Fieldstone to Sell Certain Assets to Wausau

Fieldstone Investment Corp., Columbia, Md., has announced an agreement under which Fieldstone Mortgage Co. will sell certain assets related to its conforming lending division to Wausau Mortgage Corp., Pleasanton, Calif.The assets consist of personal property and contract rights pertaining to certain offices operated by Broad Street Mortgage Co., including the division headquarters in San Antonio, all wholesale offices, and certain retail offices, Fieldstone said. The financial terms of the deal were not disclosed. Fieldstone said it expects to record a one-time after-tax charge of approximately $700,000 in the first quarter related to the transaction. "This transaction allows Fieldstone to focus on our core nonconforming loan origination and investment portfolio businesses," said Michael J. Sonnenfeld, president and chief executive officer of Fieldstone. "We will continue to offer conforming products through our nonconforming retail division and will continue to build our retail and wholesale mortgage lending franchise." Fieldstone Mortgage can be found online at http://www.fieldstonemortgage.com.