Cityscape completes $102 million in UK public securitization.ELMSFORD, N.Y.--(BUSINESS WIRE)--Oct. 21, 1996--Cityscape Financial Corp. (Nasdaq: CTYS CTYS Chat to You Soon ) today announced that its wholly-owned UK subsidiary, CIty Mortgage Corp. Ltd (CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. ), has completed the securitization of 64.5 million pounds sterling in mortgage-backed, floating rate notes. The entire issue was sold in the UK and, based on current exchange rates, has a value of approximately US$102 million. The UK notes were rated AA by Standard & Poor's Ratings Services, Duff & Phelps Credit Rating Co. and Fitch Investors Service Fitch Investors Service A financial services company best known for the bond ratings it provides investors. Inc., and are listed on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . The notes are backed by a pool of loans secured primarily by single family residences and small mixed-use properties. All of the UK loans will continue to be serviced by CMC. The transaction was arranged by Greenwich Capital Markets Inc. Robert Grosser, Cityscape's president and 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. said, "The success of our operations in the UK is reflected in this new securitization. This is our second securitization of UK loans. Significant increases in consumer awareness and interest in our UK mortgage products have helped CMC expand. Furthermore, by broadening its line of product offerings, CMC has been able to appeal to a wider range of customers in the UK, thereby increasing market penetration. We also are pleased with our recent announcement of the completion of 22 new exclusive referral agreements with mortgage brokerage firms throughout the UK, which adds to our production capabilities." 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 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 California, Georgia, Illinois and Virginia. CONTACT: Robert C. Patent, EVP Tim S. Ledwick, CFO See Chief Financial Officer. Cityscape Financial Corp. (914) 592-6677 or Michele Katz/Jason Langer Press: Stan Froelich/Elisabeth Philippe Morgen-Walke Associates (212) 850-5600 |
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