Community West Bancshares Subsidiary to Securitize Second Mortgage Loans.GOLETA, Calif.--(BUSINESS WIRE)--Jan. 14, 1998--Lew Stone, president & chief executive officer of Community West Bancshares, announced that during 1998, the company's subsidiary, Goleta National Bank intends to form one or more securities backed by second mortgage loans and sell the securities into the secondary market.
Stone said, "For the last two years we have been originating FHA See Federal Housing Administration.
See Federal Housing Administration (FHA). Title 1 and other second mortgage loans which we have sold to others who use the loans for collateral for assets backed securities. We are now ready to form the securities ourselves."
To assist in the securitization Securitization
The process of creating a financial instrument by combining other financial assets and then marketing them to investors.
Mortgage backed securities are a perfect example of securitization.
May also be spelled as "securitisation. efforts, the bank has engaged Deloitte & Touche LLP LLP - Lower Layer Protocol Securitization Strategies Team. Stone explained, "We know that to properly deal with the various parties to a securitization requires not only product knowledge, but market experience, and we believe Deloitte & Touche will be invaluable in our efforts."
While no specific time frame has been set, the bank believes the first such security will be completed during the second quarter of the year.
Community west Bancshares 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. company with headquarters in Goleta. The company recently completed the acquisition of Goleta National Bank which has loan production offices in Santa Ana Santa Ana, city, El Salvador
Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Ventura, Santa Barbara, Santa Maria, Bakersfield, and Fresno in California, Las Vegas and Atlanta. In addition, the bank is majority owner of Electronic Paycheck LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control .
CONTACT: Community West Bancshares, Goleta
Randy Shaffer, 805/692-5821