Long Beach Financial Closes Biggest Loan Sale
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In its biggest deal to date, Long Beach Financial Corp. said Monday that it has presold mortgages the company expects to originate over the next five months--volume that should surpass $1 billion--to an undisclosed Wall Street investment firm.
The Orange-based company provides mostly sub-prime loans to those with less than stellar credit through its wholly owned subsidiary, Long Beach Mortgage Co. Jim Leonetti, chief financial officer, said the loans would be serviced and processed by Long Beach, creating another source of revenue for the company.
The latest transaction comes only months after the company sold $800 million in mortgages over a four-month span.
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