SPFC Completes $650MM Deal

Southern Pacific Funding Corp., Lake Oswego, Ore., has announced the completion of a $650 million securitization by its wholly owned subsidiary, Southern Pacific Secured Assets Corp. The mortgage loan asset-backed pass-through certificates, Series 1998-2 consisted of eight classes (plus an interest-only certificate with a notional balance of $178.4 million), with fixed-rate yields ranging from 6.04% to 6.76%.The yield on the A-1 floating-rate class was 17 basis points above the London Interbank Offered Rate. The lead underwriter was Lehman Brothers Inc., and Morgan Stanley Dean Witter, Prudential Securities Inc., and First Union Capital Markets Corp. were the co-managers. SPFC will be the master servicer of the certificates. Its website address is http://www.sp-funding.com.