HomeBanc Completes ARM Deal

HomeBanc Corp., Atlanta, has announced the completion of a nearly $1 billion securitization of adjustable-rate mortgage loans, its first securitization since going public as a real estate investment trust on July 19.The approximately $989.2 million of notes were issued by HomeBanc Mortgage Trust, series 2004-1. The notes sold to the public included approximately $880.8 million of class A notes in two classes and $84.3 million of class M notes in four classes. HMB Acceptance Corp., a HomeBanc subsidiary, purchased $24.1 million of class B notes in two classes, together with the certificates representing the equity interest in the trust, HomeBanc said. The trust includes $992.7 million of ARMs originated by HomeBanc's subsidiary HomeBanc Mortgage Corp. The initial floating interest rates on the various classes of notes are based on the one-month London interbank offered rate. HomeBanc can be found online at http://www.homebanc.com.