ECC Capital Corporation Completes $1.4 Billion Offering
ECC (NYSE: ECR), a mortgage finance real estate investment trust that originates and invests in residential mortgage loans, announced on PRNEWSWIRE.COM the successful completion of a securitization and related offering by Encore Credit Receivables Trust 2005-2.
The offering includes approximately $1.4 billion of notes backed by a pool of fixed and adjustable rate, subprime mortgage loans secured by first liens on one-to-four family residential properties transferred to the trust in the securitization. The securitization co-lead managers were Countrywide Securities Corporation and Wachovia Securities and the Co-Manager was Credit Suisse First Boston.
The notes are offered pursuant to a Prospectus dated October 25, 2004 and Prospectus Supplement dated May 25, 2005.
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