ABFS Closes Private Placement

American Business Financial Services Inc., Bala Cynwyd, Pa., has closed a $173.5 million fixed-rate mortgage loan securitization, with servicing released, via three subsidiaries.ABFS Mortgage Loan Trust 2003-2, structured as a real estate mortgage investment conduit, was privately placed. It was closed under the company's adjusted business model, which emphasizes whole loan sales, supplemented by smaller privately placed securitizations, ABFS said. JP Morgan Securities was the sole placement agent for the transaction, and EMC Mortgage Corp., a division of Bear Stearns & Co., was selected as the servicer. The company's three subsidiaries are American Business Credit Inc., Home American Credit (d/b/a Upland Mortgage), and American Business Mortgage Services Inc. The company's website address is http://www.abfsonline.com.