70 to between $4.20 and $4.30 per share for 2004 WFS Financial Inc (Nasdaq:WFSI) today reported net income increased to $66.9 million for the three months ended March 31, 2004 compared with $24.6 million for the same period a year ago. Earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share increased to $1.63 for the three months ended March 31, 2004 compared with $0.60 per diluted share for the same period a year earlier. During the quarter, WFS sold $1.5 billion of automobile contracts on a whole loan basis to a subsidiary of WFS' ultimate parent company, Westcorp, at a price of 103.23%. As a result, WFS Financial recorded a cash gain on sale of $13.8 million and reduced its allowance for credit losses commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. with the amounts of the contracts sold. "This sale enhances our ability to efficiently grow our business," said Tom Wolfe, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of WFS Financial. "Overall net income improved, even without the benefit of the sale, as a result of continued improvement in credit quality and solid contract origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real growth. Over the last several months, we have begun to see the benefit of our shift to more prime credit quality contracts. With our stronger portfolio profile, we expect these improving credit trends to continue throughout 2004." Annualized credit loss experience in the first quarter improved 59 basis points to 2.27% of average managed automobile contracts compared with 2.86% for the same period a year earlier. The percentage of outstanding automobile contracts 30 days or more delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. managed by WFS Financial improved 50 basis points to 1.91% at March 31, 2004 compared with 2.41% a year ago. As a result of the $1.5 billion in loans sold, lower chargeoff experience and stronger portfolio characteristics, the provision for credit losses declined to $20.0 million for the three months ended March 31, 2004, compared with $72.8 million for the same period a year earlier. At March 31, 2004, the allowance for credit losses as a percentage of owned automobile contracts outstanding was 2.7% compared with 2.8% a year earlier. Net interest income was also impacted by the sale of loans, declining to $140 million for the first quarter compared with $142 million for the same period a year earlier. Net interest margin on loans owned by WFS Financial was 5.82% for the first quarter compared with 5.93% for the same period a year ago. Automobile contract purchases totaled $1.6 billion for the first quarter of 2004, a 17% increase from the same period a year earlier growing the Company's portfolio of managed automobile contracts to $10.9 billion at March 31, 2004, up from $9.7 billion a year earlier. As a result, noninterest income increased to $49.1 million for the three months ended March 31, 2004 compared with $31.0 million for the same period a year earlier. Noninterest expense of $58.9 million decreased to 2.20% of average managed contracts for the first quarter compared with $59.2 million or 2.48% of average managed contracts for the same period a year earlier. The improvement in noninterest expense to average managed contracts is primarily the result of lower credit costs and operating efficiencies. WFS Financial also announced today updated earnings guidance reflecting higher estimated net income resulting primarily from improving credit quality trends and origination growth. As a result, the Company expects to earn from $4.20 to $4.30 per share in 2004, up from its previous guidance of $3.70 per share. Earnings Conference Call WFS Financial, along with its parent Westcorp, will host a conference call for analysts and investors at 9:00 a.m. (PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT ) on Wednesday Wednesday: see week. , April 14, 2004. As part of this conference call, the Company's management will discuss earnings results for the quarter. For a live Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the broadcast of this conference call, please go to the Company's web site at http://www.wfsfinancial.com to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. Westcorp is a 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. holding Company whose principal subsidiaries are WFS Financial Inc and Western Financial Bank. Westcorp is a publicly owned Publicly owned can refer to:
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol WES WES World Education Services WES Waterways Experiment Station WES Washington Elementary School (Visalia, California) WES Women's Engineering Society (UK) WES West Elementary School . Westcorp, through its subsidiary, WFS Financial, is one of the nation's largest independent automobile finance companies. WFS Financial specializes in originating, securitizing, and servicing new and pre-owned prime and non-prime credit quality automobile contracts through its nationwide relationships with automobile dealers. Information about WFS Financial can be found at its web site at http://www.wfsfinancial.com. Westcorp, through its subsidiary, Western Financial Bank, operates 20 retail bank branches and provides commercial banking services in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Information on the products and services offered by the Bank can be found at its web site at http://www.wfb.com. This press release contains 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. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act, as amended. Forward-looking statements are identified by the use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," and similar terms and phrases, including references to assumptions. Forward-looking statements in this press release relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable Liable to come to an end upon the happening of a certain contingency. Susceptible of being determined, found out, definitely decided upon, or settled. determinable adj. . In addition, these statements relate to the Company's future prospects, developments and business strategies and include information regarding the Company's improved credit quality trends and higher automobile origination growth, the shift towards a higher concentration of prime credit quality originations and automobile contracts and the Company's shift of its overall deposit mix. Forward-looking statements also include statements regarding the Company's ability to profitably grow its business, the Company's improving capital levels and its expectation to achieve specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. earnings per share for 2004. These statements are subject to uncertainties and factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's operations and business environment, all of which are difficult to predict and many of which are beyond its control that could cause actual results to differ materially from those expressed in or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements. In particular, there can be no assurances that improved credit quality trends, automobile origination growth, improved credit loss experience or other operational improvements identified in this press release will continue in future periods. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: changes in general economic and business conditions; interest rate fluctuations, including the effect of hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. activities; the Company's financial condition and liquidity, as well as future cash flow and earnings and the level of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ; competition; the effect, interpretation, or application of new or existing laws, regulations, court decisions and significant litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; and the level of chargeoffs on the automobile contracts that the Company originates. A further list of these risks, uncertainties and other matters can be found in the Company's filings with the Securities and Exchange Commission. If one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or if underlying assumptions prove incorrect Incorrect means to not be correct and may also refer to:
2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
WFS FINANCIAL INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
For the Three Months
Ended March 31,
2004 2003
(Dollars in thousands,
except per share amounts)
Interest income:
Loans, including fees $221,577 $244,480
Other 2,431 2,652
TOTAL INTEREST INCOME 224,008 247,132
Interest expense:
Notes payable on automobile secured
financing 72,202 94,627
Other 11,364 10,685
TOTAL INTEREST EXPENSE 83,566 105,312
NET INTEREST INCOME 140,442 141,820
Provision for credit losses 19,976 72,795
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 120,466 69,025
Noninterest income:
Automobile servicing 34,335 29,439
Gain on sale of contracts 13,792
Other 1,017 1,585
TOTAL NONINTEREST INCOME 49,144 31,024
Noninterest expense:
Salaries and associate benefits 38,290 36,402
Credit and collections 8,405 9,223
Data processing 3,890 4,239
Occupancy 2,852 3,320
Telephone 1,103 1,290
Other 4,376 4,719
TOTAL NONINTEREST EXPENSE 58,916 59,193
INCOME BEFORE INCOME TAX 110,694 40,856
Income tax 43,786 16,241
NET INCOME $66,908 $24,615
Earnings per common share:
Basic $1.63 $0.60
Diluted $1.63 $0.60
Weighted average number of common shares
outstanding:
Basic 41,034,065 41,022,198
Diluted 41,078,787 41,065,341
WFS FINANCIAL INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
March 31, December 31,
2004 2003
(Dollars in thousands)
ASSETS
Cash $43,474 $79,314
Other short-term investments -- parent 666,288 763,921
Cash and due from banks 709,762 843,235
Restricted cash 259,349 245,399
Contracts receivable 7,745,825 8,716,268
Allowance for credit losses (209,137) (239,697)
Contracts receivable, net 7,536,688 8,476,571
Premises and equipment, net 29,480 29,206
Accrued interest receivable 45,435 55,275
Other 72,976 119,074
TOTAL ASSETS $8,653,690 $9,768,760
LIABILITIES
Lines of credit -- parent $15,167 $21,811
Notes payable on automobile secured
financing 6,934,694 8,157,601
Notes payable -- parent 400,820 400,820
Amounts held on behalf of trustee 273,942 243,072
Other 139,096 126,587
TOTAL LIABILITIES 7,763,719 8,949,891
SHAREHOLDERS' EQUITY
Common stock (no par value; authorized
50,000,000 shares;
issued and outstanding 41,034,969
shares at March 31, 2004 and
41,033,901 shares at December 31,
2003) 338,298 338,291
Paid-in capital 6,280 6,280
Retained earnings 574,096 507,188
Accumulated other comprehensive loss,
net of tax (28,703) (32,890)
TOTAL SHAREHOLDERS' EQUITY 889,971 818,869
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $8,653,690 $9,768,760
The following table presents information relative to the average balances and interest rates on an owned basis for the periods indicated:
For the Three Months Ended March 31,
2004
Average Yield/
Balance Interest Rate
(Dollars in thousands)
Interest earning assets:
Contracts receivable (1) $8,264,599 $221,577 10.78%
Investment securities 918,499 2,431 1.06
Total interest earning assets $9,183,098 224,008 9.81%
Interest bearing liabilities:
Lines of credit -- parent $42,414 223 2.11%
Notes payable -- parent 404,153 9,924 9.82
Notes payable on automobile
secured financing 7,625,038 72,202 3.79
Other 304,736 1,217 1.60
Total interest bearing liabilities $8,376,341 83,566 3.99%
Net interest income and interest rate
spread $ 140,442 5.82%
Net yield on average interest
earning assets 6.12%
2003
Average Yield/
Balance Interest Rate
(Dollars in thousands)
Interest earning assets:
Contracts receivable (1) $8,540,074 $244,480 11.61%
Investment securities 773,766 2,652 1.39
Total interest earning assets $9,313,840 247,132 10.79%
Interest bearing liabilities:
Lines of credit -- parent $56,925 345 2.46%
Notes payable -- parent 406,120 10,042 9.89
Notes payable on automobile
secured financing 8,066,890 94,627 4.69
Other 136,517 298 0.87
Total interest bearing liabilities $8,666,452 105,312 4.86%
Net interest income and interest rate
spread $ 141,820 5.93%
Net yield on average interest
earning assets 6.09%
(1) For the purpose of these computations, nonaccruing contracts are included in the average amounts outstanding.
WFS FINANCIAL AND SUBSIDIARIES
OTHER FINANCIAL DATA AND STATISTICAL SUMMARY
Q1 2004 Q4 2003 Q3 2003
(Dollars in thousands, except per share
amounts and number of accounts)
Earnings:
Net interest income $140,442 $147,953 $157,420
Provision for credit losses 19,976 69,578 24,551
Noninterest income 49,144 31,812 49,855
Noninterest expense 58,916 62,714 57,563
Income before taxes 110,694 47,473 125,161
Income taxes 43,786 18,836 49,610
Net income $66,908 $28,637 $75,551
Equity:
Earning per share - basic $1.63 $0.70 $1.84
Earning per share - diluted $1.63 $0.70 $1.84
Book value per share (period
end) (1) $22.39 $20.76 $20.04
Stock price per share (period
end) $43.32 $42.46 $37.03
Total equity to assets (1) 10.62% 8.72% 8.86%
Return on average equity (1) 30.21% 13.69% 38.45%
Average shares outstanding -
diluted 41,078,787 41,078,684 41,076,405
Loan Portfolio:
Automobile contracts
purchased $1,585,173 $1,356,505 $1,683,402
Automobile contracts
managed (period end) $10,850,314 $10,596,665 $10,475,948
Number of accounts managed
(period end) 840,566 826,122 818,125
Average automobile
contracts managed $10,726,048 $10,549,972 $10,284,067
Return on average
automobile contracts (2) 2.50% 1.09% 2.94%
Credit Quality:
Delinquency rate (30+ days) 1.91% 2.90% 2.70%
Repossessions to total
contracts 0.06% 0.10% 0.11%
Net chargeoffs (annualized) 2.27% 2.64% 2.58%
Allowance to automobile
contracts 2.70% 2.75% 2.75%
Operations:
Total assets $8,653,690 $9,768,760 $9,276,534
Noninterest expense to average
contracts 2.20% 2.38% 2.24%
Q2 2003 Q1 2003
(Dollars in thousands,
except per share
amounts and number of
accounts)
Earnings:
Net interest income $154,410 $141,820
Provision for credit losses 66,876 72,795
Noninterest income 29,807 31,024
Noninterest expense 61,924 59,193
Income before taxes 55,417 40,856
Income taxes 21,832 16,241
Net income $33,585 $24,615
Equity:
Earning per share - basic $0.82 $0.60
Earning per share - diluted $0.82 $0.60
Book value per share (period end) (1) $18.20 $17.38
Stock price per share (period end) $33.35 $19.39
Total equity to assets (1) 7.29% 7.29%
Return on average equity (1) 18.37% 14.10%
Average shares outstanding - diluted 41,070,904 41,065,341
Loan Portfolio:
Automobile contracts purchased $1,586,616 $1,352,053
Automobile contracts managed (period end) $10,049,965 $9,650,229
Number of accounts managed (period end) 796,688 775,090
Average automobile contracts managed $9,839,661 $9,533,314
Return on average automobile contracts (2) 1.37% 1.03%
Credit Quality:
Delinquency rate (30+ days) 2.75% 2.41%
Repossessions to total contracts 0.09% 0.11%
Net chargeoffs (annualized) 2.33% 2.86%
Allowance to automobile contracts 2.78% 2.75%
Operations:
Total assets $10,234,651 $9,776,594
Noninterest expense to average contracts 2.52% 2.48%
(1) Excludes other comprehensive income. (2) Net income (annualized) divided by average automobile contracts managed.
WFS FINANCIAL INC AND SUBSIDIARIES
CUMULATIVE STATIC POOL LOSS CURVES (UNAUDITED)
AT MARCH 31, 2004
Period (1) 2000- 2001- 2001-
2000-C(3) D A B(3) 2001-C 2002-1 2002-2 2002-3
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.04% 0.04% 0.03% 0.03% 0.04% 0.01% 0.00% 0.02%
3 0.13% 0.11% 0.09% 0.10% 0.09% 0.06% 0.03% 0.06%
4 0.27% 0.24% 0.20% 0.21% 0.20% 0.15% 0.10% 0.14%
5 0.46% 0.39% 0.33% 0.33% 0.35% 0.29% 0.18% 0.27%
6 0.65% 0.54% 0.50% 0.50% 0.49% 0.43% 0.32% 0.44%
7 0.81% 0.74% 0.70% 0.69% 0.65% 0.60% 0.49% 0.57%
8 0.93% 0.93% 0.84% 0.87% 0.81% 0.84% 0.66% 0.70%
9 1.07% 1.13% 1.04% 1.05% 0.95% 1.06% 0.82% 0.82%
10 1.24% 1.34% 1.24% 1.22% 1.07% 1.28% 0.96% 0.96%
11 1.41% 1.50% 1.45% 1.36% 1.20% 1.48% 1.10% 1.10%
12 1.62% 1.74% 1.67% 1.53% 1.37% 1.67% 1.26% 1.24%
13 1.86% 1.95% 1.90% 1.67% 1.55% 1.82% 1.39% 1.38%
14 2.04% 2.21% 2.09% 1.81% 1.74% 1.99% 1.51% 1.53%
15 2.25% 2.48% 2.25% 2.00% 1.97% 2.14% 1.68% 1.70%
16 2.45% 2.71% 2.41% 2.19% 2.16% 2.27% 1.83% 1.88%
17 2.68% 2.89% 2.54% 2.37% 2.36% 2.45% 1.99% 2.03%
18 2.88% 3.08% 2.73% 2.60% 2.59% 2.62% 2.16% 2.15%
19 3.08% 3.22% 2.93% 2.80% 2.78% 2.80% 2.31% 2.28%
20 3.23% 3.40% 3.11% 3.01% 2.95% 2.99% 2.46% 2.41%
21 3.38% 3.59% 3.34% 3.19% 3.14% 3.15% 2.60%
22 3.54% 3.78% 3.54% 3.34% 3.29% 3.31% 2.72%
23 3.67% 3.96% 3.72% 3.49% 3.41% 3.45% 2.86%
24 3.83% 4.18% 3.92% 3.62% 3.57% 3.58%
25 4.00% 4.41% 4.10% 3.75% 3.73% 3.69%
26 4.16% 4.58% 4.23% 3.87% 3.88%
27 4.35% 4.79% 4.36% 4.00% 4.04%
28 4.50% 4.96% 4.47% 4.15% 4.20%
29 4.64% 5.08% 4.56% 4.28% 4.35%
30 4.79% 5.22% 4.67% 4.40% 4.46%
31 4.92% 5.34% 4.81% 4.52% 4.57%
32 5.02% 5.44% 4.92% 4.64% 4.69%
33 5.12% 5.54% 5.04% 4.73%
34 5.22% 5.66% 5.13% 4.83%
35 5.29% 5.76% 5.24% 4.93%
36 5.38% 5.86% 5.31%
37 5.47% 5.97% 5.39%
38 5.53% 6.04% 5.45%
39 5.62% 6.12%
40 5.68% 6.19%
41 5.75% 6.25%
42 5.80%
43 5.84%
44 5.88%
Prime Mix
(2) 68% 68% 71% 71% 76% 70% 87% 85%
Period (1) 2002-4 2003-1 2003-2 2003-3(3) 2003-4 2004-1 (3)
1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.02% 0.01% 0.00% 0.00% 0.01% 0.00%
3 0.07% 0.04% 0.02% 0.02% 0.03%
4 0.16% 0.11% 0.06% 0.06% 0.08%
5 0.26% 0.18% 0.14% 0.13% 0.14%
6 0.38% 0.29% 0.25% 0.23%
7 0.50% 0.41% 0.36% 0.32%
8 0.61% 0.53% 0.48% 0.40%
9 0.78% 0.66% 0.59%
10 0.94% 0.80% 0.70%
11 1.08% 0.93% 0.80%
12 1.28% 1.06%
13 1.43% 1.21%
14 1.59% 1.31%
15 1.77%
16 1.92%
17 2.05%
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Prime Mix (2) 80% 80% 82% 84% 82% 82%
(1) Represents the number of months since the inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of the 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. . (2) Represents the original percentage of prime automobile contracts securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. within each pool. (3) Represents loans sold to Westcorp in whole loan sales and subsequently securitized by Westcorp. WFS manages these contracts pursuant to an agreement with Westcorp and the securitization trust. |
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