| American Mortgage Acceptance Company Completes Over $113.2 Million ...
NEW YORK--(BUSINESS WIRE)--American Mortgage Acceptance Company ("AMAC" or the "Company") (AMEX:AMC) today announced the Company completed over $113.2 million of financing and investment volume in commercial mortgage loans or securities in the first quarter of 2007. "AMAC participated in several significant transactions in the first quarter of 2007, including a $32.5 million mezzanine loan for the redevelopment of Snowmass Village in Aspen, Colorado and a $10.8 million mezzanine loan for a prominent New York City office building," said J. Larry Duggins, Chief Executive Officer of AMAC. "In addition, AMAC made an approximately $10.1 million investment in the subordinate classes and equity component of a Collateralized Debt Obligation ("CDO") issued by Nomura, which was the first time AMAC invested in the CDO equity of another issuer.
Accredited Closes Farallon Financing; Updates Corporate Developments
SAN DIEGO--(BUSINESS WIRE)--Accredited Home Lenders Holding Co. (NASDAQ: LEND) ("Accredited" or "Company"), a mortgage company specializing in non-prime residential mortgage loans, today announced it has closed the previously proposed financing transaction with Farallon Capital Management®, L.L.C. and related entities ("Farallon"). Accredited also provided an update on the Company's liquidity, the Company's business, developments with respect to the Company's independent auditors, and other matters. Closing of Farallon Financing The Company has closed a $230 million term loan facility provided by Farallon. The loans under the facility have a five-year term and may be repaid by Accredited at any time over the life of the loan, subject to certain conditions and prepayment fees.
OUR VIEW: Shady lending hurts buyers and the economy
One in five people who get a new mortgage gets a subprime mortgage, a higher-interest home loan for people who have risky credit. The proliferation of subprime mortgages in recent years has coincided with a small increase in the proportion of minority homeowners. On the surface, rising home ownership is, naturally, a good thing. It always has been a cornerstone of financial stability, because money that formerly went to rent becomes an investment in the family's future. But foreclosure rates have risen dramatically in the past year; just ask the people who track foreclosure notices in this newspaper or any other. When times get tough, people who are barely making their mortgage payments are the first to default, and while plenty of middle- and upper-income homeowners certainly live payment to payment, many of the people in foreclosure are the economically vulnerable, less affluent families with subprime mortgages.
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