PacificAmerica Money Center Inc., Woodland Hills, Calif., has announced a $200 million securitization of home equity loans originated by Pacific Thrift and Loan Co., a wholly owned subsidiary.PacificAmerica Home Equity Loan Trusts Series 1998-2F and Series 1998-2V will be underwritten by Merrill Lynch, Pierce, Fenner & Smith and insured by Financial Security Assurance Inc., the company said. PacificAmerica also announced that no adjustment to the valuation of the company's interest-only strips receivable is expected for the current quarter. Loan pool performance data through May are consistent with the prepayment and loan-loss assumptions used to value the IO strips, the company said.
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