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American Business Financial Services, Inc. Announces Renewal of $100 Million MBIA/Bear Stearns Credit Facility

BALA CYNWYD, PA (April 30, 2002) -- American Business Financial Services, Inc. (ABFI) today announced a one-year renewal of its credit facility through MBIA Insurance Corporation and Bear Stearns & Co., Inc. The $100 million mortgage loan warehouse facility is to a trust which purchases mortgages originated by affiliates of ABFI. The facility is intended to enable ABFI to grow its lending subsidiaries, specifically American Business Credit, Inc., Upland Mortgage, and American Business Mortgage Services, Inc.

"We are very happy to have been able to renew this facility for another year," said ABFI Executive Vice President Jeffrey M. Ruben. "Our relationship with MBIA and Bear Stearns has continued to flourish over the past few years, and the fact that these two highly respected companies collaborated to provide this line of credit is very important to us. Because we have established other lines of credit, we were able to reduce this facility from $200 million to $100 million."

Currently, ABFI has, through its subsidiaries, $675 million of available credit through the following firms:

"All of these firms have become important in helping us build our business and to achieve our goal of building shareholder value," Ruben added.


MortgageDaily.com
Source:
ABFI

About ABFI:
American Business Financial Services, Inc. is a diversified financial services operating throughout the United States. The Company originates business purpose loans and first and second mortgage loans through a combination of channels, including a national processing center located at its centralized operating office in Bala Cynwyd, Pennsylvania, and a retail branch network of offices.

Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements under federal securities laws. There are many important factors that could cause American Business Financial Services, Inc. and its subsidiaries' actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, including interest rate risk, future residential real estate values, regulatory changes (legislative or otherwise) affecting the real estate market and mortgage lending activities, competition, demand for American Business Financial Services, Inc. and its subsidiaries' services, availability of funding, loan payment rates, delinquency and default rates, changes in factors influencing the loan securitization market and other risks identified.

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