home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

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.

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.

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

Delta Funding Residual Exchange Company, LLC

hosted by USANow.net

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders