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UNITED SAVINGS RECEIVES BANKRUPTCY COURT APPROVAL TO FUND CERTAIN MORTGAGE LOANS OF COMMONWEALTH MORTGAGE

 UNITED SAVINGS RECEIVES BANKRUPTCY COURT APPROVAL
 TO FUND CERTAIN MORTGAGE LOANS OF COMMONWEALTH MORTGAGE
 HOUSTON, July 14 /PRNewswire/ -- United Savings Association of Texas FSB today received approval to begin funding certain mortgage loans of Commonwealth Mortgage Company, Inc., which has filed for protection under Chapter 11 of the U.S. Bankruptcy Code, Lewis S. Ranieri, chairman of United Savings, announced.
 Specifically, United Savings has 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. United Savings has already brought in teams of people to Commonwealth Mortgage's headquarters in Burlington, Mass. to begin this process.
 Barry C. Burkholder, president and chief executive officer of United Savings said, "United Savings has an outstanding record in mortgage banking. We look forward to ensuring that consumers in New England continue to have access to mortgage credit." In addition, yesterday, 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 6 states in New England -- Massachusetts, Rhode Island, Connecticut, New Hampshire, Maine and Vermont. 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- 7/14/92
 /CONTACT: Leslie Uyeda Kekst and Company, 212-593-2655/ CO: United Savings Association of Texas FSB ST: Texas IN: FIN SU: BCY


AH -- NY087 -- 9311 07/14/92 17:54 EDT
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Publication:PR Newswire
Date:Jul 14, 1992
Words:355
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