Community West Bancshares Subsidiary to Securitize Second Mortgage Loans.
Stone said, "For the last two years we have been originating 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 efforts, the bank has engaged Deloitte & Touche LLP 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 company with headquarters in Goleta. The company recently completed the acquisition of Goleta National Bank which has loan production offices in Santa Ana, 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.
CONTACT: Community West Bancshares, Goleta
Randy Shaffer, 805/692-5821
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 14, 1998|
|Previous Article:||New Clock Synthesizers from Integrated Circuit Systems Support Accelerated System Bus Computer Designs.|
|Next Article:||Nitches Inc. Announces First Quarter Fiscal 1998 Results.|