Southern Pacific Secured Assets Corp. -- a wholly owned subsidiary of Southern Pacific Funding Corp., Lake Oswego, Ore. -- has completed a $105 million securitization of fixed-rate mortgage loans with high loan-to-value ratios.The mortgage loan asset-backed pass-through certificates, Series 1998H-1 consisted of nine classes (plus an interest-only certificate that raised more than $1.1 million) with fixed-rate coupons ranging from 6.31% to 9.02%. The coupon on the A-1 floating-rate class was 9 basis points above the London Interbank Offered Rate. The transaction was underwritten by Greenwich Capital. Southern Pacific Funding's website address is http://www.sp-funding.com.
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