value mortgage loans last week. FirstPlus, which did not disclose the name of the bank that bought the loans, said it would continue to service the loans for an interim period. The loans were sold at "above par" prices, FirstPlus said, and the proceeds were used to pay off warehouse facilities. "This transaction demonstrates an interest in high-loan-to-value mortgages in a secondary market other than the securitization market," said Daniel T. Phillips, the company's chairman.

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