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UNITED SAVINGS ANNOUNCES THAT COMMONWEALTH MORTGAGE HAS RECEIVED PERMISSION TO RESUME ACCEPTING NEW MORTGAGE APPLICATIONS

 UNITED SAVINGS ANNOUNCES THAT COMMONWEALTH MORTGAGE HAS RECEIVED
 PERMISSION TO RESUME ACCEPTING NEW MORTGAGE APPLICATIONS
 HOUSTON, July 15 /PRNewswire -- United Savings Association of Texas FSB today announced that Commonwealth Mortgage Company, Inc. has received approval today from the Commonwealth of Massachusetts Commissioner of Banks to resume accepting new mortgage applications.
 On Monday, Commonwealth Mortgage filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
 Yesterday, United Savings received bankruptcy court approval to begin funding certain obligations of Commonwealth Mortgage including mortgage applications that have been accepted and put into process but are not yet funded, and other loans that are closed but have not yet been funded. The court order granting this approval was signed this morning by the U.S. Bankruptcy Court judge overseeing this case.
 In addition, on Monday, it was announced that United Savings and Commonwealth Mortgage have entered an agreement which provides for the purchase by United Savings of Commonwealth Mortgage's loan origination business. This includes 10 origination offices and two satellite offices, which are located in six states in New England -- Mass., R.I., Conn., N.H., Maine and Vt. This sale agreement remains subject to court approval, which is expected in the near future.
 United Savings will conduct its mortgage banking business in New England under the name Commonwealth-United Mortgage, a trade name under which it currently operates 56 mortgage loan offices in 18 states from coast-to-coast. Commonwealth Mortgage and Commonwealth-United are not related.
 United Savings expects to originate more than $6 billion of mortgages this year. United Savings is a federal savings bank with current assets of $6.6 billion. United Savings operates 65 retail banking branches, most of which are located in the Houston and Dallas/Fort Worth metropolitan areas.
 -0- 7/15/92
 /CONTACT: Leslie Uyeda of Kekst and Company 212-593-2655 for United Savings Associaton of Texas FSB/ CO: United Savings Association of Texas FSB ST: Texas, Massachusetts IN: FIN SU:


LD -- NY105 -- 9785 07/15/92 18:23 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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