ContiFinancial Participates in $1.1 Billion Commercial Mortgage-backed Securities Transaction.NEW YORK--(BUSINESS WIRE)--Sept. 15, 1998--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) ), through its subsidiary, ContiTrade Services L.L.C. ("ContiTrade"), has contributed approximately $633 million of commercial mortgage loans to an approximately $1.1 billion commercial mortgage-backed 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. , which closed on August 27, 1998. The securitization combined collateral provided by ContiTrade, Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Mortgage Capital Inc. and Red Mountain Funding, L.L.C.
The approximately $633 million of collateral contributed by ContiTrade
was originated under its ContiMAPO commercial real estate mortgage
origination program. Additionally, Red Mountain Funding, a 48% owned
affiliate of ContiTrade, contributed approximately $176 million of
collateral to the transaction.
This issue is the second commercial mortgage securitization in which ContiTrade has participated during 1998 and its seventh in the past two years. In total, ContiTrade has contributed approximately $2.5 billion of commercial loans to these securitizations. The Morgan Stanley Capital 1998-CF1 Certificates were issued by a trust established by Morgan Stanley Capital I, Inc. and include seven publicly-offered classes: -0-
Approximate Pass-
Amount Through Wtd. Moody's/S&P
Class ($ Millions) Rate Avg. Life Ratings Type
A-1 $ 239.0 6.33% 5.4 yrs. Aaa/AAA Fixed
A-2 359.8 6.59% 9.6 Aaa/AAA Fixed
A-MF 197.8 6.57% 9.3 Aaa/AAA Fixed
B 56.7 6.69% 9.8 Aa2/AA Fixed
C 62.4 6.84% 9.8 A2/A Fixed
D 62.4 7.26% 10.8 Baa2/BBB Fixed
E 19.8 7.40% 13.8 Baa3/BBB- Fixed
The offering was underwritten by Morgan Stanley Dean Witter Dean Witter may refer to:
ContiFinancial is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services 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. and over 3,000 employees nationwide. The Company, through ContiMortgage Corporation and other subsidiaries, is a leading originator, securitizer and servicer of home equity loans made to borrowers whose needs may not be met by traditional financial institutions. In addition, through ContiTrade Services L.L.C. and its ContiMAP(R) conduit, the Company finances a wide range of commercial real estate. Through ContiTrade Services L.L.C., the Company also provides financing and securitization services and, through ContiFinancial Services Corporation, bond placement services, to subsidiaries and other 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, non-prime and sub-prime auto loans; equipment leases; charged-off consumer debt; franchisee loans and time-share loans. This announcement is not an offer to sell or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any of these securities. The offering is made only by the Prospectus Supplement and the related Prospectus, copies of which may be obtained from the underwriters. CONTACT: ContiFinancial Corporation Jerome M. Perelson Senior Vice President 212/207-5402 or Edelman Financial Allison H. Wey n. 1. Way; road; path. v. t. & i. 1. To weigh. n. 1. A certain measure of weight. Senior Vice President (212) 704-4424 |
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