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First Alliance Completes $70 Million Securitization.

IRVINE, Calif.--(BUSINESS WIRE)--Sept. 16, 1996--First Alliance Corporation (Nasdaq: FACO) announced today that it has completed its third quarter securitization through its wholly-owned subsidiary, First Alliance Mortgage Company.

This transaction totaled $70 million and is backed by fixed and adjustable rate home equity loans. The securitization has a two-class structure and was managed by Prudential Securities Inc. The certificates were rated triple-A by Moody's Investors Service Inc. and Standard & Poors Rating Service.

The $33.5 million Class A-1 bond is backed by fixed rate loans and priced at a spread of 102 basis points more than the 6.875% Treasury note due in March of 2000. The $36.5 million Class A-2 bond is backed by adjustable rate loans and priced at 32 basis points over the one-month LIBOR. First Alliance Mortgage Company is the Sponsor and Servicer for this transaction.

First Alliance is a consumer finance company with headquarters in Irvine, California. The Company originates, purchases, sells and services non-conventional mortgages through 20 retail branch offices in 13 states in the United States and one retail branch office in the United Kingdom.

CONTACT: First Alliance Corp.

Mark Mason, 714/224-8403

or

Morgen-Walke Associates, Inc.

Doug Sherk/Jenifer Kirtland/Jon Squire, 415/296-7383

Elissa Grabowski/Emily Dupree, 212/850-5600
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Sep 16, 1996
Words:210
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