CountryPlace Issues Notable MH Deal

Published July 13, 2005, 2:00 p.m. EDT

1 Min Read

Palm Harbor Homes Inc., Dallas, has announced that its 80%-owned subsidiary, CountryPlace Mortgage Ltd., has closed a $141 million securitization that represents the first time in this decade that a new issuer has issued manufactured housing asset-backed securities.The deal consists of ABS secured by a portfolio of chattel mortgage and land-and-home mortgage loans originated and serviced by CountryPlace. The securities were offered and sold only to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.

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