HomeBanc Corp. today announced the completion of a public offering through HomeBanc Mortgage Trust of about $894.7 million of notes backed by adjustable-rate, residential first mortgage loans. The trust includes $897.9 million of adjustable-rate, residential first mortgage loans originated by HomeBanc's subsidiary, HomeBanc Mortgage Corp. About 76 percent of the total portfolio consists of mortgage loans where the borrower pays interest on the six-month LIBOR rate plus margin. In some cases, borrowers pay that rate after an initial fixed-rate period of six months or three years or five years. Atlanta-based HomeBanc Corp. went public in July, during the same time many mortgage lenders were warning of lay-offs and declining revenues because of the drop off in refinancings. In announcin...
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