First Alliance Completes $70 Million Securitization.
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
Morgen-Walke Associates, Inc.
Doug Sherk/Jenifer Kirtland/Jon Squire, 415/296-7383
Elissa Grabowski/Emily Dupree, 212/850-5600