FT Mortgage just got approval from the Securities and Exchange Commission to issue its very first securitization, which will be for nonconforming 30- and 15-year fixed-rate mortgages, company officials say. The deal will launch either in the fourth quarter 1999 or first quarter 2000.

"We will file the shelf in the first part of October, and we just went through our due diligence with the rating agencies," said Carol Justice, the head of secondary marketing at Dallas-based FT Mortgage. "We don't know how much it is going to be yet, but the deal is definitely in the works."

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