ContiFinancial Corporation Acquires Fidelity Mortgage Decisions Corporation.NEW YORK--(BUSINESS WIRE)--Oct. 1, 1997--ContiFinancial Corporation (NYSE NYSE See: New York Stock Exchange :CFN CFN Center for Functional Nanomaterials CFN Companhia Ferroviaria do Nordeste (Brazil) CFN Commercial Fueling Network CFN Conselho Federal de Nutricionistas (Brazil) ) today announced the closing of the acquisition by its wholly-owned subsidiary, ContiMortgage Corporation, of 100% of the equity of Fidelity Mortgage Decisions Corporation ("FMD FMD foot-and-mouth disease. "). The definitive agreement was signed earlier this month, as previously announced. FMD, headquartered in Lincolnshire, Illinois Lincolnshire is an affluent village in Lake County, Illinois, United States. The population was 6,108 at the 2000 census. It is the headquarters of Hewitt Associates, Quill Corporation, and Takeda Pharmaceuticals North America, as well as Newman/Haas Racing, an auto racing team in , is a wholesale and retail originator of fixed and adjustable rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. "B/C B/C Because B/C Broadcast B/C Boundary Conditions B/C Biological & Chemical " quality home equity loans. It has regional offices in Baltimore, Chicago, Minneapolis, Pittsburgh, Salt Lake City and Tampa, with approximately 150 employees. Through their extensive broker network, FMD originates loans approximating $30 million per month secured by properties in 34 states. FMD is currently rolling out a retail origination strategy which will expand its production channels and add to future loan volume through the addition of new branch offices in select locations and through a focus on telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. . ContiFinancial is a consumer and commercial finance company with headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The Company, through ContiMortgage Corporation and other subsidiaries, is a leading originator, purchaser, seller and servicer of home equity loans made to borrowers whose borrowing needs may not be met by traditional financial institutions. In addition, through ContiTrade Services L.L.C., the Company provides financing and 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. services and, through ContiFinancial Services Corporation, bond placement services to originators of a broad range of loans, leases and receivables, including loans for a variety of commercial real estate property types; home equity loans; home improvement loans; prime, sub-prime and non-prime auto loans; franchisee loans; time-share loans and equipment leases. -0- Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements under the federal securities laws. There are many important factors that could cause ContiFinancial Corporation's and Fidelity Mortgage Decisions Corporation's actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, interest rate risk, prepayment speeds, delinquency and default rates, changes (legislative and otherwise) in the asset securitization industry, demand for ContiFinancial Corporation's and Fidelity Mortgage Decisions Corporation's services, the impact of certain covenants in loan agreements of ContiFinancial Corporation and Continental Grain Company, the degree to which ContiFinancial Corporation is leveraged, its needs for financing, and other risks identified in ContiFinancial Corporation's Securities and Exchange Commission filings. CONTACT: Jerome M. Perelson Senior Vice President ContiFinancial Corporation 212/207-5402 or Joseph Kist/Kerry O'Brien Edelman Financial 212/704-8239 or 212/704-8292 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion