J.G. Wentworth & Company Inc. says it has raised $99.5 million by selling notes backed by annuities and structured settlements.
J.G. Wentworth, Bryn Mawr, Pa., notes that the securitization offer went well at a time when the market for other types of asset-backed securities is in turmoil.
“The turbulence in the credit markets which materialized during the summer of 2007 presents an extremely challenging environment for asset-backed notes,” J.G. Wentworth Chief Executive Officer Michael Goodman says in a statement about the offering.
“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,” Goodman says.