Accredited Closes $1B+ Securitization

Accredited Home Lenders Holding Co., San Diego, has closed a securitization of $1.012 billion of first-lien residential mortgages through its real estate investment trust subsidiary."This is the largest securitization that Accredited has ever done, containing over $1.0 billion of mortgage loans," said Accredited chairman and chief executive officer Jim Konrath. "It is also our first securitization using a senior/subordinated structure, allowing us to achieve lower funding costs by closing the transaction in the REIT." Lehman Brothers was the lead manager for the transaction. Morgan Stanley, Goldman Sachs & Co., Credit Suisse First Boston, and Barclays Capital acted as co-managers for the deal. Accredited can be found online at http://www.accredhome.com.