WMC Completes $200 Million Securitization.Business Editors WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Nov. 8, 2001 Internet B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business Lender a Participant in $1.2 Billion Mortgage Pool 100 Percent of Loans Originated Online Via WMCDirect Web Site WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation Mortgage Corp. announced today that it has made a successful return to the 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. market by its participation in a $1.2 billion mortgage pool underwritten by Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . WMC delivered $200 million to the pool. The Asset Backed Securities Corporation (ABSC ABSC Association des Bibliothèques de la Santé du Canada (Canadian Health Libraries Association) ABSC Alaska Biological Science Center ABSC Albany-Berkeley Soccer Club ABSC Active Business Software Consultancy ) Home Equity Loan Trust, PT Ctfs Series 2001-HE3 pool consists of closed-end, first lien fixed-rate and adjustable-rate mortgage Adjustable-rate mortgage (ARM) A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or loans with an aggregate principal balance of $1.2 billion. This securitization, the first since WMC restructured into an Internet-based wholesale B2B lender in March 2000, is wholly comprised of Internet originated loans that were submitted via the company's WMCDirect Web site, www.wmcdirect.com. WMC's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Scott McAfee said: "We are eager to demonstrate the strength of our products and our fundamental operational soundness, to the investor community, rating agencies and exchanges. This successful return to the securitization market is a clear signal that we have regained our position as a major presence in the alternative financing industry." Approximately $1.1 billion class A asset-backed certificates are rated 'AAA', $38.1 million class M1 asset-backed certificates are rated `AA ', $29.3 million class M2 asset-backed certificates are rated `A', and $29.3 million class B asset-backed certificates are rated `BBB' by Fitch. About WMC Mortgage Corp. WMC leveraged its mortgage and information technology expertise to create one of the most robust, sophisticated automated underwriting engines which allowed the company to become the first fully Internet-based lender in the non-prime mortgage industry. The Company offers mortgage brokers a broad array of online loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. solutions and services. Since its launch, in June 1999, loan submissions via the Web site have totaled more than $5.9 billion and over 10,000 brokers and loan officers have registered with WMCDirect. Headquartered in Woodland Hills, Calif., WMC Mortgage Corporation, incorporated in 1955, is a subsidiary of WMC Finance Co., a company owned principally by affiliates of Apollo Management, LP, a private investment firm. Address: WMC Mortgage Corp. 6320 Canoga Avenue, Woodland Hills, CA 91367. Telephone: 800/542-6508 |
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