American Business Financial Services Inc., Bala Cynwyd, Pa., has closed a $376.2 million senior/subordinated mortgage loan securitization.Anthony J. Santilli, the company's chairman and chief executive officer, touted the fact that all the triple-A rated bonds in the deal (approximately 87% of the total) were purchased by an unnamed government-sponsored entity. "We have just completed our eighth year of securitizing mortgage loans, and have built a loan portfolio, which we manage and service for others, of more than $3.2 billion," Mr. Santilli said. The lead manager of the latest deal was Credit Suisse First Boston, and the co-manager was Bear, Stearns & Co. Inc. The company can be found on the Web at http://www.abfsonline.com.
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