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Delta Financial Corporation Announces Successful Consummation of Its Debt Exchange Offer

WOODBURY, N.Y.--(BUSINESS WIRE)--Aug. 23, 2001--Delta Financial Corporation (OTCBB: DLTO) today announced that it has been informed by U.S. Bank Trust National Association, the exchange agent for the exchange offer and consent solicitation, that the holders of approximately $138.1 million in principal amount of Delta's 9 1/2% Senior Secured Notes due 2004, and $1.1 million in principal amount of Delta's 9 1/2% Senior Notes due 2004 (collectively, the ``Notes''), have tendered and not withdrawn their Notes and consents in connection with the offer to exchange the Notes for membership interests in a newly formed LLC, to which the Company will transfer all of the mortgage-related securities currently securing the senior secured notes, shares of common stock of a newly formed management entity, and the Company's newly-issued preferred stock. This represents approximately 92.8% of the $150 million aggregate principal amount of the Notes outstanding prior to the exchange offer.

The Company anticipates closing the exchange offer within the next several days, at which point the $139.2 million of the Notes tendered will be extinguished, leaving $10.8 million of the Notes outstanding. The Company further anticipates that all ratings agencies currently rating the Notes will withdraw their ratings on the remaining Notes outstanding following the close of the exchange offer. ``I am encouraged about the future of the Company. With the successful response to the exchange offer that will extinguish substantially all our long-term debt, following our successful transfer of servicing, senior management can now focus its time and efforts on improving and growing our mortgage banking business,'' said Hugh Miller, President and Chief Executive Officer.

Founded in 1982, Delta Financial Corporation is a Woodbury, New York-based specialty consumer finance company engaged in originating, securitizing and selling (and until May 2001, servicing) non-conforming home equity loans. Delta's loans are primarily secured by first mortgages on one- to four-family residential properties. Delta originates home equity loans primarily in 20 states. Loans are originated through a network of approximately 1,500 brokers and the Company's retail offices. Prior to July 1, 2000, loans were also purchased through a network of approximately 120 correspondents. Since 1991, Delta has sold approximately $6.7 billion of its mortgages through 29 AAA rated securitizations. At March 31, 2001, Delta's servicing portfolio was approximately $3.1 billion.

``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release, which are not historical fact, may be deemed to be ``forward-looking'' statements under federal securities laws that involve risk and uncertainties. There are many important factors that could cause Delta Financial Corporation and its subsidiaries' actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to the Company's ability or inability to consummate all facets of its debt restructuring, including without limitation, the exchange offer; the availability of funding at favorable terms and conditions, including without limitation, warehouse, residual and other credit facilities; the Company's ability or inability to continue to access the securitization and whole loan markets at favorable terms and conditions; costs associated with litigation, the Company's regulatory settlements with state and federal agencies and other regulatory compliance matters and changes (legislative or otherwise) affecting mortgage lending activities and the real estate market; competition, loan losses, loan prepayment rates, delinquency and default rates, general economic conditions, including interest rate risk, future residential real estate values, demand for Delta Financial Corporation and its subsidiaries' services, and other risks identified in Delta Financial Corporation's Securities and Exchange Commission filings.

Delta Financial Corporation
Richard Blass

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