Luminent Mortgage Capital Inc., San Francisco, has reported the establishment of a $1 billion single-seller commercial paper facility, Luminent Star Funding I, to fund its mortgage-backed securities portfolio.Gail P. Seneca, Luminent's chairman and chief executive officer, said the facility will enable the company to reduce its reliance on repurchase agreement financing and increase its access to "economical and reliable funding." Luminent, a real estate investment trust, can be found online at http://www.luminentcapital.com.

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