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Fieldstone In MBS Deal.(mortgage-backed security, Fieldstone Mortgage Investment Corp.)(Brief article)

Mortgage Servicing News

| September 01, 2006 | COPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

COLUMBIA, MD -- Fieldstone Investment Corp. affiliate Fieldstone Mortgage Investment Corp. has securitized two groups of first- and second-lien residential loans through Fieldstone Mortgage Investment Trust series 2006-2.

Lead manager for the $779.2 million offering was Lehman Brothers Inc. Co-managers were Bear Stearns & Co. Inc., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Inc.

The two groups of loans backing the deal are conventional adjustable-rate and fixed-rate mortgages originated by national conforming and nonconforming residential mortgage banker Fieldstone Mortgage Co.

The securitization involved the issuance of four classes of senior notes and 11 classes of subordinated notes. Fieldstone Mortgage Ownership Corp., an affiliate of Fieldstone, retained the M10 and M11 notes, ...

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