Cityscape closes acquisition of London-based mortgage originator.ELMSFORD, N.Y.--(BUSINESS WIRE)--April 23, 1996--Cityscape Financial Corp. (Nasdaq:CTYS CTYS Chat to You Soon ) today announced that its wholly-owned United Kingdom subsidiary, City Mortgage Corporation Limited, has completed the acquisition of all of the outstanding stock of J&J Securities Limited. ("J&J"), a London-based originator of non-conforming first and second mortgage loans. Cityscape (company) CityScape - A re-seller of Internet connections to the PIPEX backbone. E-Mail: <sales@cityscape.co.uk>. Address: CityScape Internet Services, 59 Wycliffe Rd., Cambridge, CB1 3JE, England. Telephone: +44 (1223) 566 950. made a cash payment of approximately $23 million and issued 274,000 shares of common stock to the present principals of J&J. The acquisition will be treated as a purchase transaction for accounting purposes. The acquisition provides City Mortgage Corporation Limited with new strategic broker relationships, additional experienced management personnel and a greater share of the UK non-conforming mortgage A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association /Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac). market. Cityscape Financial Corp. is a consumer finance company which, through its wholly-owned subsidiaries, Cityscape Corp. and City Mortgage Corporation Ltd., is engaged in the business of originating, purchasing, selling and servicing home equity mortgage loans, secured primarily by one- to four-family residences, in the United States and the United Kingdom. Cityscape Corp. was founded in 1985 and is headquartered in Elmsford, New York Elmsford is a village in Westchester County, New York, United States. The population was 4,676 at the 2000 census. As a village, it is located in the Town of Greenburgh. The village is named after a large elm tree that once grew in the community. , with regional processing offices in Georgia, Illinois and Virginia. CONTACT: Robert C. Patent, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition Tim S. Ledwick, CFO See Chief Financial Officer. Cityscape Financial Corp. (914) 592-6677 or Michele Katz/Jeffrey Luth/ Jason Langer Press: Paul Steidler/Jackie Day Morgen-Walke Associates (212)850-5600 |
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