J.G. Wentworth announced today that it has completed a $74.6 million securitization of structured settlement and annuity backed notes.
Completion of this transaction offers testimony to the strength of our program, our longevity in the asset backed market and the trust that institutional investors have maintained in our notes despite the prevailing environment for asset-backed securities, Chief Financial Officer John Calamari said in a release this morning.
Consumers still need liquidity for their structured settlements and institutional investors continue to look for fixed income securities with the kind of stable and reliable collateral that our annuity-backed notes offer, he said.
According to a customer survey from the company last month, as many as 60% of consumers selling their legal settlements are doing so to pay bills. Consumers are also selling their settlements to start a business or using the funds for a home improvement. Almost 75% of respondents said the sale proceeds were sufficient to address their specified need, J.G. Wentworth said.