Delta Funding, Woodbury, New York, has sold $475 million of closed-end home equity loan-backed securities priced in seven parts by underwriters led by Lehman Brothers Inc. and co-managed by Donaldson, Lufkin & Jenrette Securities Corporation and by Bear, Stearns & Co. Inc. The deal was structured using a 100% surety wrap credit enhancement by MBIA Insurance Corporation.Delta originates home equity loans primarily in 22 states through a network of approximately 1,150 brokers and correspondents as well as through 15 Fidelity Mortgage retail offices in nine states.
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