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AMERICAN RESIDENTIAL ANNOUNCES NEW BANK SYNDICATION; NEW AGREEMENT TO PROVIDE FOR CREDIT COMMITMENTS OF UP TO $1.4 BILLION

 SAN DIEGO, Nov. 8 /PRNewswire/ -- American Residential Mortgage Corp., wholly owned subsidiary of American Residential Holding Corp. (NASDAQ: AMRS), today announced that it has entered into a new mortgage loan warehousing agreement with a syndicate of commercial banks. The new warehouse facility will provide credit commitments to fund the company's mortgage banking activities equal to $1.2 billion, with the ability to expand to maximum credit commitments of $1.4 billion.
 The new warehouse facility will replace American Residential's current warehouse facility which provided credit commitments of $1.0 billion, and will permit the company to issue short-term commercial paper on an ongoing basis to augment its warehouse borrowings. The lead banks under the new warehouse facility will continue to be The Bank of New York and The First National Bank of Chicago; however, the new agreement will increase the number of banks in syndication from 14 to 23.
 In a related event, American Residential recently filed a shelf registration statement with the Securities and Exchange Commission to register the issuance of up to $250 million in debt securities, intended to cover its planned medium-term note program. American Residential intends to use the proceeds from the medium-term note program for general corporate purposes, including the acquisition of mortgage servicing rights and expansion of its mortgage loan production capabilities, the retirement of other indebtedness of the company and the funding of loans.
 In commenting on these recent developments, John M. Robbins Jr., president and chief executive officer noted, "The higher credit commitments and increased lender participation in the new warehouse facility are a reflection of American Residential's strong growth and its leadership in the mortgage banking industry. The new warehouse facility, together with the medium-term note and commercial paper programs will provide the company with enhanced financial flexibility and lower our overall cost of funds, key components of American Residential's continued success."
 American Residential Mortgage Corp., headquartered in La Jolla, Calif., has 76 branches throughout the United States. The company originates, sells and services residential mortgages.
 -0- 11/8/93
 /CONTACT: Mark Conger (finance), 619-535-4429, Miles Kilburn (legal), 619-535-4325, or Kasey Emmel, (media relations), 619-535-4310/
 (AMRS)


CO: American Residential Mortgage Corp. ST: California IN: FIN SU:

JB-EH -- SD005 -- 3517 11/08/93 15:23 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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