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Delta Funding Residual Exchange Company, LLC

WOODBURY, N.Y., Jan. 10 /PRNewswire/ -- Delta Funding Residual Exchange Company, LLC (the "Company") announced today that it is working with Delta Financial Corporation ("DFC") and independent advisors to determine the extent to which the Company should make a fair value adjustment to the value of the mortgage-related securities held by the Company.

In DFC's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2001, DFC recorded a $19.7 million charge to interest income to reflect a fair value adjustment to the interest-only and residual certificates held by DFC. After giving effect to such fair value adjustment, the value of the interest-only and residual certificates on the unaudited consolidated balance sheet of DFC and its subsidiaries was approximately $13.3 million. DFC stated in its Quarterly Report that such fair value adjustment resulted from revisions to its prepayment rate assumption, loan loss reserve assumption and discount rate in light of market conditions.

Holders of the Company's Class A voting membership interests are cautioned that pending the completion of its analysis, the Company has not reached any conclusion with respect to the value of the Company's mortgage-related securities based on DFC's Quarterly Report or otherwise.

The gross cashflows received by the Company from its mortgage-related securities during the six-month period ended December 31, 2001 totaled approximately $2.49 million, compared to the projected gross cashflows for the same period of approximately $6.03 million that were projected by DFC in the prospectus relating to the exchange offer that was consummated on August 29, 2001.


MortgageDaily.com
Note for Investors: The statements contained in this release that are not purely historical are forward-looking statements which involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These statements may be identified by their use of forward-looking terminology such as "believes", "expect", "may", "should", "would", "will", "intends", "plans", "estimates", "anticipates" and similar words, and include, but are not limited to, statements regarding the expectations, intentions or strategies of Delta Funding Residual Exchange Company, LLC. For these statements, the Company claims the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995. Risks and uncertainties that may cause future results to differ from forward-looking statements include the effect of market conditions on the assumptions on which the fair value of the Company's residual certificates are based and changes in such assumptions, the sensitivity of distributions on the membership interests of the Company to the rate and timing of principal payments and realized losses on the underlying mortgage-related securities, the effect of required payments pursuant to the Company's operating agreement on distributions on the membership interests of the Company, the effect on the residual certificates held by the Company of certain rights of the holders of mortgage-related securities that are senior to such residual certificates, risks associated with the mortgage loans underlying the residual certificates and others discussed in the Company's registration statement filed with the Securities and Exchange Commission in connection with the exchange offer that was consummated on August 29, 2001. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

Contact:
James E. Morrison, President
212.572.8357
email: [email protected]

SOURCE:
Delta Funding Residual Exchange Company, LLC

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