ContiFinancial acquires Resource One Consumer Discount Company, a retail home equity loan originator.NEW YORK--(BUSINESS WIRE)--Dec. 16, 1996--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 its acquisition of 100% of the equity of Resource One Consumer Discount Company, Inc. The definitive agreement was signed earlier this month, as previously announced. The Company was founded in 1991 by Samuel Maratea, who will continue to serve as Chairman of the Board of Directors. Prior to the acquisition, Resource One Consumer Discount Company, Inc. was a privately-held, Pennsylvania-headquartered retail branch home equity loan originator, utilizing direct mail, television, telemarketing, referrals and other sources to generate loan inquiries directly from borrowers. It operates a retail network of 15 branches in ten eastern and mid-western states, with total annual origination volume of approximately $200 million, and 132 employees. 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, 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, ContiFinancial, through subsidiaries, provides financing, 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. and bond placement services to originators of a broad range of loans, leases and receivables, including home equity loans, adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. , sub-prime and non-prime auto loans, home improvement loans, franchisee loans, time-share loans, equipment leases and multi-family and other commercial real estate mortgage loans. CONTACT: Jerome M. Perelson Senior Vice President and Chief Financial Officer ContiFinancial Corporation 212/207-5402 or Joseph Kist kist n. Variant of cist2. kist Noun Scot & S African a large wooden chest Kist a chest of money, hence, a store or cache of money, 1619. Vice President Edelman Financial 212/704-8239 |
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