Accredited Home Lenders (LEND) Announces Amendment to Agreement with Wachovia (WB
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In Today's 8-K Filing From Accredited Home Lenders Holding Co. (Nasdaq: LEND): As previously disclosed in a current report on Form 8-K filed on April 5, 2007, on March 30, 2007, Accredited Home Lenders, Inc. ("AHL") and Accredited Mortgage Loan REIT Trust ("REIT"), an indirect subsidiary of Accredited Home Lenders Holding Co, entered into a Master Repurchase Agreement with Wachovia Bank, N.A. (NYSE: WB) and the Company guaranteed AHL's and REIT's obligations under the Wachovia Master Repurchase Agreement pursuant to a Guaranty. The Wachovia Master Repurchase Agreement set forth the terms for a repurchase facility under which AHL and REIT may sell and Wachovia must purchase certain mortgage loans, all as further described in the Original 8-K.
On May 1, 2007, AHL and REIT entered into an Amendment 2007-1 to the Wachovia Master Repurchase Agreement. Pursuant to the Amendment, the maximum amount under the Wachovia facility has been increased from $500 million to $750 million, of which the entire $750 million is committed at the date of the Amendment.
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