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J.G. Wentworth Completes $111 Million Securitization of Structured Settlement and Annuity-Backed Notes
| Source: J.G. Wentworth
BRYN MAWR, PA--(Marketwire - March 14, 2008) - Specialty finance company J.G. Wentworth
today announced the completion of a $111 million securitization of structured settlement and annuity-backed notes.
The transaction represents the company's 17th securitization since 1997.
Commenting on the transaction, J.G. Wentworth's Chief Executive Officer
Michael Goodman said, "Completion of this transaction offers testimony to
the strength of our program, our longevity in this market and the trust
that institutional investors have maintained in our notes despite the
prevailing environment for asset-backed securities." Mr. Goodman noted
that, "The turbulence in the credit markets which materialized during the
summer of 2007 presents an extremely challenging environment for
asset-backed notes."
Mr. Goodman added that credit market turbulence has, among other things,
caused investors to look beyond ratings and to evaluate more carefully the
composition of the exposures behind the assets. "In this respect, J.G.
Wentworth's annuity-backed notes have shown their mettle. In markets
crowded with notes linked to real estate, sub-prime mortgages or other
troubled assets, annuities and strong underlying credits backing our notes
have enabled J.G. Wentworth to
offer investors important points of differentiation. Equally important,
they have enabled J.G. Wentworth to continue its securitization program."
About J.G. Wentworth
J.G. Wentworth is the nation's oldest, largest and most respected buyer of
deferred payments for illiquid financial assets such as structured
settlements, annuities and life insurance policies.
Since 1992, J.G. Wentworth has purchased over $3 billion of future payment
obligations. J.G. Wentworth is based in Bryn Mawr, PA. For more
information about J.G. Wentworth, visit www.jgwentworth.com.