Cityscape Financial (CTYS) Message Board

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Non-Tech : Cityscape Financial (CTYS)

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To: lisa who wrote (1019)	10/16/1997 11:22:00 PM
From: Rational	of 2544

Lisa, ... Cityscape will take over 90 days to contact the customer with the payment information, he says the customer has no idea who owns ultimately owns their loan when it is orginated, so the customer has no idea who to pay the payments too... This information from the field is very consistent with what one CTYS insider anonymously complained about. This is also important because the 90+ delinquency loans could be inflated because of the delays in sending coupon books. CTYS has already put its acts together since May 1997 and so we should expect to see a solid decline in 90+ delinquent loans. In the latest SEC filing CTYS states: As of September 30, 1997, the delinquency and default rates relating to the Company's other securitizations were within permitted limits. However, such securitizations' loan pools are generally less seasoned and no assurance can be given that such limits will not be exceeded in the future. They have had problems with two pools securitized in 1995 that Moody's mentions, but that they seem to have already covered for these. Sankar

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