BRYN MAWR, Pa., Oct. 3, 2007 (PRIME NEWSWIRE) -- Specialty finance company J.G. Wentworth today announced the completion of a $99.5 million securitization of structured settlement and annuity backed notes.
The transaction represents the company's 16th consecutive securitization and its seventh straight since the launch of J.G. Wentworth's quarterly securitization program.
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 assets 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 and comfort. Equally important, they have enabled J.G. Wentworth to continue its quarterly securitization program unabated."
In 2006, J.G. Wentworth's total securitization volume was $319 million. The third quarter 2007 securitization showed increases in structured settlements as well as investment annuities.
About J.G. Wentworth
For more than 15 years, J.G. Wentworth has been purchasing annuities as well as other deferred payment streams. During this time, the company has purchased over $2 billion of future payment obligations. The company's annuity-backed notes are rated AAA by Standard & Poor's and Aaa by Moody's and sold to institutional investors. J.G. Wentworth is based in Bryn Mawr, PA. For more information about J.G. Wentworth, go to www.jgwentworth.com.