Soundview HEL Trust Terminated

CFN Liquidating Trust, the successor to ContiFinancial Corp. and affiliates pursuant to their confirmed Chapter 11 bankruptcy plan, has announced the termination of Soundview Home Equity Loan Trust 1999-1.The termination of the securitization was completed more than a year before the anticipated early redemption date for the Soundview Trust asset-backed notes, CFN Trust said. It was accomplished through the purchase and tender of notes with a principal balance of approximately $109 million. "The termination was concluded in connection with the sale by auction of the portfolio of real estate and promissory notes secured by residential mortgages owned by the Soundview Trust," CFN Trust said. The trust lauded the performance of its asset manager, Boston Portfolio Advisors Inc., and its business and tax counsel, Miller Nash LLP, for their handling of what it termed a "unique, complex transaction."