WMC Mortgage Issues $796MM Deal

Published June 16, 1998, 1:00 p.m. EDT

1 Min Read

WMC Mortgage Corp., Woodland Hills, Calif., has issued a $796 million securitization of mortgage pass-through certificates through WMC Secured Assets Corp., a wholly owned subsidiary.WMC Mortgage Loan Trust 1998-A, consisting of four classes of certificates with credit enhancement based on overcollateralization and a senior/subordinated structure, are backed by adjustable-rate, closed-end, subprime mortgage loans originated by WMC Mortgage. The securities were underwritten by a syndicate co-led by Nationsbanc Montgomery Securities LLC and Bear, Stearns & Co. Inc. Co-managers include Credit Suisse First Boston, Lehman Brothers, and First Union Capital Markets.

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