Cityscape Corp., a home lender mainly to borrowers with impaired credit, will close its first mortgage securitization on March 28.

The Elmsford, N.Y., mortgage company will securitize the $50 million of home equity and credit-poor loans through Conti Trade Services Corp., an investment bank owned by Continental Grain Co.

Robert Grosser, Cityscape's president, said 90% of the loans in the pool are first liens.

He said the security will be placed privately with investors.

Securitization has been the fuel feeding a major expansion in the credit-impaired and home-equity-lending industry.

Residential Funding Corp., the Minneapolis conduit of GMAC Mortgage Corp., Elkins Park, Pa., was the most recent entrant into the securitization of such loans. It brought a $130 million pool of loans to investors last month.

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