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Fieldstone In MBS Deal

Fieldstone Investment Corp. affiliate Fieldstone Mortgage Investment Corp. has securitized two groups of first- and second-lien residential loans through Fieldstone Mortgage Investment Trust series 2006-2.

Lead manager for the $779.2 million offering was Lehman Brothers Inc. Co-managers were Bear Stearns & Co. Inc., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Inc.

The two groups of loans backing the deal are conventional adjustable-rate and fixed-rate mortgages originated by national conforming and nonconforming residential mortgage banker Fieldstone Mortgage Co.

The securitization involved the issuance of four classes of senior notes and 11 classes of subordinated notes. Fieldstone Mortgage Ownership Corp., an affiliate of Fieldstone, retained the M10 and M11 notes, which represent $12.8 million in principal. The transaction is structured as an on-balance-sheet financing. Fieldstone plans to use substantially all of the net proceeds from the deal to relieve outstanding financial obligations secured by the mortgages and finance a pre-funding account related to the offering.

Real estate investment trust Fieldstone Investment Corp. owns and manages a portfolio of nonconforming mortgages originated primarily by Fieldstone Mortgage Co. Fieldstone Mortgage Co. originates through over 4,300 independent mortgage brokers served by regional wholesale operations centers and through a network of retail branch offices. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

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