Pedestal Sees Demand Rising For Standing Buy Orders 30 Investors Ready to Purchase Loans

Apr 03, 2001, 01:00 ET from Pedestal Inc.

    WASHINGTON, April 3 /PRNewswire/ -- Pedestal Inc. announced today that it
 has seen a dramatic increase in the number of investors purchasing loans using
 the Standing Buy Order feature of the firm's electronic secondary mortgage
 marketplace, www.pedestal.com.
     "Standing buy orders are a natural complement to our current auction
 formats and flow delivery programs," said Terry Rowland, senior vice president
 of sales and marketing at Pedestal. "Pedestal is committed to meeting the
 needs of buyers and sellers in the secondary market by providing a variety of
 ways to transact business."
     With standing buy orders, a buyer notifies Pedestal of its interest in a
 certain product and posts the specific parameters at http://www.pedestal.com.
 Order amounts generally range from $2 million to $100 million.
     Approximately 30 investors currently have their purchase preferences and
 loan parameters posted at the pedestal.com site.  Current areas of high
 investor demand include: scratch-and-dent; non- and sub-performing; subprime;
 fixed-rate Alt A; and jumbo ARMs.
     "Interest rates are dropping and mortgage production is up, but at the
 same time the economy is slowing and delinquency rates are rising so a lot of
 lenders are anxious to sell their troubled loans.  We have several buyers
 lined up to purchase this type of product," Rowland noted.
     For more information, logon to www.pedestal.com or call 877-477-7641 to
 speak with a transaction specialist.
 
     About Pedestal
     Pedestal Inc., headquartered in Washington, DC, operates an electronic
 trading platform for the purchase and sale of mortgage loans in the secondary
 market at www.pedestal.com.
 
      Please visit Pedestal's web site at www.pedestal.com.
 
      CONTACT:
      John Lewis
      Pedestal Inc.
      (202) 478-7782 (office)
      (202) 439-3994 (mobile)
      jlewis@pedestal.com
 
 

SOURCE Pedestal Inc.
    WASHINGTON, April 3 /PRNewswire/ -- Pedestal Inc. announced today that it
 has seen a dramatic increase in the number of investors purchasing loans using
 the Standing Buy Order feature of the firm's electronic secondary mortgage
 marketplace, www.pedestal.com.
     "Standing buy orders are a natural complement to our current auction
 formats and flow delivery programs," said Terry Rowland, senior vice president
 of sales and marketing at Pedestal. "Pedestal is committed to meeting the
 needs of buyers and sellers in the secondary market by providing a variety of
 ways to transact business."
     With standing buy orders, a buyer notifies Pedestal of its interest in a
 certain product and posts the specific parameters at http://www.pedestal.com.
 Order amounts generally range from $2 million to $100 million.
     Approximately 30 investors currently have their purchase preferences and
 loan parameters posted at the pedestal.com site.  Current areas of high
 investor demand include: scratch-and-dent; non- and sub-performing; subprime;
 fixed-rate Alt A; and jumbo ARMs.
     "Interest rates are dropping and mortgage production is up, but at the
 same time the economy is slowing and delinquency rates are rising so a lot of
 lenders are anxious to sell their troubled loans.  We have several buyers
 lined up to purchase this type of product," Rowland noted.
     For more information, logon to www.pedestal.com or call 877-477-7641 to
 speak with a transaction specialist.
 
     About Pedestal
     Pedestal Inc., headquartered in Washington, DC, operates an electronic
 trading platform for the purchase and sale of mortgage loans in the secondary
 market at www.pedestal.com.
 
      Please visit Pedestal's web site at www.pedestal.com.
 
      CONTACT:
      John Lewis
      Pedestal Inc.
      (202) 478-7782 (office)
      (202) 439-3994 (mobile)
      jlewis@pedestal.com
 
 SOURCE  Pedestal Inc.