FICC Fieldstone Investment Corp (MM)

COLUMBIA, Md., July 17 /PRNewswire-FirstCall/ -- Credit-Based Asset Servicing and Securitization LLC (C-BASS) and Fieldstone Investment Corporation (NASDAQ:FICC) announced today that C-BASS has completed its acquisition of Fieldstone, a mortgage banking company that originates, sells and invests primarily in non-conforming single-family residential mortgage loans. In February 2007, C-BASS announced its intention to acquire Fieldstone, and Fieldstone's stockholders approved the merger in May 2007. Under the terms of the agreement, Fieldstone shareholders will receive $4.00 per share in cash. As a result of the transaction, Fieldstone will cease to be publicly traded and, accordingly, will no longer be listed on The NASDAQ Global Market. "We are pleased to welcome Fieldstone into the C-BASS family of companies and believe the acquisition will complement our existing business lines," said Noelle Savarese, Senior Managing Director and Co-Head of Capital Markets at C- BASS. "We look forward to continuing to work with the team at Fieldstone to create a strategic profile that will support the combined companies in this changing market environment." Fieldstone stockholders will soon receive a packet of information from American Stock Transfer & Trust Company, C-BASS's paying agent, containing complete instructions for the process of surrendering Fieldstone shares in return for a cash payment. The process will be handled directly by American Stock Transfer & Trust Company. Stockholders are instructed not to send any stock certificates to C-BASS. Lehman Brothers, Inc. acted as financial advisor to Fieldstone. Hogan & Hartson LLP acted as legal advisor to Fieldstone. Hunton & Williams LLP acted as legal advisor to C-BASS. About C-BASS C-BASS, based in New York, NY, is a leading issuer, servicer and investor specializing in credit-sensitive residential mortgage assets. C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE: MTG), Radian Group Inc. (NYSE:RDN), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI is the parent of Mortgage Guaranty Insurance Corporation (MGIC), and Radian Group Inc., based in Philadelphia, PA is the parent of Radian Guaranty Inc. About Fieldstone Fieldstone Investment Corporation owns and manages a portfolio of non- conforming mortgage loans originated primarily by its mortgage origination subsidiary, Fieldstone Mortgage Company, and has elected to be a real estate investment trust for federal income tax purposes. Founded in 1995, Fieldstone Mortgage Company is a nationwide residential mortgage banking company that originates non-conforming and conforming residential mortgage loans through independent mortgage brokers and a network of retail branch offices located throughout the country. Fieldstone is headquartered in Columbia, Maryland. DATASOURCE: C-BASS; Fieldstone Investment Corporation CONTACT: Lisa Brzezinski of C-BASS, +1-212-850-7724, or Mark Krebs, +1-410-772-7275, Web site: http://www.fieldstoneinvestment.com/

Copyright