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News and Information Article
SAN FRANCISCO, Dec. 22 /-FirstCall/ -- Luminent Mortgage
Capital, Inc. (NYSE: LUM) today announced the successful execution of LUM
2006-7, a securitization of $799.6 million of prime quality mortgage loans.
This transaction will close on December 27, 2006.
"LUM 2006-7 has credit enhancement from multiple sources including
subordination, excess interest, overcollateralization, allocation of losses
and, as a first for Luminent, lender paid primary mortgage insurance
("LPMI") which covers substantially all the mortgage loans with
loan-to-value ratios ranging from 75% through 80%," said Megan Mahoney,
Luminents Senior Vice President of Client Relations. "In addition, the
Class I certificates will also have the benefit of a swap and a cap
agreement. The LPMI was provided by Triad Guaranty Insurance Corporation
and the derivatives by Bear Stearns Financial Products, Inc."
"We appreciate the opportunity to help, both strategically and
tactically, in the successful execution of this offering," stated Mark K.
Tonnesen, President and Chief Executive Officer, Triad Guaranty Insurance
Corporation.
"This transaction is consistent with Luminents strategy to create and
secure high quality, recurring cash flows," said Gail P. Seneca, Luminents
Chairman of the Board and Chief Executive Officer. "LUM 2006-7 contributes
to the sustainability of our dividend over the long-term."
"We deployed capital from our recent follow-on stock offering in this
profitable loan transaction. We expect this deal will deliver stable
dividend income to our shareholders over the next several years," said Trez
Moore, Luminents President and Chief Operating Officer. "Our high quality
assets will ensure excellent market reception for Luminent issues far into
the future."
Details of this and all of Luminents loan securitizations are
available under Luminent Mortgage Trust 2005-1, 2006-1, 2006-2, 2006-3,
2006-4, 2006-5, 2006-6 and 2006-7.
Luminent was formed in April 2003, completed its initial public
offering in December 2003 and trades on the New York Stock Exchange under
the ticker "LUM." Luminent is organized and conducts its operations so as
to qualify as a real estate investment trust for federal income tax
purposes. Luminents principal activity is to invest in mortgage-backed
securities and mortgage loans, thereby providing capital to the residential
housing market. Luminents website can be found at http://www.luminentcapital.com
.
About Triad Guaranty Insurance
Triad Guaranty Inc.s wholly owned subsidiary, Triad Guaranty Insurance
Corporation, is a nationwide mortgage insurer providing credit enhancement
solutions to its lender customers and the capital markets. This allows
buyers to achieve homeownership sooner, facilitates the sale of mortgage
loans in the secondary market and protects lenders from credit
default-related expenses. For more information, please visit the companys
web site at http://www.triadguaranty.com .
This news release and Luminents filings with the Securities and
Exchange Commission contain forward-looking statements that predict or
describe future events or trends. The matters described in these
forward-looking statements are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are beyond
Luminents control and are based on the information currently available to
Luminents management. Luminent faces many risks that could cause its
actual performance to differ materially from the results expressed or
implied by its forward-looking statements, including, without limitation,
the possibilities that interest rates may change, that principal payment
rates may change, that mortgage-backed securities or mortgage loans may not
be available for purchase on favorable terms, that borrowings to finance
the purchase of assets may not be available on favorable terms, that
Luminent may not be able to maintain its dividend or the yield on its
common stock, that Luminent may not be able to maintain its qualification
as a REIT for federal income tax purposes, that Luminent may experience the
risks associated with investing in real estate, including changes in
business conditions and the general economy, that Luminents strategy of
purchasing mortgage loans for securitization may not continue to be
successful and that Luminents strategies may not be effective, including
portfolio management and hedging strategies and strategy to protect net
interest spreads. Luminents filings with the Securities and Exchange
Commission contain a more complete description of these and many other
risks to which Luminent is subject. Because of those risks, Luminents
actual results, performance or financial condition may differ materially
from the results, performance or financial condition contemplated by its
forward-looking statements. The information set forth in this news release
represents managements current expectations and intentions. Luminent
assumes no responsibility to update or revise any forward-looking
statements, whether as a result of new information, future developments or
otherwise.
Contact:
Luminent Mortgage Capital, Inc.
Christopher J. Zyda
Senior Vice President &
Chief Financial Officer
Phone: 415-217-4500
Email: ir@luminentcapital.com
Triad Guaranty Insurance Corporation
Madeline Johnson-Oler
Senior Vice President
Director, Capital Markets
Phone: 301-977-8226
E-mail: mjohnson-oler@tgic.com
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