Fieldstone Sale Price Cut by 28%

Credit-Based Asset Servicing and Securitization LLC will pay 28% less for Fieldstone Investment Corp., Columbia, Md., under an amended purchase agreement disclosed March 16.According to a statement released by the two firms, C-BASS will pay $4 a share for the struggling nonprime lender, compared with an original purchase price of $5.53. The price is being reduced to reflect "the cost to provide Fieldstone with needed additional liquidity," the two firms said. "This additional liquidity will be provided through the sale to C-BASS, at Fieldstone's option, of securities and mortgage loans owned by Fieldstone." Announced last month, the original cost of the deal was $260 million. C-BASS is a specialty servicer controlled by mortgage insurance giants MGIC and Radian. Fieldstone is a mortgage banking real estate investment trust. It lost $37.2 million through the first nine months of last year.